National Bank of Georgia (country)
Encyclopedia
The National Bank of Georgia is the central bank
of Georgia
. Its status is defined by the Constitution of Georgia
.
Georgia's first central bank was established in 1919. In its current form the National Bank of Georgia has existed since 1991. According to the Constitution of Georgia, the National Bank is independent of state control, and is tasked with ensuring price stability.
Board Members:
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Georgia
Georgia (country)
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
. Its status is defined by the Constitution of Georgia
Constitution of Georgia (country)
The Constitution of Georgia is the supreme law of Georgia. It was approved by the Parliament of Georgia on August 24 1995. It entered into force on October 17...
.
Georgia's first central bank was established in 1919. In its current form the National Bank of Georgia has existed since 1991. According to the Constitution of Georgia, the National Bank is independent of state control, and is tasked with ensuring price stability.
Council of the National Bank of Georgia
The supreme body of the National Bank is its Council composed of seven members. The Chairman of the Council is the President of the National Bank. The Council, in addition to the Chairman, is composed of two Vice Presidents and other members. Members of the NBG Council are elected for the seven-year term by the Parliament, by the majority of the total number of its members, upon the nomination of the President of Georgia.Board Members:
- Giorgi KadagidzeGiorgi Kadagidze- Governor of the National Bank of Georgia; Chairman of the Board of the National Bank of Georgia :Giorgi Kadagidze was born in 1980. In 2001 graduated European School of Management – ESM, Speciality of Business Administration; at the same time he got Bachelor’s Degree of Preston University; In...
– The Governor of NBG - Archil Mestvirishvili – The Vice-Governor of NBG
- Otar Nadaraia - The Vice-Governor of NBG
- Lasha Jugeli
- Simon Gelashvili
- Mikheil Tokmazishvili
- Temur Shengelia
Article 95
- 1.The National Bank of Georgia shall ensure the functioning of the monetary system of Georgia to provide the price stability and supports the financial sector’s efficient functioning
- 2.The National Bank is the bank of all banks, and the banker and fiscal agent of the Georgian Government.
- 3.The National Bank shall be independent in its activities. Its rights and obligations, procedures of activities, as well as guarantee of its independence shall be determined under the Organic law.
- 4.The name and unit of money shall be determined by law. The National Bank shall have the sole right to issue money.
Article 96
- 1.The highest body of the National Bank of Georgia is the Council of the National Bank, whose members shall be approved by the Parliament, by the majority of the total number of deputies upon the nomination of the President, for the period of seven years. The members of the Council may be dismissed only upon the decision of the Parliament, in accord with Article 64 of this Constitution.
- 2.The President of the National Bank shall be appointed from the Council members, and relieved of his/her duties by the President of Georgia, upon the nomination of the Council of the National Bank.
- 3.The National Bank shall be accountable to the Parliament and submit a report on its activities on the annual basis.