Currency of Kazakhstan
National Currency of Kazakhstan
Kazakhstan left the rouble zone one of the last of countries of the Former Soviet Union. The national currency of Kazakhstan came into circulation on 15 November 1993 with exchange rate of 1 Tenge – 500 Roubles of USSR. The name ‘tenge’ comes from medieval Turkic silver coins ‘denge’ or ‘tanga’, from which the Russian coin ‘denga’ comes from too and of course the current Russian word ‘dengi’ for money. The modern tenge continued traditions of big cities of medieval Kazakhstan, Otrar and Taraz, where money was coined already in 13th century.
The first money of the sovereign Kazakhstan were coined by an old English company ‘Harrison and sons’. National banknote printing factory was opened in the country in 1995. Today, tenge has 18 levels of protection, and is included in the list of the most protected currencies of the world. Currently, there are the following banknotes to the value of 200, 500, 1000, 2000, 5000 tenge and coins – 1, 2, 5, 10, 20, 50 tenge.
Along with the coins of currency circulation, there are a limited number of jubilee and memory coins from nickel silver alloy in Kazakhstan. Cash desks of National Bank of Kazakhstan sell investment coins from precious metals – gold and silver. From silver coins with millesimal fineness of 925 of ‘Sport ‘ series weighing 31,1 gr and with value of 100 tenge, coming to circulation on 29 November, 2006 up to the ‘Golden bars’ coin out of gold with minimal millesimal fineness of 999,9 weighing 5 ounces and valuing 500 tenge, circulated on 27 November 2009.
Kazakhstan has the most advanced banking system in Central Asia. Banks work Monday to Friday, 9 a.m. till 5.30 p.m. US Dollars and Euros can be exchanged into tenges in any bank or exchange offices.
In February 2014, the National Bank of Kazakhstan announced devaluation of the national currency. The new exchange rate of tenge was 185 tenge to 1 US Dollar. (Previously being 155,5 tenge to 1 US Dollar). Devaluation has been carried out in order to increase foreign competitiveness and support commodity producers of Kazakhstan in world market.
The day of introducing the national currency of Kazakhstan is announced the Day of National Currency. 15 November is also a holiday for employees of the financial system of the Republic of Kazakhstan.