Besides euros, dollars and pounds, the SOLO account also offers the national currency. A Georgian lari account makes sense above all when you actually have a connection to Georgia. For pure reserves, most people reach for more stable currencies – why, we clarify here.
What the lari is
The Georgian lari (currency code GEL) is the official national currency of Georgia. Anyone running a Georgian lari account holds balances in exactly this currency. The SOLO account at Bank of Georgia allows this without problem, just as it allows holding euros, dollars or pounds. The question is less whether one can have a Georgian lari account, but when it actually makes sense.
The lari is the currency in which business is done on site in Georgia – rents, salaries, everyday expenses run in GEL. For anyone with a real connection to the country, a Georgian lari account is therefore practical and obvious. For pure saving purposes without a connection to the country, the matter looks different.
Hold on a Georgian lari account only as much as you actually need in lari. For reserves that should simply sit safely, more stable reserve currencies such as euros or dollars are usually the better choice.
When a lari balance makes sense
There are clear situations in which a Georgian lari account fulfils its purpose: when you stay temporarily in Georgia and have expenses on site; when you generate income there, for instance from an activity or a property; or when you regularly make or receive payments in lari. In all these cases it is convenient to hold balances directly in the national currency, rather than converting on every transaction.
| Sensible for | Less sensible for |
|---|---|
| Stay in Georgia | pure savings reserves |
| Income on site | long-term wealth preservation |
| regular GEL payments | desire for value stability |
| everyday expenses in the country | no connection to Georgia |
Why most prefer to hold EUR or USD
Honesty is part of it here: the lari is the currency of an emerging market and fluctuates more strongly against the euro and dollar than these do against each other. For reserves that should simply retain their value, volatility is undesirable. That is why most holders of a SOLO account deliberately keep their reserves not in lari but in more stable reserve currencies – and use a Georgian lari account only for actual needs on site.
This is no argument against a Georgian lari account but a question of purpose. A tool is only ever as good as its fitting use. Anyone who needs lari holds lari; anyone seeking value stability holds euros or dollars. The multi-currency account makes both possible on the same account.
Flexible between currencies
The big advantage: you do not have to commit. On the SOLO account, your Georgian lari account sits on equal footing alongside euro, dollar and pound balances. You can switch between the currencies at any time – such as topping up lari before you travel to Georgia, and converting back into a stable reserve currency afterwards. This flexibility is the core of a well-thought-out multi-currency account.
Balances and income of a Georgian lari account must be declared according to the rules of your country of residence. Georgia participates in the automatic exchange of information. We are not a tax adviser and not investment advice.
Conclusion
A Georgian lari account is sensible for everyone with a real connection to Georgia – for stays, income or payments on site. For pure reserves, most people rightly reach for more stable currencies. The beauty of the SOLO account is that you do not have to decide: lari and reserve currencies sit side by side, and you switch flexibly as needed.
The lari in everyday life on site
Anyone spending time in Georgia quickly notices how practical a Georgian lari account is in everyday life. Rents, restaurant visits, purchases and local services are billed in lari. With a balance in the national currency and the associated card, you pay directly, without a conversion with corresponding rate loss on every small expense. For longer stays this is a genuine gain in convenience.
Anyone who generates income in Georgia – such as from a rental or a local activity – also benefits from a Georgian lari account. The income lands directly in the currency in which it arises and can be used on site. Only what you do not need in lari do you deliberately convert into a more stable reserve currency.
Value stability versus convenience
The decision for or against a well-filled Georgian lari account is ultimately a trade-off between convenience on site and value stability. The lari is a functioning, modern currency, but as the currency of an emerging market it is subject to stronger fluctuations against the euro and dollar. Anyone wanting to hold larger amounts over a longer period thereby exposes themselves to a rate risk that is unnecessary for pure reserves.
| Goal | Recommended currency |
|---|---|
| Expenses in Georgia | lari (GEL) |
| short-term need on site | lari (GEL) |
| reserves, value stability | EUR / USD |
| long-term holding | EUR / USD |
The elegant solution of the SOLO account: you do not have to decide. Hold on the Georgian lari account exactly as much lari as you need on site, and park the rest in stable reserve currencies. This way you combine convenience and value stability on one and the same account.
One account, many possibilities
Ultimately, the Georgian lari account exemplifies the flexibility of the entire SOLO account. It forces you into no single currency decision but lets lari, euros, dollars and pounds coexist on equal terms. You adjust your currency split at any time to your life situation – more lari before a trip to Georgia, more euros or dollars when you build pure reserves.
This adaptability makes the Georgian lari account a useful tool for everyone with a connection to the country, without becoming a trap for value stability. Anyone who heeds the simple rule – lari for actual needs, stable currencies for reserves – uses the account exactly as it is intended: flexibly, deliberately and appropriately to the respective purpose.
The lari account: opportunities and limits of the local currency
The Georgian lari (GEL) is the local currency and can be held at any time on an account at Bank of Georgia. For most international users, however, the lari is a complement, not the main currency: anyone whose income and expenses are predominantly in euros or dollars keeps those currencies on hand and uses the lari deliberately for local purposes.
The lari is interesting in combination with the Georgian interest-rate level, which can differ from the eurozone. Such differences, however, always come with exchange-rate risk – a higher nominal interest rate can be eaten up by currency movements. CMC is not an investment adviser; a lari position should always be deliberate and within your own risk capacity.
Practical handling
In a multi-currency account, the lari sits alongside EUR and USD. You convert in a planned way at the desired time rather than automatically, keeping control. Deposit insurance in Georgia covers balances up to GEL 50,000 – an aspect you can bear in mind when allocating your funds.
Frequently asked questions about Georgian lari account
Can I hold lari on the SOLO account?
Yes. The Georgian lari account sits on equal footing alongside euros, dollars and pounds. You can hold balances in the national currency and switch at any time.
When does a lari balance make sense?
Above all with a real connection to Georgia – such as stays in the country, income on site or regular payments in lari.
Why do many prefer to hold euros or dollars?
The lari is the currency of an emerging market and fluctuates more strongly. For reserves that should retain their value, more stable reserve currencies are usually the better choice.
Can I switch between lari and other currencies?
Yes. On the multi-currency account you switch flexibly between lari, euros, dollars and pounds – such as before a trip to Georgia and back again.