Kazakhstan Tenge - KZT

Overview

The Tenge has been used as the currency for Kazakhstan since it replaced the Russian Ruble on 15 November 1993. The term Tenge means “a set of scales” in the Turkic languages. The Tenge is divided into into 100 tïın (тиын).

Economy

• Kazakhstan’s economy is highly dependent on crude oil prices. Continuous increases in the price of crude oil lead to GDP growth rates of nearly 10% for much of the 2000s.
• The 2008-2009 financial crisis has revealed weaknesses in the center of the country's economy, leading to a 19.81% GDP decline in 2008. Four major banks were rescued by the government in late 2008 and housing prices have dropped dramatically.
• Major exports of Kazakhstan include wheat, textiles and livestock. Kazakhstan is also a major exporter of uranium.

History

• Kazakhstan is one of the last countries in the Commonwealth of Independent States (CIS) — the former Soviet Republics — to introduce a national currency.
• In 1991, a "panel" of the designers was created to introduce a new national currency.
• On November 12, 1993, a decree of President of Kazakhstan, "On the introduction of the national currency of the Republic of Kazakhstan" was published leading to the introduction of the Kazakhstan Tenge on November 15, 1993. As such, November 15 is celebrated the "Day of the national currency of the Republic of Kazakhstan."
• In 1995, a Kazakhstan Tenge printing factory was opened. The first consignment of Kazakhstan Tenge was printed abroad in the United Kingdom. The first coins were minted in Germany.

General Information