Turkmenistan manat

Turkmenistan manat
Türkmen manady (Turkmen)
Old 500 manat banknote
ISO 4217 code	TMT
User(s)	Turkmenistan
Inflation	11%
Source	The World Factbook, 2006 est.
Subunit
1/100	tennesi / tenge (teňňe (Turkmen))
Symbol	m
Plural	manat
tennesi / tenge (teňňe (Turkmen))	tennesi / tenge (teňňe (Turkmen))
Coins	1, 2, 5, 10, 20, 50 tennesi (tenge), 1, 2 manat
Banknotes	1, 5, 10, 20, 50, 100, 500 manat
Central bank	Central Bank of Turkmenistan
Website	www.cbt.tm

The Manat is the currency of Turkmenistan. It was introduced on November 1, 1993, replacing the Russian ruble at a rate of 1 manat = 500 ruble. The ISO 4217 code is TMM and the manat is subdivided into 100 tennesi. 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.^[1]

Etymology

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

In 1993, coins were introduced in denominations of 1, 5, 10, 20 and 50 tennesi. The 1, 5 and 10 tennesi were struck in copper-plated-steel, with the higher denominations in nickel-plated-steel. After a period of inflation, new coins of 500 and 1000 manat were introduced in 1999. 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. All circulating coins of Turkmenistan have been minted by the Royal Mint.

• 

  1 tennesi coin

• 

  5 tennesi coin

• 

  10 tennesi coin

• 

  20 tennesi coin

• 

  50 tennesi coin

Banknotes

First Manat

In 1993, notes were introduced in denominations of 1, 5, 10, 20, 50, 100 and 500 manat. 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 bear a portrait of former president Saparmurat Niyazov.

Second Manat

Banknotes are printed in denominations of 1, 5, 10, 20, 50, 100, and 500 new manat. Only the highest valued banknote, 500 manat, bears the portrait of Saparmurat Niyazov, while the others feature images of buildings in Ashgabat and portraits of Ahmed Sanjar, Oghuz Khan, Magtymguly Pyragy and other figures in Turkmen history.^[2]
Images of new notes: [1]

Black market exchange

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 OzForex:	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

• Rates obtained from these websites could be substantially different from bank and black market rate.

See also

• Economy of Turkmenistan
• Azerbaijani manat

References

• Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. 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

1. ^ http://www.turkmenistan.ru/?page_id=3&lang_id=en&elem_id=13549&type=event&sort=date_desc
2. ^ Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар (Russian)

External links

• New currency samples - images of the new 2009 Manat

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