The manat (; abbreviation: m; code: TMT) is the currency of Turkmenistan. The original manat was introduced on 1 November 1993, replacing the ruble at a rate of 1 manat = Rbls 500. The manat is subdivided into 100 tenge ().
Due to heavy inflation a new manat was introduced on 1 January 2009 at the rate of 5,000 old manats to 1 new manat.
Etymology The word "manat" is derived from the Russian word монета ("moneta") meaning "coin," which derived from Latin Monēta. It was used as the name of the Soviet currency in Turkmen () and in Azerbaijani.
Coins In 1993, coins were introduced in denominations of 1, 5, 10, 20, and 50 tenge. The 1, 5, and 10 tenge were struck in copper-plated-steel, with the higher denominations in nickel-plated-steel. This first series of coins was short lived as their metal value soon became worth more than their actual face value. After a period of high inflation, new coins of 500 and 1,000 manats were introduced in 1999. All coins of this period had to depict the incumbent president by law.
Coins of the Turkmen manat (First manat) Image Value Diameter (millimeters) Composition Description Date of issue Obverse Reverse Obverse Reverse 1 tenge 16 mm Copper-plated steel Saparmurat Niyazov Value in center of flower-like design within circle 1993 5 tenge 19.5 mm 10 tenge 22.5 mm 20 tenge 20.9 mm Nickel-plated steelSaparmurat NiyazovValue in center of flower-like design within circle1993 50 tenge 24 mm Value above Cornucopia with a goat head 500 manat 20.9 mm Nickel-clad steel Denomination, date below 1999 1,000 manat 24 mm
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. The 1, 2, and 5 tenge coins are nickel-plated steel while the 10, 20, and 50 tenge coins are struck in brass. Instead of depicting the current head of state, the coins feature a map of Turkmenistan with the Independence Tower superimposed in front of it. All circulating coins of Turkmenistan are struck by the Royal Mint.
Coins of the Turkmen manat (Second manat) Image Value Diameter (millimeters) Composition Description Date of issue Reverse Obverse Reverse Obverse 1 tenge 16 mm Nickel-plated steel Monument of Independence superimposed on the map of Turkmenistan, the text , meaning "Independent Neutral Turkmenistan" Denomination and date 2009 2 tenge 18 mm 5 tenge 20 mm 10 tenge 22 mm Brass 20 tenge 24 mm 50 tenge 26 mm 1 manat 27 mm Bimetallic: copper-nickel center in brass ring 2010 2 manat 28 mm Bimetallic: brass center in copper-nickel ring2010
Banknotes
First manat (TMM, 1993—2009)
In 1993, manat notes were introduced in denominations of 1, 5, 10, 20, 50, 100, and 500 manat, replacing the Soviet ruble. These were followed by notes for 1,000 manat in 1995 and 5,000 and 10,000 manat in 1996. In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000, and 10,000 manat. All notes, with exception of the 1 and 5 manat banknotes bear a portrait of former president Saparmurat Atayevich Niyazov Turkmenbashi. All Turkmen banknotes are produced by the De La Rue printing and banknote company.
Banknotes of the Turkmenistan manat (First manat) Image Value Dimensions (millimeters) Main Color Description Date of issue Date of first issue Watermark Obverse Reverse Obverse Reverse 1 manat 120 × 60 mm Orange and red Ylymlar academy, Aşgabat Ilarslanyn Ýadygarligi mausoleum 1993 5 manat 125 × 62.5 mm Blue Bazçylyk Okuw Polytechnic Institute, Aşgabat Abu Seýidiň mausoleum 10 manat 133 × 66 mm Brown Turkmenistan Relationship building (Aşgabat), President Saparmurat Niyazov (1940–2006) Tekesiň mausoleum 20 manat 139 × 69 mm Blue and white National library (Aşgabat), President Saparmurat Niyazov Astanababa mausoleum 19931995 50 manat 144 × 72 mm Orange and brown Soviet Honor monument, President Saparmurat Niyazov Anew mosque 100 manat 150 × 75 mm Blue and orange Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov Sultan Sanjariň mausoleum 500 manat 156 × 78 mm Red and violet National theatre (Aşgabat), President Saparmurat Niyazov Törebeg Hanymyň mausoleum 1,000 manat Green and red Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov National emblem of Turkmenistan 1995 5,000 manat Violet 1996 10,000 manatBlue and brown 199619992000 Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşgabat), President Saparmurat Niyazov Saparmurat Haji mosque 19981999 Neutrality Monument, Ruhyýet Palace, Aşgabat 2000 Light brown Monument of Independence and Peace, Aşgabat 20032005
First manat (second issue) In 2005, a new series of manat banknotes was introduced. They had originally been intended to replace the first manat at a fixed rate, with 1 equal to 1,000 of the first manat, but the revaluation was postponed and this issue was released to circulate with previous manat issues. The series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000, and 10,000 manats. Two new coins were also introduced in only two denominations, 500 and 1,000 manats. Both the first and second issue manat banknotes circulated in tandem until the issue of the redenominated issue in 2009.
+Banknotes of the first manat, second issueImageValueDimensionsMain colourDescriptionDate ofObverseReverse Obverse ReverseWatermark printing issue withdrawal 50 manat 144 × 72 mm Purple Emblem of Turkmenistan, Saparmurat Niyazov Yanardag, Aşgabat Hippodrome Saparmurat Niyazov and his signature 2005 c. 2005 31 December 2010 100 manat 150 × 75 mm Red Central Bank building, Ashgabat 500 manat 156 × 78 mm Brown Turkmen jewellery 1,000 manat Green Oguzhan Presidential Palace, Aşgabat 5,000 manat Blue
Second manat (since 2009) After hyperinflation significantly devalued the currency, a new manat with a fixed exchange rate was introduced, replacing the old manat on a ratio of 5,000 old manats = 1 new manat. Banknotes in this series were printed in denominations of 1, 5, 10, 20, 50, 100, and 500 manats. As part of an effort by the Turkmen government to dismantle Niyazov's extensive cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500 manats, bears a portrait of the former leader. The 500 manat note has yet to be released into circulation. The other denominations feature images of buildings in Ashgabat or technological achievements (TurkmenSat 1) and portraits of Ahmed Sanjar, Oghuz Khan, Magtymguly Pyragy and other figures in Turkmen history.Манаты без Туркменбаши, Аскар Турсунбаев, Гундогар
In December 2025, polymer banknotes in denominations of 1, 5, 10, and 200 manats were issued to commemorate the 30th anniversary of Turkmenistan's declaration of neutrality. +Banknotes of the second manatImageValueDimensionsMain colourDescriptionDate ofObverseReverse Obverse ReverseWatermark printing issue withdrawal1 manat120 × 60 mm Green and orange Emblem of Turkmenistan, Togrul Beg Türkmen Turkmenistan Cultural Centre, AshgabatTogrul Beg Türkmen, crescent moon and five stars from the flag, denomination 1 January 2009Current As above, with the 2017 Asian Indoor and Martial Arts Games logo Ashgabat International Airport, TurkmenSat 1 2017 17 September 2017 As above, with the 25th anniversary of neutrality logoTurkmenbashi International Seaport, TurkmenSat 1 2020 12 December 2020 As above, with the 30th anniversary of neutrality logo Togrul Beg Türkmen 2025 1 December 2025 5 manat126 × 63 mm Brown Emblem of Turkmenistan, Soltan Sanjar Türkmen Independence and Neutrality Monuments, AshgabatSoltan Sanjar Türkmen, crescent moon and five stars from the flag, denomination 1 January 2009 As above, with the 2017 Asian Indoor and Martial Arts Games logo Ashgabat Velodrome 2017 17 September 2017 As above, with the 25th anniversary of neutrality logoIndependence and Neutrality Monuments, Ashgabat 2020 12 December 2020 As above, with the 30th anniversary of neutrality logo Soltan Sanjar Türkmen 2025 12 December 2025 10 manat132 × 66 mm Red Emblem of Turkmenistan, Magtymguly Pyragy Central Bank building, AshgabatMagtymguly Pyragy, crescent moon and five stars from the flag, denomination 1 January 2009 As above, with the 2017 Asian Indoor and Martial Arts Games logo Martial Arts Arena, Ashgabat 2017 17 September 2017 As above, with the 25th anniversary of neutrality logoCentral Bank building, Ashgabat 2020 12 December 2020 As above, with the 30th anniversary of neutrality logo Magtymguly Pyragy 2025 1 December 2025 20 manat138 × 69 mm Purple Emblem of Turkmenistan, Görogly Beg Türkmen Rukhyet Palace, AshgabatGörogly Beg Türkmen, crescent moon and five stars from the flag, denomination 1 January 2009 As above, with the 2017 Asian Indoor and Martial Arts Games logo Main Indoor Arena, Ashgabat 2017 17 September 2017 As above, with the 25th anniversary of neutrality logo Rukhyet Palace, Ashgabat 2020 12 December 2020 50 manat144 × 72 mm Green Emblem of Turkmenistan, Gorgut Ata Türkmen Assembly of Turkmenistan building, AshgabatGorgut Ata Türkmen, crescent moon and five stars from the flag, denomination 1 January 2009 As above, with the 2017 Asian Indoor and Martial Arts Games logo Indoor Athletics Arena, Ashgabat 2017 17 September 2017 As above, with the 25th anniversary of neutrality logo Assembly of Turkmenistan building, Ashgabat 2020 12 December 2020 100 manat150 × 75 mm Blue Emblem of Turkmenistan, Oguz Khan Türkmen Oguzhan Presidential Palace, AshgabatOguz Khan Türkmen, crescent moon and five stars from the flag, denomination 1 January 2009 As above, with the 2017 Asian Indoor and Martial Arts Games logo Olympic Stadium, Ashgabat 2017 17 September 2017 As above, with the 25th anniversary of neutrality logo Oguzhan Presidential Palace, Ashgabat 2020 12 December 2020 200 manat 150 × 75 mm Olive Green Emblem of Turkmenistan, Map of Turkmenistan, Arkadag Monument, 30th anniversary of neutrality logo Arkadag City Administration building Arkadag Monument, moon and five stars from the national flag 2025 1 December 2025 500 manat 156 × 78 mm Orange Emblem of Turkmenistan, Saparmurat Niyazov Türkmenbaşy Ruhy Mosque, Gypjak Saparmurat Niyazov, crescent moon and five stars from the flag, denomination 2009Never issued
Exchange rates The exchange rate is fixed.
Before Apr 2009: US$1 = 1.04 manat Apr 2009 - Jan 2015: US$1 = 2.85 manats Jan 2015 onwards: US$1 = 3.5 manats
A black market for exchange rate exists as cash exchanges are forbidden by law in Turkmenistan. The parallel exchange rate varied between 40–41m per U.S. dollar .
See also Economy of Turkmenistan Azerbaijani manat
Notes
References
External links Currency samples — images of the new 2025 polymer Manat New currency samples - images of the new 2009 Manat