President Margvelashvili to Veto Controversial Bill on National Bank of Georgia (NBG)

Giorgi Abashishvili, President Giorgi Margvelashvili’s Economic Advisor said the Georgian President is expected to veto the controversial bill on the National Bank of Georgia (NBG) in the coming days.

The bill, which was proposed on May 21 by two MPs, envisages setting up a Financial Supervisory Agency which would be in charge of monitoring and supervising the banking sector and other financial institutions, the functions which are currently carried out by departments of the NBG.

This proposal has become a matter of political accusation and concern for various stakeholders.

One of the main reasons for criticism is that the proposal is motivated by political rather than economic reasons, initiated amid attacks from the Georgian Dream (GD), current ruling party, and senior politicians against NBG president Giorgi Kadagidze.

Chairman of Parliament Davit Usupashvili, on July 10, announced that the legislative body would not finalize its work on the proposed bill until all issues of concern are agreed with the parties.

Georgian Parliament passed the bill with its third and final reading on July 17.

Head of the NBG, Giorgi Kadagidze, welcomed President Giorgi Margvelashvili’s intention, saying that it “will be an opportunity for parliament members to revise their decision.” He added that the NGB had consultation with the President’s Office in drafting its objections.

Nino Japarashvili