|Established||1 March 1812|
|Ownership||100% state ownership|
|Central bank of||Finland|
|Reserves||6 230 million USD|
|Succeeded by||European Central Bank (1999)1|
|1 The Bank of Finland still exists but many functions have been taken over by the ECB.|
The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the central bank of Finland. It views itself as the fourth oldest surviving central bank in the world, after Sweden's Riksbank, the Bank of England, and the Bank of France.
The precursor of Bank of Finland, Waihetus-, Laina- ja Depositioni-Contori Suomen Suuren-ruhtinaanmaassa (The Exchange, Loan and Deposit Office of the Grand Duchy 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. Until 1840 the main purpose of the bank was to carry out currency reform to introduce Imperial ruble. The Bank created and regulated the Finnish Markka from its inauguration in 1860 until Finland adopted the euro in 1999.
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. The bank has a staff of about 380 persons.
The highest official in the bank is the Governor (currently Olli Rehn) who also chairs the board. Members of the Board in August 2018 were Olli Rehn (Governor), Marja Nykänen (Deputy Governor) and Tuomas Välimäki.
BOFITidäntutkimus or research in bilateral [Finnish-Russian] trade. The full name has changed over the years, until 2021 as "Bank of Finland Institute for Economies in Transition" and since November 2021 as "Bank of Finland Institute for Emerging Economies". Since 2009, BOFIT has been led by Iikka Korhonen , who joined it in 1995.is an internal think tank of the Bank of Finland, which has historically been driven by the imperative for Finland to gain a granular understanding of the economic situation of Russia. It was created in 1991 and drives its name from the Finnish name of the department from which it originated, namely BOF for Bank of Finland and IT for