In the mid-1400s, many Uzbeks moved under Mongol auspices into what is now Kazakstan, where they became known as Kazak (meaning independent or vagabond) Uzbeks. Russia domination over Kazakhstan began in 1848. In 1919-20 the Soviet Red Army occupied Kazakhstan, which in 1920 became part of the Kyrgyz Autonomous Republic. In 1925 the Soviet government changed the republic's name to the Kazakh Autonomous Soviet Socialist Republic. The Kazakhstan Soviet Socialist Republic became a separate republic within the Soviet Union on December 5, 1936. Kazakhstan declared its independence from the Soviet Union on December 25, 1991.
Kazakhstan’s monetary history followed that of the Soviet Union until it gained its independence in 1991. Russian Rubles (RUEP) were used in Kazakhstan until 1918. The Russian Ruble Sovnazki (RUFS) replaced the Tsarist Ruble at par in 1918. Lenin deliberated pursued inflationary policies to debilitate the capitalists. The resulting inflation led to the creation of new currencies, which also suffered from inflation. The Russian Ruble of 1922 (RUFR) was introduced on January 1, 1922 and replaced the Ruble Sovnazki at the rate of 1 Ruble of 1922 equal to 10,000 Rubles Sovnazki. The Soviet Ruble of 1923 (SUB) replaced the Ruble of 1922 at the rate of 1 Ruble of 1923 equal to 100 Rubles of 1923. The Ruble was divisible into 100 Kopeks.
The Chervonetz (SUC) was introduced on December 27, 1922, which was backed 25% by gold, and eventually replaced the Ruble Sovnazki as a unit of account. The Gold Ruble (SUG) was introduced on March 7, 1924 equal to 1/10 Chervonetz and 50,000 Rubles of 1923 (i.e. it took 50,000,000,000 Soviet Gold Rubles to get one Tsarist Gold Ruble). A New Ruble (SUN) replaced the Gold Ruble on December 29, 1947 at the rate of 1 New Ruble equal to 10 Gold Rubles. On January 1, 1961, the Hard Ruble (SUR) replaced the New Ruble at the rate of 1 Hard Ruble equal to 10 New Rubles. Under the Soviet Union, the State Treasury and by the State Bank (Gosbank) issued banknotes.
Kazakhstan continued to use the Russian Ruble (RUR), which was introduced at par with the Soviet New Ruble, until Kazakhstan introduced the Kazakhstan Ruble (KZR) at par with the Russian Ruble in August 1993. Kazakhstan introduced the Tenge (KZT) on November 5, 1993 at the rate of 1 Tenge equal to 200 Kazakhstan Rubles, and divisible into 100 Tyin. |
