Georgian National Bank: No problems are expected in economic development of Georgia

Georgian National Bank: No problems are expected in economic development of Georgia

Georgia, Tbilisi, Oct. 19 /Trend corr. N.Kirtskhalia/

No problems are expected in the economic development of Georgia, the President of the National Bank Giorgi Kadagidze told Trend on Friday, answering the question of interest rates on loans.

According to Kadagidze, there is no artificial mechanism to lower interest rates. The process depends on the position of country's economic development and decline will continue, along with development of economy.

In Kadagidze's words,when it comes to business loans and mortgage loans, the interest rates in this area have decreased in recent years.

"All decisions of the National Bank are adopted in full compliance with the law. As the President of the Georgian National Bank I take personal responsibility for all decisions made by the National Bank within 4 years of my presidency. This is my principle. I have never changed it and will not change it in the future," Kadagidze noted.

In addition, he expressed his willingness to meet and share experiences with the new government's economic team in the coming days.

The election winning Georgian Dream coalition has already nominated the ex-president of the National Bank Nodar Javakhishvili for president of the National Bank Kadagidze will keep his position for three more years, unless the impeachment will be declared, which can occur due to the commission of a serious offense by the President of the National Bank.

Parliamentary elections were held in Georgia on October 1. Around 14 parties and two political blocs participated in the elections.

According to full the preliminary data of the Georgian Central Election Commission, the Georgian Dream coalition will receive 85 seats in the parliament, and the United National Movement, 65.

The leader of the Georgian Dream coalition has introduced new candidates for ministerial posts in the new Georgian government.

Ivanishvili himself will take the post of prime minister.

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