Georgia: Parliamentary political group “Girchi” demands the establishment of a temporary investigative commission of the Parliament of Georgia to study the abuse of authority of the President of the National Bank and deliberate actions to violate price stability.
Aleksandre Rakviashvili held a briefing today regarding the mentioned issue.
“We have decided to create a temporary investigative commission, the main subject of which will be the concerted action of the National Bank and commercial banks. In 2020-2021, the National Bank of Georgia significantly increased the money supply, which was reflected in double-digit inflation in the second half of 2021. With the increased money supply, commercial banks made record profits. Considering that representatives of commercial banks and their affiliated organizations followed the policy of the National Bank all this time, there is a reasonable suspicion that the obligation imposed on the National Bank by the constitution – ensuring price stability was neglected in order to subsidize the banking system,” said Sandro Rakviashvili.
According to his explanation, there is a violation of Article 68 of the Constitution, which obliges the Parliament to investigate the circumstances of the mentioned decisions.
Parliamentary political group “Girchi” plans to publicly question the persons related to the case in order to study the issue within three months in the format of a temporary investigative commission.
According to Aleksandre Rakviashvili, after studying the case, the parliamentary political group “Girchi” will develop recommendations, publish the relevant conclusion, and, if necessary, will respond accordingly.
Aleksandre Rakviashvili called on his colleagues to support him.
“In the situation when there are few of us in the opposition, it is difficult to create such an investigative commission. Despite different political positions, we call on all parties, politicians, and independent MPs to support me so that we have a chance to create this investigative commission already in September, ” said Aleksandre Rakviashvili.
