Estonia adopted the euro when it joined the euro area on 1 January 2011.
The euro replaced Estonia’s kroon at a fixed conversion rate of 15.6466 kroons for one euro. Estonia became the 17th member of the euro area and the first former Soviet republic to adopt the common European currency. Euro cash became the country’s everyday money immediately, with a short dual-circulation period for kroon notes and coins.
Estonia had restored the kroon in 1992 after regaining independence, replacing the Soviet ruble. Before the euro switch, the kroon was pegged to the euro through Estonia’s currency-board arrangement, which helped make the later conversion predictable.
Estonia’s adoption followed its membership in the European Union in 2004 and its fulfillment of the economic and legal conditions required for euro entry. Latvia adopted the euro in 2014, followed by Lithuania in 2015.