Turkmenistan Manat (TMT)
Tue, Apr 15The Turkmenistan Manat (TMT) serves as the official currency of Turkmenistan, a nation situated in Central Asia. The currency code for the Turkmenistan Manat is TMT, and its symbol is either T or m. The Central Bank of Turkmenistan is tasked with issuing and regulating the currency, as well as executing and supervising the country's monetary policy.
The Turkmenistan Manat was launched on November 1, 1993, replacing the Soviet Ruble at a conversion rate of 1 Manat for 500 Rubles. On January 1, 2009, the currency underwent a revaluation, changing from 5,000 old Manat to 1 new Manat. This adjustment aimed to streamline the currency system and enhance its stability.
The Turkmenistan Manat is divided into 100 smaller units known as tenge. Coins are available in denominations of 1, 2, 5, 10, 20, and 50 tenge, as well as 1 and 2 manat. Banknotes can be found in denominations of 1, 5, 10, 20, 50, 100, and 500 manat. The designs on the coins and banknotes of the Turkmenistan Manat often showcase the country’s history, cultural heritage, and national symbols. For instance, some banknotes feature the portrait of Saparmurat Niyazov, the first President of Turkmenistan, along with various architectural and historical landmarks.
Turkmenistan operates a mixed economy, primarily centered around natural resources, especially natural gas and oil. The exchange rate of the Turkmenistan Manat is affected by several factors, including global economic conditions, the overall performance of the national economy, and the monetary policies enacted by the Central Bank of Turkmenistan. It is crucial to understand that the Turkmenistan Manat is not a freely convertible currency, and the government imposes strict exchange controls. Consequently, travelers and investors may encounter challenges when attempting to exchange the currency outside of Turkmenistan, and the official exchange rate may not accurately represent the currency’s true market value.
The Turkmenistan Manat is the official currency of Turkmenistan, overseen by the Central Bank of Turkmenistan. Introduced in 1993 to replace the Soviet Ruble, the currency was revalued in 2009 to simplify the currency system. The manat is divided into 100 tenge, with coins and banknotes issued in various denominations. The designs on the currency reflect the nation’s history and cultural heritage. The exchange rate of the Turkmenistan Manat is influenced by external factors and the overall performance of the national economy, but it is important to note that the currency is not freely convertible, and strict exchange controls are in place.
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