Estonian kroon until the Soviet invasion in 1940 and Estonia's subsequent incorporation into the Soviet Union when it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992. The kroon became the currency of Estonia on 1 September 1928 after having been a unit of account since 1924. It replaced the mark at a rate of 100 mark = 1 kroon. The kroon was subdivided into 100 sent. In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2480 kroon = 1 kilogram of pure gold. The standard
Outright Monetary Transactions Outright Monetary Transactions Outright Monetary Transactions ("OMT") is a program of the European Central Bank under which the bank makes purchases ("outright transactions") in secondary, sovereign bond markets, under certain conditions, of bonds issued by Eurozone member-states. On 2 August 2012, the Governing Council of the European Central Bank (ECB) announced that it would undertake outright transactions in secondary, sovereign bond markets, aimed "at safeguarding an appropriate monetary policy transmission and the singleness of the monetary policy". The technical framework of these operations was formulated on 6 September 2012. On the same date, the bank's Securities Markets Programme (SMP) was