The size of the budget for Estonia’s central bank for 2017 is 22.7 million euros, up approximately by 800,000 euros or by 4.3% YoY.
“Leaving aside cash-related costs, which are very different in different years, the budget of the central bank will increase by 0.77 million euros or approximately 4.3% compared to 2016”, the Bank of Estonia said in a press release.
Cash-related costs included, the budget will increase by 2.4 million euros or 11.7%. A major portion of cash-related costs are connected with the production of 50 euro banknotes, the replenishing of the supply of coins as well as the production of commemorative coins from gold and silver ahead of the forthcoming centenary of the Estonian state.
The Bank of Estonia’s income is estimated to decline to 24.8 million euros while it is expected to earn a profit of 2.1 million euros in 2017.
Three one-off expenditure items will each cost the central bank approximately half a million euros in 2017. Despite the one-offs, the level of spending of the central bank measured as a ratio to GDP will decline this year, which is one of the budgeting goals of the Bank of Estonia’s management board.
The three extraordinary expenditures are a meeting of the Governing Council of the European Central Bank (ECB) and a subsequent press conference with its president Mario Draghi in Tallinn in June, the organization of the second survey on households’ financial behavior and consumption habits as well as activities of the central bank related to the Estonian presidency of the EU during the second half of 2017. (ERR/Business World Magazine)
