About the Currency of Turkmenistan
The people of Turkmenistan use the Manat as their official currency. The symbol of the currency is denoted as m and the ISO 4217 code assigned for this currency is TMT. 1 manat is subdivided into 100 tennesi.
On 1 November 1993¸ the Turkmen Manat first replaced the Russian ruble at a value of 1 manat = 500 ruble. On 1 January 2009¸ the new manat was circulated at a cost of 5000 old manat = 1 new manat. The word ‘manat’ originates from the Russian word монета moneta that means ‘coin’. Similarly¸ Soviet ruble was also called as ‘manat’ in both Azeri and Turkmen language.
Coin types of Turkmen Manat
Coins were first produced in Turkmenistan in the year 1993 in denominations of 1¸ 5¸ 10¸ 20 and 50 tennesi. While the lower denominations like 1¸ 5 and 10 tennesi were struck in copper-plated-steel¸ the higher value coins were struck in nickel-plated-steel. After witnessing high price rise¸ new coins of 500 and 1000 manat were embossed in 1999.
The country brought monetary reform in the year 2009 and issued new coins in denominations of 1¸ 2¸ 5¸ 10¸ 20 and 50 tenge followed by the issuance of bimetallic 1 and 2 manats in 2010. The Royal Mint has minted all the coins used by Turkmenistan.
The coins currently in circulation in Turkmenistan are 1¸ 2¸ 5¸ 10¸ 20¸ 50 tennesi (tenge)¸ 1¸ 2 manat.
Banknote types of Turkmen Manat
The banknotes were first released in Turkmenistan in 1993. The notes were published in denominations of 1¸ 5¸ 10¸ 20¸ 50¸ 100 and 500 manat. The 1000 manat was added to the list in 1995 and the year 1996 witnessed the issuance of 5000 and 10¸000 manat notes. A fresh series of notes were released in 2005 in denominations of 50¸ 100¸ 500¸ 1000¸ 5000 and 10¸000 manat. All the notes featured an image of former president Saparmurat Niyazov.
A second series of notes were issued in denominations of 1¸ 5¸ 10¸ 20¸ 50¸ 100¸ and 500 new manat with only 500 manat featuring the image of Saparmurat Niyazov and others with images of buildings in capital city Ashgabat and images of Ahmed Sanjar¸ Oghuz Khan¸ Magtymguly Pyragy and other information on Turkmen history.
Official users of Turkmen Manat
The people of Turkmenistan are the official users of this currency and www.cbt.tm is the official website of Central Bank of Turkmenistan¸ where one can find all the details of Turkmen Manat.
Exchange rate of Turkmen Manat
The exchange rate of Turkmen Manat keeps on changing as per the economic situation worldwide. However¸ the exchange rate of the currency as on 8 March¸ 2011 as compared with other major countries is:
1 US Dollar = 2.85000 Turkmen Manat
1 United Kingdom Pound = 4.60837 Turkmen Manat
1 Euro = 3.96442 Turkmen Manat