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Finland and the euro

Finland joined the European Union in 1995 and was one of the first-wave countries to adopt the euro on 1 January 1999.

Finland at a glance

Surface area: 338 140 km2
Population: 5 325 115 (Eurostat 2009)
Joined the European Union: 1 January 1995
Currency: Euro since 1 January 1999 (formerly Finnish markka, FIM)

Euro information

Status: Euro-area member since 1 January 1999.

Fixed conversion rate: €1 = 5.94573 FIM

Adoption of the euro: The euro banknotes and coins were introduced in Finland on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Finnish markka and the euro had legal tender status – ended on 28 February 2002.

Exchange of former national currency: The Suomen Pankki (National Bank of Finland) will continue to exchange markka banknotes and coins until 29 February 2012, although some exceptions apply to old markka coins annulled before the euro changeover.

Markka banknotes are also redeemed by commercial banks (Nordea and Sampo), co-operative banks, saving banks, and Forex Oy.

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