Off the wire
• Kenya, Tanzania launch joint manhunt for elephant poachers  • IOC EB member Wu hails Beijing's 2022 victory  • Sharp books net loss of 33.98 billion yen in April-June, says to exit Americas TV business  • Market-rescue measures won't change reform agenda: securities watchdog  • Roundup: Palestinians outraged over Jewish arson attack as Israel opens probes  • Chinese investors expected in Liberia  • Indonesia's inflation sees year-on-year rise in July  • China to set up national financing guarantee fund  • Charter flights to attract more Chinese tourists to Denmark: official  • Weather forecast for world cities -- July 31  
You are here: 　 Home

Georgian president vetoes controversial banking supervision bill

Xinhua, July 31, 2015 Adjust font size:

Georgian President Giorgi Margvelashvili has vetoed a highly controversial bill on removing the banking supervisory functions from the National Bank of Georgia (NBG) on Friday.

In a televised announcement about his decision to veto the bill, Margvelashvili said that he has been critical towards both "the hasty process" through which the bill was adopted and "its content."

"We have also been noting that hasty decisions may have an impact on the country's macroeconomic stability and efficient implementation of monetary policy," he said on TV.

According to the bill, a seven-member board will be established to run a planned Financial Supervisory Agency.

President of the NBG and one more member of central bank's board will only take two seats, while five other seats will be occupied by candidates nominated by the government and confirmed by the parliament.

Also, the head of the board will be nominated by the board members and confirmed by the parliament.

Opponents to the proposal criticized that it is motivated by political rather than economic reasons.

While the presidential veto is not with surprise, the veto itself is also likely to be overturned by the parliament, where the Georgian Dream ruling coalition holds 86 seats.

The Constitution of Georgia dictates that it needs no less than 76 votes to override a presidential veto. Endi