The Turkmenistani manat is the official currency of Turkmenistan, divided into 100 tenges. It is issued by the Central Bank of Turkmenistan, with banknotes in 1, 5, 10, 20, 50, 100, and 500 manat denominations, and coins in 1, 2, 5, 10, 20, 50 tenges and 1 manat. The first manat replaced the Soviet ruble in 1993, and banknotes featured the former president, Serdar Saparmurat Turkmenbashi the Great. The word "manat" comes from the Persian word "munat" and the Russian word "монета" meaning coin. In 1999, 500 and 1000 manat coins were issued due to inflation, but they were withdrawn in 2005 and were made of coated steel.