New Member of Central Bank’s Board Appointed

The Parliament has approved Giorgi Kadagidze as new member of the board of the National Bank of Georgia.

Since April 2008 Giorgi Kadagidze has served as the head of the Financial Supervisory Agency. In November, 2007 he served as an interim administrator of Standard Bank, after the National Bank appointed there a temporary administration. Late tycoon Badri Patarkatsishvili had interests in that bank at that time. 

Some lawmakers from the parliamentary minority said Giorgi Kadagidze was expected to be elected by the NBG board as new President of the central bank – the position is vacant since September, 2007. Davit Amaglobeli serves as an acting president of NBG.

According to the law, the President of the National Bank is elected out of a nine-member board and is approved by the President of Georgia. 

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