Central Bank Independence in Transition Economies

2A. Governing Bodies and Financial Management 

The managing bodies of the Bank are the Governor, the Board of the Bank and 

the Plenary Council. The Board consists of the Governor, three Deputy Governors and 

five Heads of Departments of the Bank (Art. 11). Governor and Deputy Governors are 

nominated by the Parliament, other members by the President of the Republic on the 

Governor's recommendation. All members are elected for five years period. The 

Governor may not be appointed for more than two terms of office (Art. 12). Members 

of the Board may not be employees of  any other organisations, except educational or 

scientific bodies (Art. 14). Board's member can be dismissed by the Parliament only in 

case of loss of ability to perform his duties for more than a year or if he is sentenced 

for a premeditated crime (Art. 15). By the amendment of April 1996, the Parliament 

may dismiss the Governor and Vice-Governors by majority of three-fifth of voices. 

The Plenary Council consists of the Board Members and six foreign exchange, 

finance, business and scientific specialists. Members of the Council are nominated by 

the Governor for three-years period. The Council approves the Central Bank budget, 

which is separate from the state budget.