GD Parliament Votes to Appoint Four New Members to NBG Board

The Georgian Dream parliament has voted to appoint four new members to the National Bank Board, filling vacant seats. The four candidates – Vakhtang Burkiashvili, Otar Shamugia, Nino Jeladze and Levan Dzneladze – were nominated by GD President Mikheil Kavelashvili. The nominations were approved by a majority vote in the GD parliament, the GD parliament press release said.

Shalva Papuashvili, Chair of the GD Parliament, emphasized the importance of “the National Bank continuing functioning with a full composition of board members.” The GD parliament press release also stated that Papuashvili referred to the long delay caused by President Zurabishvili’s “sabotage,” which resulted in the Board operating with only five of its nine members for more than a year and a half.

“It is important that, as a result of the October 26 elections and the presidential elections, we were able to end the sabotage and the National Bank will now continue its activities with its full staff,” GD Speaker added.

Who are the newly appointed NGB Board members:

• Vakhtang Burkiashvili – An economist with bachelor’s and master’s degrees from ICN Graduate Business School, France. Since 2018, he has been an Executive Director of the National Bank of Georgia. According to BM.Ge, he is a donor to Georgian Dream and was an analyst for Bidzina Ivanishvili’s “Society 2030.” In 2016, he donated 50,000 GEL to Georgian Dream.
• Otar Shamugia – An economist with a bachelor’s degree from the Sokhumi branch of the Tbilisi State University. Under the Georgian Dream government, he served as Deputy Minister and later as a Minister of Environmental Protection and Agriculture (2022–2024).
• Levan Dzneladze – Holds a degree in macroeconomics and a postgraduate associate professorship from Tbilisi State University. Since 2020, Dzneladze has headed the Cash Operations and Cash Circulation Department at the National Bank of Georgia. He occupied positions of First Deputy Minister of Finance and Deputy State Minister for Economy in the beginning of 2000s. He also was involved in business, including occupying the post of Deputy Director General of Bidzina Ivanishvili’s bank Cartu in 2009-2011.
• Nino Jeladze – An economist, lawyer and foreign language specialist, she graduated from Tbilisi State University. Since 2024, she has headed the Department of Supervisory Policy at the National Bank of Georgia. From 2003 to 2021, she held various positions at ProCredit Bank and ProCredit Holding and headed the Compliance and AML Department.

The independence of the National Bank of Georgia has long been questioned by international and local stakeholders. In June 2023, the ruling Georgian Dream voted to override the Presidential veto on the amendments to the Law on the National Bank. President Salome Zurabishvili agreed with the National Bank’s view that the amendments would have risked its independence. The amendment, which grants the National Bank’s Board the authority to appoint and dismiss the First Vice-President, was framed as a measure to clarify succession procedures in the President’s absence. However, the changes sparked criticism from the International Monetary Fund (IMF), who argued that they undermined the independence of the NBG Board as a supervisory body. According to the amendments that entered into force, Natia Turnava, former Minister of Economy, was appointed the First Vice-President of NBG.

In September 2023 the NBG changed its regulation and shielded the former Prosecutor General Otar Partskhaladze, sanctioned by the US for channeling Russian influence, from his assets and transactions being targeted in Georgia. This represented the reversal of the decision published a day earlier by the National Bank saying it would comply with the sanctioning and followed the subsequent criticism of that decision by the ruling party chairman, Irakli Kobakhidze.

Also Read:

• 11/04/2024 – President of Georgia Establishes NBG Board Selection Commission
• 21/09/2023 – Parliament Disregards President, Appoints Two New Members to NBG Board
• 19/09/2023 – National Bank Makes U-Turn, Shields Sanctioned Partskaladze
• 23/06/2023 – NBG Board Elects Natia Turnava as First Vice President
  

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