Chairman of the Parliament Approves Amendments to the NBG Law
Chairman of Parliament Shalva Papuashvili signed the draft law amending the organic law “On the National Bank of Georgia” on June 20. This modification establishes the position of first vice-president within the National Bank, with appointment and dismissal authority resting with the National Bank’s Board.
In a statement released by the Parliament of Georgia, Chairman Papuashvili notes that the existing law “On the National Bank of Georgia” lacked specifications regarding the responsibilities and appointment procedures of vice-presidents in the President’s absence. This issue was evident when one of the vice-presidents assumed the President’s authority based on internal regulations after the previous President’s term expired. To rectify this ambiguity, writes to Speaker the Parliament took the initiative to address it through legislative regulation. According to him the amendment brings clarity to determining the acting President during the president’s absence and establishes regulations within the organic law instead of internal provisions.
The proposed amendments were criticized earlier by experts, NBG as well as IMF who said that they effectively eliminated the role of the NBG Board as an independent supervisory body.
Notably, the amendments faced initial opposition when President Salome Zurabishvili vetoed them on February 23, but the Parliament subsequently overturned the veto on June 13.
Also Read:
- 09/02/2023 – NBG Opposes Hasty Discussion of Draft Law on National Bank of Georgia; Warns of Risks of the Draft Law
This post is also available in: ქართული (Georgian) Русский (Russian)
