A series of banknotes and coins of newly redenominated national currency were launched in Turkmenistan on 1 January 2009. It should be recalled that Turkmen President Gurbanguly Berdimuhamedov signed a decree on the denomination of Manat on 14 April 2008.
Banknotes denominated in 1, 5, 10, 20, 50, 100, and 500 Manat and coins denominated in 1, 2, 5, 10, 20, and 50 Tenge have been circulated. New banknotes with high degree of protection meet international standards. 1 redenominated Manat equals 5000 old Manat, while 1 US dollar equals 2 Manat and 85 Tenge.
Both old and new denominations will be allowed to circulate throughout 2009 and will be accepted as legal means of payment in all forms of payment at retail outlets, in the service sector and commercial banks.
New Manat will be introduced gradually. Starting 3 January, new banknotes and coins will be used to pay pensions and state allowances. An advance of wages and stipends will be paid in new Manat a few days later. Under the decree of the head of state, all these payments increased by 10% as of 1 January 2009. Payments to Turkmen farmers for cotton will be also made in the newly redenominated Manat.
All banks in Turkmenistan will be exchanging old Manat into redenominated ones without limits within 2010.
