The Speaker of the Parliament signed the draft law on amendments to the organic law on the National Bank of Georgia [NBG]. As a result of the change, the position of the First Vice-President is created in the National Bank, who may be appointed and dismissed by the Board of the NBG.

“Today, I signed the amendment introducing the position of First Vice-President in the NBG, despite the President"s veto on this law on February 23 of this year. The discussions surrounding the draft law have shed light on the problem that the existing law aimed to address.

Under the previous law on the NBG, there were three Vice-Presidents, but no provision was made regarding which of them would assume the President’s duties in their absence or the procedure to be followed in such cases. This issue gained further significance after the term of the former President of the NBG, Koba Gvenetadze, expired on March 2 of this year. In the absence of clear legal regulations, the authority of the President was delegated to one of the Vice-Presidents based on internal regulations rather than the law. This situation persists to this day.

Given the importance of the NBG and the role of the President, it is evident that this ambiguity needs to be addressed, not relying solely on internal regulations but through legislative regulation. As the body responsible for creating the necessary legislative framework for the proper functioning of state institutions, the Parliament has an obligation to act and eliminate this existing ambiguity. It is this responsibility that prompted the initiation of the corresponding change and the override of the President’s veto.

The amendment creates the position of the First Vice-President in the NBG. Similar to the existing regulations regarding other Vice-Presidents, the appointment and dismissal of the First Vice-President will be decided by the NBG’s Board itself. This change will eliminate any ambiguity regarding who will assume the President’s duties in their absence or inability to perform their powers. The issue will now be regulated at the level of an organic law, requiring a high quorum, rather than relying solely on the internal regulations of the NBG”, - reads the statement of Shalva Papuashvili.