The manat (Turkmen: manat; sign: m; code: TMT) is the currency of Turkmenistan. The original manat was introduced on 1 November 1993, replacing the rouble at a rate of 1m = 500 Rbls.[failed verification] The manat is subdivided into 100 tenge (Turkmen: teňňe).
Due to heavy inflation a new manat was introduced on the 1st of January 2009 at the rate of 5,000 old manat to 1 new manat.
TMT Coins
In 1993, coins were introduced in denominations of 1t, 5t, 10t, 20t and 50t. The 1t, 5t and 10t 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 500m and 1,000m were introduced in 1999. All coins of this period had to depict a picture of the president by law.
During the monetary reform of 2009, new coins of 1t, 2t, 5t, 10t, 20t and 50t were issued with bimetallic 1m and 2m following in 2010. The 1t, 2t, and 5t are nickel-plated steel while the 10t, 20t, and 50t are made of 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.
TMT Banknotes
In 1993, manat notes were introduced in denominations of 1m, 5m, 10m, 20m, 50m, 100m and 500m, replacing the Soviet ruble. These were followed by notes for 1,000m in 1995 and 5,000m and 10,000m in 1996. In 2005, a new series of notes was introduced in denominations of 50m, 100m, 500m, 1,000m, 5,000m and 10,000m. All notes, with exception to only the 1m and 5m banknotes bear a portrait of former president Saparmurat Niyazov. All Turkmen banknotes are produced by the De La Rue printing and banknote company.
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 50m, 100m, 500m, 1,000m, 5,000m and 10,000m. Two new coins were also introduced in only two denominations, 500m and 1,000m. Both the first and second issue manat banknotes circulated in tandem until the issue of the Second manat (revalued) issue in 2009.
After hyperinflation significantly devalued the currency, a new manat with a fixed exchange rate was introduced, replacing the old manat on a ratio of 5,000Om = 1Nm. Banknotes in this series were printed in denominations of 1Nm, 5Nm, 10Nm, 20Nm, 50Nm, 100Nm, and 500Nm. As part of an effort by the Turkmen government to dismantle the Niyazov cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500m, bears a portrait of the former leader. The 500m notes have 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.