Headquarters Helsinki Governor Erkki Liikanen Founded 1 March 1812 Central bank of Finland | Established 1 March 1812 Website www.bof.fi President Erkki Liikanen | |
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Succeeded by European Central Bank (1999) Profiles | ||
Bank of finland opens at midnight for currency change
The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the central bank of Finland. It is the fourth oldest central bank in the world.
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Vesa korhonen bank of finland institute for economies in transition
History
The Bank of Finland was established on 1 March 1812 in the city of Turku by Alexander I of Russia. In 1819 it was relocated to Helsinki. The Bank created and regulated the Finnish Markka until Finland adopted the euro in 1999.
Functions and ownership
The Bank of Finland is Finland’s central bank and a member of the European System of Central Banks and of the Eurosystem. It is Finland's monetary authority, and is responsible for the country's currency supply and foreign exchange reserves.
The Bank of Finland is owned by the Republic of Finland and governed by the Finnish Parliament, through the Parliamentary Supervisory Council and the Board of the bank. The Board is responsible for the administration of the bank, and the Parliamentary Supervisory Council for supervising the administration and activities of the bank and for other statutory tasks. The bank is governed under the provisions of the Act on the Bank of Finland, passed in 1998.
The bank has branch offices in Kuopio, Tampere, and Oulu.
Organisation
The highest official in the bank is the Governor (currently Erkki Liikanen). The Governor chairs the Board.