Economist Akaki Tsomaia says the controversy surrounding National Bank of Georgia (NBG) board member Nana Keinishvili raises serious concerns about the independence and credibility of the country’s financial system.
Speaking to BMGTV, Tsomaia called the NBG’s claim that Keinishvili acted independently, without the institution’s knowledge, “incredible nonsense.” He argued that the case points to a systemic problem and growing political influence over the central bank, warning that Georgia’s financial system is potentially exposed to significant risks, including possible international sanctions.
Tsomaia also criticized the NBG’s foreign-exchange reserve accumulation policy. He said the central bank has frequently intervened to prevent the lari from appreciating rather than allowing a genuinely floating exchange rate. According to the economist, excessive foreign currency purchases have required monetary sterilization, including withdrawing GEL liquidity from the economy.
He stressed that the NBG’s primary constitutional mandate is price stability and inflation control, arguing that its current exchange-rate policy is inappropriate amid rising import prices, particularly for fuel.
