Finland is one of the states that joined the European Union in the process of a large-scale campaign for international integration. In order to strengthen economic ties with other countries participating in the Commonwealth, as well as optimize trade processes, the leadership of the republic decided to switch to a single European monetary unit. This period was preceded by several stages of development of the national financial system, during which different currencies of Finland were in circulation on the territory of the country.
Monetary units in Finland
In the era of submission to the king of Sweden, the main currency in the country was the riksdaler. What currency in Finland participated in the turnover, except for the Swedish? As a result of the military confrontation between Russia and the Swedish state, the Russian ruble becomes the official currency. The national currency first appears in Finland in 1860. She got the name brand.
Introduction to Circulation of Own Money
The Russian Emperor Alexander II by his decree allowed to introduce the national currency of Finland. Immediately after the start of the use of this currency, it was related to the Russian ruble 1: 4. That is, for one Finnish brand they gave four rubles. It should be noted that the exchange rate peg to the Russian currency was valid until 1865. Then it was decided to use the so-called Silver Standard used in the Latin Monetary Union.
And already in 1878, the transition to the Gold Standard was carried out, which was valid until the outbreak of the First World War and provided for each Finnish coin to contain 1/3 gram of pure gold (to be absolutely precise, 0.290322 grams of gold - by analogy with French franc). An interesting fact is that it was the currency of Finland and its name that became the prototype of the German monetary unit with the same name.
Entering the Eurozone
The Republic of Finland became a member of the European Union on January 1, 1995. But the turning point for the country's monetary system was 2002, when it was decided to enter the state into the Eurozone and introduce the common currency - the euro. It should be noted that in the manufacture of euro coins, the features of the EU member states in the territory of which they will be used are taken into account. This rule also applies to Finnish Euros. So, on the reverse side of the coin of the currency of Finland the denomination is depicted, and on the face - soaring swans. The basis for such a design solution was the anniversary coin, which was made on the occasion of the eightieth anniversary of the independence of the Finnish state.
Currency exchange
In addition to the euro, the American dollar gained the most popularity in the country. Along with these two monetary units, many others can be purchased in Finland. Currency exchange is carried out almost everywhere. It can be ferries, and hotels, and hotels, and airports or railway stations. Throughout the country there are many special exchange offices and bank branches that are open full time. The exchange rate in Finland is set by the ECB - the European Central Bank.
It should be noted that in some local institutions for the implementation of currency exchange you will need to provide an identification document. Most often we are talking about a citizen's passport. In addition, travelers, tourists and business travelers should pay attention to the fact that local legislation does not regulate the amount of currency imported into the country. In other words, there are no restrictions on this issue.