Central Bank Independence in Transition Economies

1A. Governing Bodies and Financial Management 

The Bank is managed by the Board being composed of the Chairman, his 

deputies and other members (Art. 9). The Chairman is appointed for six years by the 

Parliament on the recommendation of the Chairman of the Parliament. Deputies and 

other members of the Board are appointed by the Presidium of the Parliament on the 

recommendation of the Chairman of the Bank. The employees of the Bank may not be 

employed by any commercial organisation (Art. 10). The Bank incurs its expenses for 

account of its profits (Art. 12).