Biography
Rein Otsason grew up in Southern-Estonia. After obtaining secondary education he came to study in Tallinn and graduated in 1954 from Tallinn Polytechnical Institute as an economist. He became one of the leading researchers on economics, being finally nominated as the Director of the Institute of Economics at the Estonian Academy of Sciences. Rein Otsason completed a doctorate in economics in 1984.
From 1988 to 1989 he worked as the Head of the State Plan Committee of the Estonian SSR. Those were the years of political and economical liberation, the beginning of breaking away from the Soviet system. On 15 December 1989 the Estonian government decided to establish the Bank of Estonia (Eesti Pank). On 28 December 1989 the Bank Law of the Republic of Estonia was passed and Rein Otsason was appointed the first President of the Bank of Estonia. On 1 January 1990 the Bank of Estonia began its work as independent bank of issue.
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