Kazakhstani tenge

Kazakhstani tenge
Қазақ теңгесі (Kazakh) Казахстанский тенге (Russian)
200 tenge 5, 10, 20, 50 and 2,000 tenge (old design)
ISO 4217 code	KZT
Central bank	The National Bank of Kazakhstan
Website	www.nationalbank.kz
User(s)	Kazakhstan
Inflation	5.950% p.a. (as of Feb. 01, 2012)
Source	Basic Macroeconomic Indicators on the homepage
Subunit
1/100	tïın (тиын)
Symbol	, ₸
Plural	The language(s) of this currency does not have a morphological plural distinction.
Coins
Freq. used	1, 2, 5, 10, 20, 50, 100 tenge
Banknotes	200, 500, 1,000, 2,000, 5,000, 10,000, 20,000 tenge

The tenge (Kazakh: теңге, teñge) is the currency of Kazakhstan. It is divided into 100 tïın (тиын, also transliterated as tiyin or tijin). The ISO-4217 code is KZT.

History

After the collapse of the Soviet Union, attempts were made by most republics to maintain a common currency. Some politicians were hoping to at least maintain "special relations" among former Soviet republics, or the "near abroad". Other reasons were the economic considerations for maintaining the ruble zone. The wish to preserve strong trade relations between former Soviet republics was considered the most important goal.^[1]

The break-up of the Soviet Union was not accompanied by any formal changes in monetary arrangements. The Central Bank of Russia was authorized to take over the State Bank of the USSR (Gosbank) on 1 January 1992. It continued to ship USSR ruble notes and coins to the central banks of the fourteen newly independent countries, which had formerly been the main branches of Gosbank in the republics.

The political situation, however, was not favorable for maintaining a common currency.^[1] Maintaining a common currency requires a strong political consensus in respect to monetary and fiscal targets, a common institution in charge of implementing these targets, and some minimum of common legislation (concerning the banking and foreign exchange regulations). These conditions were far from being met amidst the turbulent economic and political situation.

During the first half of 1992, a monetary union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them was using its position as "free-riders" to issue huge amounts of money in the form of credit.^[2] As a result, some countries were issuing coupons in order to "protect" their markets from buyers from other states. The Russian central bank responded in July 1992 by setting up restrictions to the flow of credit between Russia and other states. The final collapse of the ruble zone began when Russia pulled out with the exchange of banknotes by the Central bank of Russia on Russian territory at the end of July 1993.

As a result, Kazakhstan and other countries still in the ruble zone were "pushed out".^[2] On November 12, 1993, a decree of the President of Kazakhstan, "About introducing national currency of Republic of Kazakhstan", was issued. The tenge was introduced on 15 November 1993 to replace the Soviet ruble at a rate of 1 tenge = 500 rubles. In 1991 a "special group" of designers was created: Mendybay Alin, Timur Suleymenov, Asimsaly Duzelkhanov and Khayrulla Gabzhalilov. As such, November 15 is celebrated as the "Day of National Currency of Republic of Kazakhstan". In 1995, a tenge printing factory was opened in Kazakhstan. The first consignment of tenge was printed abroad, in the UK. The first coins were minted in Germany.

Etymology

The word tenge in the Kazakh and most other Turkic languages means a set of scales (cf the old Uzbek tenga or the Tajik borrowed term tanga). The origin of the word is the Turkic teŋ- which means being equal, balance. The name of this currency is thus similar to the lira, pound and peso. The name of the currency is related to the Russian word for money Russian: деньги / den'gi, which was borrowed from Turkic.

Symbol

The new symbol for the Kazakhstani tenge.

In autumn 2006, the National Bank of Kazakhstan organized a competition for the symbol of the Kazakhstan Tenge and received over 30,000 applications. On March 20, 2007, two days before the Nauryz holiday, the National Bank of Kazakhstan approved a graphical symbol for the Tenge: . On March 29, 2007, the Bank announced two designers from Almaty, Vadim Davydenko and Sanzhar Amirkhanov, as winners for the creation of the symbol of the Kazakhstan Tenge. They shared a prize of 1 million tenge and the title of "parents" of the Kazakhstan Tenge symbol.^[3] The character was proposed for encoding in Unicode in 2008, and was included in Unicode 5.2.0 (August 2009) at code point U+20B8.^[4]

Coins

While older coins were struck in Germany, current coins are struck domestically, by the Kazakhstan Mint in Oskemen.

First series (1993)

In 1993, the first series of coins were introduced in denominations of 2, 5, 10, 20 and 50 tiyin featuring the national arms and were struck in bronze. 1, 3, 5, 10 and 20 tenge were struck in cupro-nickel and depicted stylized and mythical animals. The coins of this period circulated alongside tiyin and low denomination tenge notes of equal value.

Second series (1995)

1, 2, 5, 10, 20, 50 and 100 tenge coins

In 1998, a new series of coins was introduced, which excluded the tiyin having 1 tenge being the smallest denomination. 100 tenge were later introduced in 2002 replacing the equivalent notes. An irregular 2 tenge coin was also introduced later in 2005. In 2013 the alloy of lower denomination coins was altered. Coins currently in circulation are:

Commemorative coins

Commemorative coins are issued in denominations of 20, 50, 100, 500, 1,000, 2,500, 5,000 and 10,000 tenge. Silver and gold bullion coins exist in denominations of 1, 2, 5, 10, 20, 50 and 100 tenge. Many of the 20 and 50 tenge commemorative's are also struck in cupro-nickel and occasionally make it out into general circulation as a side coinage with face value.

New symbol of tenge (₸) used on info-board of a currency exchange office in Almaty

Banknotes

200 tenge (old design)

1993 series

On 15 November 1993, the National Bank of Kazakhstan issued notes in denominations of 1, 2, 5, 10, 20 and 50 tiyn, 1, 3, 5, 10, 20, and 50 tenge; 100 tenge notes followed shortly thereafter. These were followed in 1994 by 200, 500, and 1,000 tenge notes. 2,000 tenge notes were introduced in 1996, with 5,000 tenge in 1999 and 10,000 tenge on 28 July 2003.^[6] Notes currently in circulation are:

• 200 tenge portrait of Al-Farabi
• 500 tenge portrait of Al-Farabi, fragment of Khodzha Akhmet Yassaui mausoleum
• 1,000 tenge portrait of Al-Farabi
• 2,000 tenge portrait of Al-Farabi
• 5,000 tenge portrait of Al-Farabi
• 10,000 tenge portrait of Al-Farabi, image of snow leopard.

Interestingly, the text on the reverse side of 200 tenge banknote is written in Kazakh, although text on the reverse sides of the other banknotes is written in Russian.

1993 Series
Image		Value	Main Colour		Description		Date
Obverse	Reverse		Obverse	Reverse	Obverse	Reverse	issue	annul
		1 tiyn			value in numeral and Kazakh, unique geometric design background	value in numeral and Kazakh, Kazakhstan coat of arms, unique geometric design background	1993	2001
		2 tiyn
		5 tiyn
		10 tiyn
		20 tiyn
		50 tiyn
		1 tenge	dark blue	pink	Portrait of Al-Farabi	Geometrical constructions and formulations of Al-Farabi		2012-2018[7]
		3 tenge	green, grey	green	Portrait of Suinbai Aronuly	Alatau landscape
		5 tenge	brown	yellow, red	Portrait of Kurmangazy	Mausoleum
		10 tenge	dark blue	pink	Portrait of Chokan Ualihanov	Ok Zhetpes mountain
		20 tenge	dark brown	brown	Portrait of Abay Kunanbaev	Illustration of golden eagle with the man, drawn from works of Abay Kunanbaev
		50 tenge	light brown	brown	Portrait of Abulhair Khan	Rock paintings of Mangistau
		100 tenge	violet	pink	Portrait of Ablay Khan	Hodja Ahmed Yassavi mausoleum
		200 tenge	brown, red	yellow, blue	Portrait of Al-Farabi	Hodja Ahmed Yassavi mausoleum	1994
		500 tenge	dark blue, blue	blue, violet	Portrait of Al-Farabi	Hodja Ahmed Yassavi mausoleum
		1,000 tenge	green, red	green, blue, red	Portrait of Al-Farabi	Hodja Ahmed Yassavi mausoleum
		2,000 tenge	green, blue	green, brown	Portrait of Al-Farabi	Hodja Ahmed Yassavi mausoleum	1996
		5,000 tenge	brown, violet	brown	Portrait of Al-Farabi	Hodja Ahmed Yassavi mausoleum	1998
		10,000 tenge	blue	blue, brown	Portrait of Al-Farabi	Snow leopard against a background of mountains	2003

2006 series

Some 2,000 tenge notes spelled the word "банкі" (bank) incorrectly as "банқі".

The National Bank of Kazakhstan issued banknotes of new series in 2006. They have the same values as the previously existed ones.

The 2006 series is far more exotic than its predecessors. The obverse is vertical and the denomination is written in Kazakh. All denominations depict the Astana Bayterek monument, the flag of Kazakhstan, the Coat of arms, the handprint with a signature of president Nazarbayev and fragments of the national anthem. The main differences across each denomination are only the colours, the values, the underprint patterns.

On the contrast, the reverses are more differentiated. The value is written in Russian. Each denomination shows a unique building and geography of Kazakhstan in the outline of Kazakhstan border.

The first printing of the 2,000 and 5,000 tenge notes issued in 2006 had misspellings of the word for "bank" (the correct spelling "банкі" banki was misspelled "банқі" banqi). The misspelling was a politically sensitive issue due to the cultural and political importance of the Kazakh language.^[8]

2006 Series
Image		Value	Main Colour	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		200 tenge	orange	Astana Bayterek monument, Kazakhstan flag, Kazakhstan coat of arms, handprint with a signature of Nursultan Nazarbayev, fragments of the national anthem, value in numerals and Kazakh words, issuing bank in Kazakh, inscription in Kazakh stating that counterfeiting banknotes is against the law	Transport and Communication Ministry and a winged snow leopard on the bridge over River Ishim, outline map of Kazakhstan with Ministry of Defense and the steppes in the background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law	2006
		500 tenge	blue		Ministry of Finance and Akimat (City Hall) of Astana, outline map of Kazakhstan with gulls over the sea in background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law
		1,000 tenge	brown		President Culture Center, outline map of Kazakhstan with mountains in background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law
		2,000 tenge	green		Abai Opera House, outline map of Kazakhstan with mountain lake in background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law
		5,000 tenge	red		Independence Monument and the Kazakhstan Hotel, outline map of Kazakhstan with mountains in background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law
		10,000 tenge	purple		Residence Akorda (presidential palace), outline map of Kazakhstan with canyons in the background, value in Russian, name of issuing in Kazakh, logo of issuing bank, inscription in Russian stating that counterfeiting banknotes is against the law

2011-2014 series

The National Bank of Kazakhstan issued a new series of tengé banknotes dated 2011, 2012, 2013 and 2014 in denominations of 1,000-, 2,000-, 5,000-, and 10,000-tengé.^{[9][10][11][12]} On 1 December 2015, a new 20,000 Tenge banknote was introduced. It contains the issue date of 2013, and is a commemorative note to celebrate the 20th anniversary of the introduction of its national currency, but was not issued until 2015.^[13]

New series with security features 2008

Since 2008, a number of commemorative designs have been issued, including notes celebrating the 2011 Asian Winter Games hosted in Astana. Commemoratives can typically be found in these denominations: 1000 tenge, 2000 tenge, 5000 tenge, and 10000 tenge.

Commemorative banknotes

• 5,000 tenge (2001)

5,000 tenge issued banknote in 2001 to commemorate the 10th anniversary of independence from the Soviet Union.

• 5,000 tenge (2008)

5,000 tenge banknote issued in 2008 to commemorate 15 years of the Kazakhstani tenge.

• 1,000 tenge (2010)

1,000 tenge banknote issued in 2010 to commemorate the Chairmanship of Kazakhstan in the OSCE (front).

1,000 tenge banknote issued in 2010 to commemorate the Chairmanship of Kazakhstan in the OSCE (back).

• 1,000 tenge (2011)
• 2,000 tenge (2011)

2,000 tenge banknote issued in 2011 to commemorate the 7th Asian Winter Games in Astana.

• 10,000 tenge (2011)

10,000 tenge banknote issued in 2011 to commemorate the 20th anniversary of independence from the Soviet Union.

• 1,000 tenge (2013)

1,000 tenge banknote issued in 2013 to commemorate the “Kul Tigin” – the monument of the Turkic runic writing.

Exchange rates and inflation

On September 2, 2013 the National Bank of Kazakhstan moved the Kazakhstan Tenge from a managed float and pegged it to the U.S. dollar and Russian ruble.^[14]

On February 11, 2014, the Kazakh National Bank chose to devalue the tenge by 19% against the U.S. dollar in response to a weakening of the Russian ruble.^[15]

On August 20, 2015, The Kazakhstan National Bank has done away with the currency band with respect to conversion rate of Tenge. Now, the Tenge is a free-floating currency and its exchange rate against the major currencies are determined by demand and supply in the market. Due to this change, the currency Tenge lost its value by 30% in a single day.^[16]

See also

• Economy of Kazakhstan

References

http://marketrealist.com/2015/08/kazakhstan-tenge-dives-all-time-low/

External links

• Currency exchange rates in Kazakhstan
• News from the National Bank of Kazakhstan
• Updates on new banknotes and coins from Kazakhstan
• Coins of Kazakhstan
• Banknotes of Kazakhstan
• Kazakhstan Tenge: detailed catalog of banknotes
• Coins of Kazakhstan at CISCoins.net

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