Manat is the monetary unit of Turkmenistan. 1 manat = 100 tenge. The alphabetic code of ISO 4217 is TMT, the digital code is 934. Currently, coins are issued in 10, 20, 50 tenge and 1 and 2 manats; banknotes of 1, 5, 10, 20, 50 and 100 manats.
The manat was put into circulation on November 1, 1993. Until this time, from the moment of declaration of independence, Soviet and Russian rubles were used as a means of payment in Turkmenistan. The exchange of rubles for manats was carried out in the ratio: 1 manat = 500 rubles, the maximum one adult citizen of Turkmenistan could receive up to 60 manats.
On January 1, 2009, the government carried out a redenomination: 5,000 old manats were replaced by 1 new one (TMT). The exchange of banknotes was carried out during 2009–2010 without limiting the amount. The old banknotes were in circulation until December 31, 2009.
Commemorative coins
Commemorative and commemorative coins are issued by the Central Bank of Turkmenistan from precious metals (gold — in denominations of 2, 10, 20, 50, 500 and 1000 manats and without denomination, silver — in denominations of 1, 10, 20, 50, 500 and 1000 manats and without denomination, bimetallic (gold + silver) — with a denomination of 1000 manats and platinum — without denomination). The first coin, dedicated to the 54th anniversary of Saparmurat Niyazov, was issued in 1994.
As of May 2016, 166 varieties of commemorative coins have been issued, including 91 in 925 silver, 58 in 917 gold, 10 in 999 gold, 1 bimetallic (gold + silver) and 1 in 917 platinum.
Banknotes
On banknotes in denominations of 1–500 manats issued in 1993, there is no designation of the year of issue; banknotes in denominations of 20–500 manats, issued in 1995, differ from the first ones only by its presence (on the front side to the right of the signature of the chairman of the Central Bank). On banknotes with denominations up to 500 manats, some letters (¥, $) are used, which have changed the style in the modern Turkmen alphabet. The portrait of Saparmurat Niyazov was depicted on banknotes in denominations of 10–10,000 manats.
The watermark is an image of an Akhal-Teke horse; on the 10,000 manat banknote of 2005 there is a portrait of Saparmurat Niyazov.
On January 1, 2009, denominated manat coins and banknotes came into circulation. 1 new-style manat replaced 5,000 old manats. Thus, the largest banknote in circulation (10 thousand manats) was equal to 2 new manats. Throughout 2009, both types of manats were used in everyday life; during 2010, it was possible to exchange old-style banknotes for new ones.
The new banknotes in denominations of 1, 5, 10, 20, 50, 100 manats, approved by President Gurbanguly Berdimuhamedov, depict the great historical figures and architectural monuments of Turkmenistan that glorified the Turkmen people. In addition, coins in denominations of 1, 2, 5, 10, 20 and 50 tenge (2009), 1 and 2 manats (2010) also came into circulation.
In 2012, the Central Bank of Turkmenistan introduced modified banknotes in denominations of 1, 5, 10 and 20 manats.
In 2014, the Central Bank issued modified banknotes in denominations of 1, 50 and 100 manats.
Asian Indoor Games (2017)
In 2017, a commemorative series of banknotes was issued, dedicated to the facilities of the Olympic village in Ashgabat. The issue of banknotes in denominations from 1 to 100 manats took place on the eve of the 2017 Asian Indoor Games. The difference between this series and previous issues was the partially changed shades of the colors of the banknotes, as well as the replacement of traditional images of the sights of Turkmenistan with images of objects of the Olympic village.
25th anniversary of Turkmenistan's neutrality (2020)
In December 2020, the Central Bank of Turkmenistan, on the occasion of the 25th anniversary of the country's neutrality, introduced new modified banknotes in denominations of 1, 5, 10, 20, 50 and 100 manats. The color and design of the front side of the banknotes are generally preserved. On the front side of the banknotes the symbol of the year “Turkmenistan — the birthplace of Neutrality” is depicted; on the back side of the banknotes the Turkmenbashi International Seaport and the Constitution Monument are depicted, as well as the previously depicted buildings on the 2014 banknotes.
Since January 2015, Turkmenistan has had an artificial state exchange rate for the US dollar, set at 3.5 Turkmen manats. Since that time, the authorities began to restrict the free exchange of currency for the population. It is impossible to officially exchange manats for dollars in Turkmenistan, since since January 2016 the Central Bank has prohibited currency conversion for individuals; an exception is made only for parents of Turkmen students who pay tuition fees for their children in foreign universities, no more than 50 US dollars per month. The dollar exchange rate on the “black market” is more than 10 times higher than the official one; at the beginning of 2021 it was about 34 Turkmen manats per US dollar; at the end of the year it was more than 40 Turkmen manats per US dollar. In this regard, the average salary of the population is about 25 US dollars, which does not correspond to the prices of imported products. Also, purchasing US dollars on the “black market” is available exclusively to key entrepreneurs for importing foreign products (cars, household appliances, electronics, food, etc.). In connection with numerous complaints from residents of Turkmenistan about the impossibility of purchasing goods from foreign manufacturers and from virtual trading platforms, in 2022, in order to avoid the dissemination of information about problems with the US dollar, the Rysgal Joint Stock Commercial Bank fictitiously launched the international payment system “MasterCard”. Replenishment of these cards is carried out exclusively in US dollars, which is in fact impossible for residents of Turkmenistan.
30 years ago — on November 1, 1993, the national currency — the manat — was introduced into circulation in Turkmenistan. On November 1, the official currency of Turkmenistan, the Turkmen manat, celebrates its anniversary.
The introduction of the state currency was an important step towards establishing the independence of Turkmenistan, one of the key factors in establishing it as a sovereign and full member of the international community. Over the years, the manat has played a huge role in achieving the planned milestones of socio-economic development.
Let us recall that on January 1, 2009, the country's government carried out a redenomination, as a result of which banknotes are currently issued in denominations of 1, 5, 10, 20, 50 and 100 manats. 1 new manat is equal to 5,000 old manats.
The economy of the republics subordinate to the USSR was organized in a mutually dependent manner. For example, cotton produced in Turkmenistan was processed in factories in other republics thousands of kilometers away. With the collapse of the USSR, it was impossible to dissolve the economic ties of the newly independent states in one day. But to strengthen the state, decisive economic measures were needed to eliminate interstate economic ties, or at least to free them as much as possible. Therefore, within the third year of independence, Turkmenistan introduced its national currency as two manats to one American dollar. Of course, the new economy of the newly independent state depended on many factors, especially the economy of the former Soviet Union countries. That is why our national manat was unable to maintain the exchange rate in relation to foreign currency at the rate set at the state level.
As the republics of the USSR became independent states, the previous interdependent state economy disintegrated. It took time to form the fundamental basis of economic relations based on the market economy. Above all, it was necessary to transition from a planned economy to a market economy without reducing the standard of living of the people. Therefore, by the decision of the Government of Turkmenistan, starting from 1993, our population was given a certain amount of water, gas and electricity free of charge. Food prices were kept as low as possible. Even though our public assistance money was unstable at the time, it was the basis for citizens to suffer as little as possible.
