Central Bank of Turkmenistan Banknotes

The Central Bank of Turkmenistan (Türkmenistanyň Merkezi Banky) operates as the central monetary authority overseeing a redenominated currency system introduced in 2009 and shaped by evolving national imagery.

Quick Facts

Country: Turkmenistan

Currency: Turkmenistan Manat

Local name: Türkmenistanyň Merkezi Banky

Institutional Identity

The Bank operates as Turkmenistan’s central monetary authority within a tightly controlled and largely closed financial system, issuing the manat under restricted convertibility and managing domestic monetary circulation in one of the world’s most isolated economies.

Historical Evolution

Following independence in 1991, Turkmenistan introduced the manat in 1993, with early banknotes dominated by the personality cult of President Saparmurat Niyazov (Turkmenbashi), while the 2009 redenomination replaced this narrative by introducing a new series featuring historical Turkic figures such as Oguz Khan and Soltan Sanjar across most denominations.

Design Philosophy

Modern Turkmen banknotes present a structured visual identity centered on historical rulers and monumental architecture, with ornate carpet-inspired patterns and detailed engraving, while earlier issues remain notable for their uniform portraiture of Niyazov reflecting one of the most pronounced personality cults in post-Soviet numismatics.

For collectors

For collectors, the Central Bank of Turkmenistan offers a highly specialized field combining pre-2009 Turkmenbashi portrait notes, the post-reform historical series, and the sought-after 2017 Asian Indoor and Martial Arts Games commemorative issues, with the added challenge that strict border controls make UNC examples difficult to obtain internationally.