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biznesmenis furceli
BusinEssman’s shEEt
qarTuli safondo
bazris
saTaveebTan
at thE oriGins of thE
GEorGian
stoCk markEt
lado gurgeniZe, Tamuna gunia
lado GurGEnidzE, tamuna Gunia
2004­2006 wlebi saqarTveloSi safinanso
seqtoris gamococxlebis wlebad iTvleba.
am periodSi saqarTvelos safondo birJaze
vaWrobis moculobam daaxloebiT 275 milioni
lari Seadgina. 2006 wels, sabanko seqtorSi
mimdinare modernizaciis kvaldakval, saqar­
Tvelos bankma moaxdina sakuTari aqciebis
globaluri depozitaruli xelwerilebis saxiT
londonis safondo birJis listingSi gan­
Tavseba. amave periodSi saqarTvelos safondo
birJaze moxda ramdenime qarTuli kompaniis mier
aqciebis emisia. aRsaniSnavia isic, rom 2007 wels
saqarTvelos bankma gamouSva evroobligaciebi,
rasac mohyva saqarTvelos mTavrobis mier
2008 wels evroobligaciebis emisia. swored am
periodSi saqarTvelos mieniWa suverenuli sakredito
reitingi samive wamyvani sakredito
saagentos mier. 2007­2008 wlebisaTvis yvela
wamyvan qarTul banks hqonda sakredito reitingi
`FitchRatings~-gan, `Standard & poor’s-gan~
an `Moody’s~­gan. fasiani qaRaldebis bazarze
saqarTvelos emitentebis aqtivoba ganaxlda 2010
wels: saqarTvelos rkinigzam da saqarTvelos
mTavrobam moaxdina evroobligaciebis gamoSveba;
saqarTvelos bankma ki wels sakuTari aqciebi
londonis safondo birJis premium listingSi
ganaTavsa.
2004-2006 is viewed as years of revival of the financial
sector in Georgia. This is the period when the volume
of trade at the Georgian stock market reached the
approximate amount of GEL 275 million. Following the
footsteps of the ongoing modernization in banking sector,
the Bank of Georgia managed to list its shares on the London
Stock Exchange as Global Depository Receipts. Around
that time several Georgian companies issued shares on
Georgian stock market. It is noteworthy that in 2007 the
Bank of Georgia issued Eurobonds, followed by emission
of Eurobonds by the Government of Georgia in 2008. This
was the time when all three leading credit rating agencies
granted Georgia with a sovereign credit rating. By the
years 2007-2008 all Georgian banks had credit ratings either
from Fitch Ratings or Standard & Poor’s or Moody’s.
Georgian issuers renewed their activities at the securities
market in 2010: the Georgian Railway and the Government
of Georgia issued Eurobonds, and the Bank of Georgia
placed its shares in the London Stock Exchange Premium
Listing in 2012.
Many of you are probably unaware of the fact that
there was an equally developed securities market in Georgia
prior to 1921. In this article we tried to tell a brief story
of active issuers in the late 19th and early 20th century that
founded contemporary Georgian financial market.
By the late 19th century Tbilisi had been established as
the trade center of the Caucasus region. Various sources