Currency Rates for Kyrgyzstani Som
Bank Exchange Rates for Kyrgyzstan - KGS - Kyrgyzstani Som -som. The foreign exchange rates for Kyrgyzstan also known as the ISO code KGS or the Kyrgyzstani Som currency and as a symbol som.
Banknotes are available in denominations of 1, 10and 50 Tyiyn, which are rarely used, and 1, 5, and 10 Som, which are also not used frequently. Frequently used denominations are 20, 50, 100, 200, 500, 1000 and 5000 Som.
Send Money Transfer to Kyrgyzstan. Coins currently in circulation are available in denominations of 1, 3, 5 and 10 Som, as well as the rarely used 1, 10 and 50 Tyiyn.
Divided into 100 Tyiyn, the Som was first introduced in 1993 when it replaced the soviet ruble at a ratio of 200 rubles = 1 Som. Coins were not introduced until 2008, making Kyrgyzstani that last Soviet Union state to do so.
GBP to KGS
The Kyrgyzstani som is the national currency of the central Asian nation of Kyrgyzstan. The word som means pure in many Turkic languages and is what the Kyrgyz people used to call the ruble back in the days when their nation was part of the Soviet Union. After the dissolution of the Union, Kyrgyzstan continued to use the old Soviet currency alongside the newly minted Russian Ruble until May 10, 1993 when a new currency som was introduced and set at an exchange rate of one som to two hundred robles today, the same goes for about 0.8 Russian rubles. Only notes were issued as part of this new currency with coins coming into circulation as late as 2008.
Inflation and Economy
The highest denomination of the som is a 5000 note while the highest coin denomination in circulation is a 10 all which were created and maintained by the National Bank of the Kyrgyz Republic. The inflation rate in the country stands at 3.6% and the currency remains volatile to many factors given that the country is one of the poorest in central Asia with its economy depending heavily on remittances from Russia which is currently under sanctions and from its agricultural sector which accounts for about 40% of its GDP. The currency is also greatly affected by the restrictive trade regime and interventionist policies by the government adding to its troubles. The Kyrgyz government claims to be in pursuit of a free exchange system for its currency and is taking steps towards realizing that dream.
Currency Design and Characteristics
The coins introduced in
2008 resemble the ones in circulation in the Russian Federation and are made of
either brass-plated steel or nickel plated steel. Other commemorative coins are
made of gold and silver although they are not in circulation. The notes exist
in denominations of 1, 5,10,20,50,100,200,500 and a 1000. They feature the presidents
image on the front and a national landmark or monument on the back. The
smallest sub unit of the currency is the Tiyin which goes a hundredth of a
Bank Exchange Rates for Kyrgyzstan. The foreign exchange rates for Kyrgyzstani Som also known as the ISO code KGS. Send money transfer online with us with the cheapest options.