KGS - Kyrgystani Som (KGS)

Kyrgystani Som

The Som is the official currency of Kyrgyzstan, a country located in central Asia, bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the southwest, and China to the east. Landlocked and mountainous, its capital and largest city is Bishkek.

The Kyrgyzstani Som is the currency in Kyrgyzstan (KG, KGZ). The Kyrgyzstani Som is divided into 100 tyyn. The exchange rate for the Kyrgyzstani Som was last updated on May 24, 2019 from Yahoo Finance. The KGS conversion factor has 5 significant digits.

Economy

  • Kyrgyzstan was the second poorest country in the former Soviet Union, and is today the second poorest country in central Asia.
  • Despite the backing of major Western lenders, including the International Monetary Fund (IMF), the World Bank, and the Asian Development Bank, Kyrgyzstan has had economic difficulties since independence. Initially, these were a result of the breakup of the Soviet trading bloc and resulting loss of markets, which impeded the republic's transition to a demand economy.
  • The main exports are nonferrous metals and minerals, wool and other agricultural products, electricity and certain engineering goods.
  • Imports are oil and natural gas, nonferrous metals, chemicals, most machinery products, wood and paper, some food, and some building materials.
  • Kyrgyzstan’s main trading partners are Germany, Russia, China, Kazakhstan, and Uzbekistan.

History

  • In 1993, the government issued notes of 1, 10, and 50 tyiyn and the Bank of Kyrgyzstan issued stock certificates for 1, 5, and 20 som.
  • In 1994, the Bank of Kyrgyzstan issued a second series of banknotes in denominations of 1, 5, 10, 20, 50, and 100 som.
  • In 1997, a third series followed in denominations of 1, 5, 10, 20, 50, 100, 200, 500, and 1000 som.
  • In January, 2008 the first coins were issued in denominations of 10 and 50 tiyin (also spelled tyiyn and Tyin), which are made of brass-plated steel, and 1, 3, and 5 som, made of nickel-plated steel. The coins are minted in Ust-Kamenogorsk Kazakhstan.
  • There are several commemorative coins of silver and gold, and special metal collector coins of 1 tiyin.
  • In 2009, a nickel-plated steel 10-som coin was issued.

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