Central Bank Independence in Transition Economies

12A. Governing Bodies and Financial Management 

The Board of the Bank, highest governing body, is made up of the Governor, two 

Vice-Governors, two Executive Directors of the Bank and three other members (Art. 

6, 7). The Governor and the Vice-Governors are appointed by the President of the 

Republic on the recommendation of the Government for six years. The Directors and 

other Board members are appointed by the Government on the recommendation of the 

NBS Governor for six and four years respectively. Board member may not be a 

Member of the Parliament, may not hold any office in the Government and may not 

hold positions in the executive, supervisory and regulatory bodies of the commercial 

banks or other companies. Board member can be dismissed if he lost the ability to 

carry out his duties, committed a crime or upon his own request. Membership in the 

Board is limited to two consecutive terms (Art. 7). The Directorate is the executive 

body of the Bank and consists of the Vice-Governor, appointed by the Governor, and 

the chief Executive Directors of the Bank (Art. 11).