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N TariRi gayidva yidva<br />
1) 1/12/2016 20,000,000 x<br />
2) 1/22/2016 20,000,000 x<br />
3) 1/26/2016 20,000,000 x<br />
4) 3/17/2016 x 5,000,000<br />
5) 3/21/2016 x 10,000,000<br />
6) 4/14/2016 x 10,000,000<br />
7) 4/20/2016 x 10,000,000<br />
8) 4/21/2016 x 20,000,000<br />
9) 5/5/2016 x 20,000,000<br />
10) 5/10/2016 x 20,000,000<br />
11) 5/17/2016 x 20,000,000<br />
12) 5/18/2016 x 20,000,000<br />
13) 5/19/2016 x 20,000,000<br />
14) 5/20/2016 x 40,000,000<br />
15) 6/8/2016 x 40,000,000<br />
16) 6/9/2016 x 23,350,000<br />
17) 8/22/2016 x 20,000,000<br />
18) 8/25/2016 20,000,000 x<br />
19) 9/22/2016 20,000,000 x<br />
20) 9/27/2016 40,000,000 x<br />
21) 10/3/2016 40,000,000 x<br />
22) 10/6/2016 20,000,000 x<br />
23) 10/12/2016 40,000,000 x<br />
24) 12/20/2016 40,000,000 x<br />
`monetaruli politikis erT-erTi mTavari mdgeneli instrumenti gaxlavT<br />
refinansirebis ganakveTi. komerciuli bankebi erovnuli bankisagan sesxuloben<br />
fuls, anu erovnuli banki aris laris masis emitenti da laris emisiis erT-<br />
erTi instrumentic es saprocento ganakveTi gaxlavT. rac ufro iafia<br />
procenti, bunebrivia, miT meti stimuli aqvT komerciul bankebs, rom sesxebi<br />
aiRon da rac ufro Zviria es procenti, miT ufro naklebi raodenobis lars<br />
sesxuloben erovnuli bankisgan komerciuli bankebi, amitom rac ufro maRalia<br />
saprocento ganakveTi, miT ufro mcirdeba laris masa sazogadoebaSi da rac<br />
ufro dabalia saprocento ganakveTi, miT ufro izrdeba laris masa<br />
sazogadoebaSi. monetaruli politikis gamkacreba niSnavs am refinansirebis<br />
sesxis ganakveTis gazrdas, Sesabamisad, es niSnavs imas, rom laris masa droTa<br />
ganmavlobaSi Semcirdeba, rac laris stabilurobaze imoqmedebs, anu lars<br />
ufro metad moTxovnads gaxdis, SedarebiT gaaZvirebs, laris gamyarebaze<br />
dadebiTad imoqmedebs. monetaruli politikis gamkacrebis Sedegi, saboloo<br />
jamSi, unda iyos is, rom lari SedarebiT gamyardes da aseve moklevadian<br />
periodSi da grZelvadian periodSi mosalodneli inflaciis done unda<br />
Semcirdes, Sesabamisad, gamomdinare im situaciidan, rac Seiqmna saqarTveloSi,<br />
Seqmna saqarTvelos mTavrobam da, maT Soris, kidev erTxel gavusvam xazs, rom<br />
erovnul banks ar unda daewyo gazafxulze is, rac man wamoiwyo. inflaciuri<br />
molodinebi da riskebi ukve sazogadoebaSi aris, amitom monetaruli<br />
politika unda gaamkacros~<br />
banks ar aqvs imis SesaZlebloba,<br />
rom sworad Seafasos savaluto<br />
bazarze arsebuli mdgomareoba<br />
moTxovna-miwodebis<br />
TvalsazrisiT. vgulisxmob imas,<br />
rom savaWro sesia blumbergSi<br />
mTeli dRis manZilzea gawelili,<br />
am dros erovnuli banki<br />
ver xedavs moTxovna-miwodebis<br />
kuTxiT korelacias, rogorc<br />
es savaluto birJaze xdeboda<br />
_ erTi saaTis ganmavlobaSi<br />
midioda moTxovna-miwodebis<br />
koncetracia, rac uzrunvelyofda<br />
obieqturi savaluto<br />
kursis Camoyalibebas, imitom<br />
rom maqsimaluri moculobebi<br />
monawileobda. dRes es savaWro<br />
sesia gawelilia da rodis ra<br />
garigeba, an moTxovna-miwodeba<br />
iqneba, erovnuli banki erTdroulad<br />
am situacias ver xedavs.<br />
realurad, igi Tavis rezervebs<br />
araefeqtianad xarjavs,<br />
anu intervenciebs araefeqtianad<br />
axorcielebs.<br />
_ Tqveni azriT, amgvar vi-<br />
TarebaSi ra gamosavali SeZle-<br />
ba moZebnos erovnulma bankma?<br />
_ pirveli: erovnulma bankma<br />
unda gaamkacros monetaruli<br />
politika. realurad gazardos<br />
saprocento ganakveTi da Seamciros<br />
is araefeqtiani fuladi<br />
masa, romelic bankebis likvidurobisTvis<br />
aris gacemuli.<br />
meore: finansTa saministrosTan<br />
SeTanxmebiT damatebiT unda<br />
gamouSvas saxazino valdebulebebi,<br />
rom fuladi masa daregulirdes<br />
kursis stabilizaciisTvis.<br />
mesame: is aucilebeli rezervebi<br />
rac daawesa erovnulma<br />
bankma da gazarda dolaris depozitebidan,<br />
aucileblad unda<br />
iyos ara dolarSi miRebuli<br />
erovnuli bankis mier, aramed<br />
konvertacia unda moxdes ekvalentur<br />
larebSi. es gamoiwvevs<br />
larze moTxovnas TavisTavad<br />
da meore, Seamcirebs fulis masas<br />
sabanko sistemaSi, rac kidev<br />
erTi dadebiTi faqtori iqneba.<br />
akaki comaia, ekonomisti,<br />
eqsperti:<br />
_ ramdenad sworad da optimalurad<br />
iyenebs rezervebs erovnuli<br />
banki, ramdenad efeq-<br />
tiania maTi moqmedeba am reze-<br />
rvebis gamoyenebiT?<br />
_ Tu am kuTxiT SevxedavT,<br />
erovnuli banki frTxilobs da<br />
ase martivad rezervebs ar xarjavs,<br />
xarjavs eqstremalur situaciebSi<br />
maSin, rodesac ukve<br />
kargad Cans, rom gavlenas axdens<br />
kursis gaufasurebaze. am<br />
mxriv, vfiqrob, rom is rezervebTan<br />
dakavSirebiT sworad mimarTavs<br />
konkretul RonisZiebas.<br />
_ Sesabamisad, intervencie-<br />
bsac saWiro dros da adgilze<br />
axorcielebs?<br />
_ Tu Cven bolo 40 milioni<br />
dolaris intervencias vgulisxmobT,<br />
is sworad da mizanmimarTulad<br />
gamoiyenes. Tu winasaarCevno<br />
periods vgulisxmobT,<br />
daaxloebiT 180 miliardi<br />
dolari daixarja. gasagebia,<br />
rom iq politikuri safasuri<br />
iyo gadaxdili da es rezervebi<br />
wyalSi gadayara erovnulma<br />
bankma imitom, rom iq rezervebis<br />
ganxorcielebas aranairi<br />
azri ar hqonda. lari imitom ar<br />
gaufasurebula, rom, vTqvaT,<br />
uaryofiTi molodinebia qveyanaSi,<br />
imitom ufasurdeba, rom<br />
dolaris miwodeba mcirdeba da<br />
dolarze moTxovna izrdeba<br />
fundamenturi faqtorebis gamo,<br />
amitom rezervebis daxarjvas<br />
aranairi azri ar hqonda.<br />
_ anu, garkveulwilad,<br />
N46(177) 27.12-17.01.2017 w.<br />
erovnuli bankis "damsaxureba"<br />
ar aris is, rom lari ase ufa-<br />
surdeba?<br />
_ amis ramdenime mizezia, maT<br />
Soris, ra Tqma unda, erovnul<br />
banksac aqvs garkveuli monawileoba<br />
Setanili laris gaufasurebaSi,<br />
magram es ar aris ZiriTadi.<br />
ZiriTadi aris Cveni ekonomika<br />
da is, rom ekonomikuri<br />
zrda ver uzrunvelyofs dolaris<br />
im raodenobis miwodebis<br />
gazrdas, an dolarze raodenobis<br />
moTxovnis Semcirebas, rom<br />
man uzrunvelyos Cveni sagareo<br />
valebis momsaxureba, ris gamoc<br />
dolaris defeqti iqneba da amitom<br />
lari ufasurdeba. es aris<br />
is fundamenturi mizezi, ratomac<br />
lari ufasurdeba da, albaT,<br />
momaval welsac gaufasurdeba.<br />
anu Cveni problema aris<br />
ekonomika. magram amas emateba<br />
kidev, ra Tqma unda, rogorc<br />
erovnuli banki, aseve mTavrobac,<br />
erovnuli bankis mier gazafxulze<br />
dawyebuli dedolarizaciis<br />
egidiT laris stimulirebis<br />
politika da savaldebulo<br />
normis gazrda dolarSi<br />
da piriqiT, larSi Semcireba.<br />
aman, ra Tqma unda, Tavisi wvlili<br />
Seitana laris gaufasurebaSi,<br />
iseve rogorc mTavrobis<br />
wvlilia mniSvnelovani. imis magivrad,<br />
rom xarjebs amcirebdes,<br />
piriqiT, xarjebs qmnis da<br />
plus, yalbia. gamoCnda, rom 10-<br />
akaki comaia<br />
punqtiani gegmis gamocxadebis<br />
Semdeg navTobimportiorebma<br />
da Tambaqosimportiorebma maragebis<br />
SeZena daiwyes, dolarze<br />
moTxovna gazardes. es gegma<br />
aqcizis gadasaxadis gazrdas<br />
exeboda navToproduqtebze,<br />
Tambaqoze. mas Semdeg, rac<br />
Tqves, rom aqcizis gadasaxadi<br />
izrdeba, bunebrivia, rom avtoimportorebma<br />
da Tambaqos<br />
importorebma saswrafod, axalwlamde<br />
daiwyes rac SeiZleba<br />
bevri navToproduqtis da<br />
Tambaqos Semotana, raTa garkveuli<br />
raodenobis produqcia<br />
Zveli aqcizis RirebulebiT gayidon<br />
manam, sanam gaZvirdeba da<br />
Sesabamisad ufro meti sargebeli<br />
naxon. probleba is aris,<br />
rom mTavrobam es gegma e.b.-sTan<br />
SeuTanxmeblad gaakeTa da<br />
ver gaTvala, rom aseTi ram Sei-<br />
Zleboda momxdariyo, amitom<br />
dolarze moTxovna gaizarda.<br />
_ konkretulad ras gulisx-<br />
mobs monetaruli politikis<br />
gamkacreba, rasac erovnuli<br />
banki gegmavs?<br />
_ monetaruli politikis<br />
erT-erTi mTavari mdgeneli instrumenti<br />
gaxlavT refinansirebis<br />
ganakveTi. komerciuli<br />
bankebi erovnuli bankisagan sesxuloben<br />
fuls, anu erovnuli<br />
banki aris laris masis emitenti<br />
da laris emisiis erT-erTi<br />
instrumentic es saprocento<br />
ganakveTi gaxlavT. rac ufro<br />
iafia procenti, bunebrivia,<br />
miT meti stimuli aqvT komerciul<br />
bankebs, rom sesxebi aiRon<br />
da rac ufro Zviria es procenti,<br />
miT ufro naklebi raodenobis<br />
lars sesxuloben erovnuli<br />
bankisgan komerciuli<br />
bankebi, amitom rac ufro maRalia<br />
saprocento ganakveTi, miT<br />
ufro mcirdeba laris masa sazogadoebaSi<br />
da rac ufro dabalia<br />
saprocento ganakveTi, miT<br />
ufro izrdeba laris masa sazogadoebaSi.<br />
monetaruli politikis<br />
gamkacreba niSnavs am refinansirebis<br />
sesxis ganakveTis<br />
gazrdas, Sesabamisad, es niSnavs<br />
imas, rom laris masa droTa ganmavlobaSi<br />
Semcirdeba, rac laris<br />
stabilurobaze imoqmedebs,<br />
anu lars ufro metad moTxovnads<br />
gaxdis, SedarebiT gaaZvirebs,<br />
laris gamyarebaze dadebiTad<br />
imoqmedebs. monetaruli<br />
politikis gamkacrebis Sedegi,<br />
saboloo jamSi, unda iyos is,<br />
rom lari SedarebiT gamyardes<br />
da aseve moklevadian periodSi<br />
da grZelvadian periodSi mosalodneli<br />
inflaciis done unda<br />
Semcirdes, Sesabamisad, gamomdinare<br />
im situaciidan, rac Seiqmna<br />
saqarTveloSi, Seqmna saqarTvelos<br />
mTavrobam da, maT Soris,<br />
kidev erTxel gavusvam xazs, rom<br />
erovnul banks ar unda daewyo<br />
gazafxulze is, rac man wamoiwyo.<br />
inflaciuri molodinebi da<br />
riskebi ukve sazogadoebaSi aris,<br />
amitom monetaruli politika<br />
unda gaamkacros.<br />
23
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