Turkmenistan manat

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Turkmenistan manat
Türkmen manady (Turkmen)
Turkmenistan 007.jpg
Old 500 manat banknote of the first manat.
ISO 4217 code TMT
Central bank Central Bank of Turkmenistan
 Website www.cbt.tm
User(s) Turkmenistan Turkmenistan
Inflation 8.5%
 Source The World Factbook, 2012 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 1 November 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]

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 1,000 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.

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 1,000 manat in 1995 and 5,000 and 10,000 manat in 1996. In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000 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.

First Manat (Second Issue)[edit]

In 2005, a new series of manat banknotes were introduced. They had originally been intended to replace the first manat at a fixed rate, with 1000 equal to 1 of the first manat, but the revaluation was postponed and the issue released to circulate with previous manat issues. The series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000 and 10,000 manat. Two new coins were also introduced in only two denominations, 500 and 1,000 manat. Both the first and second issue manat banknotes circulated in tandem until the issue of the Second Manat (revalued) issue in 2009.

Second 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. The 500 Manat notes have not yet been released into circulation. 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; Magtymguly 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
Current TMT exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

See also[edit]

References[edit]

Footnotes[edit]

External links[edit]

First 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
Second manat
Preceded by:
First manat
Reason: inflation
Ratio: 1 second manat = 5000 first manat
Currency of Turkmenistan
January 1, 2009 –
Succeeded by:
Current