Tenge is the currency of independent Kazakhstan

Tenge is the national currency of Kazakhstan, which has been on the territory of the republic since 1993. At many international banknote exhibitions, the national bank of the country has repeatedly received awards for the best design and degree of protection of tenge. The paradox is that, at its highest level of protection, the currency, according to the results of 2015, is considered the most cheaper in Europe.

Prehistory

The very name of the "tenge" currency was received in the early Middle Ages, when money, called "tanga", was used in the territory of Kazakhstan and Central Asia . Later, the peoples of Eastern Europe had the word "money", also a currency. And today all the understandable word "money" has not changed its historical significance.

The history of the creation of the national currency of Kazakhstan begins in 1990. At that time in the republic there was a ruble of the Soviet Union. In order for the financial system of the republic to become more independent from Moscow, President Nursultan Nazarbayev, together with the Supreme Council of KazSSR, created a law that controls the entire banking system of the country.

This happened in December 1990. Since that moment the transition to market relations with the planned economy of the USSR still existed . All banks were divided into two categories: the first was the Kazakhstan branch of the State Bank of the USSR, to the second level - several commercial banks, leading an independent policy. However, there was one thing but. The country did not have its own currency, so some limitations in the freedom of action of the financial system of Kazakhstan still existed. Dependence was on the ruble and the State Bank of the USSR.

New project

In such circumstances, N. Nazarbayev instructed to begin preparing the tenge. The currency was to replace the ruble. A state commission on the national currency was established, headed by S. Tereshchenko, who was then prime minister. All documentation was handled by D. Sembayev and his team. The daily control over all that was happening was carried out personally by the president.

The designers were asked to perpetuate on the currency historical personalities and monuments of architecture. It was even suggested to depict Nazarbayev on one of the banknotes, to which he responded with a categorical refusal.

The working group studied a huge amount of information disclosing the entire experience of the introduction of national currencies in many countries of the world, including in the CIS countries. A whole package of reforms has been prepared, covering the areas of politics, economy and finance. The National Bank has prepared 18 documents regulating the reform process. It was a truly complicated process, which required the country's leadership to pay great attention and intellectual capabilities.

Historical moment

Preparatory work was completed in the summer of 1993. Print banknotes decided to produce in the UK. "Harrison and Sons" - the company that completed this order. All operations were carried out in conditions of strict secrecy. 4 IL-86 planes made 18 flights to and from England. According to all documents, information was received that aircraft were carrying construction equipment. Coins were ordered in Germany. On the territory of Kazakhstan, special underground bunkers were prepared to store a new currency.

On the eve of introduction of tenge to the people personally addressed the president of Kazakhstan. The exchange of old rubles in tenge began on November 15, 1993 at 8:00, ended on November 20 of the same year at 20:00. Over 6 days, more than 950 billion rubles were withdrawn from circulation. The exchange rate (ruble to tenge) was 500: 1.

Thus, on November 15, 1993 there was a historical event: the tenge was introduced - the currency of independent Kazakhstan.

Tenge: reflection of history

Banknotes with denominations of 1, 3, 5, 10, 20, 50, 100, 200, 500 tenge were put into circulation. In addition, 1 tenge was equated to 100 tiyns, therefore in circulation for a while there were tiyns.

As expected, on the first banknotes the obverse reflected the historical personality against the background of nature, on the reverse, monuments of architecture with elements of nature were depicted. Initially, the maximum denomination was 500 tenge. Banknotes worth 1,000 tenge were put into circulation in 1995, 2000 - in 1996, and 5000 - in 1998. Represented such historical personalities as Sh. Valikhanov, S. Aronuly, Kurmangazy, A. Kunanbaev, Al Farabi, khans Abylai and Abulkhair.

Degrees of protection

Tenge is the currency of Kazakhstan, which has one of the most effective sets of degrees of protection in the world. In total, there are 17. Some have been used for the first time in world practice, such as, for example, an element of anti-copying, iris printing, gold intaglio, etc. This has led to the fact that many currencies of developed and developing countries have adopted the practice of Kazakhstan. What is the tenge, whose currency it is - many have learned.

From the history of devaluations

All the world's currencies tend to depreciate, the tenge is not an exception. During the first year of its existence, inflation was 1158%, next year - 60%. The smallest level of inflation was recorded in 1998 and amounted to about 2%.

Against the background of the fall in oil prices, most of the currencies of the exporting countries began to become cheaper. Tenge it touched like no other currency. In 2015, the tenge was recognized as the most depreciated currency in Europe. For comparison: at the beginning of summer 2015 1 USD cost an average of 150 tenge, and by the end of summer or the beginning of autumn of the same year it was already 190. At the beginning of 2016 the rate was 380-390 tenge per 1 dollar.

Thus, the history of the medieval words "tanga", "tenga", "danga" was transferred to the modern world, where it continues the tenge - the currency of modern Kazakhstan.