Kyrgyzstani som

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Kyrgyzstani som
Кыргыз сом  (Kyrgyz)
Киргизский сом  (Russian)
KyrgyzstanP15-1Som-1999(2000) a.jpg 100 Som notes.JPG
1 Kyrgyz som (1999/2000) 100 Kyrgyz som (1994)
ISO 4217 code KGS
Central bank National Bank of the Kyrgyz Republic
 Website www.nbkr.kg
User(s) Kyrgyzstan Kyrgyzstan
Inflation 6.4%
 Source The World Factbook, 2006 est.
Subunit
 1/100 tyiyn
Plural som
 tyiyn tyiyn
Coins
 Freq. used 1, 3, 5, 10 som
 Rarely used 1, 10, 50 tyiyn
Banknotes
 Freq. used 20, 50, 100, 200, 500, 1000, 5000 som
 Rarely used 1, 10, 50 tyiyn, 1, 5, 10 som

The som (Kyrgyz: сом, sometimes transliterated as "sum" or "soum") is the currency of the Kyrgyz Republic. The ISO 4217 currency code is KGS. The som is sub-divided into 100 tyiyn (Kyrgyz: тыйын).

History[edit]

After the collapse of the Soviet Union attempts were made by most republics to maintain a common currency. Certain politicians were hoping to at the very least maintain "special relations" among former Soviet republics, or the "near abroad". Another reason were the economical considerations for maintaining the ruble zone. The wish to preserve the strong trade relations between former Soviet republics was considered the most important goal.[1]

The break-up of the Soviet Union was not accompanied by any formal changes in monetary arrangements. The Central Bank of Russia was authorized to take over the State Bank of the USSR (Gosbank) on 1 January 1992. It continued to ship USSR ruble notes and coins to the central banks of the fourteen newly independent countries, which had formerly been the main branches of Gosbank in the republics. The political situation, however, was not favorable for maintaining a common currency.[2] Maintaining a common currency requires a strong political consensus in respect to monetary and fiscal targets, a common institution in charge of implementing these targets, and some minimum of common legislation (concerning the banking and foreign exchange regulations). These conditions were far from being met amidst the turbulent economic and political situation.

During the first half of 1992, a monetary union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them was using its position as "free-riders" to issue huge amounts of money in the form of credit. [3] As a result, some countries were issuing coupons in order to "protect" their markets from buyers from other states. The Russian central bank responded in July 1992 by setting up restrictions to the flow of credit between Russia and other states. The final collapse of the ruble zone began when Russia pulled out with the exchange of banknotes by the Central bank of Russia on Russian territory at the end of July 1993.

Kyrgyzstan was the last country to leave the ruble zone prior to its collapse. The som was introduced on May 10, 1993, replacing the Soviet ruble at a rate of 1 som = 200 rubles. Initially only banknotes were issued, coins were not introduced until 2008.

Etymology[edit]

In the Soviet Union, speakers of Kazakh, Kyrgyz and Uzbek called the ruble the som, and this name appeared written on the back of banknotes, among the texts for the value of the bill in all 15 official languages of the Union. The word som (sometimes transliterated "sum" or "soum") means "pure" in Kazakh, Kyrgyz, Uyghur and Uzbek, as well as in many other Turkic languages. The word implies "pure gold".

Coins[edit]

Circulation coins were first introduced in January 2008, making Kyrgyzstan second to last of the former Soviet republics to issue them. The only remaining republic yet to introduce official coinage is Belarus. This move came with growing demand from vendors for coins, especially from slot machine industries and those desiring a more efficient system for collecting fare money. The coins were issued in denominations of 10 and 50 tiyin (also spelt tyiyn & tyin) made of brass plated steel, and 1, 3 and 5 som, made of nickel plated steel. A nickel plated steel 10 som coin was issued a year later for 2009. All coins are minted by the Kazakhstan mint in Ust-Kamenogorsk and bear some resemblance to coins of the Russian Federation in their design. There are several commemorative non circulation coins made of silver and gold, and a special collector's issue of brass 1 tyiyn coin.

Coins of the som (2008–present)[4]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
1 Kyrgyz tyin 2008.jpg 1 tyin 14 mm 1,0g Steel with brass finish plain flower, the "gul" Emblem of Kyrgyzstan, country name, year 2008 January 2008 Current, but not issued for circulation
10 Kyrgyz tyin 2008.jpg 10 tyin 15 mm 1,3 g Current
50 Kyrgyz tyin 2008.jpg 50 tyin 17 mm 1,8 g
1 Kyrgyz som 2008 coin.jpg 1 som 19 mm 2,5g Steel with nickel finish reeded leather bottle, the "kookor" with symbol of a "tumar" represented by a triangle. Emblem of Kyrgyzstan, country name, year 2008 January 2008 Current
3 Kyrgyz som 2008 coin.jpg 3 som 21 mm 3,2 g
5 Kyrgyz som 2008 coin.jpg 5 som 23 mm 4,2 g
KG-2009som10.jpg 10 som 24,5 mm 5,4 g 2009 1 December 2009
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes[edit]

On 10 May 1993, the government issued 1, 10 and 50 tyiyn notes and the Kyrgyzstan Bank issued notes for 1, 5 and 20 som. In 1994, the Kyrgyz Bank issued a second series of notes in denominations of 1, 5, 10, 20, 50 and 100 som. A third series followed from 1997 onwards in denominations of 1, 5, 10, 20, 50, 100, 200, 500 and 1000 som. A fourth series was issued in 2009 and 2010 in denominations of 20, 50, 100, 200, 500, 1000, and 5000 som.[5]

1993 series[edit]

Banknotes of the 1993 series[6]
Image Value Dimensions Watermark Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
KyrgyzstanP1-1Tyiyn-(1993)-doy f.jpg KyrgyzstanP1-1Tyiyn-(1993)-doy b.jpg 1 tyiyn 90×70 mm None Value, Kyrgyz eagle Value, Emblem of Kyrgyzstan No date (1993) 10 May 1993 Current
KyrgyzstanP2-10Tyiyn-(1993)-doy f.jpg KyrgyzstanP2-10Tyiyn-(1993)-doy b.jpg 10 tyiyn
KyrgyzstanP3-50Tyiyn-(1993)-doy f.jpg KyrgyzstanP3-50Tyiyn-(1993)-doy b.jpg 50 tyiyn
KyrgyzstanP4-1Som-(1993)-doy f.jpg KyrgyzstanP4-1Som-(1993)-doy b.jpg 1 som 140×70 mm Value, Manas Value, Manas Ordo
KyrgyzstanP5-5Som-(1993)-doy f.jpg KyrgyzstanP5-5Som-(1993)-doy b.jpg 5 som
KyrgyzstanP6-20Som-(1993)-doy f.jpg KyrgyzstanP6-20Som-1993-donatedoy b.jpg 20 som
These images are to scale at 0.7 pixels per millimetre.

1994 series[edit]

Second Series
Image Value Dimensions Main Colour Description issue withdrawal
Obverse Reverse Obverse Reverse
1 som 1994 ob.jpg 1 som 1994 rev.jpg
1 som
135х65
brown. yellow
Abdylas Maldybaev Komuz, kylkyak, Bishkek Philharmonic Orchestra
1994
Current
5 som 1994 ob.jpg 5 som 1994 rev.jpg
5 som
blue, yellow
Bubusara Beyshenalieva Kyrgyz National Opera
10 som 1994 ob.jpg 10 som 1994 rev.jpg
10 som
green, yellow
Kasym Tynystanov Mountain ranges of Kyrgyzstan and the Dzhety-Oguz tract
20 som 1994 ob.jpg 20 som 1994 rev.jpg
20 som
red, orange, brown
Togolok Moldo Manas Mausoleum
50 som 1994 ob.jpg 50 som 1994 rev.jpg
50 som
red-brown, lilac
Kurmanjan Datka Uzgen architectural complex of the 11-12th centuries
100 som 1994 ob.jpg 100 som 1994 rev.jpg
100 som
gray, brown, olive
Toktogul Satylganov Toktogul Hydroelectric Power Station
1995

1997 series[edit]

Starting in 1997 a new series of banknotes was introduced with similar themes, but enhanced design, compared to the previous series.

In January 2008 coins of 1 and 5 som and in December 2009 coins of 10 som where introduced. As a result production of banknotes of these values ceased. The banknotes were however not removed from circulation, but are instead being phased out. In January 2008 the Kyrgyz National Bank estimated that within 2 years the 1 and 5 som banknotes would have almost completely disappeared from circulation.[7]

Third series (1997-2005)
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal
KyrgyzstanP15-1Som-1999(2000) a.jpg KyrgyzstanP15-1Som-1999(2000) b.jpg 1 som 120 × 60 mm Green-orange Abdylas Maldybaev Komuz, kylkyak,
Bishkek Philharmonic Orchestra
As portrait 1999 February 7, 2000 Current
KyrgyzstanP13-5Som-1997 a.jpg KyrgyzstanP13-5Som-1997 b.jpg 5 som 135 × 65 mm Dark blue Bubusara Beyshenalieva Kyrgyz National Opera 1997 December 17, 1997
KyrgyzstanP14-10Som-1997 a.jpg KyrgyzstanP14-10Som-1997 b.jpg 10 som Dark green Kasym Tynystanov Mountain ranges of Kyrgyzstan and the Dzhety-Oguz tract
KyrgyzstanP19-20Som-2002 a.jpg KyrgyzstanP19-20Som-2002 b.jpg 20 som Ochre-red Togolok Moldo Manas Mausoleum As portrait, and value 2002 August 15, 2002
KyrgyzstanP20-50Som-2002 a.jpg KyrgyzstanP20-50Som-2002 b.jpg 50 som 145 × 70 mm Red-violet Kurmanjan Datka Uzgen architectural complex of the 11-12th centuries
KyrgyzstanP21-100Som-2002 a.jpg KyrgyzstanP21-100Som-2002 b.jpg 100 som 150 × 72 mm Green-violet Toktogul Satylganov Khan Tengri
KyrgyzstanP22-200Som-2004 a.jpg KyrgyzstanP22-200Som-2004 b.jpg 200 som 155 × 74 mm Yellow Alykul Osmonov Lake Issyk Kul 2000
2004
August 28, 2000
August 2, 2004
KyrgyzstanP23-500Som-2005 a.jpg KyrgyzstanP23-500Som-2005 b.jpg 500 som 160 × 76 mm Violet Sayakbay Karalaev Sayakbay Karalaev and images from the Manas (epic) 2000
2005
August 28, 2000
November 1, 2005
KyrgyzstanP18-1000Som-2000 a.jpg KyrgyzstanP18-1000Som-2000 b.jpg 1000 som 165 × 78 mm Grey-green Jusup Balasagyn Takhti Sulaiman, Mount Sulaiman 2000 August 28, 2000
These images are to scale at 0.7 pixels per millimetre.

2009 series[edit]

In 2009 the National Bank of the Kyrgyz Republic issued a 5000 som note. Later new editions for 20, 50 and 100 som denominations followed. Among other things, these notes have enhanced security features compared to the previous series.

Fourth series (2009-2010)
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
20 som 2009 ob.jpg 20 som 2009 rev.jpg 20 som[8] 120 × 58 mm Red Togolok Moldo Tash Rabat 2009 July 1, 2009 current
50 som 2009 ob.jpg 50 som 2009 rev.jpg 50 som[9] 126 × 61 mm Orange Kurmanjan Datka Minaret and mausoleum July 1, 2009
100 som 2009 ob.jpg 100 som 2009 rev.jpg 100 som[10] 132 × 63 mm Blue Toktogul Satylganov Toktogul Hydroelectric Power Station July 1, 2009
200 som 2010 ob.jpg 200 som 2010 rev.jpg 200 som[11] 138 × 66 mm Yellow Alykul Osmonov Lake Issyk-Kul 2010 December 1, 2010
500 som 2010 ob.jpg 500 som 2010 rev.jpg 500 som[12] 144 × 68 mm Violet Sayakbay Karalaev Manas Mausoleum December 1, 2010
1000 som 2010 ob.jpg 1000 som 2010 rev.jpg 1,000 som[13] 150 × 71 mm Grey-green Jusup Balasagyn Takhti Sulaiman, Mount Sulaiman December 1, 2010
5000 som 2009 ob.jpg 5000 som 2009 rev.jpg 5,000 som[14] 156 × 73 mm Green Suimenkul Chokmorov Ala-Too Square 2009 March 2, 2009

Exchange rates[edit]

One of many currency exchange kiosks in Bishkek's Dordoy Bazaar, quoting value of foreign currencies in Kyrgyz som
Current KGS exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB

See also[edit]

References[edit]

  1. ^ Odling-Smee, J. ao (2001). The IMF and the ruble area, 1991-93. Available at: http://www.imf.org/external/pubs/ft/wp/2001/wp01101.pdf
  2. ^ Odling-Smee, J. ao (2001). The IMF and the ruble area, 1991-93. Available at: http://www.imf.org/external/pubs/ft/wp/2001/wp01101.pdf
  3. ^ Dąbrowski, M (1995). The reasons for the collapse of the Ruble zone. Available at: http://www.case-research.eu/sites/default/files/publications/3460035_058e_0.pdf
  4. ^ National Bank of the Kyrgyz Republic. Coins. Available at:http://www.nbkr.kg/index1.jsp?item=1625&lang=ENG
  5. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg
  6. ^ National Bank of the Kyrgyz Republic. Banknotes. Available at:http://www.nbkr.kg/index1.jsp?item=144&lang=ENG
  7. ^ For.kg. Бумажные банкноты в КР будут заменены на монеты в течение 2-х лет (17 January 2008). Available at: http://www.for.kg/ru/news/54908/
  8. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1291&lang=ENG
  9. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1292&lang=ENG
  10. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1293&lang=ENG
  11. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1294&lang=ENG
  12. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1295&lang=ENG
  13. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1296&lang=ENG
  14. ^ National Bank of the Kyrgyz Republic. Available at:http://www.nbkr.kg/index1.jsp?item=1571&lang=ENG

External links[edit]

Category:Circulating currencies Category:Economy of Kyrgyzstan Category:1993 introductions