Turkmenistan manat
| Turkmenistan manat | |||
|---|---|---|---|
| Türkmen manady (Turkmen) | |||
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| ISO 4217 code | TMT | ||
| Central bank | Central Bank of Turkmenistan | ||
| Website | www.cbt.tm | ||
| User(s) |  Turkmenistan |
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| Inflation | 11% | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | tenge (teňňe (Turkmen)) | ||
| Symbol | T | ||
| Plural | manat | ||
| tenge (teňňe (Turkmen)) | tenge (teňňe (Turkmen)) | ||
| Coins | 1, 2, 5, 10, 20, 50 tenge, 1, 2 manat | ||
| Banknotes | 1, 5, 10, 20, 50, 100, 500 manat | ||
The Manat is the currency of Turkmenistan. It was introduced on 27 October 1993, replacing the Russian ruble at a rate of 1 manat = 500 ruble.[1] The ISO 4217 code was TMM and the manat was subdivided into 100 tenge. The abbreviation m is sometimes used, e.g., 25 000 m is twenty-five thousand manat.
On January 1, 2009 the new manat was introduced with ISO 4217 code TMT at the rate of 5000 old manat to 1 new manat.[2]
Contents |
Etymology [edit]
The word "manat" is borrowed from the Russian word "монета" "moneta" meaning "coin". Likewise, 'manat' was the name of the Soviet ruble in both Azeri and Turkmen.
Coins [edit]
In 1993, coins were introduced in denominations of 1, 5, 10, 20 and 50 tenge. The 1, 5 and 10 tenge were struck in copper-plated-steel, with the higher denominations in nickel-plated-steel. This first series of coins was short lived as their metal value soon became worth more than their actual face value. After a period of high inflation, new coins of 500 and 1000 manat were introduced in 1999. All coins of this period had to depict a picture of the president by law.
During the monetary reform of 2009, new coins of 1, 2, 5, 10, 20 and 50 tenge were issued with bimetallic 1 and 2 manats following in 2010. The 1, 2, and 5 tenge are nickel plated steel while the 10, 20, and 50 tenge are made of brass. Instead of depicting the current head of state the coins feature a map of Turkmenistan with the Independence Tower superimposed in front of it. All circulating coins of Turkmenistan have been minted by the Royal Mint.
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1 tenge coin
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5 tenge coin
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10 tenge coin
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20 tenge coin
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50 tenge coin
Banknotes [edit]
First Manat [edit]
In 1993, manat notes were introduced in denominations of 1, 5, 10, 20, 50, 100 and 500 manat, replacing the Soviet ruble. These were followed by notes for 1000 manat in 1995 and 5000 and 10,000 manat in 1996. In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1000, 5000 and 10,000 manat. All notes, with exception to only the 1 and 5 manats bear a portrait of former president Saparmurat Niyazov. All Turkmen banknotes are produced by the De La Rue printing and banknote company.
Second Manat [edit]
In 2005, a new manat was introduced at a fixed rate, with 1000 equal to 1 of the first manat. A new series of notes was introduced in denominations of 50, 100, 500, 1000, 5000 and 10,000 manat. A new series of coins were introduced in only two denominations, 500 and 1000 manat.
Third Manat [edit]
After hyperinflation significantly devalued the currency, a new Manat with a fixed exchange rate was introduced, replacing the old manat on a ratio of 5000 OM = 1 NM. The banknotes are printed in denominations of 1, 5, 10, 20, 50, 100, and 500 new manat. As part of an effort by the Turkmen government to dismantle the Nyazov cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500 manat, bears a portrait of the former leader while the other denominations feature images of buildings in Ashgabat and portraits of Ahmed Sanjar, Oghuz Khan, Magtymguly Pyragy and other figures in Turkmen history.[3]
Images of new notes: [1]
| Banknotes of the third manat [2] | ||||||||
|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of issue | Date of first issue | Watermark | |
| Obverse | Reverse | |||||||
| [3] | 1 manat | 120 x 60 mm | Light green | Emblem of Turkmenistan; Togrul Beg Türkmen (aka Tugrul Bey) | Beyik Saparmyrat Türkmenbaşynyň Milli Medeniyet Merkezi (National Cultural Centre of Great Saparmurat Turkmenbashi), Aşğabat | 2009 | January 1, 2009 | Togrul Beg Türkmen, flag, and electrotype 1 |
| [4] | 5 manat | 126 x 63 mm | Tan | Emblem of Turkmenistan; Soltan Sanjar Türkmen | Garaşsyzlyk Binasy (Independence monument), Bitaraplyk Binasy (Neutrality monument), Aşğabat | 2009 | January 1, 2009 | Soltan Sansar Türkmen, flag, and electrotype 5 |
| [5] | 10 manat | 132 x 66 mm | Red | Emblem of Turkmenistan; Magdymguly Pyragy | Central Bank building, Aşğabat | 2009 | January 1, 2009 | Magtymguly Pyragy, flag, and electrotype 10 |
| [6] | 20 manat | 138 x 69 mm | Purple | Emblem of Turkmenistan; Görogly Beg Türkmen (aka Köroğlu) | Ruhyýet Köşgi (Palace of Spirituality), Aşğabat | 2009 | January 1, 2009 | Görogly Beg Türkmen, flag, and electrotype 20 |
| [7] | 50 manat | 144 x 72 mm | Dark green | Emblem of Turkmenistan; Gorgut Ata Türkmen (aka Dede Korkut) | Türkmenistanyň Mejlisi (National Assembly of Turkmenistan), Aşğabat | 2009 | January 1, 2009 | Gorkut Ata Türkmen, flag, and electrotype 50 |
| [8] | 100 manat | 150 x 75 mm | Blue | Emblem of Turkmenistan; Oguz Khan Türkmen | Prezident Köşgi (President’s Palace), Aşğabat | 2009 | January 1, 2009 | Oguz Han Türkmen, flag, and electrotype 100 |
| [9] | 500 manat | 156 x 78 mm | Gold | Emblem of Turkmenistan; Saparmurat Niyazov | Kypçak Metjidi (Kipchak mosque) | 2009 | January 1, 2009 | President Saparmurat Niyazov, flag, and electrotype 500 |
Black market exchange [edit]
The manat has a large disparity between its official and black market rates, with the latter being roughly 21% greater than the official. This results in few institutions outside Turkmen Governmental control supporting the official rate. A few multinational companies have continued to adhere to the official rate - such as British Airways - but generally only for purchases by Turkmen passport holders in the country itself.
| Current TMT exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD TRY AZN IRR |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD TRY AZN IRR |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD TRY AZN IRR |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD TRY AZN IRR |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD TRY AZN IRR |
- Rates obtained from these websites could be substantially different from bank and black market rate.
See also [edit]
References [edit]
- Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
Footnotes [edit]
- ^ Linzmayer, Owen (2012). "Turkmenistan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
- ^ http://www.turkmenistan.ru/?page_id=3&lang_id=en&elem_id=13549&type=event&sort=date_desc
- ^ Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар (Russian)
External links [edit]
- New currency samples - images of the new 2009 Manat
| Preceded by: Russian ruble Reason: independence from Soviet Union Ratio: 1 first manat = 500 rubles |
Currency of Turkmenistan November 1, 1993 – December 31, 2008 |
Succeeded by: Second manat Reason: inflation Ratio: 1 second manat = 5000 first manat |
| Preceded by: First manat Reason: inflation Ratio: 1 second manat = 5000 first manat |
Currency of Turkmenistan January 1, 2009 – |
Succeeded by: Current |
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