Georgia Lari (GEL)

The Georgia Lari (GEL) is the official currency of Georgia. It is issued and regulated by the National Bank of Georgia. Here are some detailed information about the Georgia Lari:

1. History: The Georgia Lari was introduced as the official currency of Georgia on October 2, 1995. It replaced the Georgian coupon, which was used during the Soviet era. The transition to the Lari was part of Georgia’s economic reforms and the country’s transition to a market economy.

2. Subunits: The Lari is divided into 100 tetri. Tetri coins are currently in circulation, while the Lari banknotes are more commonly used.

3. Banknotes and Coins: The Lari banknotes come in denominations of 1, 2, 5, 10, 20, 50, and 100 Lari. The coins are available in 1, 2, 5, 10, 20, and 50 tetri.

4. Symbol and Sign: The symbol for the Georgia Lari is ₾, which is a capital letter “L” with a horizontal stroke through it. It represents the first letter of the word “Lari” in Georgian. The sign is used on banknotes, coins, and in financial transactions.

5. Security Features: The banknotes of the Georgia Lari incorporate various security features to prevent counterfeiting. These features include watermarks, security threads, holograms, tactile marks for the visually impaired, and other advanced security measures.

6. Exchange Rate: The exchange rate of the Georgia Lari fluctuates against other currencies in the foreign exchange market. The National Bank of Georgia manages and regulates the exchange rate to maintain stability and control inflation.

7. Usage: The Georgia Lari is the only legal tender in Georgia. It is widely accepted for all transactions within the country, including purchases, payments, and salaries. Foreign currencies are generally not accepted in day-to-day transactions.

8. International Recognition: While the Georgia Lari is not widely recognized or accepted outside of Georgia, it can be exchanged for other currencies at authorized exchange offices and banks within the country.

In summary, the Georgia Lari is the official currency of Georgia, issued by the National Bank of Georgia. It is divided into subunits called tetri. The Lari banknotes and tetri coins are used in daily transactions within the country. The exchange rate is regulated by the National Bank, and the currency has various security features to prevent counterfeiting.