Kazakstan Tenge (KZT)
19 hours agoThe Kazakhstan Tenge (KZT) serves as the official currency of Kazakhstan, a nation located in Central Asia. It was introduced on November 15, 1993, to replace the Soviet Ruble, following Kazakhstan's independence from the Soviet Union in 1991. The National Bank of Kazakhstan is tasked with the issuance and management of the Tenge.
The Kazakhstan Tenge functions under a floating exchange rate system, where its value against other currencies is influenced by market dynamics, including supply and demand. The National Bank of Kazakhstan may intervene in the foreign exchange market when necessary to ensure stability or to curb excessive fluctuations. This system enables the Tenge to adapt to external shocks and shifts in global market conditions while maintaining a degree of stability.
The Tenge is divided into 100 smaller units known as tiyn, although tiyn coins are no longer in circulation. Coins are available in denominations of 1, 2, 5, 10, 20, 50, 100, and 200 tenge. Banknotes can be found in denominations of 200, 500, 1,000, 2,000, 5,000, 10,000, and 20,000 tenge.
Kazakhstan's economy is largely dependent on natural resources, including oil, gas, and minerals, which constitute a significant portion of the country's exports. Other important sectors include agriculture, manufacturing, and services. However, Kazakhstan encounters various economic challenges, such as an overreliance on natural resources, high corruption levels, and income inequality. The government is actively pursuing policies aimed at diversifying the economy, enhancing infrastructure, and attracting foreign investment.
In conclusion, the Kazakhstan Tenge is the official currency of Kazakhstan, managed by the National Bank of Kazakhstan. It operates under a floating exchange rate system, with its value shaped by market forces and potential interventions from the Bank. The Tenge is subdivided into tiyn and is available in various banknote and coin denominations. While Kazakhstan's economy is primarily resource-based, the country faces challenges related to its dependence on natural resources, corruption, and income inequality.
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