President’s Veto Overridden

Yesterday the Georgian Parliament rejected the President’s notes on a bill concerning the amendments to the National Bank Law and overruled the Veto, sparking plenty of speculation.

81 MPs voted in favour, against the President’s recommendation. Initially the President-proposed bill garnered 14 MPs in favour and only 46 were against it, therefore the final tally of 81 MPs against made the Veto invalid, allowing the President more time to act.

According to the constitution it is now up to the President whether to agree with the majority or not, as the final decision is up to the Chairmen of the Parliament Davit Usupashvili if the President further disagrees.

The amendment proposed on the National bank by the Georgian Dream envisages separation of the supervisory function from the National Bank’s finance sector.