Kazakhstani tenge

Kazakhstani tenge
Қазақ теңгесі (Kazakh)
Казахстанский тенге (Russian)
200 tenge5, 10, 20, 50 and 2,000 tenge (old design)
ISO 4217
Code KZT
Denominations
Subunit
 1/100 tïın (тиын)
Plural The language(s) of this currency does not have a morphological plural distinction.
Symbol ₸
Banknotes 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000 tenge
Coins
 Freq. used 1, 2, 5, 10, 20, 50, 100 tenge
Demographics
User(s) Kazakhstan Kazakhstan
Issuance
Central bank The National Bank of Kazakhstan
 Website www.nationalbank.kz
Valuation
Inflation 5.950% p.a. (as of Feb. 01, 2012)
 Source Basic Macroeconomic Indicators on the homepage

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:

Second series coins of the Kazakh tenge (1997–present)[5]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
1 tenge 15 mm 1,63g Alloy of «nickel silver», yellow color
(since 2013 - carbon steel, galvanic coating yellow metal)		 Plain Value Year, Emblem of Kazakhstan 1997~present 11 November 1998 Current
2 tenge 16 mm 1,84 g
5 tenge 17,27 mm 2,18 g
10 tenge 19,56 mm 2,81 g
20 tenge 18,27 mm 2,9 g Alloy of «nickel silver», white color (since 2013 - carbon steel and galvanic nickel) Grooved Value Year, Emblem of Kazakhstan 1997~present 11 November 1998 Current
50 tenge 23 mm 4,7 g
100 tenge 24,5 mm 6,65 g Inner disk: alloy of «nickel silver», white color
Outer disk: alloy of «nibrass», yellow color.		 Grooved with the note - «СТО ТЕНГЕ - ЖYЗ ТЕҢГЕ» (one hundred tenge) 2002~present 1 July 2002
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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:

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
3 tenge green, grey green Portrait of Suinbai Aronuly Alatau landscape
5 tenge brown yellow, red Portrait of Kurmangazy 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 Nursultan 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.[7]

On October 3, 2016, the 2,000, 5,000 and 10,000 tenge banknotes of the 2006 series lost their legal tender status and are no longer valid. From October 4, 2016 to October 3, 2017, these notes can be exchanged without commission at any second tier bank and branches of the National Bank of Kazakhstan.[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 2006-2016[8]
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]

2011-2014 Series
Image Value Main Color Description Date of issue
Obverse Reverse Obverse Reverse
1000 tengé Yellow, brown, orange and blue "Kazakh Eli" monument in Astana (representing the "independence of Kazakhstan" and the "Continuation of Generations"), piegons, Emblem of Kazakhstan and Flag of Kazakhstan Outline of Kazakhstan, mountains and landscape of the Ustyurt Plateau 2014
2000 tengé Green "Kazakh Eli" monument in Astana (representing the "independence of Kazakhstan" and the "Continuation of Generations"), piegons, Emblem of Kazakhstan and Flag of Kazakhstan Outline of Kazakhstan, Ertis/Irtysh river 2012
5000 tengé Red, blue, yellow, and green "Kazakh Eli" monument in Astana (representing the "independence of Kazakhstan" and the "Continuation of Generations"), piegons, Emblem of Kazakhstan and Flag of Kazakhstan Outline of Kazakhstan, Monument of Independence, Hotel "Kazakhstan" (Almaty/Alma Ata), Zailijsky Alatau ridge of Tjan-Shan mountain range 2011
10,000 tengé Violet and blue "Kazakh Eli" monument in Astana (representing the "independence of Kazakhstan" and the "Continuation of Generations"), piegons, Emblem of Kazakhstan and Flag of Kazakhstan Residence Ak Orda (Palace of the President), Astana 2012
20,000 tengé Blue-gray and violet "Kazakh Eli" monument in Astana (representing the "independence of Kazakhstan" and the "Continuation of Generations"), piegons, Emblem of Kazakhstan, Flag of Kazakhstan and the mangilik el triumphal arch Residence Ak Orda (Palace of the President) and Government buildings in Astana, arranged in order by the principle of separation of powers, as written in the Constitution of the Republic of Kazakhstan 2013

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

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

The National Bank of Kazakhstan will issue a 10,000 tenge commemorative banknote to commemorate the 25th anniversary of independence from the Soviet Union. The commemorative note contains an image of Kazakh President Nursultan Nazarbayev,[14]and will be launched into circulation on the Day of the First President, December 1, 2016.

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.[15]

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.[16]

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.[17]

Current KZT exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
Historical average exchange rates[18]
USD EUR RUB
1999 119.52 130.00 4.82
2000 142.13 134.40 5.05
2001 146.74 132.40 5.04
2002 153.28 144.68 4.89
2003 n/a 168.79 4.87
2004 136.04 169.04 4.72
2005 132.88 165.42 4.70
2006 126.09 158.27 4.64
2007 122.55 167.75 4.79
2008 120.30 177.04 4.86
2009 147.50 205.67 4.66
2010 147.35 195.67 4.85
2011 146.62 204.11 5.00
2012 (Jan) 148.38 191.27 4.73
2014-4-14 182.02 252.72 5.11
2016-9-30 335.64 377.42 5.33
Annual inflation rate, %[19]
1994 1160.262
1995 60.388
1996 28.763
1997 11.321
1998 1.880
1999 18.095
2000 10.001
2001 6.582
2002 6.686
2003 7.001
2004 7.011
2005 7.868
2006 8.400
2007 18.772
2008 9.484
2009 6.377
2010 7.969
2011 7.429
2012 6.0

See also

References

  1. 1 2 Odling-Smee, J. ao (2001). "The IMF and the ruble area, 1991-93" (PDF). Retrieved 16 December 2014.
  2. 1 2 Dąbrowski, M (1995). "The reasons for the collapse of the Ruble zone" (PDF). Retrieved 16 December 2014.
  3. ↑ http://www.izvestia.kz/node/9694
  4. ↑ "Unicode 5.2.0 (August 2009)". FileFormat.info. August 2009. Archived from the original on 2015-09-10. Retrieved 21 September 2015.
  5. ↑ The national Bank of Kazakhstan. Currency. Available at:http://www.nationalbank.kz/?docid=29&cat_id=7
  6. ↑ Linzmayer, Owen (2012). "Kazakhstan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  7. ↑ Kazakh central bank misspells ‘bank’ on money
  8. 1 2 Tenge Banknotes Of 2006 Withdrawn In Kazakhstan
  9. ↑ Kazakhstan new date (2012) non-commemorative 10,000-tengé note confirmed BanknoteNews.com. June 23, 2012. Retrieved on 2015-02-05.
  10. ↑ Kazakhstan new 5,000-tengé note confirmed BanknoteNews.com. February 12, 2012. Retrieved on 2015-02-05.
  11. ↑ Kazakhstan new 2,000-tenge note confirmed BanknoteNews.com. April 8, 2013. Retrieved on 2015-02-05.
  12. ↑ Kazakhstan new 1,000-tenge note confirmed BanknoteNews.com. January 5, 2015. Retrieved on 2015-02-05.
  13. ↑ Kazakhstan new 20,000-tenge note (B144) confirmed BanknoteNews.com. December 3, 2015. Retrieved on 2015-12-03.
  14. ↑ Kazakhstan Presented Tenge Note With President Nazarbayev
  15. ↑ Kazakhstan to peg tenge to U.S. dollar, euro, rouble on Sept. 2 http://www.reuters.com/article/2013/08/28/kazakhstan-currency-idUSL6N0GT1Y020130828
  16. ↑ Kazakhstan devalues tenge by almost 20%, The Financial Times, 11 February 2014
  17. ↑ , Blog Travel to Central Asia-Kazakhstan and Astana, 20 August 2015
  18. ↑ The National Bank of Kazakhstan. "Official Foreign Exchange Rates on average for the period". Retrieved 20 February 2012.
  19. ↑ The National Bank of Kazakhstan. "Price Indices Data". Retrieved 20 February 2012.

External links

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