What is Rub Lari and How to Exchange It?
Introduction
A brief overview of what rub lari is, where it is used, and why it is important.
What is Rub Lari?
A detailed explanation of the currency pair RUB/GEL, its history, and its current value.
rub lari
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Where is Rub Lari Used?
A description of the countries that use Russian rubles and Georgian laris, and their economic and political relations.
Why is Rub Lari Important?
A discussion of the benefits and challenges of exchanging rub lari, and its impact on trade, tourism, and remittances.
How to Exchange Rub Lari?
A guide on how to find the best exchange rates, fees, and methods for converting rub lari online or offline.
Conclusion
A summary of the main points and a call to action for the readers.
Article: What is Rub Lari and How to Exchange It?
Introduction
If you are planning to travel or do business in Russia or Georgia, you may need to exchange some currency. But what is rub lari, and how can you get the best deal for your money? In this article, we will explain everything you need to know about this currency pair, including its history, value, usage, and exchange options.
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What is Rub Lari?
Rub lari is the abbreviation for the currency pair Russian ruble (RUB) and Georgian lari (GEL). One ruble is equal to 0.03104 laris as of June 18, 2023. The ruble is the official currency of Russia, while the lari is the official currency of Georgia. Both currencies are subdivided into 100 units: kopeks for rubles and tetris for laris.
The ruble has been in use since the 13th century, making it one of the oldest currencies in the world. It has undergone several reforms and devaluations over time, especially after the collapse of the Soviet Union in 1991. The current ruble was introduced in 1998 at a rate of 1 new ruble = 1000 old rubles.
The lari was introduced in 1995, replacing the Georgian coupon at a rate of 1 lari = 1 million coupons. The name lari means "hoard" or "property" in Georgian. The lari was pegged to the US dollar until 1997, when it switched to a floating exchange rate regime. The lari has been relatively stable since then, except for a sharp depreciation in 2014-2015 due to external shocks.
Where is Rub Lari Used?
Russia and Georgia are neighboring countries in Eurasia, with a long and complex history of cultural, political, and economic ties. Russia is the largest country in the world by area, with a population of about 146 million people. It has a mixed economy that relies on oil and gas exports, as well as manufacturing, services, and agriculture. Russia is a member of the United Nations, the Commonwealth of Independent States (CIS), the Eurasian Economic Union (EAEU), and other international organizations.
Georgia is a small country in the Caucasus region, with a population of about 4 million people. It has a developing economy that depends on tourism, agriculture, mining, and remittances from abroad. Georgia is a member of the United Nations, the Council of Europe, the World Trade Organization (WTO), and other international organizations. Georgia has also signed an association agreement with the European Union (EU) in 2014, aiming to integrate more closely with Europe.
Russia and Georgia have had strained relations since the early 1990s, when Georgia declared its independence from the Soviet Union. The two countries fought a brief war in 2008 over two breakaway regions: Abkhazia and South Ossetia. Since then, diplomatic ties have been severed and trade has been restricted. However, there have been some signs of improvement in recent years, such as resuming direct flights and easing visa requirements.
Why is Rub Lari Important?
Rub lari is an important currency pair for several reasons. First, it is a useful indicator of the economic and political situation in both countries, as well as the region as a whole. The exchange rate reflects the supply and demand for each currency, as well as the inflation, interest rates, and growth prospects of each economy. The exchange rate also affects the competitiveness and profitability of cross-border trade and investment.
Second, rub lari is a popular currency pair for travelers and expatriates who visit or live in either country. According to the World Bank, Georgia received about 9.4 million international visitors in 2019, of which 1.4 million came from Russia. Similarly, Russia received about 24.6 million international visitors in 2019, of which 0.2 million came from Georgia. Moreover, there are about 1 million Georgians living in Russia, and about 150,000 Russians living in Georgia. These people need to exchange rub lari for various purposes, such as paying for goods and services, sending or receiving remittances, or saving and investing.
How to Exchange Rub Lari?
There are several ways to exchange rub lari, depending on your preferences, needs, and availability. Here are some of the most common methods:
Online Platforms
One of the easiest and fastest ways to exchange rub lari is to use an online platform that offers currency conversion services. There are many websites and apps that allow you to compare exchange rates, fees, and delivery options from different providers, and choose the best one for you. Some examples are TransferWise, CurrencyFair, XE, and OFX. These platforms usually offer better rates and lower fees than banks or traditional money transfer operators. However, you need to have a bank account or a debit or credit card to use them, and you may face some limitations on the amount or frequency of transactions.
Banks
Another option is to use a bank that operates in both countries or has a partnership with a local bank. For example, TBC Bank and Bank of Georgia are two of the largest banks in Georgia that have branches or ATMs in Russia. Similarly, Sberbank and VTB are two of the largest banks in Russia that have branches or ATMs in Georgia. These banks may offer more convenience and security than other methods, as you can access their services online or offline, and benefit from their customer support and protection. However, they may also charge higher fees and offer worse rates than online platforms or other providers.
Money Transfer Operators
A third option is to use a money transfer operator (MTO) that specializes in sending or receiving money across borders. There are many MTOs that operate in both countries, such as Western Union, MoneyGram, Ria, and WorldRemit. These MTOs may offer more flexibility and accessibility than other methods, as you can use cash or card to make or receive payments, and choose from various delivery options, such as bank deposit, cash pickup, mobile wallet, or home delivery. However, they may also charge higher fees and offer worse rates than online platforms or banks.
Currency Exchange Offices
A fourth option is to use a currency exchange office (also known as a bureau de change or a kantor) that offers cash-to-cash transactions. There are many currency exchange offices in both countries, especially in major cities and tourist areas. These offices may offer more convenience and speed than other methods, as you can exchange rub lari on the spot without any paperwork or verification. However, they may also charge higher fees and offer worse rates than online platforms or banks.
Conclusion
Rub lari is an interesting currency pair that reflects the economic and political dynamics between Russia and Georgia. Whether you are traveling or doing business in either country, you need to know how to exchange rub lari effectively and efficiently. In this article, we have explained what rub lari is, where it is used, why it is important, and how to exchange it using different methods. We hope this article has been helpful and informative for you. If you have any questions or comments, please feel free to contact us.
FAQs
QuestionAnswer
What is the current exchange rate of rub lari?The current exchange rate of rub lari as of June 18, 2023 is 0.03104 GEL for 1 RUB. You can check the latest exchange rate on [this website].
What are the best online platforms to exchange rub lari?The best online platforms to exchange rub lari may vary depending on your preferences, needs, and availability. However, some of the most popular and reputable ones are TransferWise, CurrencyFair, XE, and OFX. You can compare their rates, fees, and delivery options on [this website].
What are the best banks to exchange rub lari?The best banks to exchange rub lari may depend on your location, convenience, and security. However, some of the most widely available and reliable ones are TBC Bank and Bank of Georgia in Georgia, and Sberbank and VTB in Russia. You can find their branches or ATMs on [this website].
What are the best money transfer operators to exchange rub lari?The best money transfer operators to exchange rub lari may vary depending on your flexibility, accessibility, and delivery options. However, some of the most well-known and trusted ones are Western Union, MoneyGram, Ria, and WorldRemit. You can find their locations or services on [this website].
What are the best currency exchange offices to exchange rub lari?The best currency exchange offices to exchange rub lari may depend on your convenience, speed, and cash availability. However, some of the most common and reputable ones are located in major cities and tourist areas in both countries. You can find their locations or rates on [this website].
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