2009 wlis fulad-sakredito da savaluto politikis ZiriTadi ... - Papava.info
2009 wlis fulad-sakredito da savaluto politikis ZiriTadi ... - Papava.info
2009 wlis fulad-sakredito da savaluto politikis ZiriTadi ... - Papava.info
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#01(109), <strong>2009</strong> auditi, aRricxva, finansebi<br />
profesiuli pasuxismgeblobis <strong>da</strong>zRvevis sferoSi<br />
<strong>da</strong> ra tipis (ra riskebis) profesiuli<br />
pasuxismgebloba iqna maT mier <strong>da</strong>zRveuli<br />
gaformebul <strong>da</strong>zRvevis xelSekrulebebSi?<br />
2) zoga<strong>da</strong>d, Tu Tqveni <strong>da</strong>zRveuli audituri<br />
kompaniis mier auditirebuli firma <strong>da</strong>jarim<strong>da</strong><br />
saga<strong>da</strong>saxado reviziis Sedegad ga<strong>da</strong>saxadebis<br />
araswori deklarirebis Sedegad <strong>da</strong> man sarCeli<br />
wamouyena auditur kompanias, romelsac is<br />
aRiarebs, ra moculobas aanazRaurebT Tqven -<br />
srulad (franSizis gamoklebiT) Tu mxolod mis<br />
nawils? Tu nawils, gTxovT migviTiToT<br />
konkretuli limitebi.<br />
qvemoT mogvyavT maTi pasuxebi:<br />
`al<strong>da</strong>gi bisiai~:<br />
1) amJamad Cvens mier 2008 <strong>wlis</strong> ganmavlobaSi<br />
gvyavs <strong>da</strong>zRveuli 2 audituri kompania,<br />
romlebTac aqvT SeZenili profesiuli<br />
pasuxismgeblobis <strong>da</strong>zRveva. aqve aRsaniSnavia,<br />
rom profesiul pasuxismgeblobis <strong>da</strong>zRveva<br />
SeZenili aqvs kidev ramdenime iuridiul<br />
kompanias.<br />
2) Zalian rTuli saTqmelia, gaaCnia ra<br />
limitebiT aqvs SeZenili sa<strong>da</strong>zRvevo produqti,<br />
aris sruli paketi Tu ara. Tu sruli paketi<br />
aqvs SeZenili, maSin, ra Tqma un<strong>da</strong>, srulad<br />
aunazRaurdeba Tanxa.<br />
`ji piai holdingi~:<br />
1) oTxi saerTaSoriso <strong>da</strong> erTi adgilobrivi<br />
auditoruli kompania, romelTac ZiriTa<strong>da</strong>d<br />
<strong>da</strong>zRveuli aqvT audituri kompaniis<br />
arawinaswargamiznuli SecdomiT klientisTvis<br />
miyenebuli zarali.<br />
2) cxadia, nebismieri zaralisas xdeba yvela<br />
aspeqtis revizia <strong>da</strong> amis Semdeg viRebT<br />
ga<strong>da</strong>wyvetilebas zaralis anazRaurebaze.<br />
zoga<strong>da</strong>d, Tu Secdoma <strong>da</strong>uSva auditurma<br />
kompaniam <strong>da</strong> amiT zarali miadga mis klients,<br />
Cven avanazRaurebT zarals sa<strong>da</strong>zRvevo polisis<br />
limitis farglebSi minus franSiza. sa<strong>da</strong>zRvevo<br />
polisis limiti anu <strong>da</strong>zRvevis limiti dgindeba<br />
audituri kompaniis surviliT <strong>da</strong> SeiZleba iyos<br />
nebismieri - 50 000 lari, 100 000 lari, 1 000 000<br />
lari <strong>da</strong> a.S.<br />
samwuxarod, ufro detaluri <strong>info</strong>rmacia<br />
saqarTveloSi audituri kompaniebis profesiuli<br />
pasuxismgeblobis <strong>da</strong>zRvevis Sesaxeb Cven ver<br />
movipoveT.<br />
Temur iobaSvili<br />
saqarTvelos sabanko sistema<br />
saqarTvelos sabanko sistema - am rubrikiT Cveni Jurnalis furclebze Suqdeba saqarTveloSi<br />
moqmedi bankebisa <strong>da</strong> sxva safinanso institutebis saqmianoba, is siaxleebi, miRwevebi <strong>da</strong> problemebi,<br />
romlebic Cveni qveynis sabanko-safinanso sferoSi xdeba.<br />
<strong>2009</strong> <strong>wlis</strong> <strong>fulad</strong>-<strong>sakredito</strong> <strong>da</strong><br />
<strong>savaluto</strong> <strong>politikis</strong> <strong>ZiriTadi</strong><br />
mimarTulebebis Sesaxeb<br />
es aris kanonisa <strong>da</strong> konstituciis<br />
formaluri <strong>da</strong>kmayofileba<br />
Cveni qveynis umaRlesi sakanonmdeblo organo<br />
yoveli <strong>wlis</strong> miwuruls Rebulobs <strong>da</strong>dgenilebas<br />
momdevno <strong>wlis</strong> <strong>fulad</strong>-<strong>sakredito</strong> <strong>da</strong> <strong>savaluto</strong><br />
<strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebis Sesaxeb.<br />
parlamentma SarSan, 19 dekembers Tavisi <strong>da</strong>dgenilebiT<br />
<strong>da</strong>amtkica saqarTvelos erovnuli bankis mier<br />
warmodgenili saqarTvelos <strong>2009</strong> <strong>wlis</strong> <strong>fulad</strong><strong>sakredito</strong><br />
<strong>da</strong> <strong>savaluto</strong> <strong>politikis</strong> <strong>ZiriTadi</strong><br />
mimarTulebebi, romelic sul 3 punqtisgan Sedgeba:<br />
1. saqarTvelos ekonomikis ganviTarebis arsebul<br />
etapze <strong>2009</strong> <strong>wlis</strong>Tvis saSualo wliuri inflaciis<br />
miznobrivi maCvenebeli ganisazRvra 9 procentis<br />
odenobiT;<br />
2. saqarTvelos erovnuli bankis mier <strong>2009</strong> <strong>wlis</strong><br />
ganmavlobaSi ZiriTa<strong>da</strong>d gamoyenebuli iqneba<br />
monetaruli <strong>politikis</strong> Semdegi instrumentebi:<br />
refinansirebis sesxebi (likvidobis miwodeba),<br />
sadepozito sertifikatebis auqcionebi (likvidobis<br />
amoReba), operaciebi mTavrobis fasiani qaRaldebiT,<br />
mudmivmoqmedi instrumentebi (erTdRiani sesxebi <strong>da</strong><br />
depozitebi), minimaluri sarezervo moTxovnebi <strong>da</strong><br />
sxva instrumentebi;<br />
3. <strong>2009</strong> <strong>wlis</strong> ganmavlobaSi samomxmareblo fasebis<br />
mosalodnel dinamikaze moqmedi riskebi ZiriTa<strong>da</strong>d<br />
aris: navTobsa <strong>da</strong> xorbalze msoflio fasebis<br />
17
auditi, aRricxva, finansebi #01(109), <strong>2009</strong><br />
cvlileba, geopolitikuri riskebis cvlileba,<br />
regulirebadi fasebis cvlileba, saerTaSoriso<br />
bazarze finansuri krizisis Sedegebi.<br />
riT gamoirCeva wlevandeli es dokumenti misi<br />
winamorbedebisgan? saqarTvelos mecnierebaTa<br />
erovnuli akademiis wevr-korespondentis, ekonomikis<br />
mecnierebaTa doqtoris, profesor lado papavas azriT,<br />
Cans am dokumentis avtorebma ixelmZRvaneles SoTa<br />
rusTavelis frTosani gamonaTqvamiT: `grZeli sityva<br />
mokled iTqmis, Sairia amad kargio~. misi TqmiT, es<br />
dokumenti aris `Sairi~; marTalia, mTlad kargi vera,<br />
magram mainc `Sairia~ Tun<strong>da</strong>c imiT, rom sul ramdenime,<br />
maT Soris, sxva<strong>da</strong>sxva kanonebi<strong>da</strong>n Tu<br />
saxelmZRvaneloebi<strong>da</strong>n cnobil <strong>da</strong> imavdroulad,<br />
arafrismTqmel wina<strong>da</strong>debas Seicavs. samwuxarod, TviTon<br />
<strong>da</strong>dgenilebis teqsts parlamentis saitze jerac<br />
ver naxavT, xolo erovnuli bankis saitze 15 ianvramde<br />
iyo ganTavsebuli 2008 <strong>wlis</strong> oqtombriT<br />
<strong>da</strong>TariRebuli <strong>da</strong>dgenilebis proeqti, Tanmxleb<br />
ganmartebiT baraTTan erTad. proeqtis teqsti<br />
gaumarTavi gaxl<strong>da</strong>T, masSi raRac kuriozul Canawerebsac<br />
ixilavdiT (im instrumentebis CamonaTvals, romelsac<br />
seb-i <strong>2009</strong> wels gamoiyenebs, moyvebo<strong>da</strong>: `<strong>2009</strong> <strong>wlis</strong><br />
ganmavlobaSi aseT riskebs, ZiriTa<strong>da</strong>d, warmoadgens...~,<br />
rac wina teqstTan aranairad mibmuli ar iyo). es<br />
iyo araseriozulad momzadebuli teqsti. papava<br />
xazgasmiT aRniSnavs, rom erovnul bankSi Zalian bevri<br />
profesionali muSaobs, xolo aseTi teqsti aris<br />
Seuracxyofa TviTon erovnuli bankis, rogorc<br />
institutis avtoritetisa <strong>da</strong> maT Soris, iq momuSave<br />
profesionalebisa.<br />
`saqarTvelos <strong>2009</strong> <strong>wlis</strong> <strong>fulad</strong>-<strong>sakredito</strong> <strong>da</strong><br />
<strong>savaluto</strong> <strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebze~<br />
seriozulad saubari arc Rirs, imitom rom am<br />
dokumentSi saerTod araferi weria. aq yvelaze mTavari<br />
<strong>info</strong>rmacia aris is, Tu ra instrumentebs gamoiyenebs<br />
seb-i <strong>2009</strong> wels. magram riTi gansxvavdeba es<br />
instrumentebi 2008 wels gamoyenebuli<br />
instrumentebisagan? romelia axali instrumenti?<br />
ratom es <strong>da</strong> ara sxva instrumentebi? araferia naTqvami,<br />
gacvliTi kursis formireba rogor reJimSi un<strong>da</strong><br />
gagrZeldes. es dokumenti aranair <strong>info</strong>rmacias ar<br />
iZleva <strong>da</strong> iseTi zogadi, praqtikulad arafrismTqmeli<br />
Canaweria, SeiZleba iTqvas, rom masSi arc aranairi<br />
valdebuleba ar aris <strong>da</strong>fiqsirebuli seb-is mxri<strong>da</strong>n,<br />
Tu ra un<strong>da</strong> gaakeTos <strong>2009</strong> wels.<br />
saerTod, lado papavas Secdomad miaCnia, rogora<strong>da</strong>c<br />
mzaddeba xolme seb-is es dokumenti 1995 wli<strong>da</strong>n,<br />
mas mere, rac miRebulia organuli kanoni `erovnuli<br />
bankis Sesaxeb~. arcerTxel parlaments seriozuli<br />
dokumenti <strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong> Sesaxeb ar<br />
<strong>da</strong>umtkicebia. yovelTvis iyo Zalian mcire formatiani<br />
`moTxroba~, romelic <strong>da</strong>dgenilebis formas iReb<strong>da</strong>.<br />
saintereso is aris, rom amis Sesaxeb xSirad kritikac<br />
gamoiTqmebo<strong>da</strong> seb-is xelmZRvanelobis misamarTiT<br />
<strong>da</strong> papava aq ixsenebs 2007 wels, rodesac seb-is<br />
prezidents roman gociriZes parlamentSi misive<br />
umravlesobis warmomadgenlebi akritikebdnen, <strong>fulad</strong><strong>sakredito</strong><br />
<strong>politikis</strong> dokumenti faratina qaRaldi<br />
ariso. magram rogorc ki gociriZe seb-i<strong>da</strong>n wavi<strong>da</strong>,<br />
Semdeg aRaravis <strong>da</strong>uyenebia sakiTxi: gociriZe<br />
gavakritikeT, is wavi<strong>da</strong> <strong>da</strong> vinc movi<strong>da</strong>, iman mainc<br />
gaakeTos normaluri teqstio! ase rom, roca<br />
sWirdebaT seb-is xelmZRvanelobis mimarT<br />
politikuri zewola, maSin gaaxsendebaT, rom es ar<br />
aris dokumenti <strong>da</strong> SeiZleba gasakritikeblad<br />
gamoiyenon. samwuxarod, dRes kvlav araferi weria,<br />
kidev ufro metad, vidre ewera 2007 wels wardgenil<br />
dokumentSi, rasac papava ukusvlad, degra<strong>da</strong>ciad afasebs<br />
<strong>da</strong> miaCnia, rom aucilebelia <strong>fulad</strong>-<strong>sakredito</strong><br />
<strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebi iyos iseTive<br />
seriozuli dokumenti, rogoric aris biujeti, mkafiod<br />
Camoyalibebuli <strong>ZiriTadi</strong> miznebiTa <strong>da</strong> amocanebiT, am<br />
miznebis miRwevis <strong>da</strong> amocanebis ga<strong>da</strong>wyvetis<br />
instrumentebiT <strong>da</strong> garkveuli valdebulebebiT,<br />
romelTa Sesruleba un<strong>da</strong> ikisros erovnulma bankma,<br />
rogorc erT-erTma wamyvanma saxelmwifo institutma.<br />
winaaRmdeg SemTxvevaSi, ubralod gaugebaria, ras<br />
amtkicebs parlamenti.<br />
roca es dokumenti parlamentSi Semodis, Semodis<br />
erovnuli bankis saxeliT <strong>da</strong> aris misi saxe. es saxe<br />
arc adre iyo di<strong>da</strong>d mimzidveli <strong>da</strong> dRes kidev ufro<br />
uaresia. ara mxolod erovnuli bankis, parlamentis<br />
saxec aris, rodesac parlamenti iRebs aseT<br />
<strong>da</strong>dgenilebas. saerTod gaugebaria, rom parlamentSi<br />
Setanil aseT `depeSaze~ vinmes mxri<strong>da</strong>n SeniSvnac ki<br />
ar gamoTqmula. es aris erovnuli banki<strong>da</strong>n `depeSa~<br />
sazogadoebas <strong>da</strong> parlaments, rom Cven varsebobTo <strong>da</strong><br />
meti araferi!<br />
qveynis <strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong> <strong>ZiriTadi</strong><br />
mimarTulebebis amgvari saxiT swored im mosavals<br />
vimkiT, rac lado gurgeniZem 2008 <strong>wlis</strong> gazafxulze<br />
<strong>da</strong>Tesa, rodesac warmoadgina vrceli paketi<br />
kanonproeqtebisa <strong>da</strong> iq wamyvani iyo cvlilebebi<br />
erovnuli bankis kanonSi. am cvlilebebis Sedegad<br />
kanonSi Caiwera, rom <strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong><br />
mTavari ganmsazRvreli aris inflacia. amdenad, erovnul<br />
banks mimarTulebebis CamoTvla ar moeTxovebo<strong>da</strong> <strong>da</strong><br />
amitomac aseTi `depeSa~ warmoadgina. Tumca, SeiZlebo<strong>da</strong><br />
am teqstis seriozulad gaSlac, vTqvaT, TviTon am<br />
dokumentSi axsna imisa, <strong>2009</strong> wels 9%-ian inflacias<br />
rom varaudoben, ra xdeba rezervebSi, ra _ gacvliT<br />
kursSi <strong>da</strong> ase Semdeg. magram es ar Caweres. am<br />
dokumentiT sazogadoeba arafriTaa <strong>info</strong>rmirebuli.<br />
es aris kanonis <strong>da</strong> konstituciis formaluri<br />
<strong>da</strong>kmayofileba.<br />
erovnuli bankis yofili prezidentis no<strong>da</strong>r<br />
javaxiSvilis SefasebiT, es dokumenti ar aris <strong>fulad</strong><strong>sakredito</strong><br />
<strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebebi,<br />
vinai<strong>da</strong>n am dokumenti<strong>da</strong>n gaugebaria, ratom un<strong>da</strong><br />
gvqondes rwmena, rom inflacia 9%-ze gaCerdeba; Zalian<br />
cotas niSnavs imis CamonaTvali, ra instrumentebi<br />
arsebobs bunebaSi, radgan yvela instrumentis<br />
gamoyenebas erTnairi efeqti ara aqvs <strong>da</strong> konkretul<br />
situaciaSi yvela instrumentis gamoyeneba<br />
SeuZlebelic aris. javaxiSvili ironiiT <strong>da</strong>sZens:<br />
18
#01(109), <strong>2009</strong> auditi, aRricxva, finansebi<br />
`me ar gamovricxav, dRevandeli Cveni parlamentis<br />
wevrebi imdenad kargad erkvevian <strong>fulad</strong>-<strong>sakredito</strong><br />
politikaSi, rom maTTvis <strong>da</strong>konkreteba saWiro arc<br />
aris. me rom parlamentari viyo, moviTxovdi,<br />
<strong>da</strong>ekonkretebinaT TiToeuli instrumentis gamoyenebis<br />
SesaZlebloba <strong>da</strong> misi gamoyenebis Sedegad miRweuli<br />
efeqti, radgan namdvilad ar meyofo<strong>da</strong> kvalifikacia,<br />
amisTana CanaweriT mivmxv<strong>da</strong>riyavi, es ramdenad<br />
miRwevadia. amitom erovnulma bankma a<strong>da</strong>mianebs (yovel<br />
SemTxvevaSi Cemnairebs, Znelad rom xvdebian) un<strong>da</strong><br />
auxsnas: ai, es aseT situaciaSi amas mogvcemso <strong>da</strong><br />
erovnulma bankmac <strong>da</strong> xelisuflebamac un<strong>da</strong> icodnen,<br />
situacia rogoria dRes; rogori gveqneba am <strong>wlis</strong><br />
ganmavlobaSi, es situaciuri scenarebic SemuSavebuli<br />
un<strong>da</strong> iyos~.<br />
mogexsenebaT, wina wlebSi 12-14 punqtiani<br />
<strong>da</strong>dgenilebis proeqti iyo xolme. amjerad ki, roca<br />
msoflioSi sistemuri xasiaTis ekonomikuri krizisia<br />
<strong>da</strong> sabanko seqtors aseTi gansakuTrebuli roli<br />
ekisreba saxelmwifos ara marto ekonomikuri, aramed<br />
politikuri stabilurobis saqmeSi, nacvlad imisa,<br />
rom <strong>da</strong>wvrilebiT, detalurad yofiliyo gawerili<br />
<strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebi,<br />
is deklaraciis doneze Sedga. amis axsnad ar SeiZleba<br />
CaiTvalos, rom proeqts ganmartebiTi baraTi axl<strong>da</strong><br />
Se<strong>da</strong>rebiT vrceli; baraTi seb-is mier momzadebuli<br />
dokumentia <strong>da</strong> aris ara umaRlesi sakanonmdeblo<br />
organos, aramed erovnuli bankis xedva. TviTon<br />
mimarTulebebSi un<strong>da</strong> Candes parlamentis<br />
<strong>da</strong>mokidebuleba.<br />
dokumentTan <strong>da</strong>kavSirebiT parlamentSi kiTxva rom<br />
ar gaCenila <strong>da</strong> SeniSvna ar gamoTqmula, ori ram un<strong>da</strong><br />
vivaraudoT. jer erTi, SekiTxvebs svams kompetenturi<br />
piri <strong>da</strong> roca a<strong>da</strong>mians SeniSvnebi ar gaaCnia, an<br />
yvelaferSi eTanxmeba, an<strong>da</strong> ar SeuZlia <strong>da</strong>skvnebis<br />
gakeTeba. meorec, SesaZloa, mmarTveli Zalis<br />
erTianobisa <strong>da</strong> monoliTurobis demonstrirebisTvis<br />
saWirod CaiTvala, rom kiTxvebi ar <strong>da</strong>smuliyo. ise,<br />
platonis gamoTqmis perifrazirebas Tu movaxdenT,<br />
saxelmwifos filosofosebi un<strong>da</strong> marTavdneno, qveynis<br />
<strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong> mimarTulebebs<br />
profesionali finansistebi <strong>da</strong> bankirebi un<strong>da</strong><br />
gansazRvravdnen. ucxoeTSi, rogorc wesi, parlamenti<br />
ZiriTa<strong>da</strong>d iuristebiTa <strong>da</strong> ekonomistebiT aris<br />
<strong>da</strong>kompleqtebuli; CvenTan am mimarTulebiT,<br />
jerjerobiT, fun<strong>da</strong>menturi, sabazo ekonomikuri<br />
ganaTlebis mqoneTa deficitia.<br />
vis <strong>da</strong> ras emsaxureba memorandumi<br />
erovnul banksa <strong>da</strong> safinanso<br />
ze<strong>da</strong>mxedvelobis saagentos Soris<br />
Cans Tu ara am <strong>da</strong>dgenilebi<strong>da</strong>n rame kavSiri seb-sa<br />
<strong>da</strong> sabanko seqtors Soris? rogorc lado papava<br />
aRniSnavs, ver vityviT, rom am dokumenti<strong>da</strong>n ar Cans<br />
seb-sa <strong>da</strong> sabanko seqtors Soris urTierToba. igive<br />
refinansirebis sesxebi aris urTierToba komerciul<br />
bankebTan (refinansirebis sesxebs komerciuli bankebi<br />
iReben); sadepozito sertifikatebis auqcionebic,<br />
minimaluri sarezervo moTxovnebic <strong>da</strong> saerTod, yvela<br />
instrumenti metnaklebad <strong>da</strong>kavSirebulia komerciul<br />
bankebTan; magram ufro meti urTierToba ver eqneba,<br />
imitom rom swored im cvlilebebiT, romlebic Sevi<strong>da</strong><br />
2008 <strong>wlis</strong> gazafxulze seb-is Sesaxeb kanonSi, Seiqmna<br />
sruliad axali struqtura, saqarTvelos safinanso<br />
ze<strong>da</strong>mxedvelobis saagento, romelic erTi mxriv aris<br />
seb-is <strong>da</strong>qvemdebarebaSi <strong>da</strong> amavdroulad,<br />
<strong>da</strong>moukidebelicaa, anu erovnul bankSi kidevac Sedis<br />
<strong>da</strong> arc Sedis! aris kidev aseTi nonsensi, rom seb-i<br />
aris sajaro samarTlis iuridiuli piri, safinanso<br />
ze<strong>da</strong>mxedvelobis saagentoc aris sajaro samarTlis<br />
iuridiuli piri, `sajaro samarTlis iuridiuli piris<br />
Sesaxeb~ kanonis Tanaxmad ki sajaro samarTlis<br />
iuridiuli piri ar SeiZleba yofiliyo sxva sajaro<br />
samarTlis iuridiuli piris <strong>da</strong>qvemdebarebaSi. es<br />
gamonaklisi gakeT<strong>da</strong> swored seb-Tan mimarTebaSi, raTa<br />
seb-s CamorTmeo<strong>da</strong> sabanko ze<strong>da</strong>mxedvelobis funqcia<br />
<strong>da</strong> aqe<strong>da</strong>n gamomdinare, ra Tqma un<strong>da</strong>, axla seb-is <strong>fulad</strong><strong>sakredito</strong><br />
politikaSi veraferi msgavsi ver<br />
moxvdebo<strong>da</strong>.<br />
magram mivdivarT erT Zalian ucnaur dokumentTan,<br />
romelsac hqvia `urTierTgagebis memorandumi<br />
saqarTvelos erovnul banksa <strong>da</strong> saqarTvelos<br />
safinanso ze<strong>da</strong>mxedvelobis saagentos Soris~. mis<br />
Sesafaseblad sityva kuriozi Tu gamodgeba! or<br />
saxelmwifo struqturas Soris, romelTagan erTi<br />
meoris <strong>da</strong>qvemdebarebaSia (marTalia formalurSi),<br />
gaform<strong>da</strong> urTierTgagebis memorandumi, radgan ise<br />
SeiZleba mTlad urTierTgagebiT ver imuSaon <strong>da</strong><br />
Tanac aq xazia gasmuli, rom es orive struqtura<br />
aris erTmaneTisagan absoluturad <strong>da</strong>moukidebeli<br />
(ara<strong>da</strong>, kanoni aseT absolutur <strong>da</strong>moukideblobas ar<br />
cnobs); yvelaze kuriozuli ki aq aris<br />
arakonstituciuri organos _ safinanso seqtoris<br />
erToblivi komitetis Seqmna.<br />
papavas SefasebiT, qarTuli ekonomikis<br />
umniSvnelovanesi instituti _ erovnuli banki<br />
<strong>da</strong>aknines. axla qmnian raRac absoluturad xelovnurs,<br />
romelsac aranairi samarTlebrivi safuZveli <strong>da</strong><br />
ekonomikurad aranairi mizanSewoniloba ar gaaCnia!<br />
Zalian Zneli Sesafasebelia, ras akeTeben. albaT, es<br />
aris uvicobis konglomerati <strong>da</strong>naSaulTan. magram aq<br />
pirvel rigSi mTavrobis im iniciativis ukan mdgomni<br />
pirebi arian <strong>da</strong>mnaSaveni, romlebmac 2008 <strong>wlis</strong><br />
gazafxulze, parlaments erovnuli bankis <strong>da</strong>susteba<strong>da</strong>kninebis<br />
kanoni miaRebines.<br />
ratom Seiqmna es memorandumi? seb-sa <strong>da</strong> safinanso<br />
ze<strong>da</strong>mxedvelobis saagentos Soris <strong>da</strong>debuli<br />
memorandumis Tanaxmad, mmarTveli organo aris<br />
safinanso seqtoris erToblivi komiteti, romelSic<br />
Sedian: seb-is prezidenti, vice-prezidenti,<br />
ze<strong>da</strong>mxedvelobis ufrosi, misi moadgile <strong>da</strong><br />
ze<strong>da</strong>mxedvelobis sabWos Tavmjdomare, anu<br />
saerTaSoriso <strong>savaluto</strong> fondis yofili mudmivi<br />
warmomadgeneli saqarTveloSi – robert kristianseni,<br />
romelic ar aris saqarTvelos rezidenti. eqspertTa<br />
19
auditi, aRricxva, finansebi #01(109), <strong>2009</strong><br />
ganmartebiT, am komitetis meSveobiT mas ukve aqvs is<br />
berketebi, romliTac igi gansazRvravs mTel rig im<br />
saqmianobas, romelic ze<strong>da</strong>mxedvelobasac scdeba.<br />
gavixsenoT 2005 weli, rodesac am a<strong>da</strong>mianma, romelic<br />
dRes ze<strong>da</strong>mxedvelobis sabWos Tavmjdomarea,<br />
inflaciis maRali maCveneblis gamo, romelic 14,5%-s<br />
aRwev<strong>da</strong>, gangaSi atexa <strong>da</strong> erT-erT ZiriTad <strong>da</strong>mnaSaved<br />
gamoacxa<strong>da</strong> erovnuli banki maSin, rodesac saxelmwifo<br />
biujetis deficiti sakmaod maRali iyo <strong>da</strong><br />
privatizacii<strong>da</strong>n miRebuli Tanxebic ki SemosavlebSi<br />
Sedio<strong>da</strong> <strong>da</strong> ara biujetis deficitis <strong>da</strong>farvis<br />
wyaroebSi. amiT xelovnurad mcirdebo<strong>da</strong> biujetis<br />
deficiti <strong>da</strong> realurad es iyo inflaciuri fuli<br />
(rac ufro maRalia deficiti, miT ufro maRalia<br />
inflacia), magram kristiansens xma ar amouRia biujetis<br />
Sesaxeb, Tu sai<strong>da</strong>n modio<strong>da</strong> es inflacia. mere amas<br />
moyva axali cvlilebebis iniciativa erovnul bankSi,<br />
romelic wamosuli iyo iseTi a<strong>da</strong>mianebisagan, romlebic<br />
fiqrobdnen, rom am cvlilebebiT SeeZloT inflaciis<br />
Semcireba <strong>da</strong> <strong>ZiriTadi</strong> aqcenti aRebuli iyo <strong>savaluto</strong><br />
sabWoze. sabednierod, es iniciativa ar gavi<strong>da</strong>.<br />
robert kristiansens, romelic dRes saqarTveloSi<br />
moRvaweobs <strong>da</strong> aris ucxoeTis moqalaqe, hqon<strong>da</strong> Tavisi<br />
interesebi Sesuliyo erovnul bankSi, magram seb-is<br />
sabWoSi rom Sesuliyo, saWiro iqnebo<strong>da</strong> parlamentSi<br />
misi kandi<strong>da</strong>turis wardgena, rac garkveul riskebTan<br />
iqnebo<strong>da</strong> <strong>da</strong>kavSirebuli, radgan <strong>da</strong>ibadebo<strong>da</strong> kiTxva:<br />
ratom _ ucxoeli, Cven ra, ara gvyavs qarTvelebi,<br />
romlebsac erovnuli bankis marTva SeuZliaTo?!<br />
amitom yvelaze ukeTesi gamosavali ipoves, rodesac<br />
batoni kristianseni jer finansuri ze<strong>da</strong>mxedvelobis<br />
sabWos Tavmjdomared <strong>da</strong>niSnes, xolo amis mere, seb-sa<br />
<strong>da</strong> ze<strong>da</strong>mxedvelobas Soris <strong>da</strong>debuli am memorandumis<br />
safuZvelze, mas ukve komitetis meSveobiT Caabares<br />
berketebi, romlebic <strong>politikis</strong> gansazRvras exeba.<br />
Sesabamisad, dRes es ararezidenti piri monawileobs<br />
rogorc erovnuli bankis <strong>politikis</strong>, ise safinanso<br />
ze<strong>da</strong>mxedvelobis saagentos marTvaSi.<br />
dRevandeli mdgomareobiT <strong>politikis</strong> marTvaze 3<br />
institutia pasuxismgebeli. erTi aris memorandumiT<br />
gaTvaliswinebuli komiteti, meore _ monetaruli<br />
komiteti, romelic erovnuli bankis <strong>da</strong>qvemdebarebaSia<br />
<strong>da</strong> mesamea erovnuli bankis sabWo, romelic seb-is<br />
umaRlesi mmarTveli organoa. maT Soris koordinacia<br />
gansazRvruli ar aris. amgvarad, aris 3 <strong>da</strong>moukidebeli<br />
struqtura <strong>da</strong> Tuki maT Soris konsensusi ar<br />
aRmoCn<strong>da</strong>, SeiZleba Seiqmnas <strong>da</strong>axloebiT igive situacia,<br />
rac krilovis cnobil igav-arakSi.<br />
sainteresoa, rom memorandumiT Seqmnil komitetSi<br />
SeuZliaT miiwvion warmomadgenlebi finansTa <strong>da</strong><br />
ekonomikis saministroebi<strong>da</strong>nac. gaugebaria, ekonomikuri<br />
ganviTarebis saministro ratom un<strong>da</strong> iyos miwveuli,<br />
rodesac es uwyeba pasuxismgebelia mxolod <strong>da</strong> mxolod<br />
saxelmwifo qonebis gayidvaze <strong>da</strong> araviTar strategiul<br />
gegmebs ar qmnis ekonomikis ganviTarebis Sesaxeb; anu<br />
misi Sinaarsobrivi <strong>da</strong>tvirTva aris ara ekonomikis<br />
ganviTareba, aramed investiciebis mozidvaa privatizebis<br />
gziT; xolo finansTa saministros miwveva <strong>da</strong><br />
monetaruli komitetis ga<strong>da</strong>wyvetilebebSi misi<br />
monawileobam SeiZleba interesTa konfliqti<br />
gamoiwvios, radgan nika gilauris Zma amJamad<br />
`saqarTvelos bankis~ generaluri direqtoria. saqme<br />
isaa, rom SesaZloa monetaruli komitetis mier<br />
miRebuli ga<strong>da</strong>wyvetileba Tavi<strong>da</strong>nve cnobili iyos <strong>da</strong><br />
arc is aris gamoricxuli, rom moxdes aRniSnuli<br />
bankis lobireba.<br />
aucilebelia erovnul banks sabanko<br />
ze<strong>da</strong>mxedvelobis funqcia <strong>da</strong>ubrundes<br />
erovnuli bankis sabWos wevri, ekonomikis<br />
mecnierebaTa doqtori, profesori mixeil<br />
ToqmaziSvili ganmartavs, rom <strong>fulad</strong>-<strong>sakredito</strong><br />
<strong>politikis</strong> <strong>ZiriTadi</strong> mimarTulebebis cvlilebas<br />
saTave <strong>da</strong>udo 2008 <strong>wlis</strong> gazafxulze miRebulma,<br />
faqtobrivad axalma kanonma `erovnuli bankis Sesaxeb~.<br />
manamde seb-is institucionalur mowyobas sruliad<br />
gansxvavebuli safuZveli hqon<strong>da</strong> <strong>da</strong> ZiriTa<strong>da</strong>d<br />
<strong>da</strong>kavSirebuli iyo seb-is profesionalizmTan, im<br />
moqnil politikasTan, romelsac seb-is<br />
xelmZRvaneloba miiCnev<strong>da</strong>, rom un<strong>da</strong> gatarebuliyo<br />
qveynis finansuri stabilurobis uzrunvelyofis<br />
mizniT. 2008 wels kanonma seb-is saqmianobas<br />
garkveuli SezRudvebi <strong>da</strong>udo, is aRar aris<br />
<strong>da</strong>mokidebuli seb-is subieqtur ga<strong>da</strong>wyvetilebebze,<br />
radgan ukve kanoniT ganisazRvra inflaciuri<br />
orientirebi. Tuki kanoniT ganisazRvra, rom inflacia<br />
un<strong>da</strong> iyos 9%, es un<strong>da</strong> Sesruldes miuxe<strong>da</strong>vad imisa,<br />
rom SesaZloa sxva parametrebi gauaresdes; anu mTavari<br />
orientacia aRebulia inflaciis SezRudvaze.<br />
kanoniTve ganisazRvra <strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong><br />
<strong>ZiriTadi</strong> mimarTulebebis formatic. kanonma <strong>da</strong>udo<br />
safuZveli, rom am formatSi un<strong>da</strong> iyos moqceuli:<br />
miznobrivi orientacia, romelic kanoniT aris<br />
gaTvaliswinebuli, agreTve is instrumentebi, romliTac<br />
es inflacia un<strong>da</strong> ganxorcieldes <strong>da</strong> is riskebi, rac<br />
SesaZloa am instrumentebis ganxorcielebas moyves.<br />
faqtobrivad, kanonmdeblobas ukve ainteresebs<br />
mxolod <strong>da</strong> mxolod erTi parametri _ rogor moxdeba<br />
inflaciis stabilurobis miRweva. adre absoluturad<br />
yvelafers eqceo<strong>da</strong> yuradReba: ra sarezervo norma<br />
hqon<strong>da</strong>, rogor imarTebo<strong>da</strong> is, rogor moxdebo<strong>da</strong><br />
bankebTan urTierToba, rogori iqnebo<strong>da</strong> <strong>fulad</strong>i masa,<br />
maT Soris inflacia, gacvliTi kursis normativic ki<br />
dgindebo<strong>da</strong> xolme; anu <strong>fulad</strong>-<strong>sakredito</strong> <strong>politikis</strong><br />
mimarTulebebis <strong>ZiriTadi</strong> mimarTulebebi mTel<br />
kompleqss moicav<strong>da</strong>. dRes ukve es sakiTxebi TiTqos<br />
meore planze ga<strong>da</strong>vidnen.<br />
faqtobrivad, erovnuli banki ora<strong>da</strong>a gaxleCili,<br />
radgan mas sabanko ze<strong>da</strong>mxedvelobis funqcia aRar<br />
akisria (es <strong>da</strong>moukidebeli saagentos funqciaSi Sedis),<br />
magram misi saqmianoba imdenad ga<strong>da</strong>kveTilia sabanko<br />
qcevasTan, rom dRes Tu erovnuli banki Tavis<br />
saqmianobas mxolod inflaciis maCvenebelze <strong>da</strong>iyvans,<br />
SesaZloa mTeli sabanko sistema ganwiruli aRmoCndes.<br />
erovnuli banki axlo perspeqtivaSi Tavis inflaciur<br />
20
#01(109), <strong>2009</strong> auditi, aRricxva, finansebi<br />
maCvenebels ki miaRwevs, magram mas es Soreul<br />
perspeqtivaSi ukanve <strong>da</strong>ubrundeba, vinai<strong>da</strong>n momavalSi<br />
ukve sainvesticio garemos gauareseba kidev ufro<br />
metad moaxdens zemoqmedebas ekonomikis<br />
stabilizaciaze <strong>da</strong> SesaZloa warmoiSvas moTxovnisa<br />
<strong>da</strong> miwodebis inflaciuri Sokebi, ris Sedega<strong>da</strong>c seb-s<br />
xelmeored mouxdeba axal instrumentebze fiqri <strong>da</strong><br />
muSaobis imaze ageba, Tu rogor un<strong>da</strong> uzrunvelyos<br />
muSaobis inflaciuri procesebi.<br />
ase rom, Tu 2008 <strong>wlis</strong> gazafxulamde erovnuli<br />
bankis <strong>ZiriTadi</strong> politika iTvaliswineb<strong>da</strong> `oqros<br />
Sualedis~ <strong>da</strong>Weras, rom arc sabanko sistemaSi<br />
sainvesticio garemo ar gauaresebuliyo <strong>da</strong> inflaciac<br />
zomier farglebSi moeqcia, dRes ukve kanonma erovnul<br />
banks <strong>da</strong>uwesa mxolod <strong>da</strong> mxolod inflaciaze fiqri.<br />
Tumca ager, finansuri krizisi aSkarad gveubneba, rom<br />
es sakmarisi ar aris <strong>da</strong> erovnulma bankma sabanko<br />
sistemazec un<strong>da</strong> izrunos, magram dRes is<br />
instituciurad gaxleCilia.<br />
rodesac erovnulma bankma Tavisi instrumenti<br />
Secvala <strong>da</strong> refinansirebis ganakveTis regulirebaze<br />
ga<strong>da</strong>vi<strong>da</strong>, es faqtobrivad imas niSnav<strong>da</strong>, rom, inflaciis<br />
moTokvasTan erTad, mas saprocento ganakveTebis<br />
zemoqmedeba un<strong>da</strong> moexdina; Sesabamisad igi amiT<br />
zemoqmedebas axdens komerciul bankebze, magram<br />
komerciuli bankebis aralikvidurobis gamo, mas uxdeba<br />
fiqri imaze, Tu rogor gazardos komerciuli bankebis<br />
SesaZleblobebi, kapitalizacia isev saprocento<br />
ganakveTebis zemoqmedebiT <strong>da</strong> ara marto izrunos<br />
inflaciaze, aramed izrunos komerciuli bankebis<br />
saqmianobazec <strong>da</strong> erT-erTi swori ga<strong>da</strong>wyvetileba,<br />
romelic seb-ma miiRo, zafxulSi <strong>da</strong>wesebuli<br />
refinansirebis ganakveTebia, romelsac nel-nela<br />
amcirebs imisaTvis, rom komerciulma bankebma<br />
amoisunTqon. es sxva araferia, Tu ara inflaciuri<br />
qmedeba. anu inflaciuri qmedebaa, rodesac seb-i sesxs<br />
gamouyofs komerciul bankebs. rodesac refinansirebis<br />
ganakveTs amcirebs, esec inflaciuri qmedebaa, magram<br />
kanoni geubneba: erovnuli bankis mTavari orientacia<br />
inflaciis miznobrivi maCvenebeli un<strong>da</strong> iyoso.<br />
marTalia egzogenuri (gare) faqtorebis (ZiriTa<strong>da</strong>d<br />
navTobisa <strong>da</strong> puris fasebis) zemoqmedebam<br />
garkveulwilad xeli Seuwyo inflaciuri procesebis<br />
Semcirebas, magram Tuki es gar<strong>da</strong>texa ar moxdebo<strong>da</strong>,<br />
maSin dRes Cven aRmovCndebodiT sakmaod rTuli<br />
safrTxis winaSe <strong>da</strong> albaT, refinansirebis ganakveTebis<br />
aseTi tempiT Semcirebaze ar iqnebo<strong>da</strong> saubari;<br />
Sesabamisad, erovnuli bankis winaSe isev <strong>da</strong>dgebo<strong>da</strong><br />
rogorc komerciuli bankebis, aseve inflaciis marTvis<br />
sakiTxi.<br />
amdenad, kanonma Seqmna marwuxebi, romelmac ver<br />
gaiTvaliswina SesaZlo globaluri safrTxeebi <strong>da</strong><br />
amiT kidev erTxel <strong>da</strong>amtkica, rom erovnuli banki<br />
ekonomikas moqnilad un<strong>da</strong> marTavdes <strong>da</strong> ar SeiZleba<br />
igi kanonis CarCoebSi moaqcio. es un<strong>da</strong> iyos yovelTvis<br />
diskusiis, ganxilvis sagani <strong>da</strong> erovnul banks un<strong>da</strong><br />
hqondes Tavisi <strong>da</strong>moukidebloba imisaTvis, rom<br />
finansuri sistema stabiluri gaxados.<br />
mixeil ToqmaziSvili yuradRebas kidev erTi<br />
garemoebaze amaxvilebs. dRes oficialuri monacemebiT<br />
5,5%-iani inflaciaa. erTi SexedviT, maRali araa, magram<br />
modiT, es inflacia ekonomikurad SevafasoT. aqamde<br />
10-12%-ian inflacias viyaviT miCveuli <strong>da</strong> 10-12%-<br />
iani inflacia gvqon<strong>da</strong> maSin, roca mTliani Si<strong>da</strong><br />
produqtis zrdis tempebi gvqon<strong>da</strong> 9-10-12%. dRes<br />
mSp-is zrdis tempebi aris 2-3% <strong>da</strong> 2-3%-Tan<br />
mimarTebaSi 5-6%-iani inflacia Zalian maRalia. vTqvaT,<br />
2000 <strong>wlis</strong> <strong>da</strong>sawyisSi, rodesac saqarTvelos<br />
ekonomikis 2-3%-iani zr<strong>da</strong> hqon<strong>da</strong>, inflaciis tempi<br />
3-4% iyo. dRes Tu ekonomikaSi 2-3%-iani zr<strong>da</strong><br />
gvaqvs, inflaciis tempi aris 5-6%. es maCveneblebi<br />
Se<strong>da</strong>rebiT gauares<strong>da</strong>, vidre iyo magaliTad 2001-2002<br />
wlebSi, roca <strong>da</strong>axloebiT 3%-iani zr<strong>da</strong> iyo. maSin<br />
Tu aseTi <strong>da</strong>bali zrdis tempebi iyo imis gamo, rom<br />
ekonomikaSi ar xdebo<strong>da</strong> qmediTi RonisZiebebi, dRes<br />
zrdis tempebis <strong>da</strong>cema ganpirobebulia investiciebis<br />
arSemodinebiT. amas Tu <strong>da</strong>vumatebT im garemoebasac,<br />
rom importi 4-jer aRemateba eqsports, es sxva<br />
araferia, Tu ara aq Semotanili fulis gaJonva<br />
sazRvargareT. es ukve meore sakmaod Zlieri Sokia,<br />
romelic ekonomikas urtyams.<br />
bunebrivia, vrCebiT erTi mniSvnelovani garemoebis<br />
winaSe: es etapi rogorRac un<strong>da</strong> ga<strong>da</strong>vitanoT moqnili<br />
politikiT; es etapi un<strong>da</strong> ga<strong>da</strong>ilaxos manam, sanam<br />
komerciuli bankebi fexze <strong>da</strong>dgebian, sanam investiciebi<br />
isev <strong>da</strong>iwyebs Semodinebas, sanam warmoeba isev <strong>da</strong>iwyebs<br />
ganviTarebas. Tu komerciuli bankebi ar <strong>da</strong>dgnen fexze,<br />
isini warmoebas kredits ver miscemen, xolo<br />
araformaluri seqtori (mrewveloba, soflis<br />
meurneoba, mSenebloba, mTlianad realuri ekonomika)<br />
ise ver ganviTardeba. am mxriv erovnuli bankisTvis<br />
mTavar orientacias un<strong>da</strong> warmoadgendes swored im<br />
RonisZiebebis gatareba, romlebic xels Seuwyobs<br />
komerciuli bankebis fexze wamoyenebas, rom<br />
sainvesticio garemo ganviTardes <strong>da</strong> ara zrunva<br />
inflaciur movlenebze. realurad, albaT, <strong>da</strong>dgeba<br />
sakiTxi imis Sesaxeb, rom erovnulma bankma izrunos<br />
refinansirebis ganakveTis kidev ufro Semcirebaze,<br />
raTa rogorme xeli Seuwyos bankebis winsvlas.<br />
ToqmaziSvilis ganmartebiT, <strong>2009</strong> <strong>wlis</strong> <strong>fulad</strong><strong>sakredito</strong><br />
<strong>politikis</strong> ZiriTad mimarTulebebSi weria,<br />
rom refinansirebis politika iqneba mTavari wamyvani<br />
politika. Tu manamde wamyvani politika iyo fasiani<br />
qaRaldebis gayidva seb-is depozitebis saxiT, axla<br />
is ukve refinansirebazea aqcentirebuli. esec ukve<br />
<strong>politikis</strong> cvlilebaa. gamokveTilia <strong>politikis</strong> mizani<br />
<strong>da</strong> <strong>politikis</strong> instrumenti <strong>da</strong> Tu vinmes ar moswons,<br />
amaze diskusia SeiZleba. magram ToqmaziSvils ar<br />
miaCnia, rom realurad dRes sxva rame SeiZleba iyos<br />
gamoyenebuli im miznebis misaRwevad, rac arsebobs.<br />
mTeli rigi aprobirebuli instrumentebi iyo<br />
gamoyenebuli, magram rac yvelaze efeqturad muSaobs<br />
dRes, es aris upirveles yovlisa saprocento<br />
ganakveTze zemoqmedeba <strong>da</strong> ekonomikisaTvis farTo<br />
fulis miwodeba. erovnulma bankma erTmniSvnelovnad<br />
<strong>da</strong>afiqsira, rom <strong>ZiriTadi</strong> instrumenti iqneba<br />
21
auditi, aRricxva, finansebi #01(109), <strong>2009</strong><br />
saprocento ganakveTebze zemoqmedeba <strong>da</strong> <strong>ZiriTadi</strong><br />
instrumenti iqneba fulis miwodeba, romlis<br />
meSveobiTac moxdeba inflaciis moTokva. es aris<br />
yvelaze Zlieri instrumentebi. erTi periodi repooperaciebi<br />
muSaob<strong>da</strong>, mere amoRebul iqna; kidev<br />
sxva<strong>da</strong>sxva instrumentma imuSava, magram ekonomikaze<br />
maT iseTi Zlieri efeqti ara aqvT, rogorc am or<br />
ZiriTad instruments. Sesabamisad seb-i swored amaze<br />
iRebs aqcents. Tu Seicvleba viTareba, erovnuli<br />
banki Secvlis Tavis instrumentebs.<br />
ToqmaziSvili acxadebs, rom erovnuli banki ar<br />
un<strong>da</strong> iyos kanoniT SezRuduli inflaciur<br />
maCvenebelSi, anu organuli kanoni `erovnuli bankis<br />
Sesaxeb~ un<strong>da</strong> ga<strong>da</strong>muSavdes. is garemoeba, rom dRes<br />
verc ze<strong>da</strong>mxedvelobis saagento <strong>da</strong> verc seb-i<br />
erTmaneTis gareSe veRar muSaoben, imazec metyvelebs,<br />
rom aucilebeli iyo seb-s hqono<strong>da</strong> Tavisi<br />
ze<strong>da</strong>mxedveloba komerciul bankebze. es ukve faqtia,<br />
romelic erovnul banksa <strong>da</strong> ze<strong>da</strong>mxedvelobas Soris<br />
<strong>da</strong>debuli memorandumi<strong>da</strong>nac Cans. memorandumi swored<br />
im xvrelis amovsebas cdilobs, romelic erovnuli<br />
bankis Sesaxeb organulma kanonma Seqmna <strong>fulad</strong><strong>sakredito</strong><br />
politikaSi. Tumca, es ar aris is, riTac<br />
SeiZleba am xvrelis amovseba, vinai<strong>da</strong>n sakiTxavia,<br />
ramdenad jdeba es memorandumi konstituciis<br />
CarCoebSi. am memorandumiT xdeba seb-is funqciebSi<br />
SeWra ze<strong>da</strong>mxedvelobi<strong>da</strong>n <strong>da</strong> piriqiT, seb-is SeWra<br />
ze<strong>da</strong>mxedvelobis funqciebSi. Tu es saWiro iyo, maSin<br />
ar un<strong>da</strong> <strong>da</strong>rRveuliyo erovnuli bankis mTlianoba.<br />
dRes vlaparakobT, rom 2 <strong>da</strong>moukidebeli struqturaa<br />
<strong>da</strong> am dros yvelaze konfidencialuri Tu yvelaze<br />
mniSvnelovani ga<strong>da</strong>wyvetilebebis miReba xdeba<br />
komitetis mier, romelic jer ar viciT, ra aris,<br />
razea <strong>da</strong>Senebuli, ramdenad uflebamosilia yovelive<br />
es gaakeTos. faqtobrivad, komiteti Rebulobs iseT<br />
ga<strong>da</strong>wyvetilebas, rom SesaZloa erovnuli bankis sabWo<br />
mxolod faqtis winaSe <strong>da</strong>dges <strong>da</strong> masze reagireba<br />
ver moaxdinos.<br />
erovnul banks erTdroulad sami mimarTulebiT<br />
uxdebo<strong>da</strong> <strong>da</strong> uxdeba fiqri. erTi aris inflacia,<br />
meore _ gacvliTi kursi, romlis zemoqmedebac Zalian<br />
Zlieria komerciuli bankebis saqmianobazec <strong>da</strong><br />
inflaciazec <strong>da</strong> mesame _ komerciul bankebSi<br />
stabiluroba, rac sainvesticio garemos<br />
ganmsazRvrelia. es 3 funqcia dRes erTmaneTTan imdenad<br />
organulad aris <strong>da</strong>kavSirebuli, am globaluri<br />
finansuri krizisis pirobebSi aSkarad Cans, rom<br />
sxva<strong>da</strong>sxva institutebisaTvis misi micema ar iyo<br />
swori <strong>da</strong> racionaluri gza.<br />
ra moxdeba momavalSi, <strong>da</strong>vuSvaT, Tuki inflaciis<br />
maCvenebeli 9%-ze <strong>da</strong>bla Camova? ra, maSin erovnulma<br />
bankma un<strong>da</strong> ifiqros mis gazr<strong>da</strong>ze, radgan 9% weria?!<br />
ukve xeli aqvs Sekruli erovnul banks, imitom rom<br />
Cvens qveynebSi ryevebi Zalian maRalia, gansxvavebiT<br />
sxva qveynebisagan, romlebic stabilurobiT<br />
gamoirCevian, Tuki mxedvelobaSi ar miviRebT bolo<br />
globalur kriziss. yoveli 7-8 <strong>wlis</strong> mere gamowveuli<br />
riskebis winaSe vdgavarT. amitom kanonma ar un<strong>da</strong><br />
22<br />
SezRudos erovnuli bankis saqmianoba; is un<strong>da</strong> iyos<br />
moqnili <strong>da</strong> <strong>da</strong>mokidebuli profesionalebze, romlebic<br />
namdvilad arian erovnul bankSi.<br />
prognozi<br />
mixeil ToqmaziSvilis azriT, Cven mokle periodSi<br />
SegviZlia vTqvaT, ra SeiZleba moxdes <strong>da</strong> moklevadian<br />
periodze gvaqvs aqcenti aRebuli. magram saSualovadian<br />
<strong>da</strong> strategiul periodze gaTvlebis gakeTeba sakmaod<br />
Znelia. erT-erTi prognoziT, globaluri krizisi<br />
<strong>2009</strong> <strong>wlis</strong> bolomde gagrZeldeba; Sesabamisad, bankebs<br />
sazRvargareTi<strong>da</strong>n iafi kreditebis motana gauWirdebaT<br />
<strong>da</strong> ukve uWirT; Sesabamisad, isini dgebian valis<br />
ga<strong>da</strong>xdis winaSe <strong>da</strong> maT esec mZimed awveba; Sesabamisad,<br />
saqarTveloSi <strong>da</strong>nazogebi Semcirdeba <strong>da</strong> bankebi<br />
<strong>da</strong>matebiT resursebs ver moizi<strong>da</strong>ven; Sesabamisad, kidev<br />
ufro meti iqneba importis wilis zr<strong>da</strong> eqsportTan<br />
Se<strong>da</strong>rebiT, rac kidev ufro metad moiTxovs zewolas<br />
larze <strong>da</strong> gaiJoneba mTeli rigi <strong>savaluto</strong> rezervebi.<br />
<strong>2009</strong> weli iqneba yvelaze rTuli weliwadi, radgan<br />
am periodSi kidev ufro <strong>da</strong>iZabeba bazari, gansakuTrebiT<br />
<strong>wlis</strong> 1-l naxevarSi; Sesabamisad, komerciuli bankebis<br />
<strong>sakredito</strong> mdgomareoba mainc <strong>da</strong> mainc mniSvnelovnad<br />
ver gamoswordeba, magram Seiqmneba sastarto pozicia<br />
imisaTvis, rom momavalSi maT ekonomikaSi Suamavlis<br />
rolis Sesruleba SeZlon. mosaxleobis<br />
ga<strong>da</strong>xdisunariani moTxovnis Semcireba Seqmnis pirobebs<br />
imisaTvis, rom inflacia ar gaizardos; albaT,<br />
gaZlierdeba uaryofiTi savaWro balansi <strong>da</strong> mimdinare<br />
angariSis balansi, ris Sedega<strong>da</strong>c moxdeba kidev ufro<br />
didi zewola <strong>savaluto</strong> bazarze <strong>da</strong> Sesabamisad, ucxour<br />
valutaze moTxovna Tan<strong>da</strong>TanobiT gaizrdeba.<br />
erovnuli bankis saqmianoba kidev ufro<br />
mniSvnelovani gaxdeba im TvalsazrisiT, rom igi gaxdeba<br />
<strong>ZiriTadi</strong> RerZi imisa, saqarTveloSi iqneba Tu ara<br />
finansuri stabiluroba. investiciebis Semosvla im<br />
raodenobiT ar moxdeba, rogorc es 2007-2008 wlebSi<br />
iyo; Sesabamisad ekonomikuri aqtivoba Semcirdeba;<br />
umuSevroba, miuxe<strong>da</strong>vad ganxorcielebuli <strong>da</strong>saqmebis<br />
programebisa, realurad gaizrdeba; albaT,<br />
garkveulwilad gaizrdeba siRaribis sazRvrebic;<br />
Sesabamisad, albaT, isev warimarTeba migraciuli<br />
procesebi saqarTvelo<strong>da</strong>n. rac mTavaria, <strong>2009</strong> wli<strong>da</strong>n<br />
es recesiuli procesebi araviTar SemTxvevaSi ar<br />
ga<strong>da</strong>izrdeba krizisul viTarebaSi. <strong>2009</strong> <strong>wlis</strong> meore<br />
naxevri<strong>da</strong>n, gansakuTrebiT <strong>2009</strong> <strong>wlis</strong> bolos ukve<br />
<strong>da</strong>iwyeba aqtiuri moqmedebebi <strong>da</strong> 2010 wli<strong>da</strong>n albaT<br />
moxdeba gamosvla am winasakriziso mdgomareobi<strong>da</strong>n.<br />
ase rom, es erTi weli iqneba recesiis gagrZeleba <strong>da</strong><br />
sastarto poziciebis Seqmna, momzadeba Semdgomi<br />
aqtiurobisaTvis.<br />
es moxdeba im SemTxvevaSi, Tuki politikuri<br />
situacia ar Seicvleba <strong>da</strong> araviTar konfliqturi<br />
movlenebi ar iqneba. Tu aseTi konfliqturi<br />
movlenebi warmoiSva, maSin is myisierad aisaxeba<br />
saqarTvelos finansur sistemaze.<br />
<strong>da</strong>li CikvaiZe
#01(109), <strong>2009</strong> auditi, aRricxva, finansebi<br />
romel banks vandoT Cveni fuli?<br />
sad ra saxis anabrebia <strong>da</strong> romel<br />
valutaSi<br />
visac sakuTari <strong>da</strong>nazogis bankSi Senaxvis survili<br />
gauCndeba, cxadia, pirvel rigSi imas arkvevs, saamisod<br />
romeli bankis mier SemoTavazebuli pirobebia pira<strong>da</strong>d<br />
misTvis yvelaze ufro metad misaRebi. <strong>da</strong>interesebul<br />
a<strong>da</strong>mians bankis SerCevaSi SesaZloa es werili<br />
<strong>da</strong>exmaros. saqarTveloSi moqmedi 20 komerciuli<br />
banki<strong>da</strong>n, ianvris TveSi Cven gavecaniT, Tu ra saxis<br />
anabrebis gaxsnas gvTavazoben <strong>da</strong> ra pirobebiT Semdegi<br />
bankebi: `bazisbanki~, `viTibi banki~, `Tibisi banki~,<br />
`investbanki~, `kor stan<strong>da</strong>rt banki~, `prokreditbanki~,<br />
banki `respublika~, `saqarTvelos banki~, `saxalxo<br />
banki~ <strong>da</strong> `banki qarTu~. klientis mibarebul fuls<br />
zogi banki `anabars~ uwodebs <strong>da</strong> zogic `depozits~,<br />
amitom am or sityvas sinonimebad gamoviyenebT.<br />
Cvens mier SerCeuli bankebi<strong>da</strong>n yvelaze farTo<br />
arCevans _ rva saxis anabars gvTavazobs `Tibisi<br />
banki~; Svid-Svidi saxis anabaria `viTibi bankSi~, bank<br />
`respublikaSi~, `saqarTvelos banksa~ <strong>da</strong> `saxalxo<br />
bankSi~. maTi umravlesoba anabrebs xsnis sam valutaSi:<br />
larSi, aSS dolarsa <strong>da</strong> evroSi. meoTxe valutaSi _<br />
girvanqa sterlingSi anabars xsnis 3 banki.<br />
`saqarTvelos banki~ yvela saxis anabars xsnis 4<br />
saxis valutaSi, gamonaklisia sainvesticio anabari,<br />
romelic mxolod aSS dolarSi ixsneba. banki<br />
`respublika~ iq arsebul yvela saxis anabars xsnis<br />
larSic, dolarSic, evroSic <strong>da</strong> girvanqa sterlingSic.<br />
`bazisbankSi~ 6-<strong>da</strong>n 5 saxis anabari SegiZliaT gaxsnaT<br />
4 saxis valutaSi, sabavSvo ki 3 saxisaSi (larSi,<br />
dolarSi <strong>da</strong> evroSi). marto larsa <strong>da</strong> aSS dolarSi<br />
xsnian anabrebs `investbankSi~ sa<strong>da</strong>c, <strong>da</strong>narCen 9 bankTan<br />
Se<strong>da</strong>rebiT, anabrebis yvelaze naklebi _ oTxi saxeobaa.<br />
gTavazobT anabrebis CamonaTvals bankebis mixedviT:<br />
`bazisbankSi~ aris: vadiani anabari, zr<strong>da</strong>di anabari,<br />
moTxovnamde anabari, konvertirebadi vadiani anabari,<br />
sabavSvo anabari <strong>da</strong> sasargeblo anabari.<br />
`viTibi banki~ gvTavazobs: zr<strong>da</strong>d anabars, sabavSvo<br />
anabars, moTxovnamde anabars, vadian anabars, ekonomiur<br />
anabars, elitur anabars <strong>da</strong> komfortul anabars.<br />
`Tibisi bankis~ anabrebia: oqros anabari, Semnaxveli<br />
anabari, anabari `Cemi seifi~, vadiani anabari, sabavSvo<br />
anabari, zr<strong>da</strong>di anabari, `vadiani +~ anabari, mimdinare<br />
anabari.<br />
`investbankSi~ SegiZliaT gaxsnaT: vadiani anabari,<br />
moTxovnamde anabari, <strong>da</strong>grovebadi anabari <strong>da</strong> sabavSvo<br />
anabari.<br />
`prokreditbankis~ anabrebia: vadiani, moqnili, zr<strong>da</strong>di,<br />
sabavSvo, Semnaxveli <strong>da</strong> `Cemi yulaba~.<br />
banki `respublika~ gvTavazobs: moTxovnamde anabars,<br />
vadian anabars, privilegirebul anabars, zr<strong>da</strong>d anabars,<br />
sabavSvo anabars, moqnil anabars <strong>da</strong> konvertirebad<br />
anabars.<br />
`saqarTvelos bankis~ anabrebia: vadiani anabari;<br />
Semnaxveli angariSi; sabavSvo, moTxovnamde, Segrovebadi,<br />
mwvane, sainvesticio anabrebi.<br />
`saxalxo bankSi~ aris: vadiani anabari, Sevsebadi<br />
vadiani anabari, multi<strong>savaluto</strong> vadiani anabari,<br />
gaxarjvadi anabari, sabavSvo anabari, pensioneris anabari,<br />
`pozitivi~.<br />
`kor stan<strong>da</strong>rt banki~ gvTavazobs: Semnaxvel<br />
depozits, zr<strong>da</strong>d-<strong>da</strong>grovebad depozits, universalur<br />
depozits, sabavSvo depozits, vadian depozits.<br />
`qarTu bankSi~ aris: vadiani anabari, moqnili anabari,<br />
zr<strong>da</strong>di anabari, sabavSvo anabari <strong>da</strong> moTxovnamde anabari.<br />
SevniSnavT, rom wina wlebisagan gansxvavebiT, wels<br />
bankebi upiratesobas aniWeben termins `anabari~. Cvens<br />
mier SerCeuli 10 komerciuli banki<strong>da</strong>n mxolod `kor<br />
stan<strong>da</strong>rt banki~ xmarobs sityva `depozits~.<br />
anabarze ricxuli saprocento sargeblis gatanis<br />
gansxvavebuli wesebi arsebobs <strong>da</strong> misi arCeva meanabris<br />
survilzea <strong>da</strong>mokidebuli. saprocento sargebeli<br />
yvelaze maRalia, Tu mas anabris vadis amowurvis<br />
Semdeg gaitanT. ufro naklebs miiRebT misi winaswar<br />
gatanis, an yovelTviurad Tu yovelkvartalurad<br />
gatanis SemTxvevaSi. Cvens mier SemoTavazebul<br />
cxrilebSi miTiTebuli saprocento ganakveTebi<br />
ericxeba vadis amowurvis Semdeg.<br />
aqamde Tu nebismieri saxis depozitis saprocento<br />
sargebli<strong>da</strong>n meanabres 10% eqviTebo<strong>da</strong> <strong>da</strong> saxelmwifo<br />
biujetSi ga<strong>da</strong>iricxebo<strong>da</strong>, <strong>2009</strong> <strong>wlis</strong> 2 ianvri<strong>da</strong>n<br />
ZalaSi Sevi<strong>da</strong> cvlileba saga<strong>da</strong>saxado kodeqsSi <strong>da</strong><br />
meanabre nebismieri saxis depozitis saprocento<br />
sargebels srulad, yovelgvari <strong>da</strong>qviTvis gareSe<br />
miiRebs.<br />
rogorc vxe<strong>da</strong>vT, potenciur meanabres arc Tu<br />
martivi arCevani aqvs gasakeTebeli, Tu sad ganaTavsos<br />
Tavisi <strong>fulad</strong>i saxsari, miT umetes, rom rig SemTxvevebSi<br />
sxva<strong>da</strong>sxva banki sxva<strong>da</strong>sxva saxelwodebis anabarSi<br />
erTsa <strong>da</strong> imave Sinaarss debs. bunebrivia, <strong>da</strong>saxelebuli<br />
anabrebis mTel speqtrs aq ver ganvixilavT <strong>da</strong><br />
gTavazobT marto 4 saxisas, romelsac TiTqmis yvela<br />
bankSi SexvdebiT. eseni gaxlavT: moTxovnamde anabari,<br />
vadiani anabari, Segrovebadi anabari <strong>da</strong> sabavSvo anabari<br />
(ix. cxrilebi ## 1-4).<br />
moTxovnamde anabari imiTaa mosaxerxebeli, rom<br />
nebismier dros SeiZleba masze ganTavsebuli Tanxis<br />
rogorc nawilobriv Tu srulad gatana, ise masze<br />
<strong>da</strong>matebiTi Senatanis gakeTeba. samagierod, rogorc<br />
wesi, am tipis anabarze Setanil Tanxas yvelaze<br />
naklebi sargebeli ericxeba.<br />
am tipis anabrebze angariSebs Cvens mier SerCeuli<br />
aTi banki<strong>da</strong>n xsnis yvela, gar<strong>da</strong> `saxalxo bankisa~,<br />
romelsac es produqti arc gasul wels hqon<strong>da</strong>.<br />
23
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