Tenge - modern money of Kazakhstan

Let's talk about the history of the emergence of the modern monetary unit of Kazakhstan and its name, the current course to the main currencies and possible successors within the framework of the Eurasian Economic Union.

Early currencies of present Kazakhstan

Passing through the country, the Silk Road contributed to the development of monetary circulation, leading many countries to a silver and gold standard. Small money was made from cheaper metals. In the IV-V centuries, copper concave disks were used, and coins of bronze with a hole in the form of a square were minted for mutual settlement with China.

For five centuries the money of Kazakhstan has changed more than once, and by the 10th and 11th centuries the main turnover was gold and silver dirhams. For the coining of dirhams, an alloy of silver with copper was used. Since the XIII century on Turkic coins, the image of the lion and the sun, taken up by the khans of the Golden Horde, has settled firmly.

Taraz and Otrar were the first cities to take part in the mass coinage of coins . They began issuing their own banknotes in 1251, than by fifteen hundred years ahead of many neighbors, including Russia.

First reforms and new monetary units

The coins that were produced were of value depending on their composition: coins were minted from copper (fels), silver dirhams stood higher, and gold dinars were the most valuable . In 1321, Khan Kebek decided to make changes: silver coins from 8 grams were renamed into silver dinars (or kebec dinars), and dirhams became copper. In 1 kebeck-dinar there were 6 dirhams.

The current name of the currency goes back to the rule of Tamerlane, who introduced tilly, tengi and pools. 1 tilla = 21 tenge, 1 tenga = 4 dirhams or 45-60 pools. The very word "tenga" was used to denote any coins and became the ancestor of the Russian units of "money" and the general designation "money". So the money of Kazakhstan played a role in the formation of monetary units and their names far beyond the borders of the country.

Farewell, ruble! Hello, tenge!

After the collapse of the Soviet Union, Kazakhstan continued to use rubles for longer than the rest, slowly entering its own currency. Since there were no factories capable of printing banknotes on the territory of the republic, they were ordered in England. Prior to the country of destination, new banknotes traveled by airplanes.

New money in Kazakhstan was introduced on November 15, 1993, and the rate to the Soviet ruble was 1 to 500. This day was the date of celebrating the national Kazakh currency. In 2015 the tenge turned 22 years old. Unlike other CIS countries, there was no temporary money in the republic: Kazakhstan immediately introduced the national currency, making it easier for the population to switch between monetary units.

It is noteworthy that a full transition to a new currency took not a year, not a month, but only 6 days! Another interesting point: if the banknotes were printed in England, then the coins were ordered in Germany, so that the current money of Kazakhstan has European roots.

Denominations and coins of Kazakhstan tenge

Initially, the monetary range of the republic's money consisted of tiyns: in 1 tenge - 100 tiyns. Over the years of depreciation, the tiyns withdrew from circulation, and in May 2016 coins of 1, 2, 5, 10, 20, 50 and 100 tenge in value remained in circulation. In banknotes, tenge is issued with the value of 200, 500, 1000, 2000, 5000 and 10,000 tenge.

The design of the bills has changed significantly in 2006. Then it was decided to print one side horizontally, and the second - vertically. This is one of the ways of the republic to show itself as a bold modern country. These principles also concern urban development: the most original projects are adopted and implemented. On the front side of the 2006 banknotes, the Baiterek (Astana) monument is depicted as a symbol of development. It is interesting that the banknotes of this year's sample were for the longest time considered the most protected from counterfeiting all over the world. Each banknote representing Kazakhstan money had 18 levels of protection, some of which became an innovation and later were borrowed by other states.

In 2010-2012, new banknotes were issued in 1000, 2000, 5000 and 10,000 tenge. The new design reflected the historical events of recent years: the holding of the Asian Games-2011, the OSCE chairmanship, the anniversary of independence.

Latest innovations

In order to avoid confusion in the bills of different series of issues, starting from the 1st day of 2016, banknotes in 2000, 5000 and 10,000 tenge, printed in 2006, were withdrawn from circulation. The conclusion will be gradual and take exactly a year, during which the above notes will remain the legal means of payment.

Also, many are interested in rumors about a possible change in the monetary unit after the republic's accession to the Eurasian Economic Union. What currency in Kazakhstan will replace tenge? Possible variants of the name of the monetary unit of the Unified Energy System: Evraz and Altyn. Preliminary negotiations on the transition to a single currency within the union only at an early stage. Most experts call 2025 the most optimistic for the start of the transition, but others tend to believe that the process will take not one but 3-5 decades.

Rate of tenge to dollar, euro, ruble and other currencies

The currency of Kazakhstan had a lot of falls, which is clearly visible in the history of the course. In early May 2016 the following indicators are relevant:

• 1 USD = 327 KZT, or for 100 tenge you can get 0.31 US dollars.
• 1 EUR = 373 KZT, or for 100 tenge you can get 0.27 euros.
• 1 GBP = 478 KZT, or for 100 tenge you can get 0.21 pounds sterling.
• 1 RUB = 5 KZT, or for 100 tenge you can get 20 Russian rubles.
• 1 UAH = 13 KZT, or for 100 tenge you can get 8 Ukrainian hryvnia.

The specified rate of tenge is set by the National Bank, when buying currency in some banks and exchange points the rate will be different.