Posted: 6 months ago

National Bank of Georgia Enlists Expertise of Renowned International Consultants

The National Bank of Georgia has fortified its team with the addition of esteemed international consultants to bolster financial market development and the advancement of both ongoing and prospective reforms, as announced by the bank itself.

Economic heavyweights Douglas Laxton, David Vavra, and Marcial Nikola Smet have been recruited to provide expert guidance across a variety of crucial areas including macroeconomic and monetary policy, financial market progression, combatting financial crimes, and the enforcement of international financial sanctions.

Notably, these experts bring a wealth of experience to the table, some having previously collaborated with the National Bank on various projects. Douglas Laxton, a preeminent economist with an impressive tenure at the International Monetary Fund and the Canadian Central Bank, specializes in macroeconomics, monetary policy, fiscal policy, and inflation targeting. His expertise was instrumental in the National Bank's development of the Forecasting and Monetary Policy Analysis System (FPAS).

David Vavra, another top-tier economist, will lend his expertise to the development of financial markets within the National Bank. His resume includes stints at the International Monetary Fund, as well as advisory roles at the central banks of the Czech Republic, Ukraine, and Serbia, and a position as an advisor to the President of the Czech Central Bank on macroeconomic modeling and forecasting. Vavra's previous work with the National Bank was pivotal in refining macroeconomic modeling and forecasts, a project supported by the IMF and the European Bank for Reconstruction and Development (EBRD).

Marcial Nikola Smet, with 27 years of professional experience, will advise on enforcing sanctions and battling financial crimes. His background includes leading financial crime teams and chairing the Russia and Iran Sanctions Business Committee at UniCreditGroup. Since 2022, Smet has been focused on crafting framework documents for the enforcement of international financial sanctions in the Caucasus and Central Asia regions.

Acting President of the National Bank, Natia Turnava, expressed confidence that the consultants' expertise would greatly enhance the bank's team of professionals. "The addition of these high-caliber international experts will undoubtedly enrich the National Bank's operations and the execution of both current and future initiatives. By drawing upon the consultants' extensive international experience, we anticipate elevating our performance across various sectors and adopting superior standards," Turnava asserted. She emphasized the consultants' proficiency as a foundation for the bank's commitment to best practices and excellence.