There’s nothing more important to the credibility of a central bank than its independence. We agree with the IMF and the President that these amendments put that in question. They’re not necessary for the functioning of the bank, and they raise real questions about the real intent behind these amendments, US Ambassador to Georgia Kelly Degnan stated.
According to her, the statistics demonstrate National Bank’s successful work.
“When you have a team that has performed so well – and you see that in the statistics for the economy here – why change a team that is working? Why change a structure that has proven to be so effective in keeping Georgia’s economy stable and growing, despite a pandemic, despite an influx of Russian money following Russia’s aggression in Ukraine? This is a time when you need a central bank that is going to provide independence that provides stability and growth, which only comes from independence. I regret that these amendments were rushed through without consulting the stakeholders. They’re contrary to international best practices, and I fear that they put in jeopardy one of the most important independent institutions in ensuring Georgia’s stability during a very turbulent time,” Kelly Degnan said.
Georgian President Salome Zourabichvili on February 23 vetoed the amendments to the organic law On the National Bank of Georgia (NBG) as “they are neither necessary, urgent nor reasoned!”. President stressed the addition of a third NBG vice-presidential post “raises doubts ”.
