Friday, April 19, 2024

Turkmenistan Manat (TMT)

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 managing the national currency, as well as executing and supervising national monetary policy.

History of Manat in Turkmenistan

The Turkmenistan Manat was introduced on November 1, 1993, replacing the Soviet ruble at an exchange rate of 1 manat to 500 rubles.

The currency was revalued on January 1, 2009 at an exchange rate of 5,000 old manat to 1 new manat. This change is intended to simplify the monetary system and increase its stability.

Denominations and Breakdowns

The

Turkmenistan Manat is subdivided into 100 smaller units called Tenge.

Coins are available in denominations of 1, 2, 5, 10, 20 and 50 tenge, as well as 1 and 2 manats.

Banknotes are available in denominations of 1, 5, 10, 20, 50, 100 and 500 manats.

The designs on Turkmenistan’s manat coins and banknotes often reflect the country’s history, cultural heritage and national symbols.

For example, the portrait of Turkmenistan’s first president Saparmurat Niyazov appears on some banknotes, as well as various architectural and historical landmarks.

Exchange rate and economy

Turkmenistan operates a mixed economy that focuses on natural resources, mainly natural gas and oil.

The exchange rate of the Turkmenistan Manat is affected by various factors such as global economic conditions, the overall performance of the national economy, and the monetary policy implemented by the Central Bank of Turkmenistan.

It should be noted that the Turkmenistan Manat is not a freely convertible currency and the government implements strict foreign exchange controls.

This means travelers and investors may have difficulty exchanging currency outside Turkmenistan, and official exchange rates may not reflect the true market value of the currency.

Summary

The Turkmenistan Manat is the official currency of Turkmenistan and is administered by the Central Bank of Turkmenistan.

The currency was introduced in 1993, replacing the Soviet ruble, and was revalued in 2009 to simplify the monetary system.

The manat is subdivided into 100 tenge and coins and banknotes of various denominations are issued. The graphics on the currency reflect the country’s history and cultural heritage.

The exchange rate of the Turkmenistan Manat is affected by external factors and the overall performance of the national economy, but it should be noted that the currency is not freely convertible and strict exchange controls are implemented.

If you want to learn more foreign exchange trading knowledge, please click: Trading Education.

Read more

Local News