1 new manat will equal 5000 old manat after denomination in Turkmenistan in 2009. The 10,000-manat banknote, the biggest one currently in circulation, will be made equal to 2 new manats.
This was reported by the head of the desk of the Central Bank of Turkmenistan in charge of monetary circulation and cash operations, Babagylych Gylyjov, in an interview with "Turkmenistan" newspaper, the Turkmenistan.ru correspondent reports from Ashgabat.
The exchange of old banknotes will be carried out starting from 1 January to 31 December 2009. In this period old and new banknotes will be used as a legal means of payment in all forms of cash payments.
Old banknotes can be exchanged in all banks of Turkmenistan until 31 December 2010.
New banknotes (1, 5, 10, 20, 50, 100, 500 manat) will carry pictures of famous Turkmen historical personalities as well as historical-architectural sights of Turkmenistan. As the Turkmen Central Bank official said, along with banknotes Turkmenistan will circulate coins worth 1, 2, 5, 10, 20 and 50 tenge. Banknotes will be minted by British De La Rue company.