EEK

DEFINITION of 'EEK'

The currency code for the Estonian kroon, the official currency of northeastern European country of Estonia. The Estonian kroon (EEK) became the official legal currency of Estonia in January of 1928, when it replaced the Estonian mark. In 1940, when the Soviets invaded Estonia, the kroon was replaced by the Soviet ruble, which remained the country's currency until 1992. The kroon was resurrected for a second time as the national currency that year and was pegged to the Deutsche mark.

BREAKING DOWN 'EEK'

The Bank of Estonia issues the kroon. It mints coins in 5, 10, 20 and 50 "senti," 1 kroon and 5 "krooni" denominations. It prints 1, 2, 5, 10, 25, 50, 100 and 500 "krooni" denomination banknotes.

The currency market, also known as the foreign exchange market, is the largest financial market in the world.

RELATED TERMS
  1. Currency

    Currency is a generally accepted form of money, including coins ...
  2. Tugrik - MNT

    The official currency of Mongolia. The tugrik was unveiled on ...
  3. First World

    1. A country that was aligned with the West and opposed to the ...
  4. Baltic Tiger

    A colloquial term that refers to any one of the three Baltic ...
  5. Counter Currency

    The currency used as the reference or second currency in a currency ...
  6. Accounting Currency

    The monetary unit used when recording transactions in a company's ...
Related Articles
  1. Investing

    Why the USSR Collapsed Economically

    While initially experiencing rapid economic growth, the Soviet command economy collapsed after it grew more complex.
  2. Term

    Why Countries Keep Reserve Currency

    Central banks and financial institutions hold large amounts of foreign money as their reserve currency.
  3. Investing

    Will China Suffer a Fate Similar to That of the Soviet Union?

    Many parallels could be drawn between the former USSR and today's China, but the one similarity the CCP wants to avoid is the Soviet Union's collapse.
  4. Personal Finance

    Soviet Union - Moscow 1980

    These nations finished at or near the top of the medal table during the Olympic Games they hosted. Here is a look at some of the finances it took for these countries to be successful.
  5. Personal Finance

    The Currency Board: Understanding The Government's Bank

    Currency board, central bank - what's the difference? Find out more about this little-known monetary authority.
  6. Forex Education

    Forex Currencies: Conclusion

    By Brian Perry Conclusion The currency markets are the largest and most actively traded financial markets in the world with daily trading volume of more than $3 trillion (Triennial Central ...
  7. Markets

    What Happens in a Currency Crisis?

    A currency crisis comes from a decline in the value of a country’s currency.
  8. Professionals

    Exchange-Rate Risk

    CFA Level 1 - Exchange-Rate Risk. A brief look at how exchange-rate risk can affect investments. Provides an example on the downsides of exchange-rate risk.
  9. Forex Education

    4 Of The Most Popular Traded Currencies

    Every day, trillions of dollars trade in the forex market. Here are a few of the most popular currencies, and some characteristics for each.
  10. Forex

    The Worst Performing Currencies Of 2015

    The U.S. dollar has strengthened over the past year while weakness in Europe and the former Soviet Union has led to declines in those currencies.
RELATED FAQS
  1. What multinational corporations operate in the former Soviet Union?

    Learn about the sectors in which multinationals operate in the former Soviet Union, and find out which features attract them ... Read Answer >>
  2. How did the Soviet economic system affect consumer goods?

    Discover how the now-defunct Soviet economic system affected domestic consumer goods markets. Communist ideology dictated ... Read Answer >>
  3. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
  4. What is foreign exchange?

    Foreign exchange, or Forex, is the conversion of one country's currency into that of another. In a free economy, a country's ... Read Answer >>
  5. How are international exchange rates set?

    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
  6. Why do forex traders use a currency converter?

    All currencies are quoted in pairs - one country's currency against another country's currency. A currency converter is used ... Read Answer >>
Hot Definitions
  1. Return On Invested Capital - ROIC

    A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ...
  2. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  3. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  4. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  5. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  6. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
Trading Center