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President Vetoes the Bill on NBG

President George Margvelashvili has vetoed the bill on the National Bank of Georgia at today’s briefing.

The bill, which envisages separation of the supervisory service from the National Bank, was submitted to the Presidential Administration on July 22. The President was given ten days to present his observations and carrying out consultations. The bill drafted following the President’s instructions proposes that the banking supervision service remain within the National Bank.

Representatives of the government and the parliamentary majority say they cannot see any grounds for the use of veto. They allege the remarks of international organizations were taken into account when debating on the bill, while the notes of the International Monetary Fund (IMF)  will be reflected in the bill this September.