The currency in Turkmenistan is the manat. The ISO code of the Manat is TMT. The manat is abbreviated with m. 1 manat is divided into 100 teňňes, which stands for “Türkmenistanyň Teňňesi”. The exchange rate of the manat in US dollars is fixed and has a ratio of 1 US dollar to 2.85 manat.
The current coins in circulation have the following denominations: 1, 2, 5, 10, 20, 50 Teňňe; 1 and 2 manat. Banknotes are in circulation in denominations of 1, 5, 10, 20, 50, 100 and 500 manat.
The new banknotes show the portraits of President Gurbanguly Berdimuhamedov, prominent Turkmens, outstanding historical figures of the country and views of famous national buildings.
History of the currency of Turkmenistan
Until November 1, 1993, the Soviet ruble was the currency in Turkmenistan. That year, however, the Turkmen government officially introduced the manat, which replaced the ruble as currency. Until 2009, the “old manat” with the ISO code “TMM” was the valid currency in Turkmenistan.
Since the inflation rate in the country was very high (it was around 11 percent in 2006) and the devaluation of the manat was therefore very rapid, the government introduced the “new manat”. 1 “new manat” corresponded to 5,000 “old manats”. The “new manat” was ultimately able to stabilize the Turkmen currency.
On January 1st, 2009 the “new Manat” with the ISO-4217 code “TMT” was officially introduced. The old manat and the new manat remained in circulation on an equal footing until 2010. Until 2010, the Turkmen banks exchanged the old manat for the new manat. Since then, the new manat has been the valid means of payment in Turkmenistan.
Exchange into the Turkmen currency
The unofficial second currency in Turkmenistan is the US dollar. Sometimes you have to pay in foreign currency (US dollars or euros). ATMs are not available in Turkmenistan.
International credit cards (American Express etc.) are not accepted, with the exception of VISA and MasterCard. Travelers checks can be exchanged at some banks, but not all.
Any foreign currency may be imported in unlimited amounts. The export of foreign currencies is permitted up to the amount of the previously declared import. The declaration obligation exists in principle. The import or export of the national currency manat is not permitted.
It is recommended that you carry US dollars or euros in small denominations. Exchanges should be made in Turkmenistan, at banks and exchange offices, with the receipts kept.
The exchange with private money changers is much cheaper, but officially prohibited (exceptions are the airport or international hotels).