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Koba Gvenetadze

NBG President to Submit 2015 Performance Report to Parliament until May 1

The National Bank of Georgia (NBG) will submit a report on the 2015 NBG performance until May 1, under the Georgian organic law on NBG determining that every year, in no later than 4 months, after the fiscal year completion.

The NBG shall submit a report on money-credit and currency policy to the Parliament, while the Parliament of Georgia is authorized to approve these reports.

The 2015 annual report will be completed in several days and the document will be submitted to the Parliament within the statutory period, the NBG officials told the Business Contact.

Under the Georgian organic law on National Bank, the new president of the NBG will introduce the report to the Parliament.

“The annual report embraces the priority directions that the Central Bank has followed in the reporting period, as well as its appraisal on domestic and foreign developments that were making significant influence on the Georgian economy and fulfillment of the NBG tasks in the reporting period”, the BANK representatives said.

It should be noted in 2015 the Georgian Parliament has not listened to the 2014 annual report of NBG in the plenary session format, as the document discussion was postponed several times because of both the NBG President Giorgi Kadagidze and the Parliament.

Finally, the NBG President introduced the 2014 report, as well as the 7-year performance report through a television address.

Note that the new President of the NBG Koba Gvenetadze, who was appointed on March 17, 2016, will have to introduce the report on NBG money-currency and credit policy carried out under the presidency of Giorgi Kadagidze.