Kazakhstani Tenge

Kazakhstan’s currency is the tenge (KZT), which was introduced in 1993 and is divided into 100 tiyins. The word “tenge” is derived from the ancient Turkic word meaning “a bundle” or “a heap.” The tenge was originally pegged to the Russian ruble, but in 1999 it switched to a peg with the U.S. dollar. In 2015, the peg was again switched, this time to a basket of currencies. The tenge is issued by the National Bank of Kazakhstan. Kazakhstan is a landlocked country in Central Asia with a population of 18 million people. It is the ninth largest country in the world by landmass. The country’s economy is driven by its vast reserves of oil and gas, which account for 60% of its exports. Other important exports include wheat, livestock, and uranium. The country is also a member of the Eurasian Economic Union (EEU), which is a single market of over 180 million people. The currency of Kazakhstan is the tenge (KZT). The word “tenge” is derived from the ancient Turkic word meaning “a bundle” or “a heap.” The tenge was introduced in 1993 and is divided into 100 tiyins. The tenge was originally pegged to the Russian ruble, but in 1999 it switched to a peg with the U.S. dollar. In 2015, the peg was again switched, this time to a basket of currencies. The tenge is issued by the National Bank of Kazakhstan. Kazakhstan’s economy is driven by its vast reserves of oil and gas, which account for 60% of its exports. Other important exports include wheat, livestock, and uranium. The country is also a member of the Eurasian Economic Union (EEU), which is a single market of over 180 million people.