Kazakhstan Currency to Naira
Nigeria vs. Kazakhstan Economic Indicators
| Indicator | Nigeria | Kazakhstan |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 14.25% (Jul 2024) |
| Exchange Rates | NGN 1,490/$ | KZT 479/$ (Kazakhstani Tenge) |
| Inflation Rate | 33.96% (May 2024) | 8.5% (Jul 2024) |
| Unemployment Rate | 5% | 4.7% (Jun 2024) |
| GDP Growth Rate | 2.5% (Dec 2023) | 4.0% (2022) |
| Savings Rate | 6.28% (March 2024) | No recent data available |
Discussion:
- Interest Rates: Nigeria has a significantly higher interest rate, likely due to factors like controlling inflation or attracting foreign investment.
- Exchange Rates: The Nigerian Naira (NGN) is slightly weaker than the Kazakhstani Tenge (KZT). This difference is minimal and may not significantly impact trade.
- Inflation Rate: Kazakhstan has a higher inflation rate than Nigeria currently.
- Unemployment Rate: Kazakhstan has a much lower unemployment rate.
- GDP Growth Rate: Kazakhstan has had a slightly higher GDP growth rate in recent years, but Nigeria’s economy is much larger.
- Savings Rate: Data on Kazakhstani savings rates is unavailable for a direct comparison.
The Evolution of Kazakhstani Tenge
Introduced in 1993, the Kazakhstani tenge replaced the Soviet ruble, marking the nation’s economic independence. Its name, meaning “balance” in Kazakh, reflects the country’s aspirations for economic stability.
The tenge has undergone several design iterations for its banknotes and coins, culminating in the adoption of Latin-based inscriptions in 2019, aligning with Kazakhstan’s linguistic shift. Commemorative issues have also enriched the currency’s history, celebrating significant national milestones.
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The Evolution of the Kazakhstani Tenge
The Kazakhstani tenge (KZT) has been the national currency of Kazakhstan since 1993, replacing the Soviet ruble. Its history reflects the country’s economic development, political transition, and geopolitical challenges.
Early Years and Currency Union: Before independence, Kazakhstan was part of the Soviet Union and used the Soviet ruble. After gaining independence, Kazakhstan introduced its own currency, the tenge. However, the tenge was initially pegged to the Russian ruble.
Economic Reforms and Devaluation: To promote economic growth and reduce its dependence on Russia, Kazakhstan implemented a series of economic reforms. In 1993, the tenge was devalued against the Russian ruble, allowing for greater flexibility in monetary policy.
Currency Board Arrangement: In 1994, Kazakhstan introduced a currency board arrangement, which pegged the tenge to the US dollar. This arrangement provided stability and credibility to the tenge, but it also limited the country’s ability to pursue independent monetary policies.
Recent Developments: In recent years, Kazakhstan has experienced economic growth, driven by its natural resources, particularly oil and gas. The tenge has appreciated against the US dollar, reflecting the country’s strong economic performance. However, Kazakhstan remains vulnerable to external shocks, such as fluctuations in commodity prices and geopolitical risks.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of