Ex-IMF of­fi­cial new Ge­or­gia's cbank chief

The Pak Banker - - COMPANIES/BOSS -

Ge­or­gia's cen­tral bank board has elected a for­mer In­ter­na­tional Mon­e­tary Fund (IMF) econ­o­mist, Koba Gvene­tadze, as the bank's new gov­er­nor af­ter the pre­vi­ous gov­er­nor's seven-year term ex­pired last month, it said to­day.

Gvene­tadze, who had been nom­i­nated by the coun­try's pres­i­dent and is yet to re­ceive his fi­nal ap­proval, demon­strated that his views largely con­curred with the cur­rent poli­cies pur­sued by the cen­tral bank. Dur­ing par­lia­men­tary com­mit­tee hear­ings, Gvene­tadze in­di­cated he was in favour of keep­ing the fi­nan­cial su­per­vi­sory agency within the cen­tral bank rather than trans­fer­ring it to a sep­a­rate agency.

This stance on a con­tentious is­sue is in line with the cen­tral bank's ap­proach.

Last July Ge­or­gian Pres­i­dent Ge­orgy Margve­lashvili ve­toed a widely-crit­i­cised bill that would have stripped the cen­tral bank of its su­per­vi­sory func­tions over the bank­ing sec­tor.

In­ter­na­tional fi­nan­cial in­sti­tu­tions, busi­ness as­so­ci­a­tions, op­po­si­tion par­ties and civil so­ci­ety groups had crit­i­cised the bill, say­ing it could be prone to political med­dling. The Ge­or­gian par­lia­ment over­turned the pres­i­dent's veto, but the bill was taken to the con­sti­tu­tional court, which sus­pended its en­force­ment pend­ing a fi­nal ver­dict.

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