Turkmenistani manat

Infobox Currency
currency_name_in_local = türkmen manat / түркмен манат tk icon
iso_code = TMM
image_1 = Turkmenistan 007.jpg
image_title_1 = Current 500 manat banknote
image_width_1 = 200
using_countries = Turkmenistan
inflation_rate = 11%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
subunit_ratio_1 = 1/100
subunit_name_1 = tennesi (tenge)
symbol = m
plural = manat
plural_subunit_1 = tennesi
frequently_used_coins =
rarely_used_coins = 1, 5, 10, 20, 50 tennesi
frequently_used_banknotes = 1000, 5000, 10000 manat
rarely_used_banknotes = 1, 5, 10, 20, 50, 100, 500 manat
issuing_authority = Central Bank of Turkmenistan
issuing_authority_website =

The manat is the currency of Turkmenistan. It was introduced on November 1, 1993, replacing the Russian ruble at a rate of 1 manat = 500 ruble. The ISO 4217 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.

Etymology

The word "manat" is borrowed from the Russian word "moneta" meaning "coin". Likewise, 'manat' was the name of the Soviet ruble in both Azeri and Turkmen.Fact|date=March 2008

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.

Banknotes

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.

Redenomination, the new manat

In October 2007 the Turkmen opposition news website Gundogar reported, citing sources at De La Rue, that in January 1st of 2009 Turkmenistan plans to redenominate the manat at the rate of 5,000 to 1 due to inflation [http://www.turkmenistan.ru/?page_id=3&lang_id=en&elem_id=13549&type=event&sort=date_desc] . Only the highest valued banknote, 500 manat, is planned to bear the portrait of Saparmurat Niyazov, while the others are supposed to have images of buildings in Ashgabat and portraits of Ahmed Sanjar, Oguz Khan, Magtymguly Pyragy and other figures of Turkmen history. [ [http://www.gundogar.org/?013045158000000000000011000000 Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар] ru icon]
Will be printed banknotes in denominations of:
*1 manat = 5,000 old manat
*5 manat = 25,000 old manat
*10 manat = 50,000 old manat
*20 manat = 100,000 old manat
*50 manat = 250,000 old manat
*100 manat = 500,000 old manat
*500 manat = 2,500,000 old manat
Coins will be minted with the following denominations:
*1 tenge = 50 old manat
*2 tenge = 100 old manat
*5 tenge = 250 old manat
*10 tenge = 500 old manat
*20 tenge = 1,000 old manat
*50 tenge = 2,500 old manat

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

Exchange Rate|TMM
note=Rates obtained from these websites could be substantially different from black market rate

ee also

*Economy of Turkmenistan
*Azerbaijani manat

References

*numis cite SCWC | date=1991
*numis cite SCWPM | date=1994

Footnotes

External links

Standard numismatics external links
world_coin_gallery_1_url = Turkmen
world_coin_gallery_1_name = Turkmenistan
banknote_world_1_url = turkmenistan
banknote_world_1_name = Turkmenistan
dollarization_1_url = asia
dollarization_1_name = Asia
gfd_1_url = Turkmenistan
gfd_1_name = Turkmenistan
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://coins.russian.ru/indexe.htm Coins of former Soviet republics]