Natia Turnava: Women's role in decision-making in Georgia’s banking sector strengthening

Over the past 15 years, women's involvement in decision-making in Georgia’s financial sector, especially in banks, has been increasing, Natia Turnava, Chairman of the National Bank of Georgia, said at the SHE Congress 2025 event held in Baku today, Report informs.

"A few months ago, I was appointed as the Chairman of the Central Bank of Georgia, and I am the first woman to be appointed to this position. Despite all the progress, women are still not sufficiently represented. But we compensated for this gap in a short time. I believe that our Board of Directors - the executive members - is perhaps the most female-dominated board in the region, even in the world. Because all members are women. Five of the nine members of the Supervisory Board - four executive and one non-executive - are women."

Turnava noted that the formation of this team is not intentional, but the advantages of such a composition are clear against the backdrop of current challenges:

"Currently, the world is facing uncertainty, geopolitical risks, and inflation shocks. In such periods, strong female representation at the decision-making level is very beneficial. Women typically take fewer risks and make balanced decisions to manage risk. This is the approach we currently need. We constantly choose between economic support, low inflation, and balancing risks."

She evaluated the macroeconomic stability achieved during her chairmanship as a result of this approach: "This success is not only the result of our service but also an indicator of the cautious and balanced approach we show in decision-making. Our monetary policy is based precisely on these principles."

The official also highlighted institutional reforms carried out in Georgia to promote gender equality:

"Since 2022, we have changed the Corporate Governance Code for banks. Because gender inequality was also observed in this area. According to the article added to the Code, a minimum level of female representation on the boards of banks has been established. This indicator was initially 20%, and later increased to 30%. We apply quotas."

Addressing the issue of women's entrepreneurship, Turnava also drew attention to existing inequalities in loan opportunities.

"Currently, only 16% of businesses with loans in Georgia are owned by women. And enterprises owned by women constitute only 7% of the total portfolio of bank loans. I believe that these indicators are also relevant for other countries such as Kazakhstan and Azerbaijan. Women entrepreneurs face more difficulties in terms of legal ownership, providing collateral, and financial literacy," she stated.