Georgian lari

The lari (Georgian: ლარი, pronounced [ˈɫaɾi]; ISO 4217: GEL) is the currency of Georgia. It is divided into 100 tetri (თეთრი). The name lari is an old Georgian word denoting a hoard, property, while tetri is an old Georgian monetary term (meaning 'white') used in ancient Colchis from the 6th century BC. Earlier Georgian currencies include the maneti (Georgian: მანეთი), abazi (აბაზი), and kuponi (კუპონი).

Georgian lari

ქართული ლარი (Georgian)
ISO 4217
Code	GEL (numeric: 981)
Subunit	0.01
Unit
Unit	lari
Plural	The language(s) of this currency do(es) not have a morphological plural distinction.
Symbol	₾, ლ,‎ (GEL[1])
Denominations
Subunit
1⁄100	tetri
Banknotes
Freq. used	₾5, ₾10, ₾20, ₾50, ₾100
Rarely used	₾1, ₾2, ₾200
Coins	5, 10, 20, 50 tetri, ₾1, ₾2
Demographics
Date of introduction	1995
Replaced	Georgian kuponi (კუპონი)
User(s)	Georgia
Issuance
Central bank	National Bank of Georgia
Website	www.nbg.gov.ge
Printer	Oberthur Fiduciaire
Website	www.oberthur-fiduciaire.com
Valuation
Inflation	0.0% (February 2024)
Source	National Bank of Georgia

Kuponi

Main article: Georgian kuponi

Georgia replaced the Soviet ruble on 5 April 1993, with the kuponi (Georgian: კუპონი) at par. This currency consisted only of banknotes, had no subdivisions and suffered from hyperinflation. Notes were issued in denominations between 1 and 1 million kuponi, including the somewhat unusual 3, 3,000, 30,000 and 150,000 kuponi.

• Highest denominations of each series of the Georgian kuponi
• 
  10 000 kuponi, 1993 (1st issue)
• 
  100 kuponi, 1993 (2nd issue)
• 
  100 000 kuponi, 1993 (3rd issue)
• 
  20 000 kuponi, 1994 (4th issue)
• 
  1 000 000 kuponi, 1994

Lari

On 2 October 1995,^[2] the government of Eduard Shevardnadze replaced the provisional coupon currency with the Lari, at a rate of one million to one. It has remained fairly stable since then.

Lari sign

The Georgian Lari currency sign, introduced on 8 July 2014.

The NBG announced the Lari sign competition in December 2013. The temporary commission consisted of representatives of NBG, the Budget and Finance Committee of the Parliament of Georgia, the State Council of Heraldry, the Ministry of Culture and Monument Protection of Georgia and the Ministry of Education and Science of Georgia.^[3]

On 8 July 2014, Giorgi Kadagidze, Governor of the National Bank of Georgia (NBG), unveiled the winning proposal for the sign of the national currency to the public.^[4] The author of the winning sign was professional artist-ceramist, Malkhaz Shvelidze.^[3]

In choosing the winning sign, the commission gave priority to the samples based on the Georgian Mkhedruli character and made a point of the following criteria: conception, design, accordance with Georgian alphabet, existence of elements marking the currency, ease of construction, and observance of requests and recommendations determined by competition rules.^[3]

The Lari sign is based on an arched letter ლ (Lasi) of the Georgian script. It is common international practice for a currency sign to consist of a letter, crossed by one or two parallel lines. Two parallel lines crossing the letter Lasi are the basic components of the Lari sign. The so-called “leg” of the letter, represented by a horizontal line, is a necessary attribute of the sign, adding monumental stability to the upper dynamic arc. The form of the letter is transformed in order to simplify its perception and implementation as a Lari sign.^[3]

On 18 July 2014, Giorgi Melashvili, executive director of the National Bank of Georgia, sent a request letter to the Unicode Consortium to register the symbol in the Currency Symbols block of the Unicode Standard as

₾ U+20BE GEORGIAN LARI SIGN^[5]

On 17 June 2015, the Unicode Consortium released^[6] Unicode V8.0, which includes the Lari sign as

U+20BE ₾ LARI SIGN^[7]

Coins

Coins are issued in denominations of 5, 10, 20 and 50 tetri, as well as 1 and 2 lari.

The National Bank of Georgia announced on 5 October 2018 that it would discontinue circulation of 1 and 2 Tetri coins as of 1 January 2021, and that these coins would lose their legal tender status. 1 and 2 Tetri coins could be exchanged at the National Bank of Georgia and commercial banks in Georgia within one year from 1 January 2021, and can only be exchanged at the National Bank of Georgia from 1 January 2022.^[8][9] According to the new regulations on cash payments introduced by the National Bank of Georgia on 1 January 2019, 1 and 2 tetri are rounded to 0, and 3, 4, 6 and 7 tetri are rounded to 5^{[clarification needed]}.^[10]

The National Bank of Georgia announced on 12 November 2015 that, effective 1 January 2018, the old 50 Tetri coin, issued since 1995, would be withdrawn from circulation and the coins would lose their legal tender status. The old 50 Tetri coin were exchangeable at the National Bank of Georgia and commercial banks of Georgia within one year from 1 January 2018, and from 1 January 2019 only at the National Bank of Georgia.^[11][12][13]

Image		Value	Technical parameters				Description			Issued from	Withdrawn
Obverse	Reverse		Diameter (mm)	Mass (g)	Composition		Edge	Obverse	Reverse
First series (1993)
		1 tetri	15.00	1.38		Stainless steel	Smooth	Vine tendril; value	Borjgali over a tree of life; year of issue; lettering: საქართველოს რესპუბლიკა; Republic of Georgia	1996	2021
		2 tetri	17.50	1.90				Peacock; value
		5 tetri	20.00	2.50				Golden lion from Alazani valley; value			Current
		10 tetri	22.00	3.00				Saint Mammes riding a lion from Gelati Monastery; value
		20 tetri	25.00	5.00				Stag by Niko Pirosmani; value
		50 tetri	19.00	2.50		Brass		Griffin from Samtavisi Cathedral; value			2018
Second series (2006)
		50 tetri	24.00	6.52		Cupronickel	Reeded lettering: საქართველო ★ GEORGIA ★ საქართველო ★ GEORGIA ★	Value	Coat of arms; sun beams; year of issue; lettering: საქართველო	2006	Current
		₾1	26.20	7.85				Half-milled; value	Coat of arms; year of issue; lettering: საქართველო
		₾2	27.00	8.00		Outer: Cupronickel		Sun rays; value
						Inner: Cu-Al-Ni
For table standards, see the coin specification table.

Banknotes

Current series

Between November 2016 and October 2019 the National Bank of Georgia released five banknotes (in denominations of ₾5, ₾10, ₾20, ₾50, and ₾100), composing a new complete set.^[14] The 2016–2019 series lari notes were produced in collaboration with Oberthur Technologies, Giesecke+Devrient and De La Rue.

Upgraded series (2016–2019)
Image		Value	Dimensions (mm)	Main colour		Description		Issued from	First issued
Obverse	Reverse					Obverse	Reverse
		₾5	122 × 62		Brown	Ivane Javakhishvili; Tbilisi State University	Threshing & Fisherman in a Red Shirt (Niko Pirosmani)	2017	1 Sep 2017
		₾10	127 × 64		Blue	Akaki Tsereteli; Tsereteli's poem Spring	Imereti - My Mother (David Kakabadze)	2019	1 Oct 2019
		₾20	132 × 66		Red	Ilia Chavchavadze; Iveria & Sakartvelos Moambe newspaper	Vakhtang Gorgasali statue; Panorama and map of Tbilisi (Vakhushti)	2016	1 Feb 2016
		₾50	137 × 68		Green	Queen Tamar; Vardzia monastery	Sagittarius miniature; 12th century manuscript
		₾100	142 × 70		Purple	Shota Rustaveli; The Knight in the Panther's Skin	Georgian National Opera Theater; Tavisupleba score		1 Nov 2016
For table standards, see the banknote specification table.

Earlier issues

The National Bank of Georgia announced that banknotes of 1, 2, 5, 10, 20, 50 and 100 lari issued between 1995 and 1999 will no longer be legal tender on 1 January 2022. These currencies can only be exchanged at the National Bank of Georgia from 1 January 2022.^[15][16]

Image		Value	Dimensions (mm)	Main colour		Description		Issued from	First issued[17]
Obverse	Reverse					Obverse	Reverse
		₾1	115 × 61		Teal	Niko Pirosmanashvili	Tbilisi panorama; Stag by Pirosmani	2002–2007	5 Aug 2002
		₾2			Peach	Zacharia Paliashvili; Abesalom da Eteri	National Opera Theater	2002
		₾5			Brown	Ivane Javakhishvili	Tbilisi State University	2002–2013
		₾10	125 × 63		Blue	Akaki Tsereteli; Swallow; branches	Imereti - My Mother (David Kakabadze)
		₾20	131 × 65		Maroon	Ilia Chavchavadze; Iveria & Sakartvelos Moambe newspaper	Vakhtang Gorgasali statue; Panorama and map of Tbilisi (Vakhushti)
		₾50	135 × 66		Olive	Queen Tamar; Griffin	Sagittarius miniature; 12th century manuscript	2004–2013	29 Nov 2004
		₾100	140 × 67		Green	Shota Rustaveli; Angels with cross	Daniel in the den of lions from Martvili monastery	2004–2014
		₾200	146 × 72		Yellow	Kakutsa Cholokashvili; Relief images	Sokhumi; iconostasis from Tsebelda	2006	15 Apr 2007
		₾500	143 × 66		Blue green	David IV	Early Georgian inscriptions; cross	1995	Unissued
For table standards, see the banknote specification table.

Current GEL exchange rates
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Georgian kupon lari

Preceded by: Georgian kupon lari Reason: Replacement of the Soviet and Russian ruble with a transitional currency

Currency of Georgia April 5, 1993 – October 2, 1995

Succeeded by: Georgian lari Reason: Hyperinflation Ratio: 1 Georgian lari = 1,000,000 Georgian kuponi

Georgian lari

Preceded by: Georgian kuponi lari Reason: Hyperinflation Ratio: 1 Georgian lari = 1,000,000 Georgian kuponi lari

Currency of Georgia October 2, 1995 –

Succeeded by: Current

See also

• Economy of Georgia (country)
• Larization