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Parliament Overrides Presidential Veto on Banking Supervision Bill

The Parliament overturned on September 3 presidential veto on a package of bills that removes banking supervisory functions from the Georgian National Bank (NBG).

The veto was overridden by the Georgian Dream (GD) parliamentary majority group with 81 votes, 5 more than required minimum of 76.

Opposition lawmakers from UNM and Free Democrats parties voted against overturning the veto.

The vote on September 3 was preceded by lengthy debates a day earlier at parliament’s first sitting after the summer recess during which one senior GD MP called President Margvelashvili “the Sorosian NGO-shnik” who “is getting on our nerves with vetoes.”

MPs were not able to hold voting on September 2 as UNM lawmakers resorted to procedural levers to drag the hearing out and to delay the vote for the next day.

The controversial bill, which has faced criticism from international financial institutions, business associations, opposition parties, a group of civil society organizations and from the central bank itself, was vetoed by President Giorgi Margvelashvili in late July, who said that he was critical towards both “the hasty process” through which the bill was adopted and “its content.