The budget of Eesti Pank for 2020 will be 23.1 million euros. Leaving aside cash-related costs, which vary a lot from year to year, the budget of the central bank of Estonia will increase by 0.7 million euros, or 3.6%.

Including cash-related costs, the central bank’s budget will be 2.2% larger in 2020 than in 2019. Costs for the production of circulation coins and collector coins will decrease, though it is planned to replenish the stock of two-cent and twenty-cent coins. Eesti Pank will also order more twenty-euro notes, so expenditure on banknotes will be larger than it was this year.

The key concepts behind Eesti Pank’s 2020 budget are cyber security, handling emergencies, safeguarding financial stability in the current volatile conditions, and the role of the central bank as an adviser on economic policy. Eesti Pank will spend more time on seminars with experts and entrepreneurs, commission energy audits for the bank’s premises, and review the layout of working spaces. In addition the central bank will devise a new concept for its museum and invest in developing its statistics information system and payment settlement systems. This includes large-scale upgrades of the functioning of TARGET2-Eesti and TARGET2-Securities. The goal is to offer market participants additional functions and technical solutions and to step up the settlement systems’ cyber security while cutting down the costs of maintaining the systems for both Eesti Pank and other central banks.

Eesti Pank forecasts that next year’s revenues for the central bank will be 41.8 million euros, the largest part of which will come from revenues stemming from the single monetary policy of the central banks of the euro area. Eesti Pank also expects to gain income from the management of foreign reserves and from other operations. The bank is expected to make a profit of 18.6 million euros in 2020.

There will be 230.4 employment positions at Eesti Pank in 2020 and the payroll will grow by 4.1%, to 11.3 million euros. This will help keep the remuneration of the central bank’s employees at about the same level as the wage scale of Tallinn’s financial sector, which is the central bank’s main competitor in the labour market.

Additional information:
Viljar Rääsk
Eesti Pank
Tel: 668 0745, 527 5055
viljar.raask@eestipank.ee
Press enquiries: press@eestipank.ee