Manat

Manat is the name of the official currency in Azerbaijan and Turkmenistan. The term is used to designate the national monetary units of these two countries, each issued and regulated by its own central bank.

In Azerbaijan, the Azerbaijani manat (AZN) has been the currency since 1992, replacing the Soviet ruble after the country gained independence. To restore price stability after a period of inflation, Azerbaijan redenominated its currency in the mid-2000s, and the current manat replaced the old one at a rate of 1,000 old manats to 1 new manat. The currency is issued by the Central Bank of Azerbaijan and is widely used in domestic transactions and financial markets.

In Turkmenistan, the Turkmenistan manat (TMT) has been in use since independence in the early 1990s. Turkmenistan conducted a major redenomination in 2009, at which time 5,000 old manat were exchanged for 1 new manat. The ISO code for the Turkmenistan manat is TMT, and the currency is issued by the Central Bank of Turkmenistan. Banknotes and coins feature national symbols and are used for everyday commerce as well as international trade and exchange in financial markets.

Both currencies are part of the broader monetary systems of their respective economies and participate in regional and, to a limited extent, international currency markets. The term manat does not have a single meaning outside these national contexts, though it is the official name of each country’s currency.