Economics

What is the Currency of Kazakhstan?

The official currency of Kazakhstan is the Kazakhstani tenge.

Introduction

The currency of Kazakhstani is called tenge and is sub-portioned into hundred amounts called tiin. After the divergence of the Soviet Union, trials were made by most of the citizens to adopt a common currency. This was because some political leaders were willing to maintain the relationship between the country and the previous Soviet Union member states.

Currency Transition

The Tenge was introduced in 1993 to substitute the local soviet ruble with 1 tenge amounting to 500 rubles. A national currency of republic of Kazakhstan had been provided in 1991 after establishment by a special crew of designers. On November, 15th, 1995 a tenge minting company was launched. The very first consignment of tenge was printed overseas in the United Kingdom while the first coins were produced in Germany.

Coins

The first series of coins were circulated in denomination of 2, 5, 10, 20 and 50 tiyin with all of them having the portrait of the national arms. The 1, 3, 5, 10, and 20 coins were minted from cupro nickel and they visualized some images of designed mythical creatures. A new series of coins which excluded the tiyin and having tenge as the lowest denomination was adopted in 1998. A 100 coin tenge was pioneered in 2002 while an unshaped 2 tenge coin was produced later in 2005. It was not until 2013 when the alloy of small denominations were changed.

Commemorative Coins

Commemoratives coins have been circulated in denomination of 20, 50,100, 500, 1000,2500,10000 and 5000 respectively. The 1, 2, 5,10,20,50 and 100 tenge were minted from gold while the coins were generated from cupro nickel.

Banknotes

The banknotes currently in use are 200, 500, 1000, 2000, 5000 and 10000 tenge notes. These notes contain the portrait image of Al-farabi, but the 10000 note contains both the image of AL-farabi and a snow leopard. Some letters in the 200 tenge note are written in Kazakh language, though some text on other notes are represented in Russian language.

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