Understanding the currency of Turkmenistan. A country’s currency is much more than a means of payment. Beyond exchange rates and denominations, every coin and banknote tells a story. From legendary leaders and national heroes to iconic landmarks, historic battles, cultural achievements, and breath-taking landscapes, a nation’s currency reflects its unique heritage and identity. Take a closer look, and you’ll discover that currency is one of the most fascinating ways to explore a country’s history and culture.
What Is the Currency of Turkmenistan? Understanding the Turkmen Manat
The Turkmen Manat is the official currency of Turkmenistan. Its ISO (International Organisation for Standardisation) currency code is TMT, and it is represented by the symbol m. 1 manet is subdivided into 100 tenge (t). The Central Bank of Turkmenistan manages the issuance and circulation of Turkmen coins and banknotes.
Unlike most international currencies, the Turkmen Manat operates under a government-controlled exchange rate rather than a free-market system. Because of this, the official exchange rate often differs substantially from the unofficial market rate, creating two distinct values for the currency.
The History Behind the Currency of Turkmenistan
The origin of the word manat is just as fascinating as the currency itself. The term is derived from the Russian word монета (moneta), meaning coin, which ultimately comes from the Latin word Monēta.
During the Russian Empire and later the Soviet Union, the word manat was commonly used in Turkmenistan and Azerbaijan as the local name for the ruble. Following independence from the Soviet Union, both countries adopted Manat as the official name of their national currencies, reflecting their shared historical and linguistic heritage.
Despite gaining independence from the Soviet Union in 1991, Turkmenistan continued using the Russian ruble until November 1, 1993. On that date, the country introduced the Turkmen Manat (TMM) as its first official national currency, marking an important step toward economic independence and monetary sovereignty.
Between 1993 and 2008, inflation and economic challenges significantly reduced the purchasing power of the original Turkmen Manat (TMM). As prices increased, larger banknote denominations became necessary, making everyday transactions less convenient.
To stabilise the monetary system, Turkmenistan introduced the new Turkmen Manat (TMT) on January 1, 2009. Under the currency redenomination, 1 new Turkmen Manat (TMT) was exchanged for 5,000 old Manat (TMM). This reform simplified pricing, improved accounting, and made financial transactions easier to manage.
Today, the Turkmen Manat (TMT) remains the official currency of Turkmenistan. It is issued by the Central Bank of Turkmenistan and continues to serve as the country’s legal tender for all domestic transactions.
Turkmen Manat Coins: Exploring the Smaller Denominations of Turkmenistan’s Currency
The current Turkmen Manat coin series includes denominations of 1t, 2t, 5t, 10t, 20t, and 50t, along with 1m and 2m coins. Each coin’s obverse displays its denomination and the year of issue, while the reverse showcases the iconic Monument of Independence set against a map of Turkmenistan. Surrounding the design is the inscription “Garaşsyz Bitarap Türkmenistan,” the country’s official motto, meaning “Independent Neutral Turkmenistan.”
Turkmen Manat Banknotes: The Faces, Symbols, and Stories of Turkmenistan’s Currency
The first series of Turkmen Manat (TMM) banknotes, introduced in 1993, consisted of two issues and prominently featured Saparmurat Niyazov, Turkmenistan’s first president, on most denominations. Since the introduction of the manat, both the original (TMM) and current (TMT) banknotes have been printed by De La Rue plc, a British company renowned for designing and producing banknotes and other secure documents.
The current Turkmen Manat (TMT) banknotes feature the State Emblem of Turkmenistan, along with portraits of prominent historical figures and former leaders on the obverse. The reverse showcases important national landmarks, monuments, and government buildings. Some commemorative and later-issue banknotes also incorporate special designs, including the 2017 Asian Indoor and Martial Arts Games logo and the 25th Anniversary of Turkmenistan’s Permanent Neutrality emblem on the obverse, while the reverse continues to feature notable architectural landmarks.
1 Turkmen Manat Banknote: Togrul Beg Türkmen
The 1 Turkmen Manat banknote is predominantly green and orange and honours Togrul Beg Türkmen, the founder of the Seljuk Empire. The reverse depicts the Turkmenistan Cultural Centre in Ashgabat, reflecting the country’s commitment to preserving its cultural heritage.
Commemorative versions have also been issued. The 2017 edition features Ashgabat International Airport and TurkmenSat-1, while the 2025 edition replaces the reverse with Turkmenbashi International Seaport alongside TurkmenSat-1 to commemorate the 30th Anniversary of Turkmenistan’s Permanent Neutrality.
5 Turkmen Manat Banknote: Soltan Sanjar Türkmen
The 5 Turkmen Manat banknote is brown and features Soltan Sanjar Türkmen, one of the most influential rulers of the Seljuk Empire. On the reverse are the Independence Monument and the Neutrality Monument, two of Ashgabat’s most iconic landmarks and symbols of modern Turkmenistan.
The 2017 commemorative banknote replaces the reverse with the Ashgabat Velodrome, one of the venues used during the 2017 Asian Indoor and Martial Arts Games.
10 Turkmen Manat Banknote: Magtymguly Pyragy
Issued in red, the 10 Turkmen Manat banknote celebrates Magtymguly Pyragy, Turkmenistan’s national poet and one of the country’s most revered literary figures. The reverse illustrates the Central Bank of Turkmenistan in Ashgabat.
The 2017 commemorative edition features the Martial Arts Arena, built for the 2017 Asian Indoor and Martial Arts Games.
20 Turkmen Manat Banknote: Görogly Beg Türkmen
The 20 Turkmen Manat banknote is coloured purple and depicts the legendary hero Görogly Beg Türkmen, a central figure in Turkmen folklore. The reverse showcases Rukhyet Palace, an impressive state building used for official ceremonies and diplomatic events.
The 2017 commemorative edition replaces the palace with the Main Indoor Arena in Ashgabat.
50 Turkmen Manat Banknote: Gorgut Ata Türkmen
The 50 Turkmen Manat banknote is green and honours Gorgut Ata Türkmen, the legendary storyteller and philosopher associated with the epic tales of the Turkic peoples. The reverse depicts the Assembly of Turkmenistan building in Ashgabat.
For the 2017 commemorative issue, the reverse was updated to feature the Indoor Athletics Arena, another venue constructed for the Asian Indoor and Martial Arts Games.
100 Turkmen Manat Banknote: Oguz Khan Türkmen
The 100 Turkmen Manat banknote is blue and features Oguz Khan Türkmen, the legendary ancestor of the Turkic peoples. The reverse displays the magnificent Oguzhan Presidential Palace, one of Ashgabat’s best-known government buildings.
The 2017 commemorative edition replaces the palace with the Olympic Stadium, one of the flagship venues of the 2017 Asian Indoor and Martial Arts Games.
200 Turkmen Manat Banknote: Arkadag Monument
Introduced on 1 December 2025, the 200 Turkmen Manat banknote is the newest denomination in circulation. Unlike the other banknotes, it does not feature a historical figure. Instead, the design highlights the Arkadag Monument, together with the State Emblem of Turkmenistan, a map of the country, and the official logo marking the 30th Anniversary of Permanent Neutrality.
The reverse depicts the Arkadag City Administration Building, representing Turkmenistan’s newest city and the country’s continued urban development.
500 Turkmen Manat Banknote: Saparmurat Niyazov
The 500 Turkmen Manat banknote was designed in 2009 but has never entered circulation. The orange banknote features Saparmurat Niyazov, Turkmenistan’s first president, on the obverse, while the reverse depicts the Türkmenbaşy Ruhy Mosque in Gypjak, one of the largest mosques in Central Asia.
How the Currency of Turkmenistan Is Used in Everyday Life
The Turkmen Manat is used every day by both local residents and foreign visitors. While U.S. dollars are accepted at larger hotels and for high-value purchases such as carpets. The Turkmen Manat is the preferred currency for almost all day-to-day transactions.
Cash is by far the most practical way to pay in Turkmenistan. Whether you’re shopping at supermarkets, browsing local bazaars, dining in restaurants, or picking up souvenirs such as the Turkmenistan tracksuits, you’ll find that cash is the preferred payment method.
Although some hotels and businesses in Ashgabat accept bank cards, card payment facilities are limited, especially outside the capital. For this reason, it’s a good idea to carry enough Turkmen Manat to cover your daily expenses throughout your tour. In Turkmenistan, cash is still king, making the manat an essential part of everyday life.
How to Exchange the Currency of Turkmenistan: Tips for Travellers
Unlike most international currencies, the Turkmen Manat does not have a freely floating exchange rate. Instead, its value is set and managed by the Government of Turkmenistan, rather than being determined by supply and demand in the global foreign exchange market.
As a result, the official exchange rate often differs significantly from the unofficial (black market) exchange rate, where foreign currencies may be exchanged at a more favourable rate. Travellers should be aware of this difference when planning their trip.
More detailed information about exchanging money in Turkmenistan is included in the pre-tour information pack when signing up for a tour with us.
ATMs, Banks, and Accessing the Currency of Turkmenistan
Banks in Ashgabat and other major cities in Turkmenistan exchange foreign currency at the official government exchange rate. While some ATMs are available in some hotels and larger cities, they also use the official exchange rate and may charge additional withdrawal fees.
A good example occurred in 2025 in Turkmenbashi, where there was an ATM in our hotel. Out of curiosity, a Dutch tourist decided to withdraw 200 Turkmen Manat using his bank card. Once the official exchange rate and his bank’s fees were applied, the withdrawal ended up costing him more than €40. It was an eye-watering experience, but an experience to warn others not to do so.
Exploring Turkmenistan Through Its Currency
Turkmenistan remains one of the least-visited countries to emerge from the former Soviet Union, and that sense of mystery is part of its appeal. Since gaining independence in 1991, the country has followed its own unique path, making it a fascinating destination for travellers seeking something beyond the typical Central Asian itinerary.
Many tours focus on Ashgabat’s gleaming white marble buildings and the Gates of Hell. While these are undoubtedly highlights, they only reveal part of the story. Venture beyond the capital and you’ll discover forgotten Soviet relics, remote desert villages, ancient Silk Road sites, and communities where traditional ways of life continue much as they have for generations.
The Turkmen Manat reflects this rich heritage. Its coins and banknotes tell the story of Turkmenistan through legendary rulers, poets, philosophers, folklore, and architectural landmarks. More than just a means of payment, the country’s currency offers a glimpse into its history, national identity, and the values it has chosen to celebrate since independence.
For travellers, understanding the Turkmen Manat is about more than knowing which banknotes to carry. It’s another window into one of Central Asia’s most intriguing and least-explored destinations.
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