National Bank Council elects former Economy Minister Turnava as First Vice-President of Bank

  • She said the Bank would continue cooperation with international partners, financial and banking institutions and would maintain “strong, close collaboration” with the International Monetary Fund. Photo via National Bank of Georgia

Agenda.ge, 22 Jun 2023 - 21:20, Tbilisi,Georgia

The Council of the National Bank of Georgia on Thursday elected the former Economy Minister Natia Turnava as the First Vice-President of the Bank with the majority of votes.

At the briefing after the meeting of the Council, Turnava said it was a “great honour” to take this position and noted the Bank’s main mission was to “take care of the financial stability of the country and also the stability of consumer prices”.

Our financial system proved its strength [amid challenges] to everyone, maintained high international ratings, and, of course, together with the effective economic policy of the Government, the right [and] adequate monetary policy conducted by the National Bank played a very big role [in it]”, she emphasised and vowed to continue “an adequate, cautious monetary policy”.

She said the Bank would continue cooperation with international partners, financial and banking institutions and would maintain “strong, close collaboration” with the International Monetary Fund.

The continuation of reforms will be one of the priorities, including new technologies, the introduction of digital technologies, the creation of new banking products, and other “interesting innovations” in this regard, Turnava noted.

The Georgian Parliament last week supported the amendments to the law on the country’s National Bank, proposed by the ruling Georgian Dream party, with 82 votes, which introduced a new position of the First Vice-President of the National Bank in addition to the already existing three Vice-President positions, which will perform the duties of the President in the latter's absence.

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