National Bank of Georgia
The National Bank of Georgia (საქართველოს ეროვნული ბანკი) operates as the central monetary authority overseeing a post-Soviet system, notably shaped by early hyperinflation and later comprehensive currency reform.
Quick Facts
Institutional Identity
The National Bank of Georgia, established in 1991, is responsible for issuing the Georgian lari (GEL), introduced in 1995 to replace the hyperinflationary Georgian coupon (kuponi). During the early 1990s, kuponi banknotes rapidly escalated in denomination, reaching up to 1,000,000, often printed with minimal security features on low-quality paper, making them distinctive artefacts of monetary collapse and transition.
Historical Evolution
The introduction of the lari marked a decisive stabilisation reform, establishing monetary credibility after a period of extreme inflation. This transition created a clear numismatic divide between improvised emergency currency and a structured national system, forming one of the most dramatic currency replacements in the post-Soviet space.
Design Philosophy
A major transformation occurred with the 2016 redesigned series, created under the artistic direction of Bacha Malazonia. These banknotes introduced the official lari symbol (₾) and a bold visual identity featuring prominent national figures such as Queen Tamar (50 lari) and Shota Rustaveli (100 lari). Produced by Giesecke+Devrient, the series incorporates advanced security technologies including SPARK® Live colour-shifting elements, complex watermarks and vibrant magenta and purple palettes, positioning Georgian banknotes among the most modern in the region.
For collectors
For collectors, the National Bank of Georgia offers a compelling collecting field defined by the contrast between hyperinflation-era kuponi and the technologically advanced post-2016 lari series, combining monetary drama, cultural identity and award-winning contemporary design within a rapidly evolving numismatic landscape.