Manat is the national currency of Turkmenistan

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The currency of Turkmenistan is called the manat and was officially put into circulation in the country at the end of 1993. The new currency replaced the previously used ruble and was exchanged at a rate of five hundred to one. In January 2009, the government of the state decided to denominate money. The reason for this was strong inflation. As a result, for two years the country has been exchanging old manats for new ones, at the rate of 5,000 to 1. As of today, one Turkmen manat consists of one hundred tenge.

Turkmen coins

Now the state uses coins, the denomination of which is 1, 2 and 5 tenge (made of nickel or steel), 10, 20, 50 tenge (made of brass), as well as 1 and 2 manats (made of alloy brass, copper and nickel). On the obverses of those that were issued before 2005, there was a portrait of Saparmurat Niyazov, the so-called president for life of the country. The same applies to banknotes, except for one and five manats. The currency of Turkmenistan of the new sample differs in that onon the obverse, against the background of the image of the borders of the state, there is the Independence Monument. It should be noted that the coins are minted by the British Royal Mint.

Like many other states, Turkmenistan from time to time issues coins dedicated to certain memorable or anniversaries. In particular, the last time this happened was in 2012. Then the country presided over the Commonwe alth of Independent States. In this regard, silver and gold coins were issued, the denomination of which was 20 and 50 manats.

Paper money of Turkmenistan

On modern banknotes, which make up the currency of Turkmenistan, there are images of various representatives of the country who have made a significant contribution to its development, as well as architectural sights. In particular, on the obverse of the one-manat banknote there is a portrait of the ruler Togrul, and on the reverse - the National Center of Culture. On the “five”, Ahmad Sanjar (Sultan) is depicted on one side, and the Arch of Neutrality on the other. On the front of ten manats you can see the poet Makhtumkuli, and on the back - the Turkmen Central Bank. "Twenty" is distinguished by the image of the epic hero Gorogly and the Ruhiyet Palace. Fifty manats feature Gorkut Ata on the obverse and the Turkmen Mejlis on the reverse. The "hundred" in the front part is decorated with a portrait of the progenitor of the entire local people Oguz Khan and the presidential palace. The largest banknote, which the currency of Turkmenistan can boast of, has a denomination of 500 manats. A portrait of someone simply could not be placed on its obverse.other than Saparmurat Niyazov. On the reverse there is an image of the mosque of Turkmenbashi Rukhy.

Manat exchange

Now the currency of Turkmenistan is not included in the list of freely convertible. In other words, the official rate of the manat, which is set by the Central Bank of the country, often differs significantly from that which exists in the market. This can be explained by the fact that after gaining independence in 1991, the state chose its own path according to the personality cult of its long-term ruler, Saparmurat Niyazov. Despite the fact that more than seven years have passed since his death, Turkmenistan remains a fairly closed country. Natural gas remains the main source of income here, world prices for which directly affect the local currency.