From Freepedia
The manat is the currency unit of Turkmenistan. It was introduced on November 1, 1993. A Turkmen manat (TMM) is made up of 100 tenge. Presently, banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, 5000 and 10000 manat, coins are existing in the denominations of 500 and 1000 manat (1999). All notes bear a portrait of president Saparmurat Niyazov.
The word Manat is borrowed from the Russian word "moneta" which is pronounced as "manyeta" in Russian meaning "coin".
Manat was also the designation of the Soviet rouble in both Azeri and Turkmen.
The Manat has a large disparity between its official and black market rates, with the latter being roughly 21% of the official. This results in few institutions outwith Turkmen Governmental control supporting the official rate. Although a few multinational companies support it too (such as British Airways), but generally only for purchases by Turkmen passport holders in the country itself.
See also: Manat (Azerbaijan)
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