Today, “two vice-presidents” of the National Bank of Georgia, Papuna Lezhava and Archil Mestvirishvili, left the board due to the directive issued by the Acting President of the National Bank, Natia Turnava, on September 19. This directive introduces a provision exempting Georgian citizens from the western sanctions against those supporting the war in Ukraine. According to the new regulation, an international sanction will only be applied to a Georgian citizen if a Georgian court passes a judgment against them.
As per the Organic Law on the National Bank, the Board of the National Bank of Georgia is comprised of a total of 9 members. It had 7 individuals, with 4 positions held by executives, including the acting president and three vice-presidents. The law stipulates that the board is not authorized to function if its membership falls below 5. As such, the board is not currently operational.
“The highest body of the National Bank is the Council of the National Bank, which consists of 9 members. If the number of members of the Board of the National Bank falls below 5, the Board of the National Bank is not authorized to perform its functions. In this case, the vacancy must be filled no later than two months after the occurrence of this fact,” the law states.
Come December 2023, Robert Singletary will also be stepping down from the board of the National Bank. As a result, according to parliamentary law, there will be just one member remaining on the board.