Currency in Finland
Finland’s currency is the Euro, which is the currency of eighteen European countries including Germany and France. Having committed to the cross European currency in 2002, the country gave up control of its cashflow to the Central European Bank.
While this means, on the one hand, that Finland exercises less influence over its domestic money markets than some, trade between the European block is easier, making it a good destination for small and large businesses. The size of the Euro, catering to well over 300 million people, also gives it a stability that makes the country an attractive place for immigrants.
At the time of writing, Finnish currency is strong, being worth 1.18 dollars, over 80 rupees (substantially up since last year) and 0.88 pound sterling. Although, it is down to 7.54 Chinese Yuan following a high of almost 8 Yuan last summer. Looking forward, some economic unrest is possible with the United Kingdom’s planned withdrawal from the European Union, although the organisation seems to be weathering that particular storm well.
Social security cost rise linked to ageing population
For the sixteenth consecutive year, social security costs rose in Finland, according to latest figures. A lot of this is down to an ageing population – a side effect of the high life expectancy in the country, where people can expect to live for longer than in many other European countries.
Finland’s education system is also held in high regard across the world, and that contributes to the pressures on the public purse.
However, as can be seen below, one of the biggest factors which can be addressed relates to the number of people out of work, which all political parties are seeking to address.
Potential benefits for those on low income
Finnish Currency looks set to deliver more value for money, especially for less well-off individuals, if the main opposition party’s financial plans come to fruition.
The Social Democratic Party plan to introduce a negative income tax programme to help to address the growing number of people claiming social security benefits. The party believes that a substantial cut in the rate of income tax will act as an incentive to drive people off social security benefits and back to work.
Bitcoin conference sees Finland leading way
While Finland follows most of the rest of Europe in holding the Euro as its currency, it’s also seen as one of the leaders in the world when it comes to cryptocurrency use, including the volatile but upwardly mobile Bitcoin online monetary system.
A recent conference saw the country host experts around the world in a conference to discuss trading rules for the currency, along with the numerous other cryptocurrencies which come in and out of play, such as Litecoin and Ethereum. Discussions also took place over the best way to see the blockchain, the complex centralised database upon which most cryptocurrencies operate, move forward.
While the Government currently resists any attempt to legislate the use of cryptocurrency in the country, Finland makes an excellent base for those seeking to make the most of this monetary tool.
Finland does make an excellent destination for people looking to move to a new country, despite some economic travails at present. The Finnish people are welcoming, the countryside breathtaking and in Helsinki, the country boasts a strong economic centre.
TransferGo helps newcomers to the country, not only with support sending money back and forth between old homes and new, but also in providing information about life in countries across the world to help those early days getting used to a new country.