The National Bank of Georgia’s (NBG) rights may soon be restricted. Based on the draft initiated by Parliament, the NBG might lose exclusive supervision of the financial sector.
National Bank of Georgia rights might see restrictions
By Tatia Megeneishvili
Wednesday, may 27
According to the Parliament Speaker, Davit Usupashvili, the decision has not yet been made, however, he speaks about necessity of changes.
“The economic situation in the country causes some difficulties. The draft law was initiated by the Budget and Finance Committee, which means they saw a necessity for changes. Our goal is to ensure stability of all those institutions. I am sure Parliament will make the right decision,” stated Usupashvili.
Head of the Budget and Finance Committee, Tamaz Metchiauri, said that with the new draft law, the sector will be cleansed from all political influence. Also, instead of the Director of the NBG Giorgi Kadagidze, supervision of the financial sector will go to the special commission that will be selected by Parliament.
Director of the Business Association, Irakli Aslanishvili, said that one of the most strictly regulated sector in Georgia is the bank sector.
“The bank sector is one of the most important participants in a country’s economic development. I think that draft laws of this kind may damage not just the sector itself, but prevent the country’s economic from growth and development,” stated Aslanishvili.
Chairman of the supervisory board of TBC Bank Mamuka Khazaradze said that he sees political motivation behind the initiative.
“I think that the draft law was initiated for pleasing some people, besides, I am sure they understand what a harm it may bring to the country,” stated Khazaradze.
Minister of Finance Nodar Khaduri said that all the risks must be estimated.
“Parliament will discuss it fundamentally and then make a decision,” stated Khaduri.
Minister of Economy Giorgi Kvirikashvili said that consultations will be held with all players.
Business Ombudsman Giorgi Gakharia stated that the draft law is, in his opinion, rather obscure.
The Parliamentary minority professed their dislike for the new draft law. Member of the Free Democrats, Irakli Chikovani, said that the initiative is unacceptable.
“I remember that this kind of draft law was initiated very long time ago, but it was not accepted, simply because it will be harmful for our country,” stated Chikovani.
Member of the United National Movement (UNM) Mikheil Matchavariani dimissed the draft law as incompetent.
“They want to chop down the branch on which is build the whole Georgian economy,” stated Matchavariani.