Turkmenistani Manat - TMT

Overview

The Turkmenistani Manat is the currency of Turkmenistan, managed by the Central Bank of Turkmenistan. The economy is heavily dependent on natural gas exports and the currency faces challenges due to limited convertibility.

Economy

Turkmenistan is a member of CIS, ECO, OIC, OSCE.
Main industries include: Natural gas, Oil, Petroleum products, Textiles, Food processing.
Turkmenistan is part of the World Trade Organization.
Imports are machinery, equipment, chemicals, foodstuffs.
Major exports include gas, crude oil, petrochemicals, textiles, cotton fiber.
GDP: $57.1 billion (2023 est.).
GDP per capita: $9,183 (2023 est.).
Unemployment rate: 8.6% (2004 est.).
Inflation rate: 13% (2017 est.).
Main trading partners: China, Turkey, Russia, Afghanistan, Iran, Kazakhstan.
Trade agreements: Limited international agreements, Bilateral energy deals.

History

Previous currencies used: Old Turkmen manat, Soviet ruble, Russian ruble.
The current manat was introduced in 2009, replacing the old manat at 5000:1. The original manat was introduced in 1993 after independence.
1993: First manat introduced, replacing Soviet ruble
2009: New manat (TMT) introduced (5000:1 redenomination)
2015: Currency devaluation amid economic pressures
2019: Multiple exchange rate system implemented
2020: COVID-19 and energy market impacts
Exchange rate peg: USD (de jure), multiple rates in practice.
Currently pegged to USD (officially), limited convertibility at 3.50 (official), multiple exchange rates exist.

General Information

ISO 4217 Code: TMT
Symbols: TMT/m
Currency Subunits: 100 tenge
Central Bank: Central Bank of Turkmenistan
Monetary Policy: Fixed exchange rate system with limited convertibility. Multiple exchange rate regime in practice.
Bills: 1 TMT, 5 TMT, 10 TMT, 20 TMT, 50 TMT, 100 TMT, 500 TMT
Coins: 1 tenge, 2 tenge, 5 tenge, 10 tenge, 20 tenge, 50 tenge, 1 manat, 2 manat
USD Exchange Rate: 3.50 (official), multiple exchange rates exist
Pegged To: USD (officially), limited convertibility at 3.50 (official), multiple exchange rates exist
Capital: Ashgabat
Population: 6,117,924 (2023 est.)
Area: 488,100 km²
Languages: Turkmen (official), Russian, Uzbek
Time Zones: UTC+5 (Turkmenistan Time)
Government Type: Presidential republic
Head of Government: President (head of state and government)
Independence: October 27, 1991 (from Soviet Union)
Ethnic Groups: Turkmen 85%, Uzbek 5%, Russian 4%, Other 6%
Religions: Muslim 89%, Eastern Orthodox 9%, Unknown 2%
Literacy Rate: 99.7% (2015 est.)
Transport: Ashgabat Airport, road networks, railway connections, Caspian Sea port access
Communications: State-controlled telecommunications, 25% internet penetration, limited access
Energy: Natural gas 100% (major exporter)
Countries Using This Currency: Turkmenistan
Data Sources: Central Bank: Central Bank of Turkmenistan, Economic Data: State Committee of Statistics Turkmenistan, World Bank estimates, IMF, Trade Data: State Customs Service, Demographic Data: State Committee of Statistics Turkmenistan, Geographic Data: Turkmen Hydrometeorological Service, Historical Data: Central Bank archives (limited access)
Last Updated: 2025