Agencification – the process of creating autonomous agencies from central government units – is intended as a means of achieving political decentralization in the post-communist transitional context. However, the present article argues that, in the case of Georgia’s debt enforcement, agencification has become a means of developing a market (economic decentralization). Georgian debt enforcement has changed from being in-house, within the Ministry of Justice, to being the joint responsibility of a public agency (National Bureau of Enforcement; NBE) and private debt enforcement officers. The article reconstructs the reform process by drawing on documents and interview material from various stakeholders in the debt enforcement system. By describing and analyzing the development from 2008 to 2019, we show how the process has resulted in shifting roles for NBE and in various set-ups of debt enforcement. Theoretically, we stress the interplay between mechanisms for institutional change and argue that, while change may be tangible on a superficial level, this serves stability in a commitment to a pro-market agenda. Through the present analysis, we contribute to the agencification literature by showing how the creation of an agency shapes the resultant administrative set-up.