Buzz Around New NBG Amandament Continues

The Parliament of Georgia adopted new amendments to the law regarding the National Bank at the first reading today. The much talked-about changes include the shut down of NBG's supervisory division. 
The financial market will now be supervised by a new institution - the Financial Supervisory Agency, which will be created as a result of NBG's loss of supervisory function. 
World Bank's Regional Director for the South Caucasus, Henry Kerali has already spoken out about the matter, stating that it is very important to ensure complete independence of the aforementioned entity, as EU's Association Agreement, which had been signed recently, directly demands this. "We sent a joint letter to the Prime Minister and the Parliament Speaker, in which we emphasize the importance of maintaining the independence of NBG. We also stated that if the law has to be changed, the independence of the new banking supervisory commission must be ensured," stated Kerali.
27 June 2015 22:24