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Kazakhstan’s Central Bank Governor on plans to issue a 20-thousand-tenge note

26 july 2013, 08:22
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© tengrinews.kz
© tengrinews.kz
Gregory Marchenko, Kazakhstan’s Central Bank Governor, has refuted the rumor that the anticipated issue of a 20-thousand-tenge note is a sign of the currency devaluation.

“The issue has nothing to do with devaluation. The new note is being issued to celebrate the 20th anniversary of the Tenge, Kazakhstan’s national currency. The 10-thousand-tenge note currently in circulation was introduced back in 2001 to celebrate the 10th anniversary of the Tenge. That’s it”, the country’s Central Bank Governor Gregory Marchenko stated in an on-line conference arranged by Profinance.kz.

Mr. Marchenko reminded that Kazakhstan had issued commemorative tenge notes to celebrate landmark events such Kazakhstan’s OSCE Presidency and OIC Presidency.

“Commemorative notes play an important role. They bear new safety elements. If such elements prove themselves, they are introduced for regular notes”, he said.

The Central Bank Governor also reminded that in line with the globally accepted principles, the par value of the “biggest” note should be half of the average salary in an economy.

“Given that the average salary in Kazakhstan stands at 105 000 Tenge, we should have a 50-thousand-tenge note. With the 20-thousand-tenge note, the range of notes in terms of par value will only be enhanced”, Mr. Marchenko emphasized.

He also reminded that back in the 1990ies notes of a new par value were issued every year. “We have had no new notes in terms of par value for the last 12 years. It testifies to the situation being stable. The issue of the 20-thousand-note has nothing to do with inflation or devaluation"” he summed up.

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