Turkmenistan New Manat

Overview

Turkmenistan New Manat (TMT) is equivalent to the old Turkmenistan Manat (TMM) on a basis of 1 Turkmenistan new Manat (TMT) = 5,000 Turkmenistan manat (TMM). The currency symbol is m. Turkmenistan is one of the six independent Turkic states. It is bordered by Afghanistan and Iran to the south, Uzbekistan and Kazakhstan to the north, and the Caspian sea to the west.

Economy

• Turkmenistan's economy is primarily agronomic. Agriculture accounts for nearly half of the gross domestic product (GDP) and more than two-fifths of total employment. Industry accounts for about one-fifth of the gross domestic product.
• Turkmenistan has the fourth-largest reserves of natural gas in the world.
• Turkmenistan is the world’s tenth largest producer of cotton; approximately half of the country’s irrigated farmland is planted with cotton.
• The Turkmenistan economy places great emphasis on foreign economic relations and foreign trade and it hasan open-door trade policy. The most prominent trade partners of Turkmenistan are the United States, Turkey, Switzerland, Hong Kong, Germany, and the United Kingdom.

History

• The old Turkmenistan Manat (TMM) was introduced on November 1, 1993, replacing the Russian Ruble at a rate of 1 Manat = 500 Rubles.
• In 1993, notes were introduced in denominations of 1, 5, 10, 20, 50, 100 and 500 Manat. These were followed by notes for 1,000 Manat in 1995 and 5,000 and 10,000 Manat in 1996.
• In 2005, a new series of notes was introduced in denominations of 50, 100, 500, 1000, 5000, and 10,000 Manat.
• The Turkmenistan New Manat was introduced in 2009. Notes are printed in denominations of 1, 5, 10, 20, 50, 100, and 500 New Manat.