NBG Board Elects Natia Turnava as First Vice President

Natia Turnava was elected First Vice-President of the National Bank of Georgia (NBG) by the NBG’s Board of Directors on June 22 in accordance with amendments passed by the Parliament of Georgia to the Organic Law on the National Bank of Georgia.

Natia Turnava holds a Ph.D. in economics and a Master’s degree in Business Administration from the University of Cumbria, Great Britain (2014). She was previously elected as a member of the Board of NBG by the Parliament on June 7th, 2022.

She served as the Minister of Economy and Sustainable Development of Georgia from 2019 to 2022 and as Deputy Minister of Economy from 2018 to 2019. Prior to that, she spent five years as the Deputy Executive Director of the Partnership Fund. Additionally, she was a Member of the Board of Directors of Georgian Industrial Group (GIG), Ltd from 2006 to 2013 and held the positions of General Director and Chairperson of the Board of Directors of Georgian International Energy Corporation Ltd. Notably, she also served as the First Deputy Minister of Economy of Georgia from 2000 to 2005.

“It is a great responsibility to hold the position of first vice president, to be the acting president of the institution responsible for the financial stability of the country… Of course, all the reforms/projects that the NBG has been working on will continue, including supporting the development of digital technologies and the latest innovations. Within the framework of our mandate, we will also pay special attention to the economic empowerment of women, which is crucial for economic development” – said Natia Turnava, assuming her role as the first Vice-President of the NBG.

During a question-and-answer session with the media, Ms Turnava stressed the importance of maintaining close cooperation with the International Monetary Fund (IMF) and international organizations. She reiterated the National Bank of Georgia’s commitment to cooperation with central banks and to maintaining the regulations and restrictions imposed on Russia following its invasion of Ukraine. Turnava assured that the independence of the National Bank of Georgia is protected by the Constitution and the Organic Law, while stressing the need for coordination with the government’s economic team on specific issues.

The amendments to the law have been criticized by experts and IMF (with President vetoing them in February this year) fearing that the independence of the National Bank of Georgia may be put into question.

The First Vice-President of the National Bank will assume the duties of the President in their absence. Koba Gvenetadze, the former NBG President, concluded his term on March 2, 2023. Until a new president is elected, the First Vice-President will temporarily assume these responsibilities.

Also Read:

• 24/02/2023 – President Vetoes Law on National Bank of Georgia
• 3/06/2023 – Parliament Overrides President’s Veto on Draft Amendments to NBG Law
• 09/02/2023 – NBG Opposes Hasty Discussion of Draft Law on National Bank of Georgia; Warns of Risks of the Draft Law

This post is also available in: ქართული (Georgian) Русский (Russian)