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President’s administration begins selection of the new head of the National Bank

By Gvantsa Gabekhadze
Friday, June 26
The President of Georgia will soon select a new head of the National Bank of Georgia, his advisor for economic affairs Giorgi Abashishvili has announced.

According to him, he will hold consultations with international financial institutions, NGOs, experts, business associations, bank sector, economic-profile ministries and the National Bank of Georgia for to reveal worthy candidates for the position.

“I would like to state that Giorgi Kadagidze’s term in office is about to expire…from today I will begin selecting his successor and the process will be transparent,” Abashishvili said on June 23.

Kadagidze was educated in Georgia and abroad, and is the current Governor and Chairman of the Board of the National Bank of Georgia, IMF Governor for Georgia.

He graduated from the European School of Management – ESM, Specialty of Business Administration; at the same time he received a bachelor’s degree at Preston University. In 2005 he graduated from the Georgian Institute of Public Affairs (GIPA) and earned a master’s degree in public administration.

Prior to his position at the National Bank of Georgia he worked for the auditing and consulting firm UBC International as an auditor, senior auditor, and later on an audit manager. He also worked at the People’s Bank as head of the credit department; In Tbilisi Municipality he served multiple positions including head of financial division, head of financial service, and head of municipal financial service. In the General Prosecutor’s Office of Georgia, he worked as head of the economic department. In recent years he was a head of the Financial Monitoring Service of Georgia and a head of the Georgian Financial Supervisory Agency. Since 2009 Giorgi Kadagidze has been Chairman of the Board of the National Bank of Georgia and Governor of the National Bank of Georgia.

Some members of the current Georgian government have accused Kadagidze in the deal with the previous authorities and the current depreciation of the national currency against the dollar, which has lost more than 20% of its value against the dollar since November 1014.

Meanwhile, the opposition and the President have told the government members to refrain from making such statements.