Will Kazakhstan Change Banknotes and Coins Along with Coat of Arms Update?
During a briefing on April 12, 2024, Timur Suleimenov, Chairman of the National Bank of the Republic of Kazakhstan, addressed concerns regarding potential changes to banknotes and coins in the event of a coat of arms update.
Journalists raised questions about the cost implications of altering the coat of arms on currency. Suleimenov clarified that while no formal proposals for a coat of arms change had been made yet, the current banknotes and coins in circulation would remain unaffected until they naturally wear out.
He emphasized that coins typically have a lifespan of at least 20 years, and existing currency would not be altered. However, if a decision were made to update the coat of arms, new banknotes with revised designs would be introduced. Suleimenov assured that the technical adjustments required for this change, such as reconfiguring equipment at the National Bank’s mint and banknote factory, would not result in additional expenses.
The possibility of updating Kazakhstan’s coat of arms was raised by President Kassym-Jomart Tokayev during a National Kurultai meeting on March 15, 2024.
