The Parliament considered the candidates for three members of the Board of the National Bank
The Sector Economy and Economic Policy and the Budget and Finance Committees discussed the candidates for three members of the Board of the National Bank.
The President of Georgia has nominated Archil Mestvirishvili, Murtaz Kikoria and Robert Hendry Singleter Jr. to the positions due to expiration of the term of three members of the Board. The Deputy-Parliamentary Secretary of the President, Zurab Macharadze introduced the biographic data and working experience of the candidates.
MPs heard the candidates introducing their views and approaches. The main challenge for the NB and the country was named to be reduction of dollarization. “It is a complex issue and the National Bank powerless here. NB, the Government and financial sector are all involved in the issue as reduction of dollarization would be beneficial for everyone”, - A. Mestvirishvili noted. We have the plan of 10 points, which is one of the most important step forward to once and forever defeat dollarization problem. “It is not an easily solvable problem. It requires efforts and concentration of us all and we, the NB, as one of the leading bodies, will be involved in the issue”.
M. Kikoria named protection of consumers’ rights as another challenge. “In this term, we shall enhance the normative base and establish the principles to ensure stability of the sector”. According to R. Hendry Singleter Jr., protection of the population is possible through establishing the upper ceiling on interest rates. The state shall establish the higher limit for interest rates of the loans issued by the online loan and micro-financial organizations. “In my opinion, the state shall make effective steps and shall establish the upper ceiling of interest rates for the loans. The population has no financial knowledge and information unable to see the essence of the problem. Hence, their protection is possible with establishment of upper ceiling of interest rates”.
The candidates answered the questions concerning development of stock exchanges, upper ceiling of interest rates of the loans by online loans and micro-financial organizations , regulation of financial sector and involvement of banks in non-profile activity. MPs, with majority of votes through secret ballot, supported the candidates. Minority refused to participate in ballot as plans to consider the candidacies.