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Turkmen manat

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Manat
Türkmen manady (in Turkmen)
500m banknote
ISO 4217
CodeTMT (numeric: 934)
Subunit0.01
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbolm‎
Denominations
Subunit
 1⁄100tenge
Symbol
 tenget
Banknotes
 Freq. used1m, 5m, 10m, 20m, 50m, 100m
Coins
 Freq. used1t, 2t, 5t, 10t, 20t, 50t, 1m, 2m
Demographics
User(s)Turkmenistan Turkmenistan
Issuance
Central bankCentral Bank of Turkmenistan
 Websitewww.cbt.tm
PrinterDe La Rue
 WebsiteDe La Rue
MintRoyal Mint
 WebsiteThe Royal Mint
Valuation
Inflation8.5%
 SourceThe World Factbook, 2012 est.
Pegged withU.S. dollar (USD)
US$1 = 3.50m

The manat (Turkmen: manat; sign: m; code: TMT) is the currency of Turkmenistan. The original manat was introduced on 1 November 1993, replacing the rouble at a rate of 1m = 500 Rbls.[1][failed verification] The manat is subdivided into 100 tenge (Turkmen: teňňe).

Due to heavy inflation a new manat was introduced on the 1st of January 2009 at the rate of 5,000 old manats to 1 new manat.[2]

Etymology

The word "manat" is derived from the Persian word "munāt" and the Russian word "монета" ("moneta") meaning "coin".[3] It was used as the name of the Soviet currency in Turkmen (Turkmen: манат) and in Azeri.

Coins

In 1993, coins were introduced in denominations of 1t, 5t, 10t, 20t and 50t. The 1t, 5t and 10t 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 500m and 1,000m were introduced in 1999. All coins of this period had to depict a picture of the president by law.

Coins of the Turkmenistan manat (First manat)
Image Value Diameter (millimeters) Composition Description Date of issue
Obverse Reverse Obverse Reverse
1t 16 mm Copper-plated steel Saparmurat Niyazov Value in center of flower-like design within circle 1993
5t 19.5 mm
10t 22.5 mm
20t 20.9 mm Nickel-plated steel Saparmurat Niyazov Value in center of flower-like design within circle 1993
50t 24 mm Value above Cornucopia with a goat head
500m 20.9 mm Nickel-clad steel Denomination, date below 1999
1,000m 24 mm
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

During the monetary reform of 2009, new coins of 1t, 2t, 5t, 10t, 20t and 50t were issued with bimetallic 1m and 2m following in 2010. The 1t, 2t, and 5t are nickel-plated steel while the 10t, 20t, and 50t 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 are struck by the Royal Mint.

Coins of the Turkmenistan manat (Second manat)
Image Value Diameter (millimeters) Composition Description Date of issue
Obverse Reverse Obverse Reverse
1t 16 mm Nickel-plated steel Monument of Independence superimposed on the map of Turkmenistan, the name of the national anthem. Denomination and date 2009
2t 18 mm
5t 20 mm
10t 22 mm Brass
20t 24 mm
50t 26 mm
1m 27 mm Bimetallic: copper-nickel center in brass ring 2010
2m 28 mm Bimetallic: brass center in copper-nickel ring 2010
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

First manat (TMM, 1993—2009)

First Turkmen manat
Old 500m banknote of the first manat.
ISO 4217
CodeTMM
Denominations
Banknotes1m, 5m, 10m, 20m, 50m, 100m, 500m, 1,000m, 5,000m, 10,000m
Coins1t, 2t, 5t, 10t, 20t, 50t, 500m, 1,000m
Demographics
User(s)Turkmenistan Turkmenistan
Valuation
Inflation992.39%
 SourceStatista, 1996 est.

In 1993, manat notes were introduced in denominations of 1m, 5m, 10m, 20m, 50m, 100m and 500m, replacing the Soviet rouble. These were followed by notes for 1,000m in 1995 and 5,000m and 10,000m in 1996. In 2005, a new series of notes was introduced in denominations of 50m, 100m, 500m, 1,000m, 5,000m and 10,000m. All notes, with exception to only the 1m and 5m banknotes bear a portrait of former president Saparmurat Niyazov. All Turkmen banknotes are produced by the De La Rue printing and banknote company.

Banknotes of the Turkmenistan manat (First manat)
Image Value Dimensions (millimeters) Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse Obverse Reverse
[1] [2] 1m 120 x 60 mm Orange and red Ylymlar academy, Aşğabat Ilarslanyn Yadygarligi mausoleum 1993
[3] [4] 5m 125 x 62.5 mm Blue Bazcylyk Okuw Polytechnic Institute, Aşğabat Abu Seyidiñ mausoleum 1993
[5] [6] 10m 133 x 66 mm Brown Turkmenistan Relationship building (Aşğabat), President Saparmurat Niyazov (1940–2006) Tekesiñ mausoleum 1993
[7] [8] 20m 139 x 69 mm Blue and white National library (Aşğabat), President Saparmurat Niyazov Astanababa mausoleum 1993
1995
[9] [10] 50m 144 x 72 mm Orange and brown Soviet Honor monument, President Saparmurat Niyazov Anew mosque 1993
1995
[11] [12] 100m 150 x 75 mm Blue and orange Prezident Köşgi (President's Palace, Aşğabat), President Saparmurat Niyazov Sultan Sanjariń mausoleum 1993
1995
[13] [14] 500m 156 x 78 mm Red and violet National theatre (Aşğabat), President Saparmurat Niyazov Törebeg Hanymyń mausoleum 1993
1995
[15] [16] 1,000m 156 x 78 mm Green and red Prezident Köşgi (President's Palace, Aşğabat), President Saparmurat Niyazov National emblem of Turkmenistan 1995
[17] [18] 5,000m 156 x 78 mm Violet Prezident Köşgi (President's Palace, Aşğabat), President Saparmurat Niyazov National emblem of Turkmenistan 1996
[19] [20] 10,000m 156 x 78 mm Blue and brown Prezident Köşgi (President's Palace, Aşğabat), President Saparmurat Niyazov National emblem of Turkmenistan 1996
1999
2000
[21] [22] Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşğabat), President Saparmurat Niyazov Saparmurat Haji mosque 1998
1999
[23] [24] Neutrality Monument, Ruhyýet Palace, Aşğabat 2000
[25] [26] Light brown Monument of Independence and Peace, Aşğabat 2003
2005

First manat (Second Issue)

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

Banknotes of the Turkmenistan manat (First manat, second issue)
Image Value Dimensions (millimeters) Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse Obverse Reverse
[27] [28] 50m 156 x 78 mm Violet President Saparmurat Niyazov Golden Horse "Yanardag" of the Achalteks 2005
[29] [30] 100m 156 x 78 mm Red President Saparmurat Niyazov Central Bank building, Aşğabat 2005
[31] [32] 500m 156 x 78 mm Brown President Saparmurat Niyazov Turkmen jewelry 2005
[33] [34] 1,000m 156 x 78 mm Green President Saparmurat Niyazov Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşğabat) 2005
[35] [36] 5,000m 156 x 78 mm Blue President Saparmurat Niyazov Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşğabat) 2005

Second manat

After hyperinflation significantly devalued the currency, a new manat with a fixed exchange rate was introduced, replacing the old manat on a ratio of 5,000 old manats = 1 new manat. Banknotes in this series were printed in denominations of 1m, 5m, 10m, 20m, 50Nm, 100m, and 500m. As part of an effort by the Turkmen government to dismantle the Niyazov cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500m, bears a portrait of the former leader. The 500m notes have yet to be released into circulation. The other denominations feature images of buildings in Ashgabat or technological achievements (TurkmenSat 1) and portraits of Ahmed Sanjar, Oghuz Khan, Magtymguly Pyragy and other figures in Turkmen history.[4]

Images of the third manat.

Banknotes of the third manat [37]
Image Value Dimensions (millimeters) Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse Obverse Reverse
1m 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 2012 January 1, 2009 Togrul Beg Türkmen, electrotype Crescent moon, five five-pointed stars and 1
Emblem of Turkmenistan; Togrul Beg Türkmen (aka Tugrul Bey); logo of the 5th Asian Indoor & Martial Arts Games Ashgabat International Airport (Aşgabadyň Halkara Howa Menzili), Aşğabat; TürkmenÄlem Sat, or TurkmenSat 1 2017 January 1, 2017
5m 126 x 63 mm Tan Emblem of Turkmenistan; Soltan Sanjar Türkmen Garaşsyzlyk Binasy (Independence monument), Bitaraplyk Binasy (Neutrality monument), Aşğabat 2012 January 1, 2009 Soltan Sansar Türkmen, electrotype Crescent moon, five five-pointed stars and 5
Emblem of Turkmenistan; Soltan Sanjar Türkmen; logo of the 5th Asian Indoor & Martial Arts Games Velodrome (Welotrek Sport Toplumy), Aşğabat; Aşğabat Monorail 2017 January 1, 2017
10m 132 x 66 mm Red Emblem of Turkmenistan; Magtymguly Pyragy Central Bank building, Aşğabat 2012 January 1, 2009 Magtymguly Pyragy, electrotype Crescent moon, five five-pointed stars and 10
Emblem of Turkmenistan; Magtymguly Pyragy; logo of the 5th Asian Indoor & Martial Arts Games Boxing Sports Hall (Başa Baş Söweş Sungaty Sport Toplumy), Aşğabat 2017 January 1, 2017
20m 138 x 69 mm Purple Emblem of Turkmenistan; Görogly Beg Türkmen (aka Köroğlu) Ruhyýet Köşgi (Palace of Spirituality), Aşğabat 2012 January 1, 2009 Görogly Beg Türkmen, electrotype Crescent moon, five five-pointed stars and 20
Emblem of Turkmenistan; Görogly Beg Türkmen (aka Köroğlu); logo of the 5th Asian Indoor & Martial Arts Games Complex of Game Sports (Sportuň Oýun Görnüşlöriniň Toplumy), Aşğabat 2017 January 1, 2017
50m 144 x 72 mm Cyan Emblem of Turkmenistan; Gorgut Ata Türkmen (aka Dede Korkut) Türkmenistanyň Mejlisi (National Assembly of Turkmenistan), Aşğabat 2009 January 1, 2009 Gorkut Ata Türkmen, electrotype Crescent moon, five five-pointed stars and 50
Emblem of Turkmenistan; Gorgut Ata Türkmen (aka Dede Korkut); logo of the 5th Asian Indoor & Martial Arts Games New Athletics Complex (Ýeňil Atletika Toplumy), Aşğabat 2017 January 1, 2017
100m 150 x 75 mm Blue Emblem of Turkmenistan; Oguz Khan Türkmen "Oguzhan" Köşkler Toplumy (Oguzkhan Palace), Aşğabat 2014 January 1, 2009 Oguz Khan Türkmen, electrotype Crescent moon, five five-pointed stars and 100
Emblem of Turkmenistan; Oguz Khan Türkmen; logo of the 5th Asian Indoor & Martial Arts Games Aşğabat Olympia Stadium, Aşğabat 2017 January 1, 2017
500m 156 x 78 mm Gold Emblem of Turkmenistan; Saparmurat Niyazov Kypçak Metjidi (Kipchak Mosque) 2009 TBA President Saparmurat Niyazov, flag, and electrotype 500
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

  • Before Apr 2009: US$1 = 1.04m
  • Apr 2009 - Jan 2015: US$1 = 2.85m
  • Jan 2015 onwards: US$1 = 3.5m

A black market for exchange rate exists as cash exchanges are forbidden by law in Turkmenistan. The parallel exchange rate varied between 40–41m per U.S. dollar as of 10 April 2021.[5]

Current TMT exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY

See also

Notes

  1. ^ Linzmayer, Owen (2012). "Turkmenistan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  2. ^ "Turkmenistan's 5000 manat to equal 1 manat after denomination". 2008-09-06.
  3. ^ "Definition of Manat". Dictionary by Merriam-Webster. Retrieved 19 March 2018.
  4. ^ Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар (in Russian)
  5. ^ "Currency Collapse Mirrors Turkmenistan's Extreme Economic Woes". RadioFreeEurope/RadioLiberty. Retrieved 2021-04-06.

References

First manat
Preceded by:
Russian rouble
Reason: independence from the USSR
Ratio: 1 first manat = 500 roubles 		Currency of Turkmenistan
1 November 1993 – 31 December 2008 		Succeeded by:
Second manat
Reason: inflation
Ratio: 1 second manat = 5,000 first manats
Second manat
Preceded by:
First manat
Reason: inflation
Ratio: 1 second manat = 5,000 first manats 		Currency of Turkmenistan
1 January 2009 – 		Succeeded by:
Current
Retrieved from "https://en.wikipedia.org/w/index.php?title=Turkmen_manat&oldid=1108776931"