TBILISI, DFWatch–The newly created Finance Supervisory Agency is still not operational because the National Bank refuses to fund it. The agency has now asked parliament to provide direct financing.
The agency was split from the National Bank
TBILISI, DFWatch–Georgia’s Constitutional Court has suspended the work of a newly created agency that was to take over the supervision of private banks; previously the responsibility of the National Bank.
The ruling was made during a lawsuit against the parliament
TBILISI, DFWatch–The Georgian president Thursday signed a bill into law that will take away responsibility for supervising private banks from the National Bank and hand it to a new agency controlled by the government.
President Giorgi Margvelashvili, the
TBILISI, DFWatch–Georgian President Giorgi Margvelashvili on Friday vetoed a controversial National Bank bill which would mean that the government takes charge of the supervision of private banks.
The president made his reasons for blocking the bill,
TBILISI, DFWatch–Parliament in Georgia approved a bill on Sunday which will relieve the National Bank of responsibility for supervising private banks and instead transfer such authority to a new agency.
The vote was preliminary, as the bill must go through
TBILISI, DFWatch–The Georgian parliament’s judiciary committee agree with the president about a proposed bill to strip away the bank supervisory function from the National Bank, claiming that it violates the constitution.
Committee chair Vakhtang Khmaladze said on Friday
TBILISI, DFWatch–For at least the second time, the situation between the Georgian parliament and the president has become tense. Now the president plans to veto an initiative concerning the president of the National Bank.
Since the president and non-governmental
TBILISI, DFWatch–The Georgian president is preparing to veto a bill to form an independent supervisory agency to oversee the banking system, because it contradicts an association agreement which Georgia signed with the EU last year.
Recently, the government
TBILISI, DFWatch–The government in Georgia has decided to strip the National Bank of responsibility for supervising banks and transfer this mechanism to the prime minister.
The decision follows months of criticism by the government against the head of the National