Which institution is Finland’s central bank, founded in 1811 and headquartered in Helsinki?

The Bank of Finland is Finland’s central bank, founded in 1811 and headquartered in Helsinki.

The institution was established by Emperor Alexander I of Russia on 1 March 1811, when Finland was an autonomous Grand Duchy within the Russian Empire. It initially operated in Turku before moving to Helsinki in 1819. This makes it one of the world’s oldest central banks.

Today, the Bank of Finland is a member of the Eurosystem, the group comprising the European Central Bank and the national central banks of euro-area countries. Finland adopted the euro for electronic payments in 1999 and euro cash in 2002, so the Bank of Finland no longer issues a national currency.

A common mix-up is assuming Finland’s central bank issues the Finnish markka today. The markka was replaced by the euro, while the Bank of Finland participates in euro-area monetary policy and supports financial stability.