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Financial Supervision Agency will Begin Work no Later than October 10

The Financial Supervision Agency will begin working  no later than October 10.

Under the new law on the National Bank, the National Bank has been stripped of the supervision function and the service will operate as a separate agency. According to the law,  changes should enter into force no later than a month after their publication – as the law was published on September 10, respectively, it will enter into force no later than October 10.

According to Tamaz Mechiauri, one of the authors of the law, the Chairman of Budget and Finance Committee of the Georgian Parliament,  changes are already in force, and now everything depends on the efficiency of the government, which must present the  Parliament 5 candidates to the Supervisory Board of the Agency.

“Once the candidates are presented,  they will be  discussed  in parliamentary committees. The head of the Agency will be elected after the Supervisory Board is approved,” the MP says. In general, the Supervisory Board of the Agency will be composed of 7 people – among them will be the President of the National Bank and a member of the Board of the National Bank, the rest will be  presented to Parliament by the government.

The Agency is selected for a period of 7 years.