To bolster the development of financial markets and implement planned reforms, the National Bank of Georgia has enlisted the services of foreign consultants. The National Bank of Georgia has made this information publicly available.
The team of foreign experts, consisting of Douglas Laxton, David Vavra, and Marcial Nikola Smet, will provide guidance and advice across various domains. Their areas of focus include macroeconomic and monetary policy, financial market development, combating financial crimes, and enforcing international financial sanctions.
Notably, some of these experts have previous experience collaborating with the National Bank on various projects. Douglas Laxton, a prominent economist, has held senior positions at the International Monetary Fund and the Canadian Central Bank in recent years. His expertise encompasses macroeconomics, monetary policy, fiscal policy, and inflation targeting. Laxton played an active role in the development of the Forecasting and Monetary Policy Analysis System (FPAS) during his previous collaboration with the National Bank.
David Vavra, another world-class economist, will be dedicated to advancing the National Bank’s efforts in developing financial markets. Over the years, he has worked with institutions like the International Monetary Fund, and the Czech, Ukrainian, and Serbian central banks, and advised the President of the Czech Central Bank on macroeconomic modeling and forecasting. David Vavra has also previously worked on a project aimed at enhancing macroeconomic modeling and forecasts, supported by the IMF and the European Bank for Development and Reconstruction (EBRD).
Marcial Nikola Smet, an international expert with 27 years of experience, has held leadership roles in the field of financial crimes and served as the chairman of the Russia and Iran Sanctions Business Committee at UniCreditGroup. Currently, he is engaged in developing a framework document for the enforcement of international financial sanctions in the Caucasus and Central Asia regions. Marcial Nikola Smet will guide the National Bank on matters related to sanctions enforcement and combating financial crimes.
Natia Turnava, the Acting President of the National Bank, expressed her confidence in the competence and extensive experience of these foreign consultants. She anticipates that their expertise will significantly enhance the National Bank’s team of professionals.
“All three of them are distinguished international experts. I am confident that their experience will have a substantial impact on the National Bank’s activities and the successful execution of current and future projects. Drawing from the best international practices and insights from these consultants, we aim to elevate our performance in various areas and set high standards. I believe their competence will ensure that the bank operates in alignment with the highest international standards,” noted Natia Turnava talking with BM.ge.
By Mariam Gorkhelashvili
