Kazakhstan will end the parallel circulation of the 2,000 tenge banknote of the 2012 series on June 24. This was reported by Qazaqyia.kz citing Kursiv Media.
Starting next week, this banknote will no longer be accepted as a means of payment. The National Bank reminded that after the end of the parallel circulation period, second-tier banks and Kazpost will exchange old-style banknotes for new ones for another three years. At branches of the National Bank, such exchange will be carried out indefinitely.
Earlier, it was planned that the 10,000 tenge banknote of the 2012 series would also be withdrawn from parallel circulation at the end of June. However, its circulation period was later extended until July 2027.
"Simultaneous completion of parallel circulation for 2,000 and 10,000 tenge could create a burden for the banking system. Therefore, extending the period will help people and businesses gradually and conveniently replace old banknotes with new ones, and also ensure natural wear and tear of old-style banknotes," the National Bank explained.
Earlier, Kursiv reported that Kazakhstan had completed the formation of a regulatory framework for the digital tenge and identified further steps for its implementation.