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National Bank of Georgia has new President

By Tea Mariamidze
Friday, March 18
Koba Gvenetadze, who became a member of the seven-seat Board of the National Bank of Georgia (NBG) at the beginning of March, was appointed as the new President of the NBG on March 17 by the Georgian President, Giorgi Margvelashvili.

Gvenetadze replaced Giorgi Kadagidze, whose term expired in late February 2016.

Giorgi Margvelashvili declared that the new President of the NBG will preserve the integrity of the position, which is necessary for the country’s economic development.

According to the President, in cooperation with the ruling coalition Koba Gvenetadze gained votes in Parliament and later he was selected as the NBG's presidential candidate by the National Bank Board.

“Today we have appointed a new President of the National Bank of Georgia. We selected Koba Gvenetadze by means of an absolutely democratic, transparent process. Having cooperated with the coalition, he has also gained votes in parliament and was presented as a candidate for the position of president,” stated Margvelashvili.

Gvenetadze thanked the President, Parliament and the NBG Council for supporting him and underlined that he will do his best for economic growth and stability.

“I am also going to cooperate with the media and I hope our cooperation will be fruitful,” added Gvenetadze.

On March 16, PM Giorgi Kvirikashvili and Economic Minister Dimitri Kumsishvili met Gvenetadze and some other members of the central bank board and discussed recent positive trends in respect of the Georgian national currency.

President Margvelashvili nominated Gvenetadze’s candidacy from the three candidates who were selected and assessed by experts and non-governmental organizations.

According to the President’s Administration, Koba Gvenetadze, who has earned his Master's of Arts in Economics at the American University in Washington, has been working at the Galt and Taggart Company as an economic advisor since November 2015.