Estonian kroon received real coverage with the reserves backing the kroon. The issue of treasury notes and exchange notes was terminated. In order to secure the credibility of the kroon, the Bank of Estonia exchanged kroon for foreign currency. All these measures restored confidence in the domestic banking and monetary sector, contributing to the economic reinvigoration of the country and to the improvement of the reputation of the Estonian state in the international arena. During the Great Depression in 1933, the kroon went off the gold standard, devalued 35% and obtained a currency peg with the Great Britain Pound (GBP) at 1
Divisia monetary aggregates index by the European Central Bank, the Bank of Japan, the Bank of Israel, and the International Monetary Fund. Divisia monetary aggregates index In econometrics and official statistics, and particularly in banking, the Divisia monetary aggregates index is an index of money supply. It uses Divisia index methods. The monetary aggregates used by most central banks (notably the US Federal Reserve) are simple-sum indexes in which all monetary components are assigned the same weight: in which formula_2 is one of the formula_3 monetary components of the monetary aggregate formula_4. The summation index implies that all monetary components contribute equally to the