Central Bank Independence in Transition Economies

5A. Governing Bodies and Financial Management 

The Bank is governed by the Board which consists of the President of the Bank, 

three Vice-Presidents and five other members. All members are appointed for seven 

years by the Parliament on the recommendation of the President of the Republic. The 

provisions for dismissal of the Board's members, non-political only, were specified in 

the 1995 law but, by the amendment of 1996, now apply to the President and Vice-

                                              

5

 In 1993 the limit was set to 7% of revenues. 

6

 Source: Law "On National Bank of Georgia" (23 June, 1995 with latter amendements) 

Other sources: Wellisz, S. (1996), Georgia, A brief survey of Macroeconomic Problems and 

Policies, CASE Studies and Analyses, No. 87 

Kloc, K (1997), Central Bank and commercial banks in Georgia, CASE Studies and Analyses, 

No. 113 (in russian) 

---