Kyrgyzstani som

The som (Kyrgyz: сом) is the currency of the Kyrgyz Republic.

Kyrgyzstani som
Кыргыз сом (Kyrgyz)
Киргизский сом (Russian)
5000 som 2009 ob.jpg
5000 Kyrgyz som (2009)
ISO 4217
CodeKGS
Denominations
Subunit
 1/100tyiyn
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolSom sign.svg
Banknotes
 Freq. used20, 50, 100, 200, 500, 1000, 5000 som
 Rarely used1, 10, 50 tyiyn, 1, 5, 10, 2000 som
Coins
 Freq. used1, 3, 5, 10 som
 Rarely used1, 10, 50 tyiyn
Demographics
User(s)Kyrgyzstan Kyrgyzstan
Issuance
Central bankNational Bank of the Kyrgyz Republic
 Websitewww.nbkr.kg
Valuation
Inflation3.8%
 SourceThe World Factbook, 2017 est.

EtymologyEdit

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".

Currency SymbolEdit

 
Currency symbol

The National Bank of the Kyrgyz Republic approved an underlined С (es) as the official currency symbol for the KGS in February 2017.[1] Currently no Unicode currency symbol is registered, although it can be represented by the sequence С̲ (uppercase Cyrillic С followed by U+0332 COMBINING LOW LINE).

HistoryEdit

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 economic considerations for maintaining the ruble zone. The wish to preserve the strong trade relations between former Soviet republics was considered the most important goal.[2]

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.

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.

CoinsEdit

Circulation coins were first introduced in January 2008, making Kyrgyzstan second to last of the former Soviet republics to issue them. Belarus became the last. 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 and 1, 3 and 5 som. A 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.

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 tyin 14 mm 1,0 g Brass-plated steel Milled flower (гүл/ gul) Emblem of Kyrgyzstan, country name, year 2008 1 January 2008 Current, but not issued for general circulation
   10 tyin 15 mm 1,3 g Current
   50 tyin 17 mm 1,8 g
   1 som 19 mm 2,5g Nickel-plated steel Milled leather bottle, the "kookor" with symbol of a "tumar" represented by a triangle. Emblem of Kyrgyzstan, country name, year 2008 1 January 2008 Current
   3 som 21 mm 3,2 g
   5 som 23 mm 4,2 g
   10 som 24,5 mm 5,4 g 2009 1 December 2009
   Lettering "Он сом", five-pointed star, «10 СОМ» 1 September 2014
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coinsEdit

 
10 som 2007

There are several commemorative non circulation coins made of silver and gold, and a special collector's issue of brass 1 tyiyn coin. Starting in 1995, the National Bank of the Kyrgyz Republic has issued a large number of commemorative coins intended for collectors. They are not used in everyday circulation.

BanknotesEdit

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. Several commemorative banknotes intended for collectors were also issued.[4]

First series (1993)Edit

Notes valued 1 and 10 tyiyin with serial numbers KT and ZT were issued in 1999. 50 tyiyins of with serial numbers KT and ZT were issued in 2001. All others in 1993.

Notes of the first series were designed by Dmitry Lysogorov[5] and A. P. Tsygank. They were printed by De La Rue in Great Britain.

Notes valued 1, 10 and 50 tyiyin stayed in use until coins were introduced in January 2008. Banknotes of 1, 5 and 20 som of the first series were gradually withdrawn from circulation and replaced with banknotes of the second series starting in 1994.

First series (1993)[6]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark Printing Issue Withdrawal Lapse
    1 tyiyn 90×70 mm Value, Kyrgyz eagle Value, Emblem of Kyrgyzstan Repeating eagle (1993 issue).
Mushroom shaped ornament (1999 and 2001 issue).
No date 10 May 1993 Current, but no longer issued and rarely seen in circulation.[6]
    10 tyiyn
    50 tyiyn
    1 som 140×70 mm Value, Manas Value, Manas Ordo Repeating eagle
    5 som
    20 som
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Second series (1994-1995)Edit

The second series of banknotes followed in 1994-1995 when “the banknotes of the stabilization period” were issued.[4] These banknotes had a better counterfeit protection than the banknotes of the first series.

Second series (1994-1995)[4]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal lapse
    1 som 135 х 65 mm Abdylas Maldybaev Komuz, kylkyak, Bishkek Philharmonic Orchestra Toktogul Satylganov No date 11 April 1994 Current, but no longer issued and rarely seen in circulation.[4]
    5 som Bubusara Beyshenalieva Kyrgyz National Opera
    10 som Kasym Tynystanov Mountain ranges of Kyrgyzstan and the Dzhety-Oguz tract 28 January 1994
    20 som Togolok Moldo Manas Mausoleum 11 April 1994
    50 som Kurmanjan Datka Uzgen architectural complex of the 11-12th centuries 29 August 1994
    100 som Toktogul Satylganov Toktogul Hydroelectric Power Station 20 March 1995
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Third series (1997-2005)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)[4]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal lapse
    1 som 120 × 60 mm Abdylas Maldybaev Komuz, kylkyak,
Bishkek Philharmonic Orchestra
As portrait 1999 7 February 2000 Current. But no longer issued.[4]
    5 som 135 х 65 mm Bubusara Beyshenalieva Kyrgyz National Opera 1997 17 December 1997
    10 som Kasym Tynystanov Mountain ranges of Kyrgyzstan and the Dzhety-Oguz tract
    20 som Togolok Moldo Manas Mausoleum As portrait, and value 2002 15 August 2002
    50 som 145 × 70 mm Kurmanjan Datka Uzgen architectural complex of the 11-12th centuries
    100 som 150 × 72 mm Toktogul Satylganov Khan Tengri
    200 som 155 × 74 mm Alykul Osmonov Lake Issyk Kul 2000 28 August 2000
    2004 2 August 2004
    500 som 160 × 76 mm Sayakbay Karalaev Sayakbay Karalaev and images from the Manas (epic) 2000 28 August 2000
    2005 1 November 2005
    1000 som 165 × 78 mm Jusup Balasagyn Takhti Sulaiman, Mount Sulaiman 2000 28 August 2000
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Fourth series (2009-2016)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 (2009-2016)[4]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark Printing Issue Withdrawal Lapse
    20 som 120 × 58 mm Togolok Moldo Tash Rabat As portrait 2009 1 July 2009 current
2016 20 December 2018
    50 som 126 × 61 mm Kurmanjan Datka Minaret and mausoleum 2009 1 July 2009
    2016 1 March 2017
    100 som 132 × 63 mm Toktogul Satylganov Toktogul Hydroelectric Power Station 2009 1 July 2009
    2016 1 March 2017
    200 som 138 × 66 mm Alykul Osmonov Lake Issyk-Kul 2010 1 December 2010
    2016 1 January 2017
    500 som 144 × 68 mm Sayakbay Karalaev Manas Mausoleum 2010 1 December 2010
    2016 1 January 2017
    1,000 som 150 × 71 mm Jusup Balasagyn Takhti Sulaiman, Mount Sulaiman 2010 1 December 2010
2016 1 January 2017
    5,000 som 156 × 73 mm Suimenkul Chokmorov Ala-Too Square 2009 2 March 2009
2016 20 December 2018
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Commemorative banknotesEdit

In October 2014 banknotes commemorating the 150th birthdate of Toktogul Satylganov and the 100th birthdate of Alykul Osmonov were issued for sale to collectors. Only 3000 of each were printed.

A commemorative 2000 som banknote in honor of the 25th anniversary of independence and the introduction of the som was issued in November 2017.[8]

Commemorative banknotes[9]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark Printing Issue Withdrawal Lapse
    100 som 132 × 63 mm Toktogul Satylganov Toktogul Hydroelectric Power Station Toktogul Satylganov 2009 20 October 2014 current
    200 som 138 × 66 mm Alykul Osmonov Lake Issyk-Kul Toktogul Satylganov 2009
    2000 som[10] 156 × 73 mm Monument of Manas, a stylised yurt, symbol of "Umai Ene" in the background Stylised tree, Khan Tengri mountain, eagle flying over lake Issyk-Kul Toktogul Satylganov 2017 17 november 2017
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange ratesEdit

 
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: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY RUB

See alsoEdit

ReferencesEdit

  1. ^ 10 February 2017, Bishkek - 24.kg news agency: KGS gets own currency symbol
  2. ^ a b 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. ^ a b c d e f g h National Bank of the Kyrgyz Republic. Development Stages of the National Currency. Available at: https://www.nbkr.kg/index1.jsp?item=146&lang=ENG
  5. ^ Dmitry Lysogorov (2019). Available at: https://lysogorov.com/interview/
  6. ^ a b National Bank of the Kyrgyz Republic. Available at https://www.nbkr.kg/index1.jsp?item=146&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: https://www.nbkr.kg/newsout.jsp?item=31&lang=RUS&material=83707
  9. ^ National Bank of the Kyrgyz Republic. Национальный банк КР вводит в обращение памятные банкноты номиналом 100 сомов и 200 сомов.. Available at: https://www.nbkr.kg/newsout.jsp?item=31&lang=RUS&material=53552
  10. ^ National Bank of the Kyrgyz Republic. Available at: https://www.nbkr.kg/newsout.jsp?item=31&lang=RUS&material=83707

External linksEdit