View Full Version : National Reserve Grew by 64 Million Euros in 2010

10-28-2010, 11:39 AM
National Reserve Grew by 64 Million Euros in 2010 (http://news.err.ee/economy/f847a787-e806-4631-8681-4d25064c308f)

Photo: Postimees/Scanpix

At the end of September, the national reserve reached 320 million euros, an increase of 64 million euros since a year ago.

Before reserve funds began growing last year, they experienced a sharp decrease in July, as the government tapped 224 million euros to cover national budget costs.

The majority of the new funds this year came from earnings from the Bank of Estonia, and a large portion of the remainder derived from land privatization payments. In the third quarter, reserve funds were impacted mainly by price increases on the bonds market, according to the Ministry of Finance.

Estonia’s national reserve was established in 1997.


This reserve is one of the reasons, why Estonia is doing quite well, when compared to some other countries. For instance, Latvia completely lacks a reserve like that and they had to take a loan from the IMF to get enough money to cover their costs.