The Turkmenistan Manat (TMT) is the official currency of Turkmenistan, a country located in Central Asia.
The currency code for the Turkmenistan Manat is TMT, and its symbol is T or m.
The Central Bank of Turkmenistan is responsible for issuing and regulating the nation’s currency, as well as implementing and overseeing the country’s monetary policy.
History of the Turkmenistan Manat
The Turkmenistan Manat was introduced on November 1, 1993, replacing the Soviet Ruble at a rate of 1 Manat for 500 Rubles.
The currency was revalued on January 1, 2009, at a rate of 5,000 old Manat to 1 new Manat. This change aimed to simplify the currency system and increase its stability.
Denominations and Subdivisions
The Turkmenistan Manat is subdivided into 100 smaller units called tenge.
Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 tenge, as well as 1 and 2 manat.
Banknotes are available in denominations of 1, 5, 10, 20, 50, 100, and 500 manat.
The designs on Turkmenistan Manat coins and banknotes often reflect the country’s history, cultural heritage, and national symbols.
For example, the portrait of Saparmurat Niyazov, the first President of Turkmenistan, is featured on some of the banknotes, along with various architectural and historical landmarks.
Exchange Rates and Economy
Turkmenistan has a mixed economy, with a focus on natural resources, primarily natural gas and oil.
The exchange rate of the Turkmenistan Manat is influenced by various factors, such as global economic conditions, the overall performance of the national economy, and the monetary policies implemented by the Central Bank of Turkmenistan.
It is important to note that the Turkmenistan Manat is not a freely convertible currency, and the government enforces strict exchange controls.
This means that travelers and investors may face difficulties in exchanging the currency outside of Turkmenistan, and the official exchange rate may not reflect the currency’s true market value.
Summary
The Turkmenistan Manat is the official currency of Turkmenistan, managed by the Central Bank of Turkmenistan.
The currency was introduced in 1993, replacing the Soviet Ruble, and was revalued in 2009 to simplify the currency system.
The manat is subdivided into 100 tenge, with coins and banknotes issued in various denominations. The designs on the currency reflect the nation’s history and cultural heritage.
The exchange rate of the Turkmenistan Manat is influenced by external factors and the overall performance of the national economy, but it is important to note that the currency is not freely convertible, and strict exchange controls are in place.