Georgian Lari (GEL)

Basic Concepts of Georgian Lari

The Georgian Lari (GEL) is the official currency of Georgia with the code GEL and the symbol ₾. It is issued and managed by the National Bank of Georgia and is used for all economic transactions within the country, including everyday consumption, savings and international trade settlements.

Areas of use of the country

The Georgian lari circulates only within Georgia. Georgia is located in the Caucasus region and shares borders with Russia, Turkey, Armenia and Azerbaijan, and is the only legal tender in the country.

Units and denominations

The Georgian lari is divided into coins and banknotes. Coin denominations include 1, 2, 5, 10, 20 and 50 tetri (tetri, the secondary unit of the lari, 1 lari = 100 tetri), as well as 1 and 2 lari coins. Banknotes are mainly in denominations of 5, 10, 20, 50 and 100 lari, with different denominations using unique designs and security features to guard against counterfeiting.

Historical background

The Georgian lari was introduced in 1995 to replace the previous currency, the kupon lari, in response to hyperinflation and economic instability in the early years of Georgia's independence following the collapse of the Soviet Union. The name lari derives from the Georgian word for "treasure," which symbolizes the country's wealth. Since its introduction, the lari has undergone a number of reforms, including denomination adjustments and design updates, to support Georgia's economic development and monetary stability.