GEORGIAN
 
Georgian Money
Georgian money

The Georgian lari is the sole legal tender on the territory of Georgia except for cases envisaged by the Law of Georgia on Free Industrial Zones. Only the NBG is authorized to issue banknotes on the territory of Georgia. The NBG also has the exclusive right to produce commemorative coins for circulation and for other purposes.

The NBG board determines and approves the design, composition and other features of the lari banknotes and (lari and tetri) coins, only after which the process of printing banknotes and minting coins starts. Georgian banknotes are printed in leading European mints.

The NBG provides the transportation of finished banknotes and coins on the territory of Georgia and their subsequent storage in the NBG’s vaults. The banknotes and coins are supplied to the population through commercial banks.
After banknotes and coins are put into circulation, they naturally begin to wear out, a process which will ultimately make them unfit for circulation. The average lifecycle of banknotes fluctuates between one and five years, depending on the peculiarities of the use of a particular denomination. Coins are much more durable. The NBG regularly withdraws banknotes and coins from circulation and replaces them with the corresponding amount of new coins and banknotes. Unfit banknotes are destroyed in line with the rules established by the NBG Board.

The NBG represents the main expert on both the national and foreign currencies in circulation in the territory of Georgia. It regularly withdraws fake and counterfeit banknotes from circulation. No compensation is made for the fake and counterfeit banknotes withdrawn.

Besides being authorized to issue the banknotes and coins in circulation, the legislation also authorizes the NBG to emit numismatic commemorative and investment coins.

 

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