"For 30 years, the GEL has been the only means of payment in Georgia," said Academician Vladimir Papava at a scientific conference held on the occasion of Economist's Day, dedicated to the 30th anniversary of the introduction of the GEL into circulation.
According to Academician Papava, who served as the Minister of Economy of Georgia from 1993 to 2000, no other reform in the history of independent Georgia has been as complex, successful, or large-scale as the monetary reform. Work on the economic foundations for introducing the national currency began in 1994, with the National Bank, the Ministry of Finance, and the Ministry of Economy playing pivotal roles in the process. This economic team laid the groundwork for the implementation of the Georgian national currency, the GEL.
“When the decision was made to introduce a real national currency, it was a difficult and complex task. The main objective was not only to replace the coupon but also to eliminate the Russian ruble, which was the most widely used at the time, from circulation,” Papava explained.
He emphasized that the national currency, the lari, has withstood various external shocks and internal political pressures over the years. Despite attempts by political elites to influence the central bank, the lari has maintained its independence and continues to serve as a cornerstone of Georgia’s economic sovereignty.
