It appears that the decision on a decree issued on September 18, 2023, leading to the resignations of three vice presidents and an adviser to the National Bank President, was made solely by the Acting President of the NBG and was not coordinated with other members of the Bank, remarked Giorgi Makhiladze, the Parliamentary Secretary of the President of Georgia.

He further highlighted that the Georgian President deems it inappropriate to nominate new candidates in Parliament until the following issues are addressed: the relevant order by the Acting President is revoked, and the situation surrounding the National Bank is rectified.

“Concerning constitutional violations, it’s the majority that violates the constitution. The Georgian Constitution explicitly states that the National Bank is independent in its operations, and any attempt to interfere indirectly, verbally, or through any means is entirely unacceptable and impermissible,” Giorgi Mskhiladze affirmed.

On September 19, the National Bank of Georgia (NBG) lifted restricted access to bank assets and financial transactions to the US-designated former Georgian Prosecutor General Otar Partskhaladze.

The National Bank issued a statement informing the public of the amendment to its regulation. NBG claimed that “being guided by the Constitution of Georgia and the presumption of innocence, it considers that the Georgian citizen cannot be subjected to international sanctions in the absence of a conviction by a Georgian court.”