What is a Turkmenistan Manat- TMT
Turkmenistan Manat (TMT) is the name for the currency of Turkmenistan.
BREAKING DOWN Turkmenistan Manat- TMT
The old Turkmenistan Manat (TMT) is the currency that replaced the former currency of the Russian ruble in 1993. The TMT was made up of 100 tennesi, which were printed in denominations of 1, 2, 5, 10, 20 and 50 tennesi.
The banknote, or paper currency, was printed in denominations of 1, 5, 10, 20, 50, 100 and 500 manat. The TMT symbol is m. Since they originally entered circulation, the Turkmenistan manat has grown to include 1,000, 5,000 and 10,000 notes. The most recent issuing of new currency happened in 2009, in which the Central Bank of Turkmenistan printed the Turkmenistan New Manat in denominations of 1, 5, 10, 20, 50, 100 and 500 manat. The new manat exchanged with the old manat at a rate of 1 new manat to 5,000 old manat. This is separate from the denomination of manat that were rolled out in the country in 2005, and have since been replaced.
A Brief History of Turkmenistan
Turkmenistan is a country located in Central Asia. Bordered by Kazakhstan, Uzbekistan, Afghanistan, Iran and the Caspian Sea, Turkmenistan is largely a desert climate. A large portion of the country is wholly uninhabitable by plants and animals. The country is governed by a president and is considered a republic with one legislative house. The official language is Turkemen, and it is one of six independent Turkick states.
The country boasts the fourth-largest deposits of natural gas in the world. The nation depends largely on foreign trade. Germany, The United States, the United Kingdom, Turkey, Switzerland and Hong Kong make up the largest portion of Turkmenistan’s international trade. Turkmenistan’s largest export is cotton; the country ranks tenth in the world for cotton production.
Since much of the region is desert, most of the population resides in the country’s oasis regions. However, the incorporation of the country with the Soviet Union brought together many of the smaller tribes and clans that were scattered across the region.
After the fall of the Soviet Union, Turkmenistan set out to create a new constitution, which was written 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 country experienced a brief deviation from the laws it had adopted. In 2006, after the death of the first president, the newly elected Gurbanguly Berdymukhammedov helped to rewrite the constitution once more. Amendments were made to the document again in 2016.