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Kazakhstan central bank to solve large denomination currencies exchange problem

04 january 2014, 15:49
0
Kazakhstan's National Bank.  ©Yaroslav Radlovsky
Kazakhstan's National Bank. ©Yaroslav Radlovsky
The National Bank of Kazakhstan is going to solve the problem of exchange of large denominations, Tengrinews reports citing Kairat Kelimbetov, Governor of the bank.

"We are getting ready to release additional 200, 500, 1000 tenge notes, because we believe that the main task of cash flows is to provide cash liquidity that is commonly known as change. The rest of the flows should go via bank cards and we are working on this, too," Kairat Kelimbetov said.

According to Kelimbetov, notes wits the signature of the previous Governor, Gregory Marchenko, will continue to be issued at least until November 2014. "A new 1000 tenge bill - Kul Tigin was released not long ago. It has Gregory Marchenko's signature on it. More notes will his signature will follow. (...) At the moment we are addressing the shortage of small denomination bills," he added.

Days before the briefing Kelimbetov said that large denominations - 5,000 and 10,000 tenge - constitute more than 50% of the money circulating in Kazakhstan.


By Baubek Konyrov

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