KAZAKHSTANI MONETARY UNIT Meaning and
Definition
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The Kazakhstani monetary unit refers to the national currency of the Republic of Kazakhstan, which is officially known as the tenge. The tenge, symbolized by the currency code KZT, is the legal tender authorized for use within the country's borders. It is the primary medium of exchange used for transactions and the unit of account for pricing goods and services in Kazakhstan.
The tenge is subdivided into 100 tiyn, although the use of tiyn for transactions is virtually nonexistent due to their extremely low value. The word "tenge" itself means "balance" or "scale" in the Kazakh language, reflecting the country's efforts towards economic stability and equilibrium.
Introduced in 1993 to replace the Russian ruble as Kazakhstan gained independence, the tenge has evolved over the years. Its design, features, and security elements have been updated periodically to enhance usability and prevent counterfeiting. The National Bank of Kazakhstan has the authority to issue and regulate the tenge, controlling its supply and circulation to maintain price stability and foster economic growth in the nation.
As a Kazakhstani monetary unit, the tenge is widely accepted across the country for various transactions, including buying goods and services, paying bills, and conducting financial activities. Its exchange rate against other major currencies is determined by market forces, reflecting the supply and demand dynamics in the global foreign exchange market.
Common Misspellings for KAZAKHSTANI MONETARY UNIT
- jazakhstani monetary unit
- mazakhstani monetary unit
- lazakhstani monetary unit
- oazakhstani monetary unit
- iazakhstani monetary unit
- kzzakhstani monetary unit
- kszakhstani monetary unit
- kwzakhstani monetary unit
- kqzakhstani monetary unit
- kaxakhstani monetary unit
- kasakhstani monetary unit
- kaaakhstani monetary unit
- kazzkhstani monetary unit
- kazskhstani monetary unit
- kazwkhstani monetary unit
- kazqkhstani monetary unit
- kazajhstani monetary unit
- kazamhstani monetary unit
- kazalhstani monetary unit
- kazaohstani monetary unit
