Georgian President vetoes amendment to organic law on National Bank, says it’s “neither urgent nor reasoned”

Georgian President Salome Zourabichvili on Thursday vetoed the amendments to the country’s organic law on the National Bank, adopted by the Parliament on an expedited basis. As she explained the changes were “neither necessary, urgent nor reasoned”.

Zourabichvili criticised the amendments, under which a new position of the First Vice-President of the National Bank would be added to the already existing three Vice-President positions, and the First Vice-President would perform the duties of the President in the latter's absence, the Presidential Administration said.

In the process of selecting a new President of the National Bank, there arises a question about the decision to add another position, she noted, adding it was “no doubt” that the Parliament would not support the candidates nominated by her, and by creating an additional position of the First Vice-President [in case of rejection of her candidates], the latter would be able to perform the duties of the National Bank’s President “for an indefinite period”.

These doubts must be “dispelled”, otherwise the “principle of the independence” of the National Bank may be in question, Zourabichvili stressed, expressing hope that the Georgian Parliament would not override the veto and would take into account the “motivated remarks”, submitted by the President, in regard to the draft law.