Law on the nationalization of the State Bank of the USSR as "State Bank of Turkmenistan"; effective immediately
08.10.1993
Law [No. 888-XII] on the creation of a national currency; effective 01.11.1993
08.10.1993
Law [No. 889-XII] on the establishment of the "Central (State) Bank of Turkmenistan"; effective 01.11.1993
01.11.1993
Start of currency exchange: - 01.11.1993: Start of issuance of the new banknotes and coins - Partial confiscation: Every adult received 60 Manat in cash and could exchange up to 30'000 Rubles (= 600 Manat) - Partial confiscation: The conversion rate for cash was reduced every week: 1 : 500 (from 01.11.1993) - 1 : 595 (from 06.11.1993) - 1 : 599 (from 13.11.1993). - 19.11.1993: End of exchange period and demonetization of the Soviet and Russian currencies.
Valuation Regimes
1993-1994
Fixed official rate against US Dollar
1994-1998
Variable commercial rate, highly inflationary; the official rate remained for special transactions until 1996
1998-2008
Fixed rate against US Dollar
Rate Arrangements
01.11.1993
Fixed
US Dollar at 1 : 2
+18.6%
01.03.1994
Fixed
US Dollar at 1 : 10
-80.0%
05.05.1994
Variable
initially: US Dollar at 1 : 60 - Commercial rate
-83.3%
20.04.1998
Fixed
US Dollar at 1 : 5'200
-
01.01.2008
Fixed
US Dollar at 1 : 6'250
-16.8%
01.05.2008
Fixed
US Dollar at 1 : 14'250
-56.1%
Time Period: 2009-
Currency: 2nd Turkmen Manat
Transition
1 : 5'000
Sub-units
Manat / 100 Tenge
ISO4217
TMT
Timeline
14.04.2008
Presidential decree on the currency reform; effective 01.01.2009
01.01.2009
Start of currency exchange: - 01.01.2009: Start of issuance of the new banknotes and coins - 31.12.2009: Demonetization of the former currency.
25.03.2011
Law [No. 167-IV], revising the 1993 central bank law; effective immediately