“The past thirty years have been a period marked by both remarkable achievements and formidable challenges, during which the Lari has steadfastly fulfilled its primary role—as a reliable and stable currency in both economic relations and the daily lives of our citizens,” stated Natia Turnava, President of the National Bank of Georgia (NBG), addressing the international conference commemorating the anniversary of the Georgian national currency.
According to Turnava, the Lari is one of the most vital symbols of Georgia’s economic independence and sovereignty.
“On April 9, 1991, following the restoration of Georgia’s statehood, we established an independent monetary and credit system. Since that time, preparations have been underway to design, name, and define the technical parameters of our national currency. On October 2, 1995, the Lari was officially declared the sole legal tender throughout Georgia,” she recalled.
Turnava further emphasized that the National Bank of Georgia, in collaboration with regional central banks, consistently addresses various challenges, including inflation. She noted that Georgia has successfully maintained low inflation rates despite the complexities of a small, open economy influenced by external factors.
“Nevertheless, we recognize that Georgia’s economy is small and highly open, making us sensitive to external influences. Consequently, we focus heavily on risk management, prudent monetary policy, reducing high dollarization levels, fostering innovation through new financial technologies, and tackling other pressing issues,” she explained.
The NBG president underscored the importance of strengthening regional cooperation among financial systems and regulators to effectively respond to challenges such as global fragmentation and regional integration.
The international conference, attended by over 300 guests from 30 countries, is organized as part of the 30th anniversary celebrations of the Georgian Lari. Participants will engage in discussions on the challenges and opportunities facing the global financial system.
