Shimdt V.A., Ospanov K.K., Duisen M.A

Kostanaygovernment university named A.Baytursinov

Kostanay, Kazakhstan

DEVELOPMENT OF NATIONAL CURRENCY OF KAZAKHSTAN

The aim of our study - to show the development, history, change of course, as well as the latest devaluation of the Kazakhstan tenge.

Kazakhstan Tenge - the national currency of Kazakhstan. Kazakhstan tenge - original and important historical source . They brought us the whole portrait gallery of historical figures, pictures of various monuments, reflected in its drawings of mythological scenes, genre scenes. No exception and Kazakh state money - Tenge.... The name "tenge" comes from the medieval Turkic small silver coins "dengue" or "tanga", from which the name of Russian coins money (polkopeyki ) and the word money. Reflection of a range of ideas and concepts in images and inscriptions, names and dates found on coins, material and equipment manufacturing, as an element of weight metrology - all this makes the coin very noble material for a comprehensive study of the economic and political history of the people, their material and spiritual culture.

Coins are currently used by States to perpetuate the historical events, cultural monuments, prominent figures, to commemorate anniversaries, achievements in the field of culture and sport. They are a kind of "representatives", "business card" of the country and the historical era.On November 12, 1993 a decree of the President of the Republic of Kazakhstan was issued "On the introduction of the national currency of the Republic of Kazakhstan."The national currency was introduced on November 15, 1993. In our country, in the national currency "T" was introduced, including in the form of metal coins. Originally the territory of the Republic of Kazakhstan had circulation of small coins alloy A -80 rated at 2, 5, 10, 20, 50 tiyn were subsequently withdrawn from circulation. In addition, the coins were introduced monetary alloy "nickel silver" in denominations of 1,3, 5, 10, 20 tenge, and commemorative coins. In addition, in 1996, put into circulation gold bullion coins of Kazakhstan were put into circulation "Silk Road" dignity 10000, 5000, 2500 and 1000 tenge.

Commemorative coins have solvency in accordance with the designated denomination on them, but their main purpose is cultural and educational development. Typically, they are manufactured strictly limited edition and are for sale on the territory of the Republic of Kazakhstan and abroad collectible value.The first commemorative coins in the Republic of Kazakhstan became 5 silver coins 100 tenge, issued in honor of the 150th anniversary of Abay - an outstanding personality in the social and cultural life of Kazakhstan last century.During the period 1995-1998, was released six commemorative and jubilee coins alloy "nickel silver": 20 tenge coin in honor of the 50th anniversary of the UN commemorative coin to mark the 150th anniversary of Zhambyl Zhabayev, coin dedicated to the 5th anniversary of Kazakhstan's independence anniversary coin dedicated to the 100th anniversary of Auezov coin dedicated to the Year of national consensus and the victims of political repression, the coin is 20 tenge in honor of the presentation of Astana as the capital of Kazakhstan.

Investment coin of Kazakhstan "Silk Road" dignity 10000 tenge

Among the most significant moments of exchange and inflation level include the following: before joining the National Bank of Kazakhstan changed Kelimbetov 6 chairmen, and Grigory Marchenko headed Office 2 times.

From January 1992 to December 1993 under the leadership of the National Bank was Galym Baynazarova. The national currency was introduced on November 15, 1993. At the end of its administration of the central bank rate of tenge to the dollar was 6.31 tenge per 1 U.S. dollar. During the formation of the first financial institutions and the transition to its own currency sovereign Kazakhstan and the general instability of the economic situation in the country, of course, could not affect the "fortress" tenge - from the beginning of the introduction and the at end of 1993 tenge weakened against the dollar on the 3973% per annum. Inflation also changed quite dramatically - its value for the year 1993 amounted to 2165.0%. The level of Kazakhstan's GDP at the end of 1993 amounted to $11.4 billion.

Since the end of December 1993 and January 1996, the head of the Central Bank of the Republic was Daulet Sembaev. The process of formation of financial and regulatory landscape of Kazakhstan kept going. During the years of its management by the National Bank continued weakening tenge(at 447.5% APR) and in January 10, 1996 Rates KZT/USD was 64.34 tenge per $1. Inflationary pressures gradually weakened - in 1995 (the last full year when D.Sembaev headed the National Bank) rate of inflation was 60.3%. By the end of 1995 Kazakhstan's GDP was $16.6 billion. In this period, Uraz Jandossov at the helm of the central bank of the Republic (from January 1996 to February 1998) Kazakhstan Tenge weakened against the dollar by 8.8% per annum. At the end of February 1998 Course KZT / USD was 76.35 tenge per 1 U.S. dollar. The inflation rate for the last year by the National Bank Management W. Dzhandosova was 11.2%. Kazakhstan's GDP by the end of 1997 reached the level of $22.2 billion.Kadyrzhan Damitov headed the National Bank in late February 1998 to early October 1999. During this time tenge weakened against the U.S. dollar by 52.0% per annum and at the beginning of October 1999 its market rate was 141.63 tenge per 1 U.S. dollar. Inflation in 1999 was accelerated and was 17.8%. The country's GDP at the end of the year amounted to $16.9 billion.

First coming to the National Bank of Grigory Marchenko happened at the beginning of October 1999 - and lasted more than three years, until the end of January 2004. During his management agency tenge first showed a small, but strengthening - for the period tenge has appreciated against the dollar by 0.4% per annum. Rates KZT / USD at the end of January 2004 was at the level of KZT 139.50 per U.S. $1. Inflation also slowed down and by the end of 2003 was 6.8%. The country's GDP for 2003 was $30.8 billion. Since the end of January 2004 to the end of January 2009 the head of the National Bank was Anuar Saydenov . The country's economy was booming - Kazakhstan's GDP in 2008 was $133.4 billion in construction and credit boom in the country to bear fruit - the market prices grew fast and brewing "bubbles", the inflation rate for 2008 was 9.5%. Nevertheless, in 2004-2008 tenge appreciated against the dollar by 2.6% per annum, and its rate at the end of January 2009, before the memorable simultaneous devaluation was 121.31 tenge per 1 U.S. dollar.And then there was the devaluation of the tenge by 25%.

And with her back to the National Bank Grigory Marchenko, who was at the head of the regulator to 1 October 2013. This period was the financial crisis, post-crisis economic recovery, the association with the National Bank FSA "freezing" of the project and the beginning of RFCA pension reform in Kazakhstan. Over the years tenge weakened against the dollar by 5.7% and its rate on October 1, 2013 was 153.86 tenge per 1 U.S. dollar. Inflation in January - September 2013 was 6.2%. GDP in January-June 2013 amounted to $92.4 billion.

Sufficiently controversial and important factor in the development of the national currency is the tenge devaluation in February 2014 . Failure to maintain the exchange rate as at the same level in Kazakhstan due to the financial situation in other countries, as well as the internal state of the balance of payments and a plan to restore the competitiveness of the national currency. Such explanations were given to the National Bank of the Republic of Kazakhstan. Its decision in the bank explained primarily the situation in the leading developing countries, particularly in the BRICS countries. "There is a flow of capital from developing countries to developed countries, leading to increased pressure on the currencies of these countries. Amid the uncertainty of further development of the world economy has increased volatility in global financial and commodity markets".

Secondly, noted in the National Bank of Kazakhstan, uncertainty remains regarding to the exchange rate of the Russian ruble. "As a result of the transition of the Central Bank of the Russian Federation to the freer exchange rate formation of the Russian ruble in 2013 weakened by 7.1% against the U.S. dollar".The third reason - the balance of payments of Kazakhstan. "Despite the fact that the current account is positive, an increase in imports, mainly due to imports of consumer goods," - says the bank.Moreover, the decision of the National Bank due to the high devaluation expectations in the economy of Kazakhstan and gain in connection with this speculation. "To counteract speculative frenzies and avoid excessive exchange rate volatility forced the National Bank regularly participate in the foreign exchange market", - said the bank.Fifth, to create basic preconditions for reducing inflation to 3-4% in the medium term, the National Bank of Kazakhstan plans to "move to inflation targeting, which implies a departure from the strict regulation of the exchange rate". "The need to restore external competitiveness of the tenge exchange rate, trade balance of Kazakhstan's economy and remain competitive "domestic producers requires a change in the monetary policy of the National Bank".

Thus, the National Bank of Kazakhstan has decided to abandon from February 11 to maintain the exchange rate as at the same level. The result, as expected , the national currency exchange rate changed from 155.5 per dollar to 185 tenge. Meanwhile, Kazakh banks are already selling the dollar more expensive than 200 tenge. And so, out of all the above we can safely conclude that national currency of Kazakhstan is the Kazakh tenge. Tenge is a young currency. Kazakhstan introduced its own money later than other countries of the former USSR. It happened on November 12, 1993, when the President issued a decree "On the introduction of the national currency of the Republic of Kazakhstan".

Kazakhstan sees itself as a country with a developed economy and independent. Kazakhstan's economic development, according to some sources, it was determined in comparison with the price of fuel and the total gross transfers of money to offshore accounts that Kazakhstan is certainly is one of the leading places in the world.

One Kazakhstani tenge is equivalent of 100 Kazakh tiyn that have long gone out of cash flow and are used for banking operations. Kazakhstans tenge is also called "wrappers", as this kind of money beckons almost everybody who sees them. This allows the currency of Kazakhstan look stylish, bright and change shape every year. This allows the currency of Kazakhstan look stylish, bright change shape every year. Denomination banknotes on all registered is not only in the Kazakh language, but also in Russian, because Russian is transnational language of Kazakhstan.

Yet none of the devaluation of national currency of Kazakhstan did not cause such a negative reaction from the population of the country, such as the one that occurred in February 11, 2014. At one point the rate of tenge against the dollar and euro has fallen nearly 20 percent. The reason for another sharp reduction appears tenge served morning February 11 statement of the National Bank of Kazakhstan, the final refusal to support the exchange rate at the same level, reducing foreign exchange interventions and interference in the formation of the exchange rate of tenge. Kazakh government in these difficult conditions must prove the consistency of the reforms, the decisions are taken in order to preserve the stability of the national currency and strengthen the economic security of Kazakhstan.

Literature

1. http://imf.org

2. ru.wikipedia.org

3. History of Kazakhstan - Authors: Abdugulova Baghlan, Kaparkyza Kapayeva, Ayzhan Tokankyza, Kenzhebayev Gabit капезулы, 2012. p. 192-194

4. http://news.mail.ru