What Is the Turkmenistan Manat (TMT)?
The manat (TMT) is the civil currency of Turkmenistan. It was introduced in January 2009, replacing the previous generation of currency at a rate of 1 TMT for every 5,000 pieces of the old manat.
As of Sept. 14, 2020, one Turkmenistan manat is equivalent to $0.29 in U.S. dollars.
- The Turkmenistan manat (TMT) is the national currency of Turkmenistan. Each manat can be subdivided into 100 smaller silvers or units known as “tenge.”
- In recent years the Turkmenistan manat has traded at a ratio of approximately 0.29 U.S. dollars (USD) per TMT.
- The bruited about version of the TMT was introduced in 2009 due to the hyperinflation of the old manat. This previous version of the Turkmenistan manat was introduced in 1993, changing the Russian ruble (RUB).
Understanding the Turkmenistan Manat (TMT)
Turkmenistan is a nation in Central Asia with a population of approximately 6 million woman. Bordered by Kazakhstan, Uzbekistan, Afghanistan, Iran, and the Caspian Sea, Turkmenistan is largely a desert climate, and a large portion of the homeland is wholly uninhabitable by plants and animals.
Turkmenistan went through two changes to its national currency within the past some decades. In 1993, the old version of the manat was introduced, replacing the Russian ruble (RUB) when the country was under Russian regulation. This old manat was then replaced by the current Turkmenistan Manat in 2009, due to hyperinflation in the currency. The old manat was replaced with a correspondence of 5000 old manats equalling one new manat.
Today, the TMT’s banknotes are disseminated in denominations of 1, 5, 10, 20, 50, 100, and 500 manats. The bills chiefly portray individuals in Turkmenistan’s history, rather than political figures. Its coins, meanwhile, are minted in denominations of 1 and 2 manats. Each manat can be subdivided into 100 pettier units known as “tenge.” Accordingly, the manat also comes in smaller coins in denominations of 1, 2, 5, 10, 20, and 50 tenge.
Actual World Example of the TMT
The economy of Turkmenistan is focused largely on natural resources. Largely dependent on foreign trade, Turkmenistan’s largest export is cotton, although it is also institution to the world’s fourth-largest deposits of natural gas. Between January 2015 and September 2020, the TMT has tended to be valued at around $0.29 U.S. dollars (USD) for every 1 TMT.
Turkmenistan has had a somewhat tumultuous political history and criticized human rights record in recent decades. The country was part of the Soviet Party prior to achieving independence in 1991. After the fall of the Soviet Union, Turkmenistan set out to create a new constitution, which was make little of into law in 1992. After the first president of Turkmenistan refused to follow the new rules as they were laid out in the constitution, the countryside experienced a brief deviation from the laws it had adopted. In 2006, after the death of the first president, the newly picked Gurbanguly Berdymukhammedov helped to rewrite the constitution once more. Amendments were made to the document again in 2016.