The Parliament endorsed the Bill on the National Bank of Georgia with 83 votes to 8 with the expedited rule.
The Vice-President of the National Bank is, by law, chosen by the President of Georgia from among the National Bank Board members on the advice of the National Bank Board and is subject to appointment and removal.
Vice-Presidents of the National Bank are appointed and removed by the National Bank Board upon the nomination of the President of the National Bank, and in the event that the President of the National Bank is dismissed from office – upon the nomination of at least two members of the National Bank Board.
In the absence of the President of the National Bank, his/her duties are performed by the First Vice-President, and if he/she appears incapable to do so, then one of the Vice-Presidents shall be assigned by the NB Board.
From the entry into force of this law until the termination of the authority of one of the current presidents of the National Bank, the National Bank Board consists of the President, the First Vice-President, 3 Vice-Presidents, and other members.
The initiators of the bill are the MPs: Paata Kvizhinadze, Irakli Zarkua, Gogi Meshveliani, Ramina (Rima) Beradze, and Anton Obolashvili.
