What is a KZT (Kazakhstan Tenge)
KZT is the abbreviation for the currency of Kazakhstan, which is known as the Kazakhstan tenge.
BREAKING DOWN KZT (Kazakhstan Tenge)
The KZT is the abbreviation of the Kazakhstan tenge, or tenge, which is the currency that replaced the former currency of the Russian ruble in 1993. The KZT was made up of 100 tiyn, which were originally minted in Germany in denominations of 1, 2, 5, 10, 20, 50 and 100 tenge.
The banknote, or paper currency, was originally printed in the United Kingdom in denominations of 1, 3, 5, 10, 20, 50, 100, 200, 500, 1,000, 2,000, 5,000 and 10,000 tenge. The KZT symbol is ₸ and is said to symbolize scales.
Of the Commonwealth of Independent States (CIS), also known as the former Soviet Republics, Kazakhstan was one of the last to introduce a national currency. The country celebrates the Day of the National Currency of the Republic of Kazakhstan, which honors the day the currency was adopted on November 15th of each year.
A printing press for minting currency was not opened within the country until 1995.
A Brief History of Kazakhstan
Kazakhstan, also known as the Republic of Kazakhstan, is a country located in Central Asia. It is bordered by Russia, China, Kyrgyzstan, Uzbekistan, Turkmenistan, the Aral Sea and the Caspian Sea. The country has the largest land mass in Central Asia and it is the ninth largest country in the world. The country was formerly part of the U.S.S.R., and it obtained independence in 1991. Now the country is ruled by a unitary republic with a parliament consisting of two houses, a president and a prime minister. The official language of the region is Kazakh and Russian.
Because of the sheer size of the country, the population is widely spread across the region. At one time there were many different villages and settlements, but due to immigration in the 20th century many of those original settlers were displaced. Some moved on to more populated areas while others still relocated to different countries in the region.
The economy is Kazakhstan is reliant on their natural resources. The country exports many products thanks to the privatization of formerly state-owned industries, including chemicals, and raw materials. In 1993, Kazakhstan began trying to develop a way to extract the large deposits of natural gas in the region. A contract was signed with the Chevron Corporation to tap into one of the largest oil fields in the world, the Tengiz oil field. The Kazakhstan government has been working on establishing an extensive network of pipelines moving through the region to export oil and gas from these fields.