Kazakhstani Tenge

About The Kazakhstani Tenge: The Strong Currency of Kazakhstan

Quick Facts About the Kazakhstani Tenge Notes

Country of Origin	Kazakhstan
Symbol	₸
Currency Code	KZT
Nick Names
Minor units	Tiyn
Denominations (Banknotes)	₸200, ₸500, ₸1,000, ₸2,000, ₸5,000, ₸10,000 and ₸20,000
Motto	‘Firme y feliz por la unión’ which means ‘firm and happy for the union
Identification Feature	On the obverse side of the ₸10,000 note, you will find the portrait of Al-Farabi, a popular Islamic philosopher and jurist.
Issuing Bank	National Bank of Kazakhstan
In Circulation Since	November 15, 1993

Tenge is the name of Kazakhstan's monetary unit of account. To make up a whole, there are one hundred tiyn. It was introduced in 1993 as a replacement for the Russian ruble. Prior to its declaration of independence in 1991, Kazakhstan was a constituent republic of the Soviet Union. Kazakhstan's economy relies heavily on the export of several types of natural resources. The Kazakhstani tenge symbol is ₸.

The KZT has 100 smaller components called tiyn. The country's mint produces coins with face values of 1, 2, 3, 5, 10, 20, 50, 100, and 200 tenge, and 2, 5, 10, 20, and 50 tiyn. Meanwhile, banknotes are issued in denominations ranging from 200 tenge to 20,000 tenge. While Germany and the United Kingdom were responsible for minting its coins and banknotes in the past, the National Bank of Kazakhstan is in charge of that process now.

The current Kazakhstani tenge price is INR (0 🔄) .

History of the Kazakhstani Tenge

After the fall of the Soviet Union in December of 1991, the majority of the countries that once were part of the Soviet Union made attempts to maintain the stability of their currencies.

The Central Bank of Russia was granted authorization on January 1, 1992, to take control of the State Bank of the USSR (Gosbank). Even after their countries gained their freedom, the eleven countries that had been supported by regional branches of Gosbank continued to receive supplies of Soviet currency. In any event, the political environment was not one that would support the maintenance of a single currency being in circulation.

In the first half of the year 1992, fifteen different states came together to form a monetary union, with the rouble serving as the union's standard unit of currency. In response, the Russian Central Bank issued restrictions in July 1992 that restricted the amount of foreign credit that could be moved to Russia. These laws were intended to limit the amount of money that might be used in Russia. At the end of July 1993, when the Central Bank of Russia began exchanging banknotes on Russian territory, Russia officially withdrew, marking the beginning of the end of the rouble zone. This event also marked the beginning of the collapse of the gold standard. Because of this, Kazakhstan and the other nations that were "pushed out" of the rouble zone.

On November 12, 1993, the decree that officially introduced the national currency of the Republic of Kazakhstan was signed by the country's president. The decree's official title was "On Introducing the National Currency of the Republic of Kazakhstan." On November 15, 1993, the tenge was introduced as a replacement for Soviet money at a rate of T 1 = Rbls 500. This occurred at the same time as the collapse of the Soviet Union.

In the year 1991, the fashion designers Mendybay Alin, Asimsaly Duzelkhanov, Timur Suleymenov and Khayrulla Gabzhalilov came together to form what they called a "unique group." The "Day of National Currency of the Republic of Kazakhstan" is celebrated annually on November 15 as a result.

Not until 1995 did Kazakhstan even have a factory that was solely dedicated to printing the tenge currency. The first tenge banknotes were produced in the United Kingdom, whereas the first tenge coins were struck in Germany. The United Kingdom was also responsible for the printing of the first batch of tenge banknotes. Following the signing of a measure into law by Kazakh President Nursultan Nazarbayev in February 2019, banknotes and coins issued in the future using the tenge currency no longer include Russian captions.

Countries Accepting the Kazakhstani Tenge

Amount in the Kazakhstani Tenge You Should Carry for Your Trip

The cost of transportation to your vacation spot, the cost of lodging, and the cost of food and drink purchased while you're there will all have significant impacts on your overall Kazakhstan’s holiday budget. Even on a tight budget of KZT3,312 per day, you'll have enough of money to explore Kazakhstan and pick up souvenirs and other small gifts. A day of luxury travel can cost as much as KZT19,010 due to expenses like eating at Michelin-starred restaurants and staying in five-star hotels. The cost of a vacation for two persons can be somewhere from KZT7,000 and KZT40,010.

A hotel room in Kazakhstan could cost anywhere from KZT1,224 to KZT5,727 per night, on average. Also, a person who takes public transportation to work and drives to work may spend anywhere from KZT96 to KZT887 per day on transportation costs.

All in all, you can keep an eye on the live Kazakhstani tenge rate in order to exchange your currency notes.