Business Associations of Georgia are concerned with a bill that would strip Georgian National Bank of supervisory functions of financial institutions and transfer them to a separate agency.

In a joint statement the business associations in Georgia said that the proposed bill poses a threat not only to the banking system, but also to the country’s business and investment climate.

The statement was issued by the Business Association of Georgia; American Chamber of Commerce; EU-Georgian Business Council; Georgian International Chamber of Commerce,  Georgia Employers Association and the Association of Banks of Georgia.