The British magazine The Banker of the Financial Times Group named the President of the National Bank of Georgia Giorgi Kadagidze the best Central Bank Governor of the Year in Europe.
The publication annually recognizes the best financial institutions and the best bankers in 149 countries. In addition, the magazine names the best officials of the financial sector who made the greatest contribution in promoting and stabilizing their economies.
“Well capitalized and stable banking sector that showed resistance to major shocks, is Georgia’s key feature so that the head of the country’s central bank Giorgi Kadagidze shared his experiences with the representatives of the central banks of Kazakhstan, Tajikistan and other countries through programs funded by the World Bank,” – The Banker writes.
The publication notes that there is still a very high level of dollarization in Georgia, which is a serious problem and will remain so in the coming years.
“In 2014, George Kadagidze stimulated the process of de-dollarization and by using different instruments, the National Bank has improved the availability of loans in the national currency. The NBG supported the development of the local capital market. In 2014, the European Bank for Reconstruction and Development (EBRD) for the first time issued GEL-denominated bonds, and in the words of George Kadagidze, other international financial institutions plan to do the same. In his opinion, the release of the GEL- denominated bonds by international financial institutions will contribute to the emergence of long-term loans in local currency in the market and the process of de-dollarization,”- writes the magazine.