Koba Gvenetadze, Governor of the National Bank of Georgia, presented the report of his 7-year term. Representatives of the national government, executive authorities, diplomatic corps, financial sector and media attended the summary event. Koba Gvenetadze spoke extensively about the reforms implemented in the National Bank of Georgia during his term as governor.
Koba Gvenetadze recapped the challenges of these years, focusing on how fast and adequate the NBG response was. The NBG, he said, together with every citizen of the country, and local and international partners, was right in the middle of the fight against challenges, sharing every bit of ups and downs.
"We have witnessed a series of consecutive external shocks in the country over these seven years: the pandemic as a global force majeure, Russia's military aggression in Ukraine, the record-high rate of the dollar against all currencies, skyrocketed oil prices, internal crises including flight ban in 2019 and the dramatic decline in tourism revenues. High inflation has become an evident threat and a significant challenge of recent times, not only for Georgia, but also for developed countries for the first time in many years. Being a central bank leader in such times is a great responsibility vis-à-vis the country and each citizen. We spared no effort to cope with the hardships, and more than that, we turned challenges into success in many cases. The National Bank of Georgia took adequate, consistent and timely measures in response to the global challenges that the world is facing today. I understand very well that challenges are still there, but trust me, it would have been much worse today, if we did not take those unpopular measures", said Koba Gvenetadze.
At the end of the meeting, the NBG Governor thanked the representatives of all sectors for the seven years of fruitful cooperation, conveying special gratitude to the employees of the National Bank of Georgia for their work, loyalty and contribution to the development of the institution. "You are charged with a great mission. The NBG faces a rather high employee departure rate, because working for this institution is very prestigious and this experience can be used as a springboard. While the departures can be bad for the institution, they can also be good, because they accentuate the prestige of working at the National Bank of Georgia. I also worked at the NBG in 1994-1996 and returned again in 2016. So, maybe the future governor is among these departed employees. I am proud that the team of professionals of the National Bank of Georgia enjoys a very high trust and reputation in the international arena. I believe that the NBG team with extensive professional experience will successfully cope with the tasks and challenges in the future and will continue to be: the guarantor of financial and price stability; an independent and effective regulator focused on long-term results; promoting the introduction of fintech innovations; recognized by reputable international organizations; defender of the rights and interests of bank customers", Koba Gvenetadze said.
