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.

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