12.
Why has the National Bank of Georgia upgraded Lari banknotes? was it connected to exchange rate fluctuations of Lari?

Upgrading of lari banknotes serves solely for visual and qualitative improvement of the national currency and is not connected to the exchange rate fluctuations.

Following rapid development of the modern technologies, the methods of counterfeiting of banknotes have systematically been changed and the quality of counterfeiting has been improved. Accordingly, every 8-10 years it is necessary to apply certain changes to protection, resistance and design of banknotes. Due to our reality, wide distribution of cash payment automated devices created the necessity to improve Lari banknotes esthetically (as their visual appearance did not any more respond to the new developments in security printing industry), as well as to improve their resistance to deterioration and counterfeit.

Besides, as banknotes production is quite a time consuming process, the National Bank of Georgia has started banknotes upgrading works (including research on relevant information and development of the design sketches) much earlier, so it started working on the production of the upgraded banknotes in denominations of 20, 50 and 100 the first, and later on, 5 lari to supply to respective stocks for satisfying the demand for these denominations, which has been regularly done by the NBG with the banknotes of the previous issues.

The same approach will be applied in respect with the production of the upgraded banknotes in denomination of 10 Lari.