At the XI Kazakhstan Financial Congress, the National Bank unveiled a new series of banknotes for the national currency. Drawing inspiration from the ‘Saka style’, the design reflects the country's heritage, spanning from the unique culture of nomads to modern-day Kazakhstan, QazMonitor reports citing the bank's press service.
The new banknote series will enter circulation progressively as they are produced. The first banknote featuring an updated design, with a face value of 5,000 tenge, is expected to be available by the year's end.
According to the National Bank, the redesign aligns with international practices, incorporating enhanced security features to deter counterfeiting. Emphasizing the popularization of cultural values and the country's history, the new banknotes will be universally accepted at face value throughout Kazakhstan for all types of transactions, including payments, account crediting, transfers, and exchanges in all banks.
Following the release of the new design, the National Bank will gradually phase out the old-style banknotes, allowing for one year of parallel circulation. This period may be extended if necessary.
During the parallel circulation, both old and new banknotes will be legal tender and accepted for all payments and transfers. Exchanges can be facilitated at all branches of the National Bank, Kazpost, and second-tier banks without limitations. After the parallel circulation period concludes, banks and Kazpost will exchange old-style banknotes for the new design within three years, while National Bank branches will continue indefinitely.
Additional information regarding the terms and procedures of parallel circulation will be provided by the monetary regulator.