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nino tabaRua 294 69 77; qronikaqronika@gmail.com saqarTvelos erovnul banks aqvs oficialuri sarezervo aqtivebi, romelic, yovelTviurad, weliwadSi 12-jer sxvadasxva monacemiT xasiaTdeba, ra Tqma unda, arsebobs ucxouri valutis rezervebic, sesxebis specialuri uflebebi da sarezervo pozicia saerTaSoriso savaluto fondSi. swored xsenebuli ucxouri valutis rezervebis intervenciebi xorcieldeba bankTaSoris birJaze da saerTaSoriso savaluto fondSi dakavebuli sarezervo pozicia gamoiTvleba. saintereso iyo yvela Camo- Tvlili punqtis monacemebi ricxvebSi, is, Tu ra rezervebs flobda erovnuli banki mimdinare da gasul wels da ramdenjer, ra raodenobis interven- laris gacvliTi kursis oficialuri maCvenebeli dolar- Tan mimarTebiT 2, 75 niSnuls gautolda. erovnuli banki rezervebs flobs, romlis optimaluri gamoyenebiTac qveya- naSi fulis masa unda daregulirdes. weliwadSi ramdenjerme is intervenciebs axorcielebs, es ukanaskneli kursis regu- lirebis mizniT centraluri saemisio bankis mier bankTaSoris birJaze romelime qveynis valutis Sesyidvas, an gayidvas da am mizniT warmoebuli operacias warmoadgens. 22 cia ganaxorciela kursis dastabilurebis mizniT. swored amitom aRniSnuli kiTxvebiT „qronika+”-ma erovnul banks mimarTa, romelmac oficialuri komentaris saxiT monacemebi da kiTxvebze pasuxebi mogvawoda. qvemoT CamoTvlili monacemebi zustad asaxavs im sarezervo aqtivebis realobas, romelic 2015-2016 wlebSi iyo, monacemebi ki dalagebulia Tveebis mixedviT: 1) oficialuri sarezervo aqtivebi; 2) ucxouri valutis rezervebi; 3) sesxebis specialuri uflebebi (SDR); 4) sarezervo pozicia saer- TaSoriso savaluto fondSi 1) 2) 3) 4) 31/01/2015 2,610,108.5 2,404,631.5 205,462.9 14.1 28/02/2015 2,469,435.0 2,266,664.5 202,756.4 14.1 31/03/2015 2,452,879.8 2,241,383.0 211,483.1 13.8 30/04/2015 2,430,898.2 2,227,991.3 202,892.8 14.1 31/05/2015 2,393,461.6 2,193,217.5 200,230.2 13.9 30/06/2015 2,483,749.8 2,281,206.5 202,529.3 14.1 31/07/2015 2,447,135.7 2,243,995.3 203,126.4 13.9 31/08/2015 2,463,246.0 2,261,073.4 202,158.6 14.0 30/09/2015 2,464,305.6 2,257,780.0 206,511.6 14.0 31/10/2015 2,448,949.3 2,247,339.6 201,595.7 14.0 30/11/2015 2,479,433.0 2,281,698.8 197,720.5 13.7 31/12/2015 2,520,576.5 2,321,038.6 199,524.0 13.9 vaxtang xomizuraSvili erovnuli bankis rezervebi da laris kursis dastabilurebis mizniT ganxorcielebuli intervenciebi rogorc xedavT, 2015 wlis noembris monacemebiT, mTliani saerTaSoriso rezervebi am Tvis bolos 2,479,433 miliardi aSS dolari iyo. 2016 wlis noembris bolos ki 2,779,157 miliardi aSS dolari Seadgina. imave punqtebis mixedviT mimdinare wlis monacemebi TveebSi Semdegia: 1) oficialuri sarezervo aqtivebi; 2) ucxouri valutis rezervebi; 3) sesxebis specialuri uflebebi (SDR); 4) sarezervo pozicia saer- TaSoriso savaluto fondSi. rogorc sarezervo aqtivebis monacemebiT Cans, mimdinare wlis noembris rezervebis moculoba (radgan 2016 wlis dekembris monacemebi srulad jer araa daTvlili), 299 724 aSS dolariT metia gasuli wlis imave periodTan SedarebiT. xolo rac Seexeba intervenciebs, 2016 wels igi sul 24- jer ganxorcielda da aqedan 10-jer saqarTvelos erovnuli bankis mier valutis gayidva da 14-jer ki misi yidva ganxorcielda. mimdinare wels sul gayiduli fuladi masis raodenobam jamSi 280 000 000, nayidma ki 278 350 000 aSS dolari Seadgina. _ ramdeni milioni dolari gayida erovnulma bankma 2016 wels laris dastabilurebis mizniT? erovnuli banki: _ 2016 wels erovnuli bankis mier savaluto auqcionebze wminda gayidvam Seadgina 1.65 milioni aSS dolari. _ rodis miiReba gadawyvet- ileba, rom gaiyidos savaluto rezervebi (laris kursis ra 1) 2) 3) 4) 31/01/2016 2,447,473.9 2,248,516.7 198,943.4 13.8 29/02/2016 2,425,874.1 2,227,113.3 198,747.0 13.8 31/03/2016 2,456,678.7 2,249,439.9 207,224.7 14.1 30/04/2016 2,456,757.5 2,252,226.9 204,516.4 14.2 31/05/2016 2,569,385.8 2,367,256.2 202,115.5 14.0 30/06/2016 2,857,244.0 2,655,691.3 201,538.7 14.0 31/07/2016 2,856,372.2 2,655,595.8 200,762.4 13.9 31/08/2016 2,888,476.1 2,681,502.3 206,959.9 13.9 30/09/2016 2,858,235.7 2,654,941.7 203,280.1 14.0 31/10/2016 2,760,196.1 2,562,003.1 198,179.3 13.7 30/11/2016 2,779,157.1 2,584,161.3 194,982.3 13.5 mdgomareoba ganapirobebs amas? ra maCvenebeli?) _ saqarTveloSi moqmedebs mcuravi gacvliTi kursis reJimi. saqarTvelo warmoadgens mcire zomis Ria ekonomikas, romelic aris msoflio ekonomikis nawili da ar gaaCnia optimaluri savaluto sivrce partnior qveynebTan. Sesabamisad, msoflio ekonomikis ryevebi saqarTvelos ekonomikazec aisaxeba. mcire Ria ekonomikis qveynebisTvis mcuravi gacvli- Ti kursi Sokebis mSTanTqav funqcias asrulebs, ramdenadac sagareo Sokis SemTxvevaSi gacvliTi kursis cvlileba asustebs aRniSnuli Sokis gavlenas realur ekonomikaze _ ekonomikur zrdasa da inflaciaze. saqarTvelosTvis mcuravi gacvliTi kursis reJimi aris yvelaze optimaluri reJimi. _ ra iqneba e.b.-s Semdegi nabijebi kursis dastabilurebis kuTxiT? Sedgenili gaqvT Tu ara raime konkretuli sam- oqmedo gegma? _ saSualovadian periodSi fasebis stabilurobis riskebis SemTxvevaSi, erovnuli banki gaamkacrebs monetarul politikas. erovnul banks aqvs saTanado SesaZlebloba da instrumentebi, rom ar dauSvas maRali inflacia. Tumca konkretulad rogori saxis gamkacrebazea saubari, kvlav kiTxvis niSnis qveS rCeba. bunebrivia, mniSvnelovania eqspertebis damokidebuleba erovnuli bankis mier ganxorcielebul intervenciebze, mis mier gatarebul monetarul politikaze da rezervebis xarjvaze, romelsac igi flobs. vaxtang xomizuraSvili _ eqsperti, ekonomisti, safondo birJis yofili direqtori: _ centraluri bankebi rogorc axorcieleben intervenciebs dolarSi, ise axorcieleben larSic _ es normaluria, magram am SemTxvevaSi erovnul 22 N46(177) 27.12-17.01.2017 w.
294 69 77; qronikaqronika@gmail.com N TariRi gayidva yidva 1) 1/12/2016 20,000,000 x 2) 1/22/2016 20,000,000 x 3) 1/26/2016 20,000,000 x 4) 3/17/2016 x 5,000,000 5) 3/21/2016 x 10,000,000 6) 4/14/2016 x 10,000,000 7) 4/20/2016 x 10,000,000 8) 4/21/2016 x 20,000,000 9) 5/5/2016 x 20,000,000 10) 5/10/2016 x 20,000,000 11) 5/17/2016 x 20,000,000 12) 5/18/2016 x 20,000,000 13) 5/19/2016 x 20,000,000 14) 5/20/2016 x 40,000,000 15) 6/8/2016 x 40,000,000 16) 6/9/2016 x 23,350,000 17) 8/22/2016 x 20,000,000 18) 8/25/2016 20,000,000 x 19) 9/22/2016 20,000,000 x 20) 9/27/2016 40,000,000 x 21) 10/3/2016 40,000,000 x 22) 10/6/2016 20,000,000 x 23) 10/12/2016 40,000,000 x 24) 12/20/2016 40,000,000 x `monetaruli politikis erT-erTi mTavari mdgeneli instrumenti gaxlavT refinansirebis ganakveTi. komerciuli bankebi erovnuli bankisagan sesxuloben fuls, anu erovnuli banki aris laris masis emitenti da laris emisiis erT- erTi instrumentic es saprocento ganakveTi gaxlavT. rac ufro iafia procenti, bunebrivia, miT meti stimuli aqvT komerciul bankebs, rom sesxebi aiRon da rac ufro Zviria es procenti, miT ufro naklebi raodenobis lars sesxuloben erovnuli bankisgan komerciuli bankebi, amitom rac ufro maRalia saprocento ganakveTi, miT ufro mcirdeba laris masa sazogadoebaSi da rac ufro dabalia saprocento ganakveTi, miT ufro izrdeba laris masa sazogadoebaSi. monetaruli politikis gamkacreba niSnavs am refinansirebis sesxis ganakveTis gazrdas, Sesabamisad, es niSnavs imas, rom laris masa droTa ganmavlobaSi Semcirdeba, rac laris stabilurobaze imoqmedebs, anu lars ufro metad moTxovnads gaxdis, SedarebiT gaaZvirebs, laris gamyarebaze dadebiTad imoqmedebs. monetaruli politikis gamkacrebis Sedegi, saboloo jamSi, unda iyos is, rom lari SedarebiT gamyardes da aseve moklevadian periodSi da grZelvadian periodSi mosalodneli inflaciis done unda Semcirdes, Sesabamisad, gamomdinare im situaciidan, rac Seiqmna saqarTveloSi, Seqmna saqarTvelos mTavrobam da, maT Soris, kidev erTxel gavusvam xazs, rom erovnul banks ar unda daewyo gazafxulze is, rac man wamoiwyo. inflaciuri molodinebi da riskebi ukve sazogadoebaSi aris, amitom monetaruli politika unda gaamkacros~ banks ar aqvs imis SesaZlebloba, rom sworad Seafasos savaluto bazarze arsebuli mdgomareoba moTxovna-miwodebis TvalsazrisiT. vgulisxmob imas, rom savaWro sesia blumbergSi mTeli dRis manZilzea gawelili, am dros erovnuli banki ver xedavs moTxovna-miwodebis kuTxiT korelacias, rogorc es savaluto birJaze xdeboda _ erTi saaTis ganmavlobaSi midioda moTxovna-miwodebis koncetracia, rac uzrunvelyofda obieqturi savaluto kursis Camoyalibebas, imitom rom maqsimaluri moculobebi monawileobda. dRes es savaWro sesia gawelilia da rodis ra garigeba, an moTxovna-miwodeba iqneba, erovnuli banki erTdroulad am situacias ver xedavs. realurad, igi Tavis rezervebs araefeqtianad xarjavs, anu intervenciebs araefeqtianad axorcielebs. _ Tqveni azriT, amgvar vi- TarebaSi ra gamosavali SeZle- ba moZebnos erovnulma bankma? _ pirveli: erovnulma bankma unda gaamkacros monetaruli politika. realurad gazardos saprocento ganakveTi da Seamciros is araefeqtiani fuladi masa, romelic bankebis likvidurobisTvis aris gacemuli. meore: finansTa saministrosTan SeTanxmebiT damatebiT unda gamouSvas saxazino valdebulebebi, rom fuladi masa daregulirdes kursis stabilizaciisTvis. mesame: is aucilebeli rezervebi rac daawesa erovnulma bankma da gazarda dolaris depozitebidan, aucileblad unda iyos ara dolarSi miRebuli erovnuli bankis mier, aramed konvertacia unda moxdes ekvalentur larebSi. es gamoiwvevs larze moTxovnas TavisTavad da meore, Seamcirebs fulis masas sabanko sistemaSi, rac kidev erTi dadebiTi faqtori iqneba. akaki comaia, ekonomisti, eqsperti: _ ramdenad sworad da optimalurad iyenebs rezervebs erovnuli banki, ramdenad efeq- tiania maTi moqmedeba am rezervebis gamoyenebiT? _ Tu am kuTxiT SevxedavT, erovnuli banki frTxilobs da ase martivad rezervebs ar xarjavs, xarjavs eqstremalur situaciebSi maSin, rodesac ukve kargad Cans, rom gavlenas axdens kursis gaufasurebaze. am mxriv, vfiqrob, rom is rezervebTan dakavSirebiT sworad mimarTavs konkretul RonisZiebas. _ Sesabamisad, intervencie- bsac saWiro dros da adgilze axorcielebs? _ Tu Cven bolo 40 milioni dolaris intervencias vgulisxmobT, is sworad da mizanmimarTulad gamoiyenes. Tu winasaarCevno periods vgulisxmobT, daaxloebiT 180 miliardi dolari daixarja. gasagebia, rom iq politikuri safasuri iyo gadaxdili da es rezervebi wyalSi gadayara erovnulma bankma imitom, rom iq rezervebis ganxorcielebas aranairi azri ar hqonda. lari imitom ar gaufasurebula, rom, vTqvaT, uaryofiTi molodinebia qveyanaSi, imitom ufasurdeba, rom dolaris miwodeba mcirdeba da dolarze moTxovna izrdeba fundamenturi faqtorebis gamo, amitom rezervebis daxarjvas aranairi azri ar hqonda. _ anu, garkveulwilad, N46(177) 27.12-17.01.2017 w. erovnuli bankis "damsaxureba" ar aris is, rom lari ase ufasurdeba? _ amis ramdenime mizezia, maT Soris, ra Tqma unda, erovnul banksac aqvs garkveuli monawileoba Setanili laris gaufasurebaSi, magram es ar aris ZiriTadi. ZiriTadi aris Cveni ekonomika da is, rom ekonomikuri zrda ver uzrunvelyofs dolaris im raodenobis miwodebis gazrdas, an dolarze raodenobis moTxovnis Semcirebas, rom man uzrunvelyos Cveni sagareo valebis momsaxureba, ris gamoc dolaris defeqti iqneba da amitom lari ufasurdeba. es aris is fundamenturi mizezi, ratomac lari ufasurdeba da, albaT, momaval welsac gaufasurdeba. anu Cveni problema aris ekonomika. magram amas emateba kidev, ra Tqma unda, rogorc erovnuli banki, aseve mTavrobac, erovnuli bankis mier gazafxulze dawyebuli dedolarizaciis egidiT laris stimulirebis politika da savaldebulo normis gazrda dolarSi da piriqiT, larSi Semcireba. aman, ra Tqma unda, Tavisi wvlili Seitana laris gaufasurebaSi, iseve rogorc mTavrobis wvlilia mniSvnelovani. imis magivrad, rom xarjebs amcirebdes, piriqiT, xarjebs qmnis da plus, yalbia. gamoCnda, rom 10- akaki comaia punqtiani gegmis gamocxadebis Semdeg navTobimportiorebma da Tambaqosimportiorebma maragebis SeZena daiwyes, dolarze moTxovna gazardes. es gegma aqcizis gadasaxadis gazrdas exeboda navToproduqtebze, Tambaqoze. mas Semdeg, rac Tqves, rom aqcizis gadasaxadi izrdeba, bunebrivia, rom avtoimportorebma da Tambaqos importorebma saswrafod, axalwlamde daiwyes rac SeiZleba bevri navToproduqtis da Tambaqos Semotana, raTa garkveuli raodenobis produqcia Zveli aqcizis RirebulebiT gayidon manam, sanam gaZvirdeba da Sesabamisad ufro meti sargebeli naxon. probleba is aris, rom mTavrobam es gegma e.b.-sTan SeuTanxmeblad gaakeTa da ver gaTvala, rom aseTi ram Sei- Zleboda momxdariyo, amitom dolarze moTxovna gaizarda. _ konkretulad ras gulisx- mobs monetaruli politikis gamkacreba, rasac erovnuli banki gegmavs? _ monetaruli politikis erT-erTi mTavari mdgeneli instrumenti gaxlavT refinansirebis ganakveTi. komerciuli bankebi erovnuli bankisagan sesxuloben fuls, anu erovnuli banki aris laris masis emitenti da laris emisiis erT-erTi instrumentic es saprocento ganakveTi gaxlavT. rac ufro iafia procenti, bunebrivia, miT meti stimuli aqvT komerciul bankebs, rom sesxebi aiRon da rac ufro Zviria es procenti, miT ufro naklebi raodenobis lars sesxuloben erovnuli bankisgan komerciuli bankebi, amitom rac ufro maRalia saprocento ganakveTi, miT ufro mcirdeba laris masa sazogadoebaSi da rac ufro dabalia saprocento ganakveTi, miT ufro izrdeba laris masa sazogadoebaSi. monetaruli politikis gamkacreba niSnavs am refinansirebis sesxis ganakveTis gazrdas, Sesabamisad, es niSnavs imas, rom laris masa droTa ganmavlobaSi Semcirdeba, rac laris stabilurobaze imoqmedebs, anu lars ufro metad moTxovnads gaxdis, SedarebiT gaaZvirebs, laris gamyarebaze dadebiTad imoqmedebs. monetaruli politikis gamkacrebis Sedegi, saboloo jamSi, unda iyos is, rom lari SedarebiT gamyardes da aseve moklevadian periodSi da grZelvadian periodSi mosalodneli inflaciis done unda Semcirdes, Sesabamisad, gamomdinare im situaciidan, rac Seiqmna saqarTveloSi, Seqmna saqarTvelos mTavrobam da, maT Soris, kidev erTxel gavusvam xazs, rom erovnul banks ar unda daewyo gazafxulze is, rac man wamoiwyo. inflaciuri molodinebi da riskebi ukve sazogadoebaSi aris, amitom monetaruli politika unda gaamkacros. 23
Page 1 and 2: CIAN MAGENTA YALLOW BLACK 294 69 77
Page 3 and 4: 294 69 77; qronikaqronika@gmail.com
Page 5 and 6: uli „haubicis” haersawinaaRmdeg
Page 7 and 8: maka mosiaSvili 599 97 25 55 winasi
Page 9 and 10: esac axali xelisufleba movida, alba
Page 11 and 12: araprestiJul raionebad?! _ mosaxleo
Page 13 and 14: vils qveyanaSi ar CamouSvebT da am
Page 17 and 18: Tamar batiaSvili 593 61 74 15 arasa
Page 19 and 20: oTanaZeze iyo dawesebuli da 50-50-a
Page 21: ina?! es xom alogikuria?! ramdenime
Page 25 and 26: maka mosiaSvili 599 97 25 55 1998 w
Page 27 and 28: momadgenlebi, rogorc heidar, aseve
Page 35 and 36: axla vixseneb yvelafer imas, rac ar

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