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Koba Gvenetadze Elected as National Bank Board Member

Parliament Approves New Member of NBG Board

The Parliament of Georgia has approved the candidacy of Koba Gvenetadze by 81 votes to elect him as a member of the board of the National Bank of Georgia (NBG). As reported, the position became vacant after the NBG President Giorgi Kadagidze finished his term in the NBG board on February 25.

Koba Gvenetadze makes focus on the existing structural organization of bank supervision mechanism and supports the idea of the NBG’s high-level independence. Maintaining the supervision component at the NBG will improve efficiency of the monetary policy transmission mechanism; while the structural separation creates risks of moderate inflation processes.

Koba Gvenetadze also makes accents on the Dollarization ratio reduction and prioritizes the Larization enhancement policy. However, he has not specified an approximate period for balancing the correlation between the Dollarization and Larization. This is a continuous process, Koba Gvenetadze said.

Gvenetadze was approved by the Parliament with 81 votes.

During parliamentary committee hearings last month, Gvenetadze, whose candidacy was nominated by President Margvelashvili, showed concurrence of his views with most of the current policies pursued by of the central bank