Georgian National Bank to combine functions of financial supervision on Dec.1
Georgia, Tbilisi, Sept.26. / Trend N.Kirtzkhalia /
The new law on "Georgia's National Bank" adopted by the parliament on Sept.25 will come into force from Dec.1, 2009.
The law stipulates the merger of the Financial Supervision Agency with Georgia's National Bank.
The country will create a strong financial institution on the behalf of the National Bank, whose main task is to ensure sustainability and transparency of the financial system and protect the rights of consumers of banking and insurance companies and investors.
"The adoption of this law will be one of the most progressive legislative bases in the regulation of the financial sector," the president of the National Bank, George Kadagidze, said.
Under the law, the council of the Financial Supervision Agency was abolished. Accordingly, the National Bank's council, which will oversee the activities of the National Bank, becomes the sole supreme authority of the bank. The council will be headed by President of the National Bank.
Do you have any feedback? Contact our journalist at: [email protected]