GEL will remain

President of the National Bank of Georgia Giorgi Kadagidze has refuted the suggestion that the Georgian Government plans to replace the national currency, the Lari, with either the Dollar or EURO. “Our main task is to strengthen the National Bank, therefore all this fuss about the possible replacement of the GEL with the USD or EURO has no basis and no such move is planned,” stated Kadagidze.

The Ministry of Finance has also refuted the information about abolishing the GEL and made a statement that no such initiative is envisaged. Kadagidze added that legislative amendments are being prepared which will increase the National Bank’s institutional importance.

The Georgian Lari remains the only legal tender on the territory of Georgia. Former Minister of Economy Kakha Bendukidze, who is notorious for his ultra-liberal ideas, supported making the USD and EURO legal tender alongside or instead of the GEL but it appears that the reaction of independent experts and the population has forced officials to give up this idea.