TALLINN - The Estonian central bank denied on Monday that the Baltic country faces any likelihood of a devaluation of its currency after some parts of the country's Russian-speaking started to panic sell Estonian kroons.
Making its second statement on the issue in two weeks, the central bank said it "dismisses all rumours" and urged people not to believe any talk of possible devaluation.
A spokeswoman at the Estonian central bank said the statement was issued in response to what it called "misleading information" posted on a Russian language web site.
Unusually long queues formed at currency exchange booths at several down town locations in the capital Tallinn. The daily Postimees's website quoted foreign currency exchange companies' officials as saying that some booths had run out of foreign currency. They added there was a rise in kroons selling the kroons already on Friday evening.
"Estonian crowns exchange rate to the euro is still 15.6466 and that rate will stay until adoption of the euro," the central bank said in a statement.