KZT · 1993 — 2025
History of the tenge
Since it replaced the Soviet ruble in November 1993, the tenge has moved from a managed peg to a floating currency, weathering several sharp devaluations tied to oil prices and regional shocks.
KZT per 1 US dollar, annual average
Approximate annual averages compiled from National Bank of Kazakhstan and IMF reference-rate series. Illustrative only — not for transactional FX.
- 1993
The tenge is born
Kazakhstan introduces the tenge on 15 November 1993, replacing the Soviet ruble. The name comes from an old Turkic word for a set of scales and the medieval silver currency of the region.
- 2014
First major devaluation
On 11 February 2014 the National Bank devalued the tenge by about 19%, from roughly 150 to 185 per dollar, citing regional currency moves and oil-revenue pressure.
- 2015
Move to a float
On 20 August 2015 the bank let the tenge float freely; the currency lost roughly a third of its value within days as the exchange regime shifted to inflation targeting.
- 2022
Volatility after the war
Following Russia's invasion of Ukraine and sanctions on neighbouring Russia, the tenge swung sharply through 2022; the bank intervened repeatedly to dampen volatility.