Knowledge-based economy

Day of tenge: Ensuring financial stability and strengthening (REVIEW)

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One of the most beautiful currencies in the world, experts describe our currency - tenge. What is the path of the tenge in the history of independent Kazakhstan? On the eve of the 24th anniversary of the National currency IA "Strategy2050.kz" offers to recall the history of the creation of the domestic currency.
Astana city15 November , 10:16

Firstly, we note that the word "currency" comes from the Italian language "valuta", the etymology of which means value, a coin. A "tenge" comes from the Turkic word - "donga" or "tanga".

Why was the name "tenge" chosen? Kazakhstan is the last country in the CIS, which launched its own currency. But our country managed to quickly and successfully introduce new money into circulation.

Regarding the name of the new currency, many options have been proposed. Thus, for example, the Head of State proposed the version of the name - "Altyn". After heated debates, the name of the currency "tenge" was chosen everyone.

In just one year, the currency design was developed. According to experts, this is a very record short term, as many countries have developed their own currency for 5 years ahead.

But this did not prevent the Kazakhstani tenge from becoming one of the protected and high-quality banknotes in the world.

On August 27, 1992, the National Bank of the Republic of Kazakhstan, established a year earlier, approved samples of tenge notes. The next day, such domestic designers as Timur Suleimenov, Mendibay Alin, Agimsaly Duzelkhanov, and Khairolla Gabzhalilov went to England.

The first batch of notes from one to one hundred tenge was printed by the English company with a worldwide name "Harrison and Sons Limited", which for many years, and since 1750 had been engaged in printing postage stamps and banknotes. Now this company, founded by Thomas Harrison, has not existed for 20 years (closed in 1997). But it is worth noting that as a result of the order from the Kazakh side, Harrison and Sons Limited gained worldwide fame and received the highest award from the Queen of Great Britain.


November 12, 1993 Head of State Nursultan Nazarbayev signed the Decree "On the introduction of the national currency of the Republic of Kazakhstan". And on November 15, 1993 the currency was put into circulation. The exchange of old money in tenge began on November 15, 1993 at 8:00. This process ended on November 20 at 20:00 hours. According to the National Bank, at that time, 1 tenge was equal to 1000 ruble.

After the whole process, more than 950 billion rubles of the Soviet Union of the 1961-1992 sample were withdrawn from circulation.

When the tenge went into circulation, 1 dollar was valued at 4.75 tenge.

And in 1994 instead of paper tyins came coins, tenge, made of copper with a nominal value of 2, 5, 10, 20 and 50.

Now the banknotes are issued in the banknote factory of the National Bank of the Republic of Kazakhstan, which is located in Almaty. In turn, coins are produced in the Coin Palace in Ust-Kamenogorsk.

According to the Decree of the President of our country since 1997, November 15 is considered the Day of National Currency, as well as the Day of Financiers.

In 2006, on November 15, new types of banknotes were issued.

We note that from November 15, 2006 to November 14, 2007, old and new banknotes were in parallel in circulation.

Tenge - one of the most protected currencies in the world. Forging a tenge is very difficult, since it has 18 degrees of protection.


Kazakhstani banknotes were recognized as the best in the world for three consecutive years. In 2011 - a nominal value of 10 000 tenge, in 2012 - 5 000 tenge, in 2013 - with a nominal value of 1000 tenge.

In 2013, a nominal value of 5000 tenge from the "Kazakh Eli" series was recognized by the international banknote community "The Best Banknote of 2012".

For example, on the face side of 5000 tenge there is a monument "Kazakh Eli", and on the reverse side there is an image of the contour of the country map, the top of the Independence Monument and the building of the "Kazakhstan" hotel in Almaty against the background of the Zailiysky Alatau Mountains.

Tenge won more than once in the nomination "The Best Banknote of the Year".

Since December 1, 2015, a banknote with a nominal value of 20,000 tenge was issued.

A year ago, in 2016, a Kazakhstan banknote of 20,000 tenge was also recognized as the best applied technology in the field of design and protection in the international competition for regional banknotes.

A symbol of tenge is the letter T with an additional dash (₸) at the top, which was selected on a competitive basis in 2006.

It should be added that there is a museum of the National Bank of Kzakhstan, which opened its doors on November 13, 1997. The first visitor to the museum was Head of State Nursultan Nazarbayev.

The National Bank Museum is one of the most unusual museums on the territory of the country. This is considered the only museum in which a variety of banknotes and the main stages of the evolution of banknotes and coins that have ever been circulated in the territory of the Republic of Kazakhstan are presented.

In general, the situation in the currency and financial market does not cause concern. It was announced by Chairman of the National Bank Daniyar Akishev last week as part of the Government meeting.

"The situation on the foreign exchange market is completely stable. The exchange rate fluctuates within the limits that have historically been formed taking into account oil prices and exchange rates of trading partner countries. We do not see any prerequisites for exchange rate adjustments, moreover, by the end of the year, the supply of foreign currency by exporters increases as part of paying their tax payments, which makes it more likely that the tenge will be strengthened", D. Akishev noted.

We will also hope that the tenge will be strengthened despite the difficult processes in the world financial situation and will ensure its stability in the foreign exchange market.

 


Akbota Kuzekbay

Photo from open sources
 




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