Financial analyst Giga Bedineishvili believes planned amendments to Georgia’s National Bank law, including stricter qualification requirements for NBG Board members, will have little practical impact. Speaking to BMG, he said the central bank’s main problems are its lack of independence and politicization.
Bedineishvili suggested that the ruling Georgian Dream party’s decision to implement International Monetary Fund recommendations at this stage appears to be an attempt to restore the NBG’s damaged reputation amid a recent scandal. However, he described the move as a belated response that would not address the institution’s fundamental problems, pointing to what he sees as the central bank’s alignment with the ruling party.
He also warned that stricter qualification requirements could be used to block genuinely independent and courageous candidates, rather than prevent politically motivated appointments. In his view, authorities could still find ways around the new rules, making it unlikely that the amendments would bring meaningful change.
Parliament is fast-tracking amendments requiring NBG Board candidates to have at least 10 years of relevant professional experience. The proposed changes also clarify who assumes the NBG president’s duties if the first vice-president cannot do so and strengthen collective decision-making in the Monetary Policy Committee, removing the NBG president’s decisive vote.
