Back to category Published: 19 june 2021 Author: Галина

National Currency and Money Circulation in Kazakhstan

Tenge – the National Currency of Kazakhstan

Any tourist trip abroad begins with currency exchange. This is one of the most important points of a successful stay in a country that a tourist decided to visit. Acquaintance with the country, its culture begins with the national currency.

How to pronounce?

To begin with, it is still worth deciding on the pronunciation, since almost all visitors who come to Kazakhstan for the first time make mistakes in pronunciation. The local currency is called tenge [tɪngə]. Pronouncing the name incorrectly, do not be surprised that every self-respecting citizen of Kazakhstan will not miss the opportunity to constantly correct you and point out a mistake.

Basic Information about Tenge

Bank code tenge - KZT, digital - 398, symbol - ₸. The Kazakhstani tenge was put into circulation on November 15, 1993, for more than 25 years this day has been celebrated as the Day of the National Currency. The Kazakh “penny/kopeck/cent” was named “tiyn”, but almost immediately went out of circulation.

At the moment, the residents of Kazakhstan use coins in denominations of 1, 2, 5, 10, 20, 50, 100, 200 tenge, as well as banknotes of 200, 500, 1,000, 2,000, 5,000, 10,000 and even 20,000. tenge. Banknotes of 1,000 tenges, 5,000 tenges, 10,000 tenges were recognized as one of the most beautiful banknotes in the world for three years in a row. Many designers took part in the development of the design of the Kazakhstani tenge. The banknotes depict national symbols of the state, personifying the independence of Kazakhstan, these are such symbols as the Independence Monument, the Akorda residence, Baiterek, ministries buildings.

Another important feature of local money is that the tenge is the only currency in the world, on the banknotes of which the text is duplicated in two languages ​​(Kazakh and Russian), this is because the state has official bilingualism. In addition to all of the above, the Kazakhstani tenge is one of the most secure currencies in the world. Only one banknote has 18 security levels.

As in many states, the country produces commemorative and commemorative coins, this is largely due to its own mint. These coins are in common use on a par with coins of ordinary minting, but still, their main role is a cultural and educational mission. In most cases, these coins take pride of place in the collections of numismatists.

Purchase and Exchange of Foreign Currency for Kazakhstani Tenge

Throughout Kazakhstan, all purchases of goods and services are legally carried out strictly in tenge. Accordingly, staying in Kazakhstan and not having this currency available, you may encounter various difficulties when shopping and resting. Today, in large cities, banking terminals are widely used that accept cards of international payment systems, but still, this does not guarantee you that you can use them in small or provincial shops and establishments. Payment in another currency is also unlikely to be accepted by you.

The national currency can be withdrawn at ATMs of local and international banks, changed at official financial institutions (banks), or at exchange offices, which are located in large numbers in large cities and even in small towns. The opening hours of banking institutions are usually until 18:00, although bank branches located in shopping and entertainment centers can work until 22:00 and seven days a week. Unfortunately, private exchange offices have stopped working around the clock since February 2020. According to the new requirements, their operating hours are allowed only in the period from 09:00 to 20:00. Therefore, try to change your money in advance. The only exchange offices that did not limit their opening hours are exchange offices located at the airport, at railway stations, or close to automobile border checkpoints. Another unpleasant surprise that appeared in 2020 is that with each exchange operation you need to present your ID card or passport.

According to our observations, there are no cases of deliberate deception, theft, and fraud in the process of currency exchange, but still, it is worth being careful and counting money immediately after receiving it. Also, ask for a fiscal receipt when exchanging currency. This is your guarantee that the employees of the exchange office will not be tempted to cheat you.

Exchange rates in both official and private exchangers are good, the price difference between the purchase and sale prices is minimal and, one might even say, in comparison with several other countries, profitable. There are no additional commissions for exchange operations and no restrictions on the amount of exchange. Foreign currencies that are freely exchanged in most exchange offices for tenge: American dollar (USD), euro (EUR), Russian ruble (RUB). Some exchange offices can also exchange Chinese yuan (CNY), Kyrgyz som (KGS), Uzbek sum (UZS), British pound (GBP), and other currencies.

Kazakhstan National Currency Rate Converter (KZT). The exchange rate is calculated based on official data provided by the National Bank of the Republic of Kazakhstan:

USD
=
KZT
EUR
=
KZT
RUB
=
KZT
Updated: 2 hours ago

About Money - an Article on Prices, Salaries, and Statistics

The most frequent questions that we hear from visitors to the city usually start like this: "How much ...", "How much does it cost ...", "At what price ..." and so on. And it's not about commercialism, it's just that people are always interested in comparing the cost of living on a visit and at home on specific figures. According to official statistics, at the end of 2018, the average salary in Kazakhstan was 162,000 tenge. The average salary in the city of Almaty is 204,000 tenge; in Nur-Sultan (Astana) - 240,000 tenge.

The table below provides answers to the most common money questions asked by tourists. The prices shown are approximate and average price ranges and may vary greatly due to several factors.

  Loaf of bread Meat, 1 kg. Lunch in the restaurant, per 1 person AI-92 gasoline. 1l. Car price Toyota Camry 40 Rent a 1-room apartment per month Purchase price of 1 square meter of housing
KZT 100 1500 form 4000 150 from 10,000,000 70,000-150,000 300,000-500,000
RUB 17 260 from 700 38 from 1,730,000 12,000-25,000 77,000-130,000
USD 0,25 4 from 10 0,38 from 26,000 180-380 770-1300
EUR 0,23 3,5 from 9,5 0,34 from 23,000 160-350 700-1200

Read more:

Send comment

Your email address will not be published
Please Rate 1-10

Comments