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President informs NGOs over his position of NBG draft

By Tea Mariamidze
Friday, July 31
Giorgi Abashishvili, the President's Advisor for Economic Issues, introduced to non-governmental organizations (NGOs) the President’s proposal about the bill on National Bank of Georgia (NBG) that the Supervision Agency should remain within the NBG.

The President’s administration responded to the comments of the Prime Minister, Irakli Gharibashvili, who said that Margvelashvili is involved on some level with the opposition, as he is going to veto the draft.

Abashishvili stressed that the President supports the strengthening of the independence of the NBG with Supervising Agency together.

“Our proposal completely reflects the position of the European Central Bank, as well as all international organizations that say supervision should stay within the National Bank’s competence," said Abashishvili.

He did not respond to a question whether or not the Presidential Administration will consider the proposal of the NGOs about preparing a constitutional complaint.

Abashishvili did not specify the exact date when Giorgi Margvelashvili will veto the bill. However, it will need to happen before the deadline August 1.

The third sector expects from the President to use the power of veto and in case the Parliament overcomes this step, the NGOs think the President’s Administration should appeal to the Constitutional Court.

The member of International Transparency Georgia, Eka Gigauri believes that in case the draft is finally approved, the development of banking sector might fail.

“Along with other notes, this draft contradicts the Constitution of Georgia,” she said.

However, not all NGOs share her vision. The Head of Caucasus Capital, Gogi Loladze believes that the draft should not be vetoed by the President, because “it is extremely important for Georgian economy.”

The NBG bill, initiated by the government, envisages removing banking supervisory functions from the National Bank of Georgia. IMF, EBRD, Asian Development Bank (ADB), and the World Bank said in “Georgia’s case, moving banking supervision out of the NBG does not seem prudent.”