President’s pick becomes new head of Georgia’s National Bank

The man chosen by President of Georgia Giorgi Margvelashvili as the seventh member of the National Bank of Georgia board (NBG) has today been approved as the new NBG president.

Koba Gvenetadze was selected to the post by his fellow board members.

He will replace Giorgi Kadagidze in the role after the latter’s seven-year term as the bank’s president ended.

Margvelashvili selected Gvenetadze from a shortlist of three candidates proposed by experts and non-governmental organisations (NGOs) in late January as the seventh and final member of the NBG board. 

On March 3 this year Parliament approved Gvenetadze’s candidacy as NBG board member, after which the NBG board members named him as the new leader of the bank.

President Margvelashvili approved the board’s joint decision today.

Margvelashvili highlighted Gvenetadze was selected through a very open and transparent process, and he stressed the new NBG president had the skills and attitude required for the country’s economic advancement.

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 Deputy Finance Minister from 2000-2001.

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