Tbilisi (GBC) - The head of the IMF mission joins the veto of the country's president on the law to change the governance model of the NBG.
According to James John, the change, which established a certain parity and indefinitely delayed the date of the election of the new president of the Central Bank, posed a threat to the independence of the country's central bank.
“On the NBG Governor, there is a framework in place for selecting the new Governor and we look forward to that process proceeding. In the meantime there is a clear succession framework at the NBG for operational responsibility in the absence of a permanent Governor, so there is no problem in need of a solution and the NBG is in very good hands with acting Governor Mestvirishvili. As we made clear in our February statement there is no need for the recent proposal to change the NBG law and the amendments in our view risk undermining the independence and credibility of the NBG. We welcome the president’s veto of the law”, - James John says.
