Ruble Still Georgia’s Pick for Currency

This former Soviet republic officially left the “ruble zone” Monday, but it was business as usual with people ignoring the new law and continuing to spend Russian currency.

The Georgian government decided to abandon the ruble last week, leaving the group of former Soviet republics that use it, after the Russian Central Bank invalidated pre-1993 ruble notes. It said a temporary coupon would be the only legal tender.

Starved of rubles, Georgian authorities had begun injecting the coupons into the money supply in April in order to keep up with the government payroll.

Backed only by the lurching Georgian economy, the tiny, gaily decorated coupon was not a popular success.