Sun, January 02, 2011
Business > Industries

Estonia's banking system runs smoothly after joining eurozone

2011-01-01 15:42:03 GMT2011-01-01 23:42:03 (Beijing Time)  Xinhua English

TALLINN, Jan. 1 (Xinhua) -- Estonia's banking system has been working smoothly since joining the eurozone at 0:00 local time Saturday, The Bank of Estonia said.

Automated teller machines, and card payments at Estonia's four largest banks, which account for 90 percent of the market, have been fully operational without any breakdowns, the central bank said.

All the commercial banks have reported smooth opening operations in the transition from the Estonian kroon to the euro.

After a short closure of banking services,the Finnish bank SAMPO reopened ATMs and card payments to its clients at 4:00 a.m. Saturday. Meanwhile. Swedbank, one of Estonia's largest banks, reopened its main online service to customers at 3:09 a.m.

Estonia starts a two-week phase out of the national currency, the kroon, which will be out of circulation after Jan. 14.

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