Turkmenistan or Turkmenia is positioned in Central Asia along with its neighbors, Uzbekistan, Iran, Afghanistan, and Iran. The country has access to the Caspian Sea which is a vital point of civilization. A big part of the country consists of a desert with agriculture in irrigated oases producing cotton which is mostly exported, and wheat which is consumed locally. Although the agricultural sector contributes about 10% to the country’s GDP, it only employs 50% of the workforce.
Turkmenistan also has substantial resources of gas and oil. However, between 1998 and 2005, the country suffered from inadequate routes for the export of natural gas as well as from its debts. Because of the higher cost of oil and gas, Turkmenistan’s exports increased by about 15% per annum from 2003 until 2008. In 2010, the operation of new pipelines to Iran and China commenced, giving additional routes for its gas exporting activities.
The country was a member state of the Soviet Union. Having an authoritarian ex-communist government, the country has been prudent in its approach to economic reform. Due to its poor educational system, mismanagement of fuel resources, potential prospects were uncertain.
After the collapse of the Soviet in 1991, Turkmenistan has been using the Turkmenistan manat as its legal tender, replacing the Russian ruble. The Central Bank of Turkmenistan, with De La Rue as its printing partner, is responsible for issuing Turkmenistan manat banknotes. Its first set of notes was introduced in 1993 featuring mausoleums, historic buildings, and mosques as well as a portrait of President Saparmurat Niyazov. Another family of paper bills was released by the central bank in response to the revaluation of the currency. These banknotes feature significant Turkmen personalities on the obverse design. The reverse of these bills showcases architecture in Ashgabat. Security features of these banknotes include a pearlescent stripe, SPARK features, and holographic stripes.