KZT (Kazakhstan Tenge)

What Is the Kazakhstan Tenge (KZT)?

The Kazakhstan tenge (KZT) is the national currency of Kazakhstan. It was presented in 1993, supplanting the Russian ruble. Prior to its independence in 1991, Kazakhstan was a part of the Soviet Union.

Grasping the KZT

Kazakhstan is a nation in Central Asia with a population of roughly 19 million individuals. Lined by Russia, China, Kyrgyzstan, Uzbekistan, and Turkmenistan, Kazakhstan has the largest land mass in Central Asia and it is the 10th largest country in the world. Since getting its independence from the Soviet Union in 1991, Kazakhstan has turned into a republic with a parliamentary system. Its official dialects are Kazakh and Russian.

The KZT is partitioned into 100 subunits, known as tiyn. Its coins are stamped in denominations of 2, 5, 10, 20, and 50 tiyn, as well as 1, 2, 3, 5, 10, 20, 50, 100, and 200 tenge. Its banknotes, in the mean time, are imprinted in different denominations going from 200 to 20,000 tenge. Despite the fact that its coins and banknotes were recently created in Germany and the United Kingdom, separately, today they are delivered in Kazakhstan under the oversight of the National Bank of Kazakhstan.

Among the nations that were formerly individuals from the Soviet Union, Kazakhstan was one of the last to present a national currency. The country commends the Day of the National Currency of the Republic of Kazakhstan, which praises the day the currency was adopted on November fifteenth of every year.

Genuine Example of the KZT

The economy of Kazakhstan is dependent on its plentiful natural resources. In 1993, Kazakhstan started attempting to foster a method for extricating the large deposits of natural gas in the region. A contract was endorsed with the Chevron Corporation (CVX) to tap into one of the largest oil fields in the world, the Tengiz oil field. The Kazakhstan government has been working on laying out a broad network of pipelines moving through the region to export oil and gas from these fields.

Beginning around 2009, the KZT has declined fundamentally relative to the U.S. dollar (USD) in international currency exchange markets. While 1 KZT was worth roughly $0.0083 USD in January 2009, this figure has declined to just $0.0024 USD as of January 2021 — a decline of more than 70%.

Features

• Kazakhstan's economy is intensely dependent on the exportation of natural resources.
• Beginning around 2009, the KZT's value has consistently declined against the U.S. dollar (USD).
• The KZT is the national currency of Kazakhstan.