Irakli Managadze is Expected to Replace George Kadagidze

TBILISI(BPI)-“Commersant “reports, Irakli Managadze is expected to replace George Kadagidze on the post of the National Bank’s  President.

According to our information, Managadze is ready to leave London, where he has served  as Senior Policy Advisor of Financial Institutions (EBRD) since 2005, and once again lead the National Bank of Georgia.


As reported,   Managadze’s  candidacy is supported by international organizations and the banking  circles of Georgia as well as the former Prime Minister Bidzina Ivanishvili is  also positively disposed towards him.


2030 organization member, an expert Mikheil Dundua can’t  negatively assess Irakli Managadze’s  possible appointment as the NBG  President  because of  his proper experience. However, he notes that he knows nothing about it.


As for the information that the Bank Supervision Department is expected to  be led by Mikheil Dundua. The expert says that this subject has not been discussed and the selection of candidates will start after the bill is approved.
Recall that Irakli Managadze served as  President of the National Bank of Georgia from  March 1998 to March 2005.

In 2013, in a newspaper interview he said he had left Georgia for the principal reasons and until  the National Movement and Mikheil Saakashvili  were  in power, he would not wish to return.

According to the current law, President of Georgia must submit to   Parliament a candidacy for the  NBG Board for approval. The NBG Board  members are elected by Parliament for the seven-year term by a majority votes of  members of Parliament. President of the National Bank is appointed and dismissed by the President of Georgia.

George  Abashishvili, Adviser to the President on  Economic Affairs, rules out  discussion of  the National Bank’s presidential candidates.

Experience, knowledge and education in the field of economics and finance will be the main criteria for choosing the candidate. In addition, the President’s administration believes that  President of the National Bank should  be free from political influence, “- Abashishvili said in his  interview with  “Commersant”.


Recall that the bill on separation of the banking supervision department from the  National Bank was initiated in Parliament. George Abashishvili  notes that  the President  will veto the bill undoubtedly.

George Kadagidze’s  term in office expires in 2016.


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