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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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 />
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