Georgian parliament backs central bank amendments in first reading

Georgia’s parliament has approved amendments to the Organic Law on the National Bank of Georgia in the first reading, with all 79 lawmakers voting in favour.

The bill was considered under an accelerated procedure. Paata Kvizhinadze, chairman of the parliamentary Finance and Budget Committee, said the proposed changes largely addressed recommendations made by the International Monetary Fund (IMF) to Georgia’s central bank.

The amendments clarify who would exercise the powers of the National Bank’s president if the first vice-president is unable to assume the role and the bank’s council fails to appoint another vice-president to the position within one month.

In such circumstances, the duties would fall to the vice-president who became a member of the National Bank’s council first.

The bill also revises qualification requirements for council members, introducing a minimum of 10 years’ professional experience in a relevant field.

Under the proposed changes, the council would be authorised to invite an external expert to serve on the Monetary Policy Committee and determine the expert’s qualifications, selection procedure and remuneration.

The amendments also define the National Bank’s powers concerning the production, issuance and circulation of the digital lari, Georgia’s proposed central bank digital currency.