Cash in Kazakhstani Tenge (KZT)
One of the most essential attributes of a sovereign state is its own money, so the authorities of independent Kazakhstan, after the collapse of the USSR, made a lot of effort to create a national currency. The leading artists of the republic managed to prepare sketches of banknotes of different denominations, which received enthusiastic evaluations from the professional community and the world's most famous collectors.
In addition to attractive design, modern banknotes of Kazakhstan are characterized by a decent quality of production, easy-to-distinguish paper banknotes and reliable security parameters.
The Republic of Kazakhstan's only legitimate means of payment is the Kazakhstani tenge, which is assigned the three-digit numerical code 398 and the alphabetic code KZT in the world currency classifier ISO 4217.
History of creation of Kazakhstani tenge (KZT)
In the Middle Ages, Turkic states minted coins called "tenge". Turkic peoples called squirrels, the skins of which were used for calculations.
The decision to introduce the national currency is contained in the Decree of the President of the Republic of Kazakhstan Nursultan Nazarbayev, signed on 12.11.1993. A creative group of the best Kazakhstani designers worked on creating paper banknotes. The first banknotes featured portraits of famous people (front side), as well as the most beautiful natural places of Kazakhstan and architectural monuments (back side).
At present, the tenge carries images of various buildings that testify to the achievements during the Republic's independence period: the monument and observation tower Baiterek in Astana, the presidential residence Akorda, etc. The banknotes are also used to represent Kazakhstan's most beautiful natural places.
In 1993, tiyns were introduced, and the value of one tiyn is one-hundredth of tenge. The Decree of the President of the Republic of Kazakhstan from 2001 approved the order of gradual withdrawal of cash tiyns from circulation, but in 2017 these provisions were cancelled. Prior to the opening of the Banknote Factory in Almaty in May 1995, Kazakh banknotes were printed in Great Britain by the oldest firm "Harrison and Sons".
Actual denominations of the Kazakh national currency
In 2023 in the Republic of Kazakhstan are circulating:
- paper banknotes in denominations of 200, 500, 1000, 5000, 10,000, 20,000 tenge;
- coins of 1, 2, 3, 5, 10, 20, 20, 50, 100, 200 tenge;
- coins in denominations of 2, 5, 10, 20, 50 tiyn (after 1997, they are not issued but are considered as means of payment).
In addition to monetary circulation coins, Kazakhstan mints commemorative and anniversary coins made of copper, nickel and zinc alloy, as well as investment coins made of gold and silver.
The Banknote Factory produces commemorative banknotes for especially significant events. In 2013, in honour of the twentieth anniversary of introducing its own currency, a 20,000 tenge note was issued with a special overprint on the reverse side.
What residents and visitors to Kazakhstan may need cash for
Almost 80% of Kazakhstanis prefer non-cash payments, one of the highest rates in Central Asia. Online payments are most accessible in large cities due to the availability of modern services and terminals. In smaller settlements, due to the lack of necessary infrastructure or communication problems, payments by smartphone or card are not always possible, so carrying a certain amount of cash is necessary.
Residents of Kazakhstan most often use cash for payments in small shops at home or markets. The main reasons for this behaviour are:
- ingrained habit of paying in cash;
- a request of the seller;
- absence of internet or terminal at the point of sale.
Where to get Kazakhstani tenge (KZT)
In Kazakhstan, operations on an exchange of dollars, euros and other currencies for KZT are performed:
- at bank branches;
- at exchange bureaus;
- in some hotels or travel agencies.
Exchangers offer the most favourable rate, but you should make sure they have a licence to avoid becoming a victim of scammers.