Ex-IMF Economist Becomes New C.Bank Chief

Koba Gvenetadze at a parliamentary confirmation hearing, March 2, 2016. Photo: Georgian Parliament

Koba Gvenetadze, who joined the board of the National Bank of Georgia (NBG) earlier this month, has become the new President of NBG.

Gvenetadze, who was picked by NBG’s seven-member board on March 16 and approved by President Giorgi Margvelashvili on March 17, replaced Giorgi Kadagidze, whose seven-year term expired in late February.

“I think that the National Bank of Georgia and positive processes, that we hope will take place in the country’s economy, will benefit from such a professional,” President Giorgi Margvelashvili said of Gvenetadze after receiving him at the presidential palace on March 17.

Gvenetadze, a former International Monetary Fund economist, was approved as new member of NBG board by the Parliament on March 2 after being nominated by President Margvelashvili; he received support from lawmakers of GD ruling coalition, as well as opposition Free Democrats and New Political Center parties; MPs from UNM opposition party abstained.

Before joining IMF in 2002, Gvenetadze served on various posts in the Georgian government; he was Deputy Finance Minister in 2000-2001.

From early 2008 till late 2009 he served as IMF resident representative in Azerbaijan and he was IMF resident representative in Kyrgyzstan in 2010-2014.

On March 16 PM Giorgi Kvirikashvili and Economy Minister Dimitri Kumsishvili met Gvenetadze and some other members of the central bank board and discussed, among other issues, as the PM’s office put it, “recent positive trends” in respect of the Georgian national currency lari (GEL).

GEL gained about 5% against U.S. dollar over the past week strengthening to 2.32 per dollar on March 16, a 3.3% stronger compared to year’s start and 6.7% weaker than year earlier.

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