Georgia’s President nominates ex-IMF economist as new NBG board member

Procedures to select a new member of the NBG board will be completed by February 25. Photo by the NBG., 12 Feb 2016 - 14:06, Tbilisi,Georgia

Georgia’s President Giorgi Margvelashvili has nominated former International Monetary Fund (IMF) senior economist Koba Gvenetadze to be the seventh board member of the National Bank of Georgia (NBG).

A spokesperson from the Administration of the President of Georgia told procedures to present Gvenetadze to Parliament of Georgia had started and will be completed by February 25.

A position on the board will become vacant on February 25 after NBG president Giorgi Kadagidze’s seven-year term as a board member ends. Rules stated once Kadagidze’s is no longer a board member, he will be unable to remain as the Bank’s president.

If approved by Parliament, Gvenetadze will become the seventh member of the NBG board.

Then it will be up to the seven-member board to pick a new NBG president among its members. It may be Gvenetadze or someone else from the board,” said a spokesperson from the Administration.

Margvelashvili selected Gvenetadze from a shortlist of three candidates proposed by experts and non-governmental organisations (NGOs) in late January. The three candidates were Gvenetadze, Maia Melikidze and Giorgi Bakradze.

Head of the Presidential Administration Giorgi Abashishvili, who led the process of selecting the NBG board member candidate, believed Gvenetadze would be a "strong and honorary” member of the NBG board.

Gvenetadze worked as a senior economist at the 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 got his Masters degree in the United States and enjoyed a Edmund S Muskie Graduate Fellowship Program scholarship.