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Supervision of the Financial Sector is Returned to NBG

Supervision of the Financial Sector is Returned to NBG

Supervision of financial sector is returned to National Bank of Georgia.

Dimitri Kumsishvili has submitted the draft bill on delivery of supervision to NBG at the government session.

“As a result of recent changes we considered that supervision of the financial sector should be returned to the National Bank. Therefore, we did not wait for the judgment of Constitutional Court on this matter. We will present the bills in its original form to the Parliament, which concern to the supervision of the financial sector, “- said the First Vice-Premier.

The package includes 17 amendments and to restore the status quo that existed before 2015, when supervision of the financial sector has been one of the functions of the National Bank.

In 2015, the function has been delivered to other independent legal entity due to the ruling party’s distrust towards Giorgi Kadagidze, former president of NBG. However, amendments were appealed to the Constitutional Court, but the decision was not made yet.

The First Deputy Prime Minister Dmitry Kumsishvili, also touched on the ongoing negotiations with the International Monetary Fund.

“We’re very active in the process of negotiations with the International Monetary Fund. Positive development for this decision is very important for them, “- said the First Vice-Premier, Kumsishvili.

To remind, the IMF was one of the strongest opponents of the separation of Supervisory from National Bank of Georgia.