# Turkmen manat

The manat (Turkmen: manat; abbreviation: m; code: TMT) is the currency of Turkmenistan. The original manat was introduced on 1 November 1993, replacing the rouble at a rate of 1 manat = Rbls 500. The manat is subdivided into 100 tenge (Turkmen: teňňe).
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 (Turkmen: манат) 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 | Image | Value | Diameter (millimeters) | Composition | Description | Description | Date of issue |
| Obverse | Reverse | Value | Diameter (millimeters) | Composition | Obverse | Reverse | Date of issue |
| | | 1 tenge | 16 mm | Copper-plated steel | Saparmurat Niyazov | Value in center of flower-like design within circle | 1993 |
| | | 5 tenge | 19.5 mm | Copper-plated steel | Saparmurat Niyazov | Value in center of flower-like design within circle | 1993 |
| | | 10 tenge | 22.5 mm | Copper-plated steel | Saparmurat Niyazov | Value in center of flower-like design within circle | 1993 |
| | | 20 tenge | 20.9 mm | Nickel-plated steel | Saparmurat Niyazov | Value in center of flower-like design within circle | 1993 |
| | | 50 tenge | 24 mm | Nickel-plated steel | Saparmurat Niyazov | Value above Cornucopia with a goat head | 1993 |
| | | 500 manats | 20.9 mm | Nickel-clad steel | Saparmurat Niyazov | Denomination, date below | 1999 |
| | | 1,000 manats | 24 mm | Nickel-clad steel | Saparmurat Niyazov | Denomination, date below | 1999 |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. ||||||||
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 are nickel-plated steel while the 10, 20, and 50 tenge 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 | Image | Value | Diameter (millimeters) | Composition | Description | Description | Date of issue |
| Reverse | Obverse | Value | Diameter (millimeters) | Composition | Reverse | Obverse | Date of issue |
| | | 1 tenge | 16 mm | Nickel-plated steel | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 2 tenge | 18 mm | Nickel-plated steel | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 5 tenge | 20 mm | Nickel-plated steel | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 10 tenge | 22 mm | Brass | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 20 tenge | 24 mm | Brass | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 50 tenge | 26 mm | Brass | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2009 |
| | | 1 manat | 27 mm | Bimetallic: copper-nickel center in brass ring | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2010 |
| | | 2 manats | 28 mm | Bimetallic: brass center in copper-nickel ring | Monument of Independence superimposed on the map of Turkmenistan, the text Turkmen: Garaşsyz Bitarap Türkmenistan, meaning "Independent Neutral Turkmenistan" | Denomination and date | 2010 |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. ||||||||

## Banknotes
### First manat (TMM, 1993—2009)

In 1993, manat notes were introduced in denominations of 1, 5, 10, 20, 50, 100, and 500 manats, replacing the Soviet rouble. These were followed by notes for 1,000 manats in 1995 and 5,000 and 10,000 manats in 1996. In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1,000, 5,000, and 10,000 manats. 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 | Image | Value | Dimensions (millimeters) | Main Color | Description | Description | Date of issue | Date of first issue | Watermark |
| Obverse | Reverse | Value | Dimensions (millimeters) | Main Color | Obverse | Reverse | Date of issue | Date of first issue | Watermark |
| | | 1 manat | 120 × 60 mm | Orange and red | Ylymlar academy, Aşgabat | Ilarslanyn Ýadygarligi mausoleum | 1993 | | |
| | | 5 manats | 125 × 62.5 mm | Blue | Bazçylyk Okuw Polytechnic Institute, Aşgabat | Abu Seýidiň mausoleum | 1993 | | |
| | | 10 manats | 133 × 66 mm | Brown | Turkmenistan Relationship building (Aşgabat), President Saparmurat Niyazov (1940–2006) | Tekesiň mausoleum | 1993 | | |
| | | 20 manats | 139 × 69 mm | Blue and white | National library (Aşgabat), President Saparmurat Niyazov | Astanababa mausoleum | 1993 1995 | | |
| | | 50 manats | 144 × 72 mm | Orange and brown | Soviet Honor monument, President Saparmurat Niyazov | Anew mosque | 1993 1995 | | |
| | | 100 manats | 150 × 75 mm | Blue and orange | Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov | Sultan Sanjariň mausoleum | 1993 1995 | | |
| | | 500 manats | 156 × 78 mm | Red and violet | National theatre (Aşgabat), President Saparmurat Niyazov | Törebeg Hanymyň mausoleum | 1993 1995 | | |
| | | 1,000 manats | 156 × 78 mm | Green and red | Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov | National emblem of Turkmenistan | 1995 | | |
| | | 5,000 manats | 156 × 78 mm | Violet | Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov | National emblem of Turkmenistan | 1996 | | |
| | | 10,000 manats | 156 × 78 mm | Blue and brown | Prezident Köşgi (President's Palace, Aşgabat), President Saparmurat Niyazov | National emblem of Turkmenistan | 1996 1999 2000 | | |
| | | 10,000 manats | 156 × 78 mm | Blue and brown | Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşgabat), President Saparmurat Niyazov | Saparmurat Haji mosque | 1998 1999 | | |
| | | 10,000 manats | 156 × 78 mm | Blue and brown | Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşgabat), President Saparmurat Niyazov | Neutrality Monument, Ruhyýet Palace, Aşgabat | 2000 | | |
| | | 10,000 manats | 156 × 78 mm | Light brown | Türkmenbaşi Köşgi (Turkmenbashi's Palace, Aşgabat), President Saparmurat Niyazov | Monument of Independence and Peace, Aşgabat | 2003 2005 | | |

### 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 issue :
| Image | Image | Value | Dimensions | Main colour | Main colour | Description | Description | Description | Date of | Date of | Date of | Ref. |
| Obverse | Reverse | Value | Dimensions | Main colour | Main colour | Obverse | Reverse | Watermark | printing | issue | withdrawal | Ref. |
| | | 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 | Emblem of Turkmenistan, Saparmurat Niyazov | Central Bank building, Ashgabat | Saparmurat Niyazov and his signature | 2005 | c. 2005 | 31 December 2010 | |
| | | 500 manat | 156 × 78 mm | | Brown | Emblem of Turkmenistan, Saparmurat Niyazov | Turkmen jewellery | Saparmurat Niyazov and his signature | 2005 | c. 2005 | 31 December 2010 | |
| | | 1,000 manat | 156 × 78 mm | | Green | Emblem of Turkmenistan, Saparmurat Niyazov | Oguzhan Presidential Palace, Aşgabat | Saparmurat Niyazov and his signature | 2005 | c. 2005 | 31 December 2010 | |
| | | 5,000 manat | 156 × 78 mm | | Blue | Emblem of Turkmenistan, Saparmurat Niyazov | Oguzhan Presidential Palace, Aşgabat | Saparmurat Niyazov and his signature | 2005 | c. 2005 | 31 December 2010 | |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |||||||||||||

### Second manat

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.
Banknotes of the second manat :
| Image | Image | Value | Dimensions | Main colour | Main colour | Description | Description | Description | Date of | Date of | Date of | Ref. |
| Obverse | Reverse | Value | Dimensions | Main colour | Main colour | Obverse | Reverse | Watermark | printing | issue | withdrawal | Ref. |
| | | 1 manat | 120 × 60 mm | | Green and orange | Emblem of Turkmenistan, Togrul Beg Türkmen | Turkmenistan Cultural Centre, Ashgabat | Togrul Beg Türkmen, crescent moon and five stars from the flag, denomination | 200920122014 | 1 January 2009 | Current | |
| | | 1 manat | 120 × 60 mm | | Green and orange | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Ashgabat International Airport, TurkmenSat 1 | Togrul Beg Türkmen, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 1 manat | 120 × 60 mm | | Green and orange | Same as above, with the 25th anniversary of neutrality logo | Turkmenbashi International Seaport, TurkmenSat 1 | Togrul Beg Türkmen, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 5 manat | 126 × 63 mm | | Brown | Emblem of Turkmenistan, Soltan Sanjar Türkmen | Independence and Neutrality Monuments, Ashgabat | Soltan Sanjar Türkmen, crescent moon and five stars from the flag, denomination | 20092012 | 1 January 2009 | Current | |
| | | 5 manat | 126 × 63 mm | | Brown | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Ashgabat Velodrome | Soltan Sanjar Türkmen, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 5 manat | 126 × 63 mm | | Brown | Same as above, with the 25th anniversary of neutrality logo | Independence and Neutrality Monuments, Ashgabat | Soltan Sanjar Türkmen, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 10 manat | 132 × 66 mm | | Red | Emblem of Turkmenistan, Magtymguly Pyragy | Central Bank building, Ashgabat | Magtymguly Pyragy, crescent moon and five stars from the flag, denomination | 20092012 | 1 January 2009 | Current | |
| | | 10 manat | 132 × 66 mm | | Red | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Martial Arts Arena, Ashgabat | Magtymguly Pyragy, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 10 manat | 132 × 66 mm | | Red | Same as above, with the 25th anniversary of neutrality logo | Central Bank building, Ashgabat | Magtymguly Pyragy, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 20 manat | 138 × 69 mm | | Purple | Emblem of Turkmenistan, Görogly Beg Türkmen | Rukhyet Palace, Ashgabat | Görogly Beg Türkmen, crescent moon and five stars from the flag, denomination | 20092012 | 1 January 2009 | Current | |
| | | 20 manat | 138 × 69 mm | | Purple | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Main Indoor Arena, Ashgabat | Görogly Beg Türkmen, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 20 manat | 138 × 69 mm | | Purple | Same as above, with the 25th anniversary of neutrality logo | Rukhyet Palace, Ashgabat | Görogly Beg Türkmen, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 50 manat | 144 × 72 mm | | Green | Emblem of Turkmenistan, Gorgut Ata Türkmen | Assembly of Turkmenistan building, Ashgabat | Gorgut Ata Türkmen, crescent moon and five stars from the flag, denomination | 20092014 | 1 January 2009 | Current | |
| | | 50 manat | 144 × 72 mm | | Green | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Indoor Athletics Arena, Ashgabat | Gorgut Ata Türkmen, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 50 manat | 144 × 72 mm | | Green | Same as above, with the 25th anniversary of neutrality logo | Assembly of Turkmenistan building, Ashgabat | Gorgut Ata Türkmen, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 100 manat | 150 × 75 mm | | Blue | Emblem of Turkmenistan, Oguz Khan Türkmen | Oguzhan Presidential Palace, Ashgabat | Oguz Khan Türkmen, crescent moon and five stars from the flag, denomination | 20092014 | 1 January 2009 | Current | |
| | | 100 manat | 150 × 75 mm | | Blue | Same as above, with the 2017 Asian Indoor and Martial Arts Games logo | Olympic Stadium, Ashgabat | Oguz Khan Türkmen, crescent moon and five stars from the flag, denomination | 2017 | 17 September 2017 | Current | |
| | | 100 manat | 150 × 75 mm | | Blue | Same as above, with the 25th anniversary of neutrality logo | Oguzhan Presidential Palace, Ashgabat | Oguz Khan Türkmen, crescent moon and five stars from the flag, denomination | 2020 | 12 December 2020 | Current | |
| | | 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 | 2009 | Never issued | Never issued | |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |||||||||||||

### Exchange rates

* 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 as of 10 April 2021.