Office term of 7 years (3,5 years – National Movement and 3,5 years – Georgian Dream) expires to the president of National Bank of Georgia on February 25.
Giorgi Kadagidze leaves the position, as the best manager of Europe’ Central Bank of 2014, with a lot of praises and criticism.
However, one auction of refinancing loans will pass ahead through the office term of the president of National Bank of Georgia. It has been introduced alongside the other monetary and effective tools during the management of Giorgi Kadagidze, but “transmission mechanism” and “tools” have remained merely as musical instruments for many persons.
Kadagidze wanted to explain to the society from parliamentary tribune once again, that refinancing loans is the best tool for management of banks’ liquidity, while government securities are cheap and stable source of financing the budget deficit, and constitutional mandate of NBG is the stability of prices, whereas spending of currency reserves is a crime. Therefore, he was not able to say that afresh in his office-term.
President of NBG had to talk on depositors’ high trust, banking sectors’ portfolio of 26 billion, millions of continuous transaction, the rectified infrastructure of the financial sector and highest estimations of international financial institutions from the television, where only part of the legislators visited.
NBG President thanks to the “guilty” teammates for successful reforms carried through 7-year period and also talks about mistakes:
“All we have made, might be done better. We had many mistakes. But none of the decisions was adopted in favor of private interests and none of the decisions were not illegal. The sole problem which we had was communication, and even that had its objective factors”.
Giorgi Kadagidze advises Georgian government to listen to small and middle businesses, to diminish Ministries and to simplify visa regime with Egypt and China after Iran. Kadagidze does not have any concrete reaction about the future president of NBG at this time and he does not give him any recommendations. His latest plans include lecturer’s career, as well as several projects in the “near abroad” – Kyrgyzstan and Ukraine.
He will renovated his office in the financial sector after 6 months, the term is demanded by the legislation. Prior to that, he will discusses offers from the Britain and the USA. He declares that he is not interested in working at the international organizations, while on the prospects concerning to his come in the politics, he answers “never say never”.