The history of the Georgian Lari, issued by The Government of Georgia, Started in 1993. It was Called “Kuponi” and due to the political instability was undergoing massive inflation. The situation got so bad, that at one point 1 USD = 1 300 000 GEK (Georgian Kuponi). Things Changed when in 1995 The National Bank of Georgia, with the grant by President Eduard Shevardnadze replaced “Kupons” with “Lari”. The national gold treasury was created and the rate has massively stabilized. In 1995, DEC 31 1 USD = 1,24 Gel.
Through its years, Georgian Lari had its ups and downs. Nonetheless, it remained relatively stable and inflation very gradual and controlled. The Pandemic, non-surprisingly had its influence on Georgia’s economy. Today as of writing (April 19th, 2021) the official rate of the Bank of Georgia is 1 USD = 3.42 GEL.