Economics

What is the Currency of Georgia?

The official currency of Georgia is the Georgian lari.

Georgia is a small country in the region where Europe borders Asia. The county’s currency is the Georgian Lari which is made up of 100 subunits called Tetri. Before the Lari came into use, Georgians used the Maneti,Abazi and Kuponi.

Kuponi

The Georgian Coupon, or Kuponi, was unveiled as a replacement for the Russian Ruble in April 1993. The currency was made up of bank notes with no subdivisions. The Kuponi notes were in denominations between 1 and 1 million, with some peculiar notes of 3, 3,000, 30,000, and 150,000. The currency was abolished due to hyperinflation.

Georgian Lari

The Lari replaced the Kuponi on October 2, 1995 under the leadership of Eduard Shevardnadze. The replacement ratio of the Lari to the Georgian Coupon was one to one million. This rate has been fairly stable to date.

Lari Sign

The National Bank of Georgia commissioned a competition for the proposal of the current Lari sign in December 2013. On July 8, 2014, the bank’s governor announced the winning proposal to the public. The commission picked up the winner after considering the conception, design, its relative position in the Georgian alphabet, existing elements of the currency markers, how easy it would be to construct it, and the general observance of the commission’s recommendations and request

The base of the Lari sign is the letter Lasi of the Georgian script. The letter is arched and crossed with two parallel lines. The letter has a horizontal line to represent a leg. This line reinforces the monumental stability of the upper arched letter. The form of the letters is transformed to simplify it for easier use as the currency sign. This sign was included in the Unicode V8.0 released by the Unicode Consortium in June 2015.

Coins

The coins are composed of stainless steel and are issued in the denominations of 1, 2, 5, 10, and 20 tetri. Their edges are smooth and they were all first minted in 1993. There are two types of 50 tetri coins. The older version was minted in 1993 while the new version was first minted in 2006. The older 50 tetri coin is made of steel plated brass while the new 50 tetri coin is composed of copper-nickel.

There are also 1 and 2 Lari coins. The 1 Lari coin is silver-colored and is made up of an alloy of copper and nickel. The 2 Lari coin has a gold colored inner ring made up of an alloy of copper, aluminum, and nickel. The outer ring is silver and is composed of a copper-nickel alloy. Both coins were first minted in 2006.

Notes

Polish Security Printing Works print lari notes. They are in denominations of 1, 2, 5, 10, 20, 50, 100, 200 and 500. The notes are of varying thickness, color, and printing year. The common observation in these notes is that they do not have watermarks.

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