Turkmen manat

Manat
Türkmen manady (Turkmen)
100 manat banknote
ISO 4217
CodeTMT (numeric: 934)
Subunit0.01
Unit
Unitmanat
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbolm‎
Denominations
Subunit
 1⁄100tenge
Symbol
 tenget
Banknotes
 Freq. used1, 5, 10, 20, 50, and 100 manats
 Rarely used500 manats
Coins
 Freq. used10, 20, 50 tenge, 1, 2 manats
 Rarely used1, 2, 5 tenge
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 withUS dollar (USD)
US$1 = 3.50 manats

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

Due to heavy inflation a new manat was introduced on 1 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," both derived from Latin Monēta.[3] It was used as the name of the Soviet currency in Turkmen (Turkmen: манат) and in Azerbaijani Turkish.

Coins

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 manats were introduced in 1999. All coins of this period had to depict the incumbent president by law.

Coins of the Turkmen manat (First manat)
Image Value Diameter (millimeters) Composition Description Date of issue
Obverse Reverse Obverse Reverse
1 tenge 16 mm Copper-plated steel Saparmurat Niyazov Value in center of flower-like design within circle 1993
5 tenge 19.5 mm
10 tenge 22.5 mm
20 tenge 20.9 mm Nickel-plated steel Saparmurat Niyazov Value in center of flower-like design within circle 1993
50 tenge 24 mm Value above Cornucopia with a goat head
500 manats 20.9 mm Nickel-clad steel Denomination, date below 1999
1,000 manats 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 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 struck in 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 Turkmen manat (Second manat)
Image Value Diameter (millimeters) Composition Description Date of issue
Reverse Obverse Reverse Obverse
1 tenge 16 mm Nickel-plated steel Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" Denomination and date 2009
2 tenge 18 mm
5 tenge 20 mm
10 tenge 22 mm Brass
20 tenge 24 mm
50 tenge 26 mm
1 manat 27 mm Bimetallic: copper-nickel center in brass ring 2010
2 manats 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
500 manat banknote of the first manat.
ISO 4217
CodeTMM
Denominations
Banknotes1, 5, 10, 20, 50, 100, 500, 1,000, 5,000, and 10,000 manats
Coins1, 2, 5, 10, 20, and 50 tenge, 500 and 1,000 manats
Demographics
User(s)Turkmenistan Turkmenistan
Valuation
Inflation992.39%
 SourceStatista, 1996 est.
This infobox shows the latest status before this currency was rendered obsolete.

In 1993, manat notes were introduced in denominations of 1, 5, 10, 20, 50, 100, and 500 manats, replacing the Soviet rouble. These were followed by notes for 1,000 manats in 1995 and 5,000 and 10,000 manats in 1996. In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000, and 10,000 manats. All notes, with exception of the 1 and 5 manat 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] 1 manat 120 × 60 mm Orange and red Ylymlar academy, Aşgabat Ilarslanyn Ýadygarligi mausoleum 1993
[3] [4] 5 manats 125 × 62.5 mm Blue Bazçylyk Okuw Polytechnic Institute, Aşgabat Abu Seýidiň mausoleum 1993
[5] [6] 10 manats 133 × 66 mm Brown Turkmenistan Relationship building (Aşgabat), President Saparmurat Niyazov (1940–2006) Tekesiň mausoleum 1993
[7] [8] 20 manats 139 × 69 mm Blue and white National library (Aşgabat), President Saparmurat Niyazov Astanababa mausoleum 1993
1995
[9] [10] 50 manats 144 × 72 mm Orange and brown Soviet Honor monument, President Saparmurat Niyazov Anew mosque 1993
1995
[11] [12] 100 manats 150 × 75 mm Blue and orange Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov Sultan Sanjariň mausoleum 1993
1995
[13] [14] 500 manats 156 × 78 mm Red and violet National theatre (Aşgabat), President Saparmurat Niyazov Törebeg Hanymyň mausoleum 1993
1995
[15] [16] 1,000 manats 156 × 78 mm Green and red Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov National emblem of Turkmenistan 1995
[17] [18] 5,000 manats 156 × 78 mm Violet Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov National emblem of Turkmenistan 1996
[19] [20] 10,000 manats 156 × 78 mm Blue and brown Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov National emblem of Turkmenistan 1996
1999
2000
[21] [22] Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşgabat), President Saparmurat Niyazov Saparmurat Haji mosque 1998
1999
[23] [24] Neutrality Monument, Ruhyýet Palace, Aşgabat 2000
[25] [26] Light brown Monument of Independence and Peace, Aşgabat 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 50, 100, 500, 1,000, 5,000, and 10,000 manats. Two new coins were also introduced in only two denominations, 500 and 1,000 manats. Both the first and second issue manat banknotes circulated in tandem until the issue of the redenominated issue in 2009.

Banknotes of the first manat, second issue
Image Value Dimensions Main colour Description Date of Ref.
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal
50 manat 144 × 72 mm Purple Emblem of Turkmenistan, Saparmurat Niyazov Yanardag, Aşgabat Hippodrome Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 [4]
100 manat 150 × 75 mm Red Emblem of Turkmenistan, Saparmurat Niyazov Central Bank building, Ashgabat Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 [4]
500 manat 156 × 78 mm Brown Emblem of Turkmenistan, Saparmurat Niyazov Turkmen jewellery Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 [4]
1,000 manat 156 × 78 mm Green Emblem of Turkmenistan, Saparmurat Niyazov Oguzhan Presidential Palace, Aşgabat Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 [4]
5,000 manat 156 × 78 mm Blue Emblem of Turkmenistan, Saparmurat Niyazov Oguzhan Presidential Palace, Aşgabat Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 [4]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

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 1, 5, 10, 20, 50, 100, and 500 manats. As part of an effort by the Turkmen government to dismantle Niyazov's extensive cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500 manats, bears a portrait of the former leader. The 500 manat note has 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.[5]

Banknotes of the second manat
Image Value Dimensions Main colour Description Date of Ref.
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal
1 manat 120 × 60 mm Green and orange Emblem of Turkmenistan, Togrul Beg Türkmen Turkmenistan Cultural Centre, Ashgabat Togrul Beg Türkmen, crescent moon and five stars from the flag, denomination
  • 2009
  • 2012
  • 2014
 1 January 2009 Current [6][7][8]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Ashgabat International Airport, TurkmenSat 1 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Turkmenbashi International Seaport, TurkmenSat 1 2020 12 December 2020 [10]
5 manat 126 × 63 mm Brown Emblem of Turkmenistan, Soltan Sanjar Türkmen Independence and Neutrality Monuments, Ashgabat Soltan Sanjar Türkmen, crescent moon and five stars from the flag, denomination
  • 2009
  • 2012
 1 January 2009 Current [6][7]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Ashgabat Velodrome 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Independence and Neutrality Monuments, Ashgabat 2020 12 December 2020 [10]
10 manat 132 × 66 mm Red Emblem of Turkmenistan, Magtymguly Pyragy Central Bank building, Ashgabat Magtymguly Pyragy, crescent moon and five stars from the flag, denomination
  • 2009
  • 2012
 1 January 2009 Current [6][7]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Martial Arts Arena, Ashgabat 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Central Bank building, Ashgabat 2020 12 December 2020 [10]
20 manat 138 × 69 mm Purple Emblem of Turkmenistan, Görogly Beg Türkmen Rukhyet Palace, Ashgabat Görogly Beg Türkmen, crescent moon and five stars from the flag, denomination
  • 2009
  • 2012
 1 January 2009 Current [6][7]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Main Indoor Arena, Ashgabat 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Rukhyet Palace, Ashgabat 2020 12 December 2020 [10]
50 manat 144 × 72 mm Green Emblem of Turkmenistan, Gorgut Ata Türkmen Assembly of Turkmenistan building, Ashgabat Gorgut Ata Türkmen, crescent moon and five stars from the flag, denomination
  • 2009
  • 2014
 1 January 2009 Current [6][8]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Indoor Athletics Arena, Ashgabat 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Assembly of Turkmenistan building, Ashgabat 2020 12 December 2020 [10]
100 manat 150 × 75 mm Blue Emblem of Turkmenistan, Oguz Khan Türkmen Oguzhan Presidential Palace, Ashgabat Oguz Khan Türkmen, crescent moon and five stars from the flag, denomination
  • 2009
  • 2014
 1 January 2009 Current [6][8]
Same as above, with the 2017 Asian Indoor and Martial Arts Games logo Olympic Stadium, Ashgabat 2017 17 September 2017 [9]
Same as above, with the 25th anniversary of neutrality logo Oguzhan Presidential Palace, Ashgabat 2020 12 December 2020 [10]
500 manat 156 × 78 mm Orange Emblem of Turkmenistan, Saparmurat Niyazov Türkmenbaşy Ruhy Mosque, Gypjak Saparmurat Niyazov, crescent moon and five stars from the flag, denomination 2009 Never issued [11]
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 = 1.04 manat
  • Apr 2009 - Jan 2015: US$1 = 2.85 manats
  • Jan 2015 onwards: US$1 = 3.5 manats

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.[12]

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

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. ^ a b c d e "Banknotes of 2005". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  5. ^ Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар (in Russian)
  6. ^ a b c d e f "Banknotes of 2009". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  7. ^ a b c d "Modified banknotes of 2012". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  8. ^ a b c "Modified banknotes of 2014". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  9. ^ a b c d e f "Modified banknotes of 2017". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  10. ^ a b c d e f "Modified banknotes of 2020". Central Bank of Turkmenistan (in Turkmen). Ashgabat. 17 March 2021. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  11. ^ Linzmayer, Owen (9 January 2009). "Turkmenistan new note family confirmed". BanknoteNews. Virginia Beach. Archived from the original on 5 December 2021. Retrieved 27 December 2022.
  12. ^ "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