Georgian Parliament Speaker Shalva Papuashvili signed amendments to the Organic Law on the National Bank of Georgia (NBG).
The changes introduce an additional executive position in the composition of the National Bank (NBG) board, the post of First Vice-President, who will be appointed and dismissed by the NBG Board.
The First Vice-President will assume responsibilities in the absence of the NBG President. Previously the bank had three vice presidents.
As Shalva Papuashvili explained, the office terms of NBG President Koba Gvenetadze expired on March 2, and no rule regulated the acting president’s duties and responsibilities.
“Based on the significance of the National Bank and the role of the NBG President, it was necessary to eliminate this ambiguity and to ensure regulation of such a fundamental issue on a legislative level,” he said.
On February 23, Georgian President Salome Zurabishvili vetoed the bill. Georgian Parliament overrode the President’s veto of the National Bank (NBG) bill on June 13.
