Parliament approves President’s nominee as NBG board member

Parliament of Georgia has approved Koba Gvenetadze - the President’s nominee - as the seventh Board Member of the National Bank of Georgia (NBG). 

Gvenetadze, who will fill the empty board member spot from outgoing NBG president Giorgi Kadagidze, was supported by 81 lawmakers out of the 150-seat legislative body in Parliament yesterday. 

Margvelashvili selected Gvenetadze from a shortlist of three candidates proposed by experts and non-governmental organisations (NGOs) in late January.

Gvenetadze worked as a senior economist at the International Monetary Fund (IMF) from 2002 to 2015.

Before joining IMF Gvenetadze held various posts in the Georgian Government including as Deputy Finance Minister in 2000-2001.

From 1994-1996 Gvenetadze served as the chief economist at the NBG.

Currently he works as an economic adviser at Galt and Taggart, which established itself as Georgia’s leading investment banking and investment management Services Company.

Gvenetadze gained his Master’s degree in the United States and enjoyed an Edmund S Muskie Graduate Fellowship Program scholarship.

Meanwhile outgoing NBG board member Kadagidze, was unable to remain as the Bank’s president once his board member term expired.

Now the seventh and final NBG board member has been approved, the board must select the Bank’s new president from within the NBG board.

Gvenetadze, like all other board members, is eligible to become the new chairperson of the country’s major bank.