Turkmenistan manat
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| Turkmenistan manat | |
|---|---|
 | |
| Name | Manat |
| Iso code | TMT |
| Iso numeric | 934 |
| Subunit name | Tenge |
| Subunit ratio | 100 |
| Issued by | Central Bank of Turkmenistan |
| Introduced | 1993 (first), 2009 (second) |
Turkmenistan manat
The Turkmenistan manat is the national legal tender introduced after Soviet Union dissolution and restructured following national reforms led by Saparmurat Niyazov and later administrations including Gurbanguly Berdimuhamedow and Serdar Berdimuhamedow. It functions within the financial framework of institutions such as the Central Bank of Turkmenistan, interacts with regional markets like Gazprom-related energy trade and participates in monetary arrangements affected by relations with Russia, China, and Iran. The currency’s evolution reflects policy decisions influenced by events including the 1991 Soviet coup d'état attempt, the Turkmenistan independence referendum, 1991, and global commodity price shifts.
History
The first manat, introduced in 1993 under President Saparmurat Niyazov, replaced the Soviet ruble amid post-Soviet transition managed by the Ministry of Finance of Turkmenistan and advisers with ties to Institute of Economics experts and former State Bank of the USSR personnel. The 2009 redenomination, enacted through decrees of the Mejlis (Turkmenistan) and executive orders from the presidency, created the second manat (ISO code ISO 4217) and removed zeros to stabilize prices amid inflation episodes linked to hydrocarbon export cycles, negotiations with Statoil (Equinor), and shifts in exports to Turkey and Ukraine. Monetary episodes were shaped by policy responses to crises such as the 2008 global financial crisis and oil-price volatility impacting contracts with Turkmenneft partners and Turkmenistan–Afghanistan–Pakistan–India Pipeline planning.
Design and denominations
Banknotes and coins display iconography referencing national figures and infrastructure, including portraits associated with presidents like Saparmurat Niyazov and monuments such as the Independence Monument (Ashgabat), alongside depictions of landmarks: Arch of Neutrality, Ashgabat Olympic Complex, and cultural sites like Türkmenbaşy Ruhy Mosque. Denominations of the second series include banknotes in values such as 1, 5, 10, 20, 50, 100, and 500 (with coins and subunits for everyday transactions), while commemorative issues add non-standard values issued by the Central Bank of Turkmenistan. Designs involve contributions from national artists tied to the Ministry of Culture of Turkmenistan and printers collaborating with foreign firms experienced by projects involving Goznak and other security printers.
Monetary policy and issuing authority
The Central Bank of Turkmenistan holds exclusive issuing authority, implementing policies coordinated with fiscal actors like the Ministry of Finance of Turkmenistan and state-owned enterprises such as Turkmengas and Turkmennebit. Policy instruments have included managed float, administrative exchange-rate controls, and banking regulations enforced on institutions such as Türkmenistan Bank. Decisions have been influenced by international consultations with institutions like the International Monetary Fund and engagement with multilateral partners including Asian Development Bank and Eurasian Development Bank on financial-sector reforms. Legislative oversight derives from statutes passed by the Mejlis (Turkmenistan) shaping central-bank independence and reserve management.
Exchange rate and convertibility
Exchange-rate regimes have varied between fixed pegs, dual-rate systems, and managed float arrangements, affected by bilateral trade with Russia, China, Iran, Turkey, and states in the European Union. Convertibility has been constrained by capital controls and foreign-exchange regulations administered by the Central Bank of Turkmenistan, impacting remittances involving diasporas in Kazakhstan, Uzbekistan, and Russia. Market access episodes include negotiations for clearing and settlement with banks such as VTB and Sberbank of Russia as well as participation in regional payment systems collaborating with SWIFT counterparts and alternative mechanisms explored during sanctions and trade disruptions.
Circulation and security features
Banknotes incorporate modern security measures—watermarks, security threads, microprinting, intaglio printing, and UV inks—produced in coordination with international security printers and validated by experts from firms once engaged by Goznak or European security houses. Circulation dynamics reflect urban demand in hubs such as Ashgabat, Turkmenabat, Mary, Turkmenistan, and border commerce zones near Iran–Turkmenistan border crossings. Cash usage predominates in retail and services, with electronic payments expanding via state-led initiatives partnering with domestic banks and international card schemes like Visa and Mastercard where network integration permits.
Commemorative and special issues
The Central Bank has issued commemorative banknotes and coins marking anniversaries of events such as independence celebrations tied to Neutrality Day (Turkmenistan), national leaders’ birthdays, and cultural commemorations involving entities like the Ahalteke horse breeding programs and sporting events at the Ashgabat Olympic Complex. Special issues honor diplomatic milestones with countries including Azerbaijan, Kazakhstan, and Turkey and have been distributed as collector’s items internationally through numismatic channels and exhibitions held by institutions like national museums and cultural ministries.
Economic and social impact
The currency’s stability influences public procurement led by state ministries, wage payments to civil servants, and pricing in sectors dominated by state-owned companies such as Turkmengas and Turkmennebit. Fluctuations affect household purchasing power in urban and rural areas, energy export revenues, and investment climate perceptions among foreign investors including firms from China National Petroleum Corporation, Petronas, and European energy companies. Social effects include impacts on migration patterns toward Russia and Turkey for labor, remittance flows, and fiscal policy choices in response to socio-economic objectives pursued by successive administrations.