In a recent statement to BMG, Andrew Jewell, the International Monetary Fund’s (IMF) Resident Representative in Georgia, emphasized the importance of adopting a more collegial decision-making structure at the National Bank of Georgia.
“We have consistently recommended transitioning from the current presidential governance model to a board-based, collegial model,” Jewell said. “The current presidential system gives the NBG President discretionary decision-making powers, which differs from governance structures commonly observed in central banks worldwide. Over time, we believe the National Bank should move toward a model where decisions are made collectively by the board.”
The IMF argues that the NBG Board’s decisions should be grounded in the principle of collegiality, ensuring broader participation and oversight in key financial decisions.
This recommendation aligns with the IMF’s July 2025 mission report, which highlighted the potential benefits of a board-governance approach for enhancing transparency and institutional effectiveness.
