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MPs adopt amendments to Law on National Bank of Serbia
Belgrade,
4 August 2012
Serbian MPs today adopted amendments to Law on the National Bank of Serbia (NBS) which restores the parliament’s overseeing role over the central bank.
The Law states that all executive positions in the central bank must be approved by the parliament, as well as envisages broader competencies of the NBS’s Council and limitations to the authorisations of the governor and the Executive Board.
Another novelty will be the formation of the Administration for the Control of Financial Institutions within the NBS, a change of mandates of the NBS Council members, more detailed definitions of bans, regulation of the internal audit and protective measures in case of any disrespect of the bans.
The role of the NBS in payment operations has also been specified because the central bank must intervene in case of illegal business operations of banks with foreign clients.
Another novelty will be the formation of the Administration for the Control of Financial Institutions within the NBS, a change of mandates of the NBS Council members, more detailed definitions of bans, regulation of the internal audit and protective measures in case of any disrespect of the bans.
The role of the NBS in payment operations has also been specified because the central bank must intervene in case of illegal business operations of banks with foreign clients.
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