Georgia’s Parliament has passed a legislative package in its third and final reading, with 80 votes in favor and none against, tightening qualification requirements for members of the National Bank of Georgia’s Council. The amendments affect the Organic Law on the National Bank of Georgia and the Law on Payment Systems and Payment Services.
Under the changes, candidates for Council membership must have at least 10 years of professional experience in economics, finance, information technology or another relevant field. To ensure collective competence, the Council must also have expertise in IT, while members from fields other than economics and finance may not exceed two. The new requirements will not apply to current Council members until their terms expire.
The legislation also establishes a succession mechanism to prevent a leadership vacuum. If the First Vice-President cannot perform the President’s duties and the Council fails to assign them to another Vice-President within one month, the duties will automatically pass to the Vice-President who joined the Council earlier. The amendments also strengthen the role of committees in decision-making and allow the Council to invite external industry experts to serve on committees.
The stated goals are to improve the National Bank’s governance, implement International Monetary Fund (IMF) recommendations and align management practices with international standards. The changes were fast-tracked ahead of an IMF mission scheduled to visit Georgia in November 2026. The legislative package was initiated by MPs Paata Kvizhinadze, Irakli Kheladze, Bezhan Tsakაძე, Levan Machavariani, Giorgi Barvenashvili, Zurab Rurua and Ilia Injia. The National Bank Council currently has nine members, four of whom are executive officials: the President and three Vice-Presidents.
