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
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
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
Change language