Central Bank Independence in Transition Economies

Central Bank Independence… 

S&A 120 

47

10A. Governing Bodies and Financial Management 

The bank is headed by a Board of Directors, appointed by the Parliament on the 

recommendation of the Prime Minister for a renewable period of 8 years (Art. 44). 

Parliament can also revoke Board's members on the recommendation of the 

government (Art. 46). The Governor is a member of the Board and his appointment 

and dismissal procedure, as well as term of office, are the same as for other members 

of the Board. Members of the Board may not be Members of the Parliament nor hold 

any other office in justice or state administration (Art. 48). Governor, on the behalf of 

the Board, presents to the Parliament annually a report on monetary and credit 

situation (Art. 49).