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Back in the Past- National Bank Regains Supervision over Finance Sector

Back in the Past- National Bank Regains Supervision over Finance Sector March 20, 2018Leave a comment
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Sketch by Frits Ahlefeldt

At eliminate February Government decided to return finance sector supervision functions to National Bank of Georgia (NBG).

However, goods fact, NBG we had not lost supervisory functions used, despite in 2015 Parliament approved amendments on the Law on Commercial Banks, to which finance sector supervision functions were separated from NBG and transmitted on the specially established independent agency. However, Constitutional Court annulled the mentioned decision and instituted exploring its legal capacity. Constitutional Court has never passed a due decision over the issue. Consequently, to make certain the central bank of Georgia continued regulating commercial banks, microfinance organizations, insurance providers and securities market.

?On the government meeting we submitted an invoice of 17 laws returning finance sector supervision functions to National Bank?, Minister of Finance and first vice Prime Minister Dimitri Kumsishvili told a news conference after the February 21 government meeting.

?We realize that in 2015 Parliament adopted amendments to your bills that had been to send out finance sector supervision functions to independent legal entity of public law

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