KZT 20 | Bank Note | Twenty Tenge | Kae Kae | CurrencyStackerKK | Kazakhstan | Central Asia

KZT 20 | Bank Note | Twenty Tenge | Kae Kae | CurrencyStackerKK | Kazakhstan | Central Asia

20 Kazakhstan Tenge

The tenge (/tɛŋˈɡeɪ/; Kazakh: теңге, teñge, Kazakh pronunciation: [ˌtʲeŋˈɡʲe]; Russian: тенге́, Russian pronunciation: [tʲɪn⁽ʲ⁾ˈɡʲe]; sign: ₸ ; code: KZT) is the currency of Kazakhstan. It is divided into 100 tiyn (тиын, also transliterated as tiyin). The ISO-4217 code is KZT.

After the breakup of the Soviet Union in December 1991, most of the formerly Soviet republics attempted to maintain a common currency. The Central Bank of Russia was authorized to take over the State Bank of the USSR (Gosbank) on 1 January 1992. It continued to ship USSR ruble notes and coins to the central banks of the eleven newly independent countries, which had formerly been the main branches of Gosbank in the republics. During the first half of 1992, a monetary union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them was using its position as “free-riders” to issue huge amounts of money in the form of credit.

The Russian central bank responded in July 1992 by setting up restrictions to the flow of credit between Russia and other states. The final collapse of the ruble zone began when Russia pulled out with the exchange of banknotes by the Central Bank of Russia on Russian territory at the end of July 1993. As a result, Kazakhstan and other countries still in the ruble zone were “pushed out”. On November 12, 1993, the President of Kazakhstan issued a decree “On introducing national currency of Republic of Kazakhstan”. The tenge was introduced on 15 November 1993 to replace the Soviet ruble at a rate of 1 tenge = 500 rubles.

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