Currency Rates for Turkmenistani Manat
Currency Exchange Rates for Turkmenistani Manat - Currency Information on TMT– Turkmenistan – T. The foreign exchange currency code for TMT represents the Turkmenistani Manat exchange rate.
Send Money Transfer to Turkmenistan. Coins in circulation are found in denominations of 1, 2, 5, 10, 20 and 50 tenge, and 1 and 2 manat. Banknotes are found in denominations of 1, 5, 10, 20, 50, 100 and 500 manat. Subdivided into 100 tenge, the manat was introduced in 2009, replacing the old manat at a ratio of 5,000 old manat to 1 new manat.
Turkmenistani Manat, the current official currency of Turkmenistan, is a means of exchange introduced in 1993 as a replacement to the Russian ruble. The currency made the replacement at a rate of 1 manat for 500 rubles. It was assigned an ISO 4217 code of TMM once launched, but this was changed in 2009 and it was assigned TMT. It exists in subdivisions of 100 tenge. Locally, you will also find people who use the abbreviation m for the currency and this is also legally accepted in the country.
The etymology of the Turkmenistani Manat borrows from the Russian language. Manat is a word that was derived from moneta, a Russian word that means coin. This was also the term used to refer to the Soviet ruble in Turkmens and Azeri.
Introduction of coins
Coins first made their way into the currency in 1993 and they came in denominations of 1, 5, 10, 20 as well as 50 tenge. The material used on the 1, 5 and 10 coins included steel plated with coppers while the rest of the denominations were made from steel plated with nickel. Owing to rising inflation, in 1999, the government introduced the 500 and 1,000 manat coins and these coins had the picture of the president. A monetary reform was embraced in 2009 leading to the introduction of new coins including 1 and 2 tenge. The work of minting these coins was done by the Royal Mint.
Banknotes for the Turkmenistani Manat came in a large number of denominations starting from 1 to 500 manat during the introduction of the currency in 1993. In 1995, 1,000 manat notes were introduced and a year later 5,000 and 10,000 notes would follow. In 2005, the government came up with a new series of banknotes and this was supposed to replace the first series, but this would not proceed due to previous issue of notes. After a massive inflation brought the value of the Turkmenistani Manat down, a solution was crafted and this included the introduction of a new notes series with a fixed exchange rate.
GBP to TMT
The word ‘manat’ has been used for many currencies, including the Soviet ruble in Azeri and Turkmen. The word is sourced from the Russian word ‘moneta’ which means ‘money’. Bank Exchange Rates for Turkmenistan. The foreign exchange rates for Turkmenistan manat also known as the ISO code TMT. Send money transfer online with us with the cheapest options.