MPs debate changes to law on central bank

The Serbian parliament will today discuss changes to the Law on the National Bank of Serbia (NBS).

Izvor: Beta

Thursday, 01.11.2012.

09:08

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BELGRADE The Serbian parliament will today discuss changes to the Law on the National Bank of Serbia (NBS). The central bank has proposed the changes aimed at harmonizing the regulations with the EU. MPs debate changes to law on central bank NBS Governor Jorgovanka Tabakovic has said that the adoption of the changes to the law as soon as possible is necessary primarily because of the need to elect the NBS Council of Governors and a director of the Public Supervision of Financial institutions within a legal deadline. The new proposal has surprised experts and it is believed that the NBS launched the initiative under pressure from the International Monetary Fund (IMF) which was not satisfied with the Law on the NBS which was adopted in August. The international institution believes that the law jeopardizes the central bank’s independence. The proposed changes envisage that vice governors’ mandate will be four, three and two years, the president of the Council of Governors will have a mandate that will last five years and the Council’s members will have mandates of four, three, two and one year. The NBS has explained that this would enable continuity in the work of the central bank’s organs bearing in mind that not all vice governors and Council members will have full mandates at the same time. A session of the Serbian parliament was adjourned around 13:00 CET on Wednesday after it was decided that a new one would be held on Thursday. This was the second time that the session, which started on October 23, was adjourned. Jorgovanka Tabakovic (Tanjug) Beta

MPs debate changes to law on central bank

NBS Governor Jorgovanka Tabaković has said that the adoption of the changes to the law as soon as possible is necessary primarily because of the need to elect the NBS Council of Governors and a director of the Public Supervision of Financial institutions within a legal deadline.

The new proposal has surprised experts and it is believed that the NBS launched the initiative under pressure from the International Monetary Fund (IMF) which was not satisfied with the Law on the NBS which was adopted in August. The international institution believes that the law jeopardizes the central bank’s independence.

The proposed changes envisage that vice governors’ mandate will be four, three and two years, the president of the Council of Governors will have a mandate that will last five years and the Council’s members will have mandates of four, three, two and one year.

The NBS has explained that this would enable continuity in the work of the central bank’s organs bearing in mind that not all vice governors and Council members will have full mandates at the same time.

A session of the Serbian parliament was adjourned around 13:00 CET on Wednesday after it was decided that a new one would be held on Thursday.

This was the second time that the session, which started on October 23, was adjourned.

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