The messenger logo

Majority MP has complaints about the National Bank of Georgia

By Tea Mariamidze
Tuesday, August 18
The Head of the Budget and Finance Committee, Tamaz Mechiauri, voiced complaints towards the president of the National Bank of Georgia (NBG) Giorgi Kadagidze, in his interview with the newspaper Kviris Palitra, accusing him of inactivity and dealing with the opposition party, the UNM.

It should be noted that Mechiauri is the initiator of the draft law, which implies setting up a separate institution the Supervision Agency apart from the NBG, subordinate to Prime Minister to supervise the banks in Georgia. The bill was vetoed by the President which caused dissatisfaction of the government.

According to the Head of Budget and Finance Committee, the NBG president, Giorgi Kadagidze, met with the Finance Minister Nodar Khaduri and the Minister of Regional Development and Infrastructure Nodar Javakhishvili several times and they decided to issue refinancing loans as agreed, but Kadagidze broke his promise and increased the refinancing rate to 6.0 percent.

Mechiauri also accuses the NBG President of negligence saying lari devaluation is his fault, as he could do much to prevent the drop of national currency against US Dollar.

“The President of NBG has been the hostage of the UNM and they are blackmailing him with different compromises,” Mechiauri said.

The member of the UNM, Koba Subeliani says that it is illogical to blame only Kadagidze in all economic processes. He thinks that worsened economic situation is the reason of inappropriate economic reforms, carried out by the government.

“The government has imposed improper restrictions for visa applicants and foreign investors; these are the main reasons of economic downturn,” he stated.

Vasil Revishvili, the member of Free Democrats (FD)thinks the statement of Mechiauri is false and improper and the failure of the economic development is the fault of government inactivity.

“When lari started to devaluate, government Budget and Finance Committee was attributing this process to external factors, now when these factors are over, they want to blame everything on Giorgi Kadagidze,” the FD member said.

Tamaz Mchiauri has not made any verbal comments yet.