Finance:Kazakh tenge

Kazakh tenge

Қазақ теңгесі / Qazaq teńgesi (Kazakh) Казахстанский тенге (Russian)
200 tenge 5, 10, 20, 50 and 2,000 tenge
ISO 4217
Code	KZT (numeric: 398)
Subunit	0.01
Unit
Plural	The language(s) of this currency do(es) not have a morphological plural distinction.
Symbol	₸‎
Denominations
Subunit
1/100	tıyn (тиын)
Banknotes	200, 500, 1,000, 2,000, 5,000, 10,000, 20,000 tenge
Coins
Freq. used	5, 10, 20, 50, 100 tenge
Rarely used	1, 2
Demographics
User(s)	Kazakhstan
Issuance
Central bank	National Bank of Kazakhstan
Website	www.nationalbank.kz
Printer	Banknote Factory of the National Bank of Kazakhstan
Valuation
Inflation	4.9%
Source	Basic Macroeconomic Indicators on the homepage

Cat:IB currency unk param:iso_number Cat:IB currency unk param:iso_exponent

The tenge (/tɛŋˈɡeɪ/; Kazakh: теңге, teńge, Kazakh pronunciation: [tʲɘŋˈgʲɘ]; Russian: тенге́, Russian pronunciation: [tʲɪn⁽ʲ⁾ˈɡʲe]; sign: ₸ ; code: KZT) is the currency of Kazakhstan. It is divided into 100 tıyn (тиын, also transliterated as tiyin or tijin). The ISO-4217 code is KZT.

History

After the collapse of the Soviet Union in December 1991, 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.

The break-up of the Soviet Union was not accompanied by any formal changes in monetary arrangements. The Central Bank of Russia was authorised 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 eleven 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. 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. 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". 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 overseas, in the United Kingdom. The first coins were minted in Germany . In February 2019, Kazakh President Nursultan Nazarbayev signed a bill into law that will remove all Russian captions from future tenge banknotes and coins, as it is not an official language of Kazakhstan.

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 taka, 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 organised 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 1,000,000 tenge and the title of "parents" of the Kazakhstan Tenge symbol. 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.

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 (1998)

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)
Image	Value	Technical parameters			Description			Date of
		Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse	[2]	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		[3]	2 tenge	16 mm	1,84 g	[4]	5 tenge	17,27 mm	2,18 g	[5]	10 tenge	19,56 mm	2,81 g	[6]	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		[7]	50 tenge	23 mm	4,7 g	[8]	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

Third series (2019)

In 2019, a new series of coins was introduced into circulation on April 26, with the same coin specifications and metallic compositions as the second series, but with the inscriptions of the coins now rendered in Latin-based Kazakh instead of Kazakh-based Cyrillic. They read as Qazaqstan Respýblıkasy (Republic of Kazakhstan) on the obverse and teńge on the reverse. The coins were issued as part of the efforts of the presidential decree issued by former President Nursultan Nazarbayev of its transition of switching from a Cyrillic-based alphabet to a Latin-based alphabet and emphasizing Kazakh culture and distance the country from Russian influence. The designs of the coins were approved by Interim President Qasym-Zhomart Toqaev on March 20, 2019. Previously issued coins bearing the Kazakh Cyrillic script will remain legal tender alongside the new Kazakh Latin inscribed coins. In 2019, the National Bank of Kazakhstan announced the issuance of new 200-teńge coins to be issued in 2020. This new denomination features inscriptions in Latin-based Kazakh, and like the 100-teńge coin, is bi-metallic.

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 commemoratives 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. 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.

The text on the reverse side of the 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	green	green	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	light blue	light blue
		5 tiyn	pink	pink
		10 tiyn	red	red
		20 tiyn	blue, grey	blue
		50 tiyn	brown, yellow	brown
		1 tenge	blue	light blue	Portrait of Al-Farabi	Geometrical constructions and formulations of Al-Farabi		2012-2018
		3 tenge	green	bluish green	Portrait of Suinbai Aronuly	Alatau landscape
		5 tenge	brown	yellow, orange	Portrait of Kurmangazy	Kurmangazy mausoleum
		10 tenge	green	light green	Portrait of Chokan Ualihanov	Ok Zhetpes mountain
		20 tenge	brown	light brown	Portrait of Abay Kunanbaev	Illustration of golden eagle with the man, drawn from works of Abay Kunanbaev
		50 tenge	reddish	light red	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 a new series of tenge banknotes 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/Nur-Sultan 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, denominations and underprint patterns.

On the contrast, the reverse side of the notes are more different. The denomination is written in Russian, and each denomination shows a unique building and geography of Kazakhstan in the outline of its borders.

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.

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.

2006 Series
Image		Value	Main Colour	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		200 tenge	orange	Nur-Sultan Bayterek monument, Kazakhstan flag, Kazakhstan coat of arms, handprint with a signature of Kazakh President 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
		500 tenge	blue		Ministry of Finance and Akimat (City Hall) of Astana/Nur-Sultan, 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

2011–2017 series

The National Bank of Kazakhstan issued a new series of tenge banknotes dated 2011, 2012, 2013 and 2014 in denominations of 1,000, 2,000, 5,000, and 10,000 tenge. The designs for this series feature the "Kazakh Eli" monument on the front of the notes. 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. In 2017, the National Bank of Kazakhstan issued a 500-tenge banknote as part of this series, but has caused controversy over an image of a gull on the reverse side of the note and the image of the Moscow business center in Kazakhstan's capital of Nur-Sultan.

2011-2017 Series
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
[9]	[10]	500 tenge	Blue	Flag, skyscrapers, "Kazakh Eli" monument in Astana/Nur-Sultan (representing the "Independence of Kazakhstan" and the "Continuation of Generations"), Emblem of Kazakhstan and Flag of Kazakhstan	Outline of Kazakhstan, seagulls	2017
[11]	[12]	1,000 tenge	Yellow, brown, orange and blue	"Kazakh Eli" monument in Astana/Nur-Sultan (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
[13]	[14]	2,000 tenge	Green	"Kazakh Eli" monument in Astana/Nur-Sultan (representing the "independence of Kazakhstan" and the "Continuation of Generations"), Khan Shatyr tent, pigeons, Emblem of Kazakhstan and Flag of Kazakhstan	Outline of Kazakhstan, Ertis/Irtysh river	2012
[15]	[16]	5,000 tenge	Red, blue, yellow, and green	"Kazakh Eli" monument in Astana/Nur-Sultan (representing the "independence of Kazakhstan" and the "Continuation of Generations"), Palace of Independence, 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
[17]	[18]	10,000 tenge	Violet and blue	"Kazakh Eli" monument in Astana/Nur-Sultan (representing the "independence of Kazakhstan" and the "Continuation of Generations"), Palace of Independence, piegons, Emblem of Kazakhstan and Flag of Kazakhstan	Outline of Kazakhstan, Residence Ak Orda (Palace of the President), Astana/Nur-Sultan	2012
[19]	[20]	20,000 tenge	Blue-gray and violet	"Kazakh Eli" monument in Astana/Nur-Sultan (representing the "independence of Kazakhstan" and the "Continuation of Generations"), pigeons, Emblem of Kazakhstan, Flag of Kazakhstan and the Mangilik El triumphal arch	Outline of Kazakhstan, Residence Ak Orda (Palace of the President) and Government buildings in Astana/Nur-Sultan, 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 Nur-Sultan. Commemoratives can typically be found in these denominations: 1,000 tenge, 2,000 tenge, 5,000 tenge, and 10,000 tenge.

Commemorative banknotes

• 5,000 tenge (2001)

• 

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

• 

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

• 5,000 tenge (2008)

• 

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

• 

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

• 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)

• 

  1,000 tenge banknote issued in 2011 to commemorate Kazakhstan's Presidency of the Organisation of the Islamic Conference (front).

• 

  1,000 tenge banknote issued in 2011 to commemorate Kazakhstan's Presidency of the Organisation of the Islamic Conference (back).

• 2,000 tenge (2011)

• 

  2,000 tenge banknote issued in 2011 to commemorate the 7th Asian Winter Games in Nur-Sultan (front).

• 

  2,000 tenge banknote issued in 2011 to commemorate the 7th Asian Winter Games in Nur-Sultan (back).

• 10,000 tenge (2011)

• 

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

• 

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

• 1,000 tenge (2013)

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

• 10,000 tenge (2016)

The National Bank of Kazakhstan issued 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, and was 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.

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.

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.

Historical average exchange rates

	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, %
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

• Economy of Kazakhstan

External links

• Currency exchange rates in Kazakhstan
• News from the National Bank of Kazakhstan
• The banknotes of Kazakhstan (in English and German)
• Coins of Kazakhstan
• Banknotes of Kazakhstan
• Kazakhstan Tenge: detailed catalog of banknotes