The monetary unit 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 exchanged at the rate of five hundred to one. In January 2009, the state government decided to denominate money. The reason for this was strong inflation. As a result, over the course of two years, the country exchanged 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 with a face value of 1, 2 and 5 tenge (made of nickel or steel), 10, 20, 50 tenge (made of brass), as well as 1 and 2 manat (made of an alloy of brass, copper and nickel ) On the obverse of those of them that were released before 2005, was a portrait of Saparmurat Niyazov - the so-called life president of the country. The same applies to banknotes, with the exception of one and five manats. The currency of Turkmenistan of a new type is distinguished by the fact that on its obverse against the background of the image of the state’s borders is the Monument of Independence. It should be noted that the coins are minted by the British Royal Mint.
Like many other states, Turkmenistan occasionally issues coins dedicated to one or another commemorative or anniversary date. In particular, the last time this happened in 2012. Then the country presided over the Commonwealth of Independent States. In this regard, silver and gold coins were issued, the dignity of which amounted to 20 and 50 manat.
Turkmenistan paper money
On the modern banknotes that make up the currency of Turkmenistan, there are images of various representatives of the country who have made a tangible contribution to its development, as well as architectural attractions. In particular, on the obverse of the one manat note there is a portrait of the ruler of Togrul, and on the reverse - the National Culture Center. On the "five" on one side is Ahmad Sanjar (Sultan), and on the other - the Arch of Neutrality. You can see the poet Makhtumkuli on the front of ten manats, and the Turkmen Central Bank on the back. The Twenty is distinguished by the image of the epic hero Gorogly and the Ruhiyet Palace. Fifty manats depict Gorkut Ata on the obverse and the Turkmen Majlis on the reverse. The “Hundred” in the front is decorated with a portrait of the ancestor of the whole local people of Oguz Khan and the presidential palace. The largest bill, which the currency of Turkmenistan can boast, has a dignity of 500 manat. A portrait of someone other than Saparmurat Niyazov simply could not be placed on her obverse. On the reverse is an image of the Turkmenbashi Ruha mosque.
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, is often significantly different from what exists on the market. This can be explained by the fact that after gaining its independence in 1991, the state chose a path for itself according to the personality cult of its long-term ruler, Saparmurat Niyazov. Despite the fact that more than seven years have passed since the day of his death, Turkmenistan remains a fairly closed country. The main source of income here is natural gas, world prices for which directly affect the local currency rate.