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Bill has Affected Investor Attitudes, NBG President

President’s veto on the bill concerning the National Bank is yet another opportunity for Members of Parliament to reconsider their decision, NBG’s President Giorgi Kadagidze told reporters.

According to him, the bill may create serious dangers for Georgia. “First of all, even from a legal point of view, the bill cannot stand up to any criticism, because there are a lot of articles that can be interpreted in different ways; this may lead to serious problems in the future.

In addition, it is not consistent with the Constitution and with the Association agenda. The bill was strictly criticized by our partner international organizations. It is clear that the purpose of this law is to weaken the NBG and the role of the President as a guarantee of balance between powers, not even its initiators can deny this,” Kadagidze said.

The NBG President welcomed the President’s decision to veto the bill. “I think the President’s veto is yet another opportunity for Members of Parliament to reconsider their decision. We had active consultations with the President. Our position is publicly known. This law is very dangerous. It cannot be adopted in this form. This is not only our position. No self-respecting economist can assess this law positively,” Kadagidze said.

According to him, the bill has already affected investor confidence, which in the end, will impact economic activities in the country.