Manat (Turkmenistan)

Turkmenistan manat
Türkmen manady (Turkmen)
Old 500 manat banknote of the first manat.
ISO 4217
Code	TMT
Denominations
Subunit
1/100	tenge (teňňe (Turkmen))
Plural	The language(s) of this currency does not have a morphological plural distinction.
Symbol	T
Banknotes	1, 5, 10, 20, 50, 100, 500 manat
Coins	1, 2, 5, 10, 20, 50 tenge, 1, 2 manat
Demographics
User(s)	Turkmenistan
Issuance
Central bank	Central Bank of Turkmenistan
Website	www.cbt.tm
Valuation
Inflation	8.5%
Source	The World Factbook, 2012 est.

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 rubles. 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.

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.

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.

1 tenge coin

5 tenge coin

10 tenge coin

20 tenge coin

50 tenge coin

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.