The Parliament is introducing the amendments to the Organic Law on the National Bank, eliminating a possible legal gap related to the Acting President of the Bank in his/her absence and improving the procedures.

The Draft initiated by MPs Paata Kvizhinadze, Irakli Zarkua, Gogi Meshveliani, Rima Beradze and Anton Obolashvili was discussed today by the Budget and Finance Committee with the I reading and expedited manner.

The reporter, the First Deputy Chair of the Committee, P. Kvizhinadze elucidated that the amendments are being introduced to Articles 7 and 15 of the Organic Law adding yet another position of the top management of the NB – First Vice President, who, similar to other Vice-Presidents, shall be appointed and dismissed by the NB Board with the nomination of the NB President, and in absence of the President, shall exercise the acting functions, and if he/she appears incapable to do so, then one of the Vice-Presidents shall be assigned by the NB Board.

The reporter also noted that currently, the Bank has three Vice-Presidents. Pursuant to the effective Law, one of the Vice-Presidents becomes the acting President in case of the absence of the NB President. Per the reporter, thus, the Organic Law leaves the vagueness to specify which Vice-President shall become the acting, and also what are the procedures for assignment of the acting functions to the Vice-President. In view to eliminate the vague norms and ensure the due functioning of the National Bank as a Constitutional Body, the Draft has been initiated. MPs expressed their remarks, providing which, the Committee approved the legal initiative.