The manat is the main currency of Turkmenistan since 2009.
The word manat is borrowed from the Persian word “munāt” and Russian word Монета “moneta” (coin) which is pronounced as “maneta” and is a loanword from Latin. Manat was also the designation of the Soviet ruble in both the Azerbaijani and Turkmen languages.
The manat is subdivided into 100 tenge.
During the monetary reform of 2009, new coins of 1, 2, 5, 10, 20 and 50 tenge were issued with bimetallic 1 and 2 manats following in 2010. The 1, 2, and 5 tenge are nickel-plated steel while the 10, 20, and 50 tenge are made of brass. Instead of depicting the current head of state the coins feature a map of Turkmenistan with the Independence Tower superimposed in front of it. All circulating coins of Turkmenistan have been minted by the Royal Mint.
After hyperinflation significantly devalued the currency, a new manat with a fixed exchange rate was introduced, replacing the old manat on a ratio of 5000 OM = 1 NM. Banknotes in this series were printed in denominations of 1-, 5-, 10-, 20-, 50-, 100, and 500 new manat. As part of an effort by the Turkmen government to dismantle the Niyazov cult of personality and help politically disambiguate the current rule, only the highest valued banknote, 500 manat, bears a portrait of the former leader. The 500 manat notes have not yet been released into circulation. The other denominations feature images of buildings in Ashgabat or technological achievements (TurkmenSat 1) and portraits of Ahmed Sanjar, Oghuz Khan, Magtymguly Pyragy and other figures in Turkmen history.