Georgian Lari - GEL

Overview

The Lari is the basic monetary unit of Georgia. The word derives from an old native word meaning hoard. It is divided into 100 teri, the currency used in Georgia during the 13th century.

Economy

• The largest sector of the Georgian economy is the service industry, with wholesale and retail leading the sector.
• Other industries include agriculture, mining, manufacturing, and fishing.
• Georgia has become a leading producer of eggs and broiler chickens, as well as a primary producer of beef cattle, hogs, and milk.
• Although Georgia was severely damaged economically by civil strife, the country has recovered with the help of the IMF and the World Bank.
• Since 1995, Georgia has achieved positive GDP growth and has minimized inflation.

History

• On October 2, 1995 the Georgian Lari became the official currency of Georgia.
• It replaced the provisional coupon currency which was the kupon Lari, the currency that had replaced the Russian Ruble on April 5, 1993.
• Eduard Shevardnadze’s government was in power during the establishment of the currency.
• The coins in circulation are 1, 2, 5, 10, 20, and 50 tetri, and 1 and 2 Lari.
• Commonly used banknotes are 5, 10, 20, and 50 Lari.
• The 1, 2, 100, and 200 Lari banknotes are rarely used.

General Information