WORLD IN BRIEF : GEORGIA : Banks Replacing Rubles With Chits
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From Times Staff and Wire Reports
Georgian banks distributed coupons to replace the Russian ruble as the country’s currency, the Itar-Tass news agency reported. Georgia is the sixth former Soviet republic to abandon the ruble. Government officials say introduction of the coupons was necessary because Russia is no longer providing an adequate supply of rubles to keep up with rising prices and wages. The coupons are an interim step on the way to the introduction of Georgia’s own currency, the lari.
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