President seeks candidate who may replace current head of National Bank of Georgia

President of Georgia, who is eligible to nominate candidates for a seven-member Council of the National Bank of Georgia (NBG), is holding negotiations with the economy field experts to select a nominee who may replace current chairperson of NBG Giorgi Kadagidze as his seven-year term on the post expires in February, this year. 

The President’s administration stated today that President Giorgi Margvelahsvili would choose a candidate for the NBG Council till the end of January as Kadagidze, who currently serves as both the NBG and the Council head, will have to quit the positions on February 20. 

Margvelahsvili will name his pick after the consultations with the Non-Governmental organisations (NGOs) and economic experts and represent the nominee before the Parliament. 

For to be confirmed the candidate must garner at least 76 votes out of the 150-seat legislative body. 

Since the candidate is approved the Council, which supervises the activities of NBG, will select a nominee for the post of the new head of NBG and in this situation only the President has a right to either approve or reject the candidate. 

Like the head of NBG, members of the NBG Council are elected for a seven-year term each. As the Council members were approved at different times none of the members’ term expires together with Kadagidze. However, three of them will have to quit posts at the end of the year. 

Head of  the President's Administration Giorgi Abashishvili says Parliament "should" confirm the President's nominee for the Council of the National Bank of Georgia. Photo by the President's Administration. 

Georgian Dream (GD) majority member Tamaz Metchiauri has stated that even in case the legislative body could not approve the President’s nominee the Council would be able to function with the rest six members, as well as NBG. 

Responding to such prognoses head of the President’s administration Giorgi Abashishvili stated that such a possibility "would not be reasonable.” 

It will not be acceptable if the Parliament fails to approve the candidate selected through a very transparent process.” 

Neither from political nor macroeconomic point of view such an approach can be justified,” Abashishvili added. 

The opposition United National Movement (UNM) members claimed that the majority and the President "might trade regarding the candidate and the selecting process might be lingered till the end of the year.” 

The speculations were dismissed by the majority members, who emphasised that selecting the candidate was completely up to the President.