The National Bank of Georgia (NBG) said it had cut up to 100 jobs as part of “reorganization.”

The NBG has about 500 employees both in Tbilisi and its regional branches throughout the country.

“Job cuts are a result of the bank’s reorganization, which was as a result of a legislative amendment passed by Parliament in March,” NBG acting President David Amaglobeli said on June 30. “The NBG’s two major priorities before that amendment were: monetary policy and oversight of the banking system. This latter function has been lifted from the NBG as a result of the legislative amendment, so it naturally led to job cuts. It was not a mass job cut – about 100. All those who were dismissed – except for a few people – will be granted unprecedented compensation varying from GEL 20,000 to GEL 30,000.”

The acting NBG president's explanation followed a rally by the dismissed employees outside the bank in Tbilisi. As well as protesting against the job cuts, they also said they hadn't been given any reason for the lay-offs.

The NBG, however, rejected the complaint, saying that all employees had been warned of the impending reorganization a month ago.