Turkmenistani manat

Turkmenistani manat

Overview
The Manat is the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...

. It was introduced on November 1, 1993, replacing the Russian ruble
Russian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...

 at a rate of 1 manat = 500 ruble. The ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 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
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 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".
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Encyclopedia
The Manat is the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...

. It was introduced on November 1, 1993, replacing the Russian ruble
Russian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...

 at a rate of 1 manat = 500 ruble. The ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 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
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code TMT at the rate of 5000 old manat to 1 new manat.

Etymology


The word "manat" is borrowed from the Russian word "монета" "moneta" meaning "coin". Likewise, 'manat' was the name of the Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....

 in both Azeri and Turkmen
Turkmen language
Turkmen is the national language of Turkmenistan...

.

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
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...

.

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
Saparmurat Niyazov
Saparmurat Atayevich Niyazov; , was a Turkmen politician who served as President of Turkmenistan from 2 November 1990 until his death in 2006...

.

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
Ahmed Sanjar
Ahmad Sanjar Ahmad Sanjar Ahmad Sanjar (Mu'iz ud-Dīn Ahmad-e Sanjar; was the sultan of the Great Seljuq Empire from 1118 to 1153. He was initially the sultan of Khorasan until he gained the rest of the territory upon the death of Muhammad I....

, Oghuz Khan
Oghuz Khan
Oghuz Khan was a legendary and semi-mythological Khan of Turks. Some Turkic cultures use this legend to describe their ethnic origins and the origin of the system of political clans used by Turkmen, Ottoman, and other Oghuz Turks...

, Magtymguly Pyragy
Magtymguly Pyragy
Magtymguly Pyragy was a Turkmen spiritual leader and philosophical poet who made significant efforts to secure independence and autonomy for his people in the 18th century....

 and other figures in Turkmen history.

Images of new notes: http://banknotenews.com/files/tag-turkmenistan.php

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
British Airways
British Airways is the flag carrier airline of the United Kingdom, based in Waterside, near its main hub at London Heathrow Airport. British Airways is the largest airline in the UK based on fleet size, international flights and international destinations...

 - but generally only for purchases by Turkmen passport holders in the country itself.

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

External links