DEFINITION of 'Turkmenistan Manat- TMT'
The official currency of the country of Turkmenistan. The Turkmenistan manat is divided into 100 tennesi. The manat was introduced in 1993 to replace the prior unit of currency used in Turkmenistan, the Russian ruble. Later in 2009, the new manat was placed into circulation, with an exchange rate of 5,000 old manat to one new manat.
BREAKING DOWN 'Turkmenistan Manat- TMT'
Manat was the word used in Turmen and Azeri for the Soviet ruble during the time of its use, and is similar to the Russian word for coin. At the time of the manat's release, coins (tennesi) were also introduced in denominations from one to 50. Later in 1999, 500- and 1,000-manat coins were circulated following a period of high inflation, with new coins (called tenge) put into circulation in 2009 during the nation's monetary reform.