How has the lari moved since 1995?
The lari was introduced on 25 September 1995 and became Georgia's sole legal tender on 2 October 1995, according to the National Bank of Georgia. The first official rate in the National Bank's data is 1.28 lari per US dollar, valid from 14 October 1995. Thirty-one years later, on 17 October 2026, it was 2.5982: a dollar costs about twice as many lari, and the lari has lost about half its dollar value. The path was not steady. The lari held near 1.2 to 1.3 until the Russian crisis of 1998, reached its strongest level under a floating rate, 1.396, in July 2008, fell to its weakest ever, 3.4842, on 27 March 2020, and has since recovered to its strongest level since July 2023.
This page gives the official year-end rate for every year since 1995, the main episodes and their causes, the records, how the National Bank sets and manages the rate, and today's rates against other buyers' currencies. What the currency means for an investment is explained on our page on currency risk.
The official rate year by year
| Year | USD, 31 December | USD, year average | EUR, 31 December |
|---|---|---|---|
| 1995 | 1.2300 | 1.2562 (from 14 October) | - |
| 1996 | 1.2760 | 1.2622 | - |
| 1997 | 1.3040 | 1.2974 | - |
| 1998 | 1.8000 | 1.3926 | - |
| 1999 | 1.9300 | 2.0175 | - |
| 2000 | 1.9750 | 1.9763 | - |
| 2001 | 2.0600 | 2.0722 | 1.8188 |
| 2002 | 2.0900 | 2.1935 | 2.1763 |
| 2003 | 2.0750 | 2.1450 | 2.5920 |
| 2004 | 1.8250 | 1.9164 | 2.4850 |
| 2005 | 1.7925 | 1.8126 | 2.1245 |
| 2006 | 1.7135 | 1.7766 | 2.2562 |
| 2007 | 1.5916 | 1.6705 | 2.3315 |
| 2008 | 1.6670 | 1.4906 | 2.3648 |
| 2009 | 1.6858 | 1.6704 | 2.4195 |
| 2010 | 1.7728 | 1.7825 | 2.3500 |
| 2011 | 1.6703 | 1.6857 | 2.1614 |
| 2012 | 1.6567 | 1.6510 | 2.1825 |
| 2013 | 1.7363 | 1.6633 | 2.3891 |
| 2014 | 1.8636 | 1.7657 | 2.2656 |
| 2015 | 2.3949 | 2.2699 | 2.6169 |
| 2016 | 2.6468 | 2.3669 | 2.7940 |
| 2017 | 2.5922 | 2.5085 | 3.1044 |
| 2018 | 2.6766 | 2.5347 | 3.0701 |
| 2019 | 2.8677 | 2.8194 | 3.2095 |
| 2020 | 3.2766 | 3.1106 | 4.0233 |
| 2021 | 3.0976 | 3.2211 | 3.5040 |
| 2022 | 2.7020 | 2.9167 | 2.8844 |
| 2023 | 2.6894 | 2.6277 | 2.9753 |
| 2024 | 2.8068 | 2.7214 | 2.9306 |
| 2025 | 2.6951 | 2.7424 | 3.1737 |
| 2026, to 17 October | 2.5982 | 2.6618 | 2.9274 |
Year-end and average can tell different stories. In 2008 the lari ended the year weaker than it started, yet its average was the strongest of any year since 1998, because it was very strong until November. The averages here are our own calculation from the official daily rates, since we could not locate the National Bank's published annual averages.
Six big moves and their causes
| Episode | Rate before | Rate after or at the peak | Cause given |
|---|---|---|---|
| 1998-1999: Russian crisis | 1.73 (valid to 7 December 1998) | 2.10 on 8 December 1998; 2.451 on 23 February 1999 | Russian crisis; the lari was allowed to float from December 1998 (IMF) |
| November 2008: war and global crisis | 1.44 (7 November 2008) | 1.65 from 11 November 2008 | "Dictated by economic considerations" (National Bank); global crisis after the August war (IMF) |
| 2014-2015: regional devaluations | 1.7542 (1 November 2014) | 2.4499 on 22 September 2015 | Global dollar strength, the fall of the Turkish lira and expectations (National Bank); falling exports and remittances |
| 2016: second slide | 2.1272 (10 June 2016) | 2.7846 on 22 December 2016 | Economists pointed to rate cuts, weaker inflows and seasonal demand; no National Bank statement found |
| 2020: pandemic | 2.7735 (6 March 2020) | 3.4842 on 27 March 2020 | Loss of foreign tourists after travel restrictions (National Bank) |
| 2022: inflows from Russia | 3.4019 (10 March 2022) | 2.6646 on 22 December 2022 | Higher money transfers from Russia among the reasons (National Bank, via JAMnews) |
In percentage terms, the dollar's price in lari rose by 21.4% overnight on 8 December 1998, by 39.7% between November 2014 and September 2015, and by 25.6% in three weeks in March 2020. The recoveries were just as sharp: in 2022 the lari gained 27.7% against the dollar in nine months. Since 25 January 2025, when the rate stood at 2.8834, the lari has strengthened by 11.0%, helped by large purchases of dollars by the National Bank that took reserves to a record USD 8.17 billion at the end of September 2026.
The political episode of 2024
The most recent sharp fall was political. The lari weakened from mid-May 2024, after the third reading of the foreign influence bill, and the National Bank sold about USD 168.7 million in mid-May to June. Before the parliamentary elections of 26 October 2024 it sold more, a record USD 591.2 million in October alone, "to mitigate the influence of non-fundamental factors". After the prime minister announced on 28 November 2024 that EU accession talks were suspended, the rate went from 2.7422 to 2.8746 in a week, a fall of about 4.6% in the lari's value. It ended 2024 at 2.8068 and has strengthened since.
Records
- Weakest lari ever. 3.4842 per dollar on 27 March 2020; the next-weakest was 3.4548 on 28 April 2021.
- Strongest under the floating rate. 1.396 per dollar on 26 July 2008.
- Strongest in the official data. 1.23 per dollar from 30 December 1995 to 12 January 1996, when the rate was managed.
- Against the euro. Strongest 1.7275 on 7 July 2001, weakest 4.1818 on 30 April 2021.
- Latest. 2.5982 per dollar, valid from 17 October 2026, the strongest since July 2023; the rate published for 20 October 2026 was 2.5979.
How the official rate is set
The official rate for the dollar is the weighted average of trades between banks on the Bloomberg trading platform over the previous 24 hours to 16:30. The National Bank publishes it by 17:00 on each working day, and it applies from the next day; a rate set on Friday applies over the weekend. Rates against other currencies are calculated through the dollar. The official rate is the one used for taxes, customs and official fees; banks exchange money at their own rates.
The National Bank has targeted inflation since 2009 and lets the rate float. Since 25 May 2009 it has intervened only through currency auctions, and in 2022 it stated that its goal "is not and cannot be to set the exchange rate at a specific level". It uses interventions to calm excessive swings and to build reserves. It publishes no forecast of the rate, and in 2018 it asked experts to avoid unfounded forecasts.
The lari against the euro
The National Bank's euro series begins on 5 May 2001, at 1.8408 lari per euro. The lari was at its strongest against the euro two months later, at 1.7275 on 7 July 2001, and at its weakest on 30 April 2021, at 4.1818, when a strong euro coincided with a lari still recovering from the pandemic. Since 2022 its best level against the euro was 2.6760 on 4 November 2022. In 2026 the lari has gained more against the euro than against the dollar: about 8.4% from the end-2025 rate of 3.1737 to 2.9274 on 17 October 2026, against about 3.7% versus the dollar. A buyer funding a dollar-priced flat from euro savings therefore faces two exchange rates, not one, and they do not always move together.
The lari against other buyers' currencies
| Currency | Lari | Per |
|---|---|---|
| US dollar | 2.5982 | 1 |
| Euro | 2.9274 | 1 |
| Pound sterling | 3.4676 | 1 |
| Israeli shekel | 8.4114 | 10 |
| UAE dirham | 7.0738 | 10 |
| Russian rouble | 3.0935 | 100 |
| Turkish lira | 0.0525 | 1 |
| Azerbaijani manat | 1.5284 | 1 |
| Armenian dram | 7.1823 | 1,000 |
| Kazakh tenge | 0.5741 | 100 |
| Ukrainian hryvnia | 0.5791 | 10 |
| Chinese yuan | 3.8854 | 10 |
Is there a forecast?
Not from the National Bank. Among bank analysts, TBC Capital wrote in July 2026 that it expected 2.60 to 2.65 lari per dollar by the end of 2026, and that the lari remained below its equilibrium level; by mid-October the rate was already stronger than that range. History is the better guide: the lari has spent long periods within a narrow band, then moved by a fifth or more within weeks when a shock arrived.
What the history means for a buyer
A flat priced at $100,000 cost GEL 186,360 at the end-2014 rate and GEL 327,660 at the end-2020 rate, a difference of 76% for the same dollar price. For a buyer whose savings are in dollars that made no difference; for one earning in lari it changed everything. Taxes, notary and registry fees and property tax thresholds are all in lari, and so is the gain on a sale, which is why the exchange rate on the purchase day matters later. Our page on paying in dollars or lari covers the contract side.
To be added by the team: we are looking for the National Bank's own published annual averages to replace our calculation, and for its stated causes of the 2016 and 2019 moves.
Using the official rate, step by step
Find the date that matters
The purchase day, the payment day or the sale day.
Look up the official rate
Use the National Bank's website for that date.
Save a copy
Keep a screenshot or printout with your contract.
Compare with your bank
Check the spread your bank applies on the day.
Plan for swings
Assume the rate can move by a fifth within months.
Risks and exceptions
- Sudden shocks. The lari has fallen by 20% or more within weeks several times.
- Political events. 2024 showed that domestic politics can move the rate.
- Lari costs. Fees and taxes rise in dollar terms when the lari strengthens.
- No official forecast. Bank forecasts can be overtaken quickly.
- Bank spreads. Commercial rates differ from the official rate.
Frequently asked questions
When was the lari introduced?
On 25 September 1995; it became the sole legal tender on 2 October 1995.
What was the lowest the lari has been against the dollar?
3.4842 lari per dollar on 27 March 2020.
What was the strongest?
1.396 per dollar on 26 July 2008 under the floating rate.
What is the rate in October 2026?
2.5982 lari per dollar and 2.9274 per euro, valid from 17 October 2026.
Is the lari pegged?
No; it floats, and the National Bank intervenes only through auctions.
What caused the 2020 fall?
The loss of foreign tourists after travel restrictions, according to the National Bank.
Does the National Bank forecast the lari?
No; TBC Capital expected 2.60 to 2.65 by the end of 2026.
Where can I find the official rate for a date?
On the National Bank of Georgia's website, which lists the rate valid for each day.
Sources
- Official exchange rates by date, National Bank of Georgia (accessed 19 October 2026)
- Georgia marks 30th anniversary of the lari, National Bank of Georgia, 30 May 2025 (accessed 19 October 2026)
- Inflation targeting, National Bank of Georgia (accessed 19 October 2026)
- Interventions through currency auctions, National Bank of Georgia, 26 May 2009 (accessed 19 October 2026)
- Statement on exchange rate policy, National Bank of Georgia, 6 September 2022 (accessed 19 October 2026)
- Statement on exchange rate forecasts, National Bank of Georgia, 6 November 2018 (accessed 19 October 2026)
- Foreign exchange market and the official rate, National Bank of Georgia (accessed 19 October 2026)
- Statement on the exchange rate correction, National Bank of Georgia, 10 November 2008 (accessed 19 October 2026)
- Press release 99/34 on Georgia, International Monetary Fund, 1999 (accessed 19 October 2026)
- Press release 08/328 on Georgia, International Monetary Fund, December 2008 (accessed 19 October 2026)
- Lari at its weakest since 1999, Civil Georgia, 28 April 2015 (accessed 19 October 2026)
- The lari against trading partners' currencies, FactCheck Georgia, 11 January 2016 (accessed 19 October 2026)
- The lari in 2016, JAMnews (accessed 19 October 2026)
- Lari near its record low, Civil Georgia, 30 March 2021 (accessed 19 October 2026)
- Money transfers and the strong lari in 2022, JAMnews, 17 January 2023 (accessed 19 October 2026)
- The lari after the suspension of EU talks, Interfax, 4 December 2024 (accessed 19 October 2026)
- Reserves at the end of September 2026 (NBG data), Interfax, 12 October 2026 (accessed 19 October 2026)
- TBC Capital macroeconomic outlook, Georgia Today, 31 July 2026 (accessed 19 October 2026)
Change log
- - Data page published from the National Bank of Georgia's daily official rates since 1995, National Bank and IMF statements and media reports.