Turkmenistan Manat (TMT)

What Is the Turkmenistan Manat (TMT)?

The manat (TMT) is the national currency of Turkmenistan. It was presented in January 2009, supplanting the previous generation of manat at a 5,000-to-1 ratio.

The official exchange rate is set at 3.5 TMT to the U.S. dollar. Notwithstanding, as of January 2021, one U.S. dollar bought 32 manat on the black market, as indicated by reports.

Grasping the Turkmenistan Manat (TMT)

Turkmenistan has gone through two huge changes to its national currency since the 1990s. The first happened in 1991, when the Soviet Union broke into 15 separate countries. In November 1993, Turkmenistan replaced the Russian ruble with another national currency. Different countries that dumped the ruble for their own currency included Armenia, Kazakhstan, Uzbekistan and Azerbaijan.

Inflation forced the Turkmenistan to redenominate its currency on January 1, 2009. Old manat was replaced with new manat at a 5,000-to-1 ratio. The official exchange rate was set at 2.85 TMT to the U.S. dollar.

TMT banknotes course in denominations of 1, 5, 10, 20, 50 and 100 manat and feature portraits of people huge in Turkmenistan's history. Coins in circulation incorporate 1 and 2 manat pieces. Each manat can be partitioned into 100 teňňe. Smaller denomination coins incorporate 1, 2, 5, 10, 20, and 50 teňňe pieces.

True Example of the TMT

Turkmenistan is generally the size of California however is inadequately possessed. The government reports a population of 6,000,000 individuals, nonetheless, a few evaluations put the figure more like 4,000,000. The economy is centered to a great extent around natural resources like natural gas and oil. Turkmenistan had $40.76 billion in gross domestic product in 2018, compared with $38 billion out of 2017. Exports in 2019 were estimated at $10.3 billion.

Turkmenistan's biggest trade partners incorporate Russia, Italy, Iran, Turkey and the Ukraine. Its biggest exports are natural gas, oil and cotton.

Turkmenistan's economy is centrally managed. The official exchange rate is set at 3.5 TMT to the U.S. dollar. This rate has been in place since January 1, 2015. The official exchange rate was set at 2.85 TMT to the U.S. dollar somewhere in the range of 2009 and 2014, until the central bank degraded the currency by 19 percent.

Notwithstanding, changing over manat into dollars can be troublesome due to limits on foreign exchange, and rates accessible in the black market are undeniably more alluring. The black market exchange rate was 18 TMT to the greenback in 2019, and debilitated further to 25 TMT to the dollar in 2020. In January 2021, the Turkmen service of Radio Free Europe/Radio Liberty reported that one U.S. dollar bought 32 manat on the black market, compared with 27-28 manat seven days sooner.

Features

• Turkmenistan redenominated its currency in January 2009 at a rate of 5,000-to-1.
• Nonetheless, the black market exchange rate was 18 TMT to the greenback in 2019, and debilitated further to 25 TMT to the dollar in 2020.
• The manat is the national currency of Turkmenistan. Starting around 2015, the official exchange rate is set at 3.5 TMT to the U.S. dollar.
• Turkmenistan previously involved the Russian rubble and adopted its own currency in November 2003, following the disintegration of the Soviet Union.