saqarTvelos erovnuli banki · saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli 5 diagrama N 39 saxelmwifo savalo instrumentebze sargeblis ganakveTi da 2012 wlis martis mdgomareobiT

saqarTvelos erovnuli banki

2 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli

3saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli

s a r C e v i

Sesavali ....................................................................................................................................................... 8

1. makroekonomikuri garemo ..................................................................................................................... 16

1.1 msoflio ekonomika .................................................................................................................. 16

1.2 ekonomikis zrda ...................................................................................................................... 18

1.3 samomxmareblo fasebis cvlileba.......................................................................................... 21

1.4 saxelmwifo finansebi .............................................................................................................. 25

1.5 ekonomikis sagareo seqtori da sagadasaxdelo balansi .................................................... 29

1.6 safinanso bazrebi .................................................................................................................... 37

2. fulad-sakredito da savaluto politika .......................................................................................... 40

2.1 fulad-sakredito politika .................................................................................................. 40

2.2 fulad-sakredito politikis instrumentebi ...................................................................... 50

2.2.1 refinansirebis sesxi ................................................................................................. 51

2.2.2 erTdRiani sesxebi da erTdRiani depozitebi ........................................................ 52

2.2.3 fasiani qaRaldebi ................................................................................................... 53

2.2.4 minimaluri sarezervo moTxovnebi ........................................................................ 56

2.3 savaluto politika da saerTaSoriso rezervebis marTva ................................................. 57

3. sabanko seqtori ................................................................................................................................... 64

3.1 saerTaSoriso garemo da sazedamxedvelo reformis tendenciebi .................................... 64

3.2 sabanko seqtoris riskebi ....................................................................................................... 68

3.2.1 mflobelobis struqtura......................................................................................... 68

3.2.2 sakredito riski ........................................................................................................ 69

3.2.3 likvidobis riski ....................................................................................................... 77

3.2.4 savaluto riski .......................................................................................................... 84

3.2.5 sabanko seqtoris momgebianoba ................................................................................ 86

3.2.6 kapitalis adekvaturoba ........................................................................................... 88

3.2.7 saoperacio riski ....................................................................................................... 90

3.3 momxmarebelTa uflebebis dacva ........................................................................................... 94

4. arasabanko seqtori ................................................................................................................................ 96

4.1 sadazRvevo sfero ................................................................................................................... 96

4.2 sapensio sqemebi ..................................................................................................................... 100

4.3 fasiani qaRaldebis bazari ................................................................................................... 100

4.4 mikrosafinanso institutebi. .............................................................................................. 106

5. sagadaxdo sistemebi ............................................................................................................................ 107

6. Sida auditi da buRaltruli aRricxva.............................................................................................. 115

7. sakaso-saemisio samuSaoebis organizacia .......................................................................................... 116

8. sazogadoebasTan urTierToba da saerTaSoriso TanamSromloba .................................................... 122

9. saqarTvelos erovnuli bankis adamianuri resursebis marTva ........................................................ 125

10. normatiul-samarTlebrivi bazis ganviTareba ................................................................................. 127

11. statistikuri cxrilebi .................................................................................................................... 129

12. finansuri angariSgeba ....................................................................................................................... 157


diagramebi

diagrama N 1 realuri mTliani Sida produqtis zrda msoflioSi (%) .............................................. 17

diagrama N 2 wliuri inflacia msoflioSi (%)..................................................................................... 17

diagrama N 3 oficialuri da sabazo (sursaTisa da energomatareblebis gareSe)

inflaciebi (2008-2011 wlebi) ........................................................................................... 22

diagrama N 4 importirebuli da adgilobrivi saqonlis inflacia ................................................... 23

diagrama N 5 vaWrobadi da aravaWrobadi saqonlis fasebis indeqsis dinamika 2006 dek=1 ............. 23

diagrama N 6 wliuri inflaciis maCveneblebis cvlileba

sxvadasxva xangrZlivobis moxmarebis saqonlisa da momsaxurebisaTvis ..................... 25

diagrama N 7 naerTi biujetis deficitis Tanafardoba mSp-Tan 2004-2011 ww.................................. 25

diagrama N 8 naerTi biujetis sagadasaxado Semosavlebis Sefardeba mSp-Tan 2004-2011 ww. .......... 26

diagrama N 9 naerTi biujetis sagadasaxado Semosavlebi saxeebis mixedviT 2011 w. ....................... 27

diagrama N 10 naerTi biujetis xarjebi da maTi Tanafardoba mSp-Tan 2004-2011 ww ...................... 27

diagrama N 11 naerTi biujetis gadasaxdelebi saxeebis mixedviT 2011 w. ......................................... 28

diagrama N 12 saxelmwifo vali da wili mTlian Sida produqtSi1998-2011 ww. ................................ 29

diagrama N 13 mimdinare angariSis deficiti da mTliani saerTaSoriso rezervi ........................... 30

diagrama N 14 saqarTveloSi ganxorcielebuli pirdapiri da portfelis investiciebi ................ 31

diagrama N 15 umsxvilesi saeqsporto sasaqonlo jgufebi 2010-2011 ww .......................................... 34

diagrama N 16 saqarTvelos umsxvilesi savaWro partniori qveynebi eqsportis mixedviT ............. 34

diagrama N 17 umsxvilesi saimporto saqonlis moculobis dinamika ................................................ 36

diagrama N 18 saqarTvelos umsxvilesi savaWro partniori qveynebi importis mixedviT ............... 36

diagrama N 19 saqarTvelos safondo birJis GSX indeqsi, 2006 - 2011 ww. ......................................... 38

diagrama N 20 aSS dolari-lariT vaWrobis dinamika 2011 wels ......................................................... 39

diagrama N 21 monetaruli politikis ganakveTi (%) ........................................................................... 42

diagrama N 22 sami wlis saSualo inflacia 2009-2011 wlebSi ............................................................ 43

diagrama N 23 depozitebis dolarizacia 2004-2011 ww. ...................................................................... 45

diagrama N 24 refinansirebis sesxebis moculobebi ............................................................................ 46

diagrama N 25 bankTaSorisi fuladi bazris dinamika .......................................................................... 47

diagrama N 26 Semosavlianobis mrudi ................................................................................................... 47

diagrama N 27 saxazino fasiani qaRaldebis naSTebis dinamika 1999-2011 wlebSi ............................. 48

diagrama N 28 saxazino fasiani qaRaldebis naSTebi da saSualo vadianoba ..................................... 48

diagrama N 29 Semosavlianobis spredi politikis ganakveTTan SedarebiT ....................................... 49

diagrama N 30 ekonomikis monetizacia 2001-2011 wlebSi .................................................................... 50

diagrama N 31 refinansirebis sesxebis moculoba 2011 wels (mln lari) .......................................... 52

diagrama N 32 mimoqcevaSi arsebuli sadepozito sertifikatebis moculoba ................................. 54

diagrama N 33 saxazino valdebulebebisa da saxazino obligaciebis naSTebi .................................. 55

diagrama N 34 savaluto bazris dinamika 2006-2011 wlebSi ................................................................ 58

diagrama N 35 aSS dolari/laris gacvliTi kursis meryeoba ............................................................. 58

diagrama N 36 laris oficialuri gacvliTi kursi aSS dolaris mimarT ......................................... 59

diagrama N 37 laris realuri da nominaluri efeqturi

gacvliTi kursebis indeqsebi (dek. 2009=100) .................................................................. 60

diagrama N 38 oficialuri sarezervo aqtivebi (wlis bolo maCvenebeli) ........................................ 61


diagrama N 39 saxelmwifo savalo instrumentebze sargeblis ganakveTi da 2012 wlis

martis mdgomareobiT „es end pis“ mier miniWebuli gadaxdisunarianobis

reitingi (erovnuli valutiT) ....................................................................................... 64

diagrama N 40 mTliani sasesxo portfelis dinamika, mln lari ......................................................... 69

diagrama N 41 90 dReze meti vadagadacilebis mqone sesxebis Tanafardoba sakredito

portfelTan qveynebis mixedviT .................................................................................... 70

diagrama N 42 sesxebis zrda risk-seqtorebis mixedviT Camowerili sesxebis

aRdgenis efeqtiT 2011 weli .......................................................................................... 71

diagrama N 43 Tvis ganmavlobaSi gacemul sesxebze arsebuli saSualo Sewonili

saprocento ganakveTebi segmentebis mixedviT (bankTaSorisi sesxebis garda) ......... 72

diagrama N 44 sesxebis SesaZlo danakargebis rezervis mTlian portfelTan Tanafardoba .......... 74

diagrama N 45 mTliani sasesxo portfelis dinamika wminda Camowerili sesxebis

aRdgenis efeqtiT, mln lari .......................................................................................... 74

diagrama N 46 sesxebis Camowera da amoReba, mln lari ....................................................................... 75

diagrama N 47 problemuri aqtivebi ...................................................................................................... 75

diagrama N 48 dasakuTrebuli qoneba .................................................................................................... 76

diagrama N 49 sesxebisa da arasabanko depozitebis dinamika, mln lari ........................................... 77

diagrama N 50 saqarTvelos erovnuli bankisa da mTavrobis fasiani qaRaldebis dinamikis

gavlena laris sasesxo portfelze ................................................................................ 78

diagrama N 51 likvidobis koeficientis dinamika ................................................................................ 78

diagrama N 52 likviduri aqtivebis struqtura................................................................................... 79

diagrama N 53 valdebulebebis struqtura .......................................................................................... 79

diagrama N 54 sesxebis arasabanko depozitebTan Sefardeba .............................................................. 80

diagrama N 55 ararezidentebis depozitebis wili arasabanko depozitebSi .................................... 82

diagrama N 56 rezidentebisa da ararezidentebis vadiani depozitebis wili

arasabanko depozitebSi .................................................................................................. 82

diagrama N 57 arasabanko depozitebi mSp-Tan ...................................................................................... 83

diagrama N 58 sesxebisa da depozitebis larizacia ............................................................................ 84

diagrama N 59 depozitebisa da mimdinare angariSebis larizacia ..................................................... 84

diagrama N 60 fizikuri da iuridiuli pirebis sesxebis larizacia ................................................. 85

diagrama N 61 mokle da grZelvadiani sesxebis larizacia ................................................................. 85

diagrama N 62 sabanko sistemis momgebianoba (kumulatiuri gawliurebuli maCveneblebi,

wlis dasawyisidan) ........................................................................................................... 86

diagrama N 63 saprocento spredi ......................................................................................................... 87

diagrama N 64 momgebianobis zrdis dekompozicia ............................................................................... 87

diagrama N 65 kapitalis adekvaturobis koeficientebi ..................................................................... 88

diagrama N 66 sesxebis mSp-Tan Tanafardobis gepi bazelis N317 samuSao naSromis - ciklis

sawinaaRmdego kapitalis buferis, mixedviT. tendencia gamoyvanilia

hodrik preskotis filtriT. ......................................................................................... 89

diagrama N 67 2011 wlis me-4 kvartalSi sabanko sistemaSi dafiqsirebuli saoperacio riskebis

danakargebi aTas larebSi ............................................................................................... 92

diagrama N 68 2011 wlis me-4 kvartalSi sacalo sabanko saqmianobis biznes xazSi

dafiqsirebuli saoperacio riskebis mTliani danakargebi aTas larebSi ................. 93

diagrama N 69 2011 wlis me-4 kvartalSi sacalo sabanko saqmianobis biznes xazSi

dafiqsirebuli saoperacio riskebis movlenaTa raodenobis dinamika ..................... 93

diagrama N 70 sadazRvevo bazris struqtura moziduli premiis mixedviT ..................................... 97


diagrama N 71 moziduli premiis odenobis dinamika wlebis mixedviT .............................................. 97

diagrama N 72 sadazRvevo Semosavali da sadazRvevo zarali, 2010/2011 ......................................... 98

diagrama N 73 aqtivebis struqtura ...................................................................................................... 99

diagrama N 74 mzRvevelebis finansuri mdgomareobis angariSgeba 2010-2011 wlebi ...................... 100

diagrama N 75 deponirebuli fasiani qaRaldebi ................................................................................ 102

diagrama N 76 deponirebuli fuladi saxsrebi .................................................................................. 103

diagrama N 77 vaWrobis ZiriTadi maCveneblebi .................................................................................. 103

diagrama N 78 ZiriTadi maCveneblebi Tveebis mixedviT (2011) .......................................................... 104

diagrama N 79 2011 wlis ganmavlobaSi arasabirJo garigebebis RirebulebaTa procentuli

maCvenebeli emitentebis mixedviT................................................................................ 104

diagrama N 80 krebsiTi informacia 2011 wlis ganmavlobaSi dadebuli garigebebis

RirebulebaTa procentuli maCveneblis Sesaxeb emitentebis mixedviT .................. 105

diagrama N 81 2011 wlis ganmavlobaSi savaWro sesiebze dadebuli garigebebis

RirebulebaTa procentuli maCvenebeli emitentebis mixedviT ............................... 105

diagrama N 82 mikrosafinanso organizaciebis raodenoba, mTliani aqtivebi da wminda sesxebi .. 106

diagrama N 83 saqarTveloSi moqmedi sagadaxdo sistemebi ............................................................... 107

diagrama N 84 RTGS sistemaSi ganxorcielebuli gadaricxvebi (2011 weli) ..................................... 108

diagrama N 85 RTGS sistemaSi ganxorcielebuli gadaricxvebi (2002-2011 weli) ............................ 108

diagrama N 86 kontragentebis saSualo dRiuri raodenoba bankebis mixedviT (2011 w.) ............... 109

diagrama N 87 unaRdo angariSsworeba gadaxdis „meTodis“ mixedviT (2011 w.) ............................... 109

diagrama N 88 unaRdo gadaxdebis ganawileba sagadaxdo davalebis inicirebis saSualebebis

mixedviT, 2011 weli ....................................................................................................... 110

diagrama N 89 saqarTveloSi moqmed komerciul bankebSi RTGS sistemis gavliT

IBAN angariSebze Caricxvebis procentuli maCveneblebi 2011 wlis

Tveebis mixedviT. ........................................................................................................... 111

diagrama N 90 saqarTveloSi gamoSvebuli baraTebis raodenoba wlebis mixedviT (2006-2011) ..... 112

diagrama N 91 gamoSvebuli baraTebi sabaraTe sistemebis mixedviT (2011) ..................................... 112

diagrama N 92 sagadaxdo baraTebis mimRebi obieqtebis dinamika (2008 - 2011) ............................... 113

diagrama N 93 saqarTveloSi gamoSvebuli baraTebiT ganxorcielebuli tranzaqciebi wlebis

mixedviT (2007-2011) ....................................................................................................... 113

diagrama N 94 internet-gadaxdebis dinamika (2010-2011) ................................................................... 114

diagrama N 95 mimoqcevaSi arsebuli naRdi fuli (31.12.2011) .......................................................... 116

diagrama N 96 naRdi fulis mimoqcevis dinamika 2010-2011 wlebSi .................................................. 117

diagrama N 97 2010-2011 wlebSi gamovlenili yalbi laris banknotebis raodenoba, cali ........... 119

diagrama N 98 2010-2011 wlebSi gamovlenili yalbi monetebis raodenoba, cali .......................... 119

diagrama N 99 2010-2011 wlebSi realizebuli produqcia (lari) .................................................... 120

diagrama N 100 erovnuli bankis TanamSromlebis raodenoba ........................................................... 125

diagrama N 101 erovnuli bankis TanamSromlebis struqtura sqesis mixedviT ................................125

diagrama N 102 erovnuli bankis TanamSromlebis struqtura saSualo asakis mixedviT............... 126


cxrilebi

cxrili N 1 realuri mSp-is zrda da seqtoruli wvlilebi (procenti) 2009-2011 ......................... 19

cxrili N 2 mTliani Sida produqti da misi gamoyeneba ZiriTadi kategoriebis mixedviT

(mimdinare fasebSi, mln lari) ........................................................................................... 20

cxrili N 3 inflaciis (sfi) maCveneblebi calkeuli komponentebis mixedviT (procenti),

maTi wona samomxmareblo kalaTaSi (procenti) da zegavlena sfi-ze

(procentuli punqti). ........................................................................................................ 24

cxrili N 4 saqarTvelos sagadasaxdelo balansis analitikuri warmodgena (2007-2011 ww.) ......... 32

cxrili N 5 registrirebuli eqsportis da importis wliuri zrdis tempebi ................................ 33

cxrili N 6 umsxvilesi saeqsporto saqonlis ganawileba importiori qveynebis mixedviT (%) ..... 35

cxrili N 7 umsxvilesi saimporto sasaqonlo jgufebis ganawileba eqsportiori

qveynebis mixedviT (%) ........................................................................................................ 37

cxrili N 8 saqarTveloSi sabazro kapitalizaciis fardoba mSp-Tan, % ........................................ 38

cxrili N 9 realuri efeqturi gacvliTi kursis wliuri cvlileba 2011 wels............................. 60

cxrili N 10 saqarTvelos saerTaSoriso rezervebi ........................................................................... 62

cxrili N 11 mTliani sakredito portfeli segmentebis mixedviT

(bankTaSorisi sesxebis garda) .......................................................................................... 70

cxrili N 12 sasesxo portfeli risk-seqtorebis mixedviT 2011 wlis 31 dekembris

mdgomareobiT .................................................................................................................... 73

cxrili N 13 sabiTumo dafinansebis gadaxdis grafiki 2011 wlis 31 dekembris mdgomareobiT ..... 81

cxrili N 14 sabiTumo dafinansebis struqtura produqtebis mixedviT (milioni lari) ............... 81

cxrili N 15 sabanko saqmianobis rva biznes xazis CamonaTvali, „bazel II-is“

standartebis mixedviT ..................................................................................................... 91

cxrili N 16 „bazel II-is“ saoperacio riskebis movlenebis Svid kategoriad dayofa .................... 91

cxrili N 17 sabrokero kompaniebis aqtivoba .................................................................................... 101

cxrili N 18 fasiani qaRaldebis registratorebis aqtivoba .......................................................... 102

cxrili N 19 krebsiTi informacia vaWrobis ZiriTadi maCveneblebis mixedviT ............................. 104


Sesavali

saqarTvelos erovnuli bankis 2011 wlis wliuri angariSi momzadebulia „saqarTvelos

erovnuli bankis Sesaxeb“ organuli kanonis me-60 da 61-e muxlebis Sesabamisad da asaxavs

fulad-sakredito, savaluto da sazedamxedvelo politikis mimoxilvas da auditirebul

finansur angariSgebas. dokumentSi warmodgenilia is prioritetuli mimarTulebebi, rom-

liTac saangariSo periodSi qveynis centraluri banki xelmZRvanelobda. agreTve, erovnu-

li bankis Sefasebebi qveyanaSi da mis farglebs gareT mimdinare im procesebze, romlebic

2011 wlis ganmavlobaSi arsebiT gavlenas axdenda saqarTvelos ekonomikis mdgomareobasa

da erovnuli bankis mier dasaxuli amocanebis Sesrulebaze.

2011 wels saqarTvelos erovnuli banki monetaruli politikis SemuSavebisas

xel mZRvanelobda `saqarTvelos erovnuli bankis Sesaxeb~ saqarTvelos organuli kanonis

me-3 muxliT gansazRvruli ZiriTadi amocanebiTa da funqciebiT, romlis mixedviTac

erovnuli bankis ZiriTadi amocanaa fasebis stabilurobis uzrunvelyofa. amasTanave,

erovnulma bankma unda uzrunvelyos finansuri sistemis stabiluroba da gamWvirvaloba

da xeli Seuwyos qveyanaSi mdgrad ekonomikur zrdas ise, rom safrTxe ar Seeqmnas misi

ZiriTadi amocanis Sesrulebas.

erovnuli banki monetaruli politikis gansazRvrisas inflaciis miznobriobis reJims

eyrdnoba. 2011-2013 wlebisTvis inflaciis samizne maCvenebelia samomxmareblo fasebis

indeqsis wliuri zrda 6 procentis odenobiT. inflaciis miznobrivi maCvenebeli miR-

weuli unda iyos saSualovadian 2-3 wlian periodSi. mizani warmatebiTaa miRweuli, razec

metyvelebs bolo periodSi sami wlis saSualo inflaciis maCveneblis 6 procentis farg-

lebSi cvalebadoba.

momavali sami wlis (2012-2015) ganmavlobaSi inflaciis miznobrivi maCvenebeli k vlav 6

procentia, Tumca unda aRiniSnos, rom erovnuli bankis grZelvadian mizans 3-4 procen-

tiani inflacia warmoadgens. Sesabamisad, grZelvadian periodSi ekonomikis ganviTarebis

paralelurad inflaciis miznobrivi maCvenebelic etapobrivad Semcirdeba.

2011 weli maRali inflaciiT daiwyo da wlis pirvel naxe varSi inflaciis maCveneblis

zrdis tendencia grZeldeboda. fasebis donis

matebaSi mTavari wvlili sursaTze modioda.

Tumca dabal niSnulze narCundeboda sabazo

da momsaxurebis seqtorSi inflaciis maCven-

ebeli. aRniSnuli faqtorebi miuTiTebda, rom

qveyanaSi arsebuli inflaciuri procesebi mi-

wodebis SezRudviT iyo ganpirobebuli da ar

ukavSirdeboda erToblivi moTxovnis mxridan

fasebze zewolas. wliuri inflaciis maCve-

nebelma piks, 14.3 procents, maisis TveSi miaR-

wia, Semdgom ki tendencia Semcirebis mimarTulebiT Seicvala da swrafi tempebiT daiwyo

kleba. seqtembris TveSi wliuri inflacia samizne maCvenebels Camoscda da wlis bolos-

momavali sami wlis (2012-2015) ganmavlo-

baSi inflaciis miznobrivi maCvenebeli

kvlav 6 procentia, Tumca unda aRiniS-

nos, rom erovnuli bankis grZelvadian

mizans 3-4 procentiani inflacia war-

moadgens, Sesabamisad grZelvadian peri-

odSi ekonomikis ganviTarebis paralelu-

rad inflaciis miznobrivi maCvenebelic

etapobrivad Semcirdeba.


Tvis 2 procenti Seadgina.

gasaTvaliswinebelia, rom monetaruli politikis cvlileba, rogorc wesi, garkveu-

li drois Semdeg aisaxeba realur ekonomikaze. 2010 wlis meore naxevarsa da 2011 wlis

da sa wyisSi gatarebuli monetaruli politikis gamkacrebis Sedegebi TandaTanobiT aisa-

xeboda realur ekonomikaze. miuxedavad imisa, rom wlis pirvel naxevarSi inflaciis

maCve nebeli zrdas ganagrZobda, erovnulma bankma Tebervlidan Sewyvita monetaruli

politikis gamkacreba. rogorc erovnuli bankis monetaruli politikis komitetis pres-

relizSic iyo aRniSnuli, im droisaTvis arsebuli prognozebiT mosalodneli iyo, rom

ramdenime TveSi daiwyeboda inflaciis maCveneblis Semcireba.

2011 wlis gazafxulidan saerTaSoriso sasaqonlo bazrebze fasebis klebis tendencia

dafiqsirda. kerZod, fasebi Semcirda navTobsa da Saqarze. ruseTisa da ukrainis mxridan

xorblis eqsportze embargos moxsnam ki purproduqtebis fasebis Semcireba ganapiroba

da damatebiTi wvlili Seitana inflaciis SemcirebaSi. Sedegad, 2011 wlis zafxulidan

inflaciis mosalodnelze maRali tempebiT Semcireba daiwyo. ganaxlebuli prognoze-

biT mosalodneli iyo, rom wliuri inflacia miznobriv maCvenebels Camocdeboda wlis

bolosTvis da Semdgomac dabal doneze SenarCundeboda. am prognozebis, saerTaSoriso

bazrebze arsebuli fasebis tendenciebisa da egzogenuri faqtorebis zegavlenis Sem-

cirebis fonze, 2011 wlis ivlisidan erovnulma bankma monetaruli politikis Serbile-

ba daiwyo. politikis ganakveTi wlis meore naxevarSi jamuri 1.25 procentuli punqtiT

6.75 procentamde Semcirda. rac Seexeba inflaciis maCvenebels, is seqtembris TveSi 4.6

procentamde Semcirda da wlis bolosTvis 2 procenti Seadgina. monetaruli politikis

Serbileba qveynis ekonomikur aqtivobazec aisaxa. wlis meore naxevarSi mniSvnelovnad

moimata komerciuli bankebis mier erovnuli valutiT gacemuli sesxebis zrdis tempebma,

ramac, Tavis mxriv, ekonomikur aqtivobas Seuwyo xeli. 2011 wlis mesame-meoTxe kvar ta-

lebSi mTliani Sida produqtis mosalodnelze maRali mateba dafiqsirda da sabolood

mSp-s wliurma zrdam 7 procenti Seadgina.

2011 wels aRsaniSnavia cvlilebebi savaldebulo darezervebis wesSi, romlis mixedvi-

Tac sarezervo norma Semcirda grZelvadianad nasesxebi saxsrebisTvis. kerZod, narCeni

vadianobebis mixedviT, erovnuli valutiT 1 welze meti vadianobis da ucxouri valutiT

2 welze meti vadianobis nasesxebi saxsrebi gaTavisuflda savaldebulo darezervebisgan.

xolo ucxouri valutiT 1-dan 2 wlamde vadianobis nasesxebi saxsrebisTvis sarezervo

norma 5 procentamde Semcirda. aRniSnuli cvlileba xels Seuwyobs grZelvadiani dafi-

nansebis waxalisebas da sagareo wyaroebidan grZelvadiani resursis mozidvas, rac mniSv-

nelovania qveyanaSi stabiluri ucxouri kapitalis Semodinebis kuTxiT.

2011 wlis ganmavlobaSi erovnuli banki sabanko sistemidan saSualovadiani likvido-

bis dasabalanseblad aqtiurad iyenebda sadepozito sertifikatebs. aRsaniSnavia, rom

saangariSo periodSi erovnulma bankma 3 Tviani fasiani qaRaldebis paralelurad daiwyo

6 Tviani sadepozito sertifikatebis emisiac, rac gamowveuli iyo im garemoebiT, rom fi-

nansTa saministrom Sewyvita analogiuri vadianobis saxazino valdebulebebis gamoSveba

da ufro grZelvadiani fasiani qaRaldebis emisiaze gadaerTo.

wina wlebis msgavsad, 2011 welsac erovnuli bankis saqmianobis erT-erTi mTavari amo-

cana monetaruli politikis efeqtianobis gazrda iyo. am procesSi ZiriTadi Semafer-


xebeli faqtori saqarTveloSi ekonomikis maRali dolarizaciaa. qveynis savaluto riskis

Semcirebisa da grZelvadiani ekonomikuri ganviTarebis xelSewyobisaTvis gansakuTrebiT

mniSvnelovania larizaciis zrda. es xangrZlivi procesia, vinaidan ekonomikur agentTa

qcevis Secvla ganviTarebuli finansuri bazrisa da stabiluri ekonomikuri aRmavlobis

pirobebSia SesaZlebeli. 2011 wels erovnuli bankis politika kvlavac mimarTuli iyo

laris fuladi bazris ganviTarebisa da erovnuli valutiT safinanso Suamavlobis waxa-

lisebisken.

aRsaniSnavia, rom 2010-2011 wlebSi gatarebuli cvlilebebis Sedegebi garkveulwilad

aisaxa dolarizaciis maCvenebelze. laris fuladi bazris ganviTarebisa da erovnuli valutiT

dakreditebis waxalisebisken gadadgmuli nabijebis Sedegad, depozitebis dolarizaciis maCve-

nebeli gasuli wlis ganmavlobaSi 8 procentuli punqtiT Semcirda: 68-dan 60 procentamde,

rac krizisamdel doneze naklebia (gacvliTi kursis cvlilebis efeqtis gamoricxviT).

bolo ori wlis ganmavlobaSi erovnuli bankis mier monetaruli politikis efeqtiano-

bis zrdis mimarTulebiT gadadgmulma nabijebma mniSvnelovani Sedegi gamoiRo. refinan-

sirebis sesxebis instrumentis gaaqtiurebiT SesaZlebeli gaxda fulad bazarze mokleva-

diani saprocento ganakveTebis kontroli, Semcirda saprocento ganakveTebis meryeoba da

bankTaSorisi saprocento ganakveTi dastabilurda politikis ganakveTis irgvliv, ramac

mniSvnelovani wvlili Seitana fuladi bazris brunvis moculobebis zrdaSi.

fuladi bazris ganviTarebis mxriv aseve aRsaniSnavia Semosavlianobis mrudis daxri-

lobis Semcireba. gasuli wlebis ganmavlobaSi Semosavlianobis mruds sakmaod didi

daxriloba hqonda, vinaidan sxvaoba sxvadasxva vadianobis saprocento ganakveTebs Soris

saprocento riskis garda, agreTve mniSvnelovani odenobiT moicavda sxva tipis riskebs

(saoperacio, likvidobis da sxva). fuladi bazris ganviTarebasTan erTad ki Semcirda

arasaprocento riskebi, rac gamoixata Semosavlianobis mrudis daxrilobis etapobriv

SemcirebaSi. amasTan, erovnuli bankis komunikaciis gaumjobesebam, politikis ganakveTis

zomierma cvlilebebma da monetaruli politikis gadawyvetilebebis prognozirebadobis

zrdam Seamcira momavalSi moklevadiani saprocento ganakveTebis mkveTri cvlilebebis

molodini, rac aseve aisaxa Semosavlianobis mrudis daxrilobis Semcirebaze. 2011 wlis

ganmavlobaSi, moklevadian ganakveTebTan SedarebiT swrafi tempebiT mcirdeboda grZel-

vadiani saprocento ganakveTebi, rac sabolood Semosavlianobis mrudis mniSvnelovan

SemcirebaSi gamoixata. es procesi ZiriTadad ukavSirdeba fuladi bazris ganviTarebas,

bazarze refinansirebis riskebis Semcirebasa da moklevadiani saprocento ganakveTis

mkveTri cvlilebis molodinis klebas. aRsaniSnavia is faqtic, rom sabazro saprocen-

to ganakveTebis Semcirebis odenoba gacilebiT aRemateboda monetaruli politikis ga-

nakveTis cvlile bis sidides. yovelive zemoaRniSnuli monetaruli politikis gadacemis

meqanizmis efeqtianobis zrdaze miuTiTebs.

fuladi bazris ganviTarebisTvis aseve mniSvnelovani iyo saxazino fasiani qaRaldebis

emisiis zrda, ris Sedegadac 2009 welTan SedarebiT, daaxloebiT orjer gaizarda saxazi-

no fasiani qaRaldebis naSTi. mimoqcevaSi arsebuli mTavrobis fasiani qaRaldebis mocu-

lobis matebasTan erTad gaizarda maTi vadianobac. 2011 wlamde gamoSvebuli saxazino

obligaciis maqsimaluri vadianoba 2 wels Seadgenda. 2011 wels ki mTavrobam 5 wliani

saxazino obligaciebi gamouSva, ramac SesaZlebeli gaxada finansur bazarze grZelvadiani


saprocento ganakveTebis formireba. mTavrobis fasiani qaRaldebis bazris ganviTarebam

xeli Seuwyo fuladi da kapitalis bazris likvidobis zrdas, komerciuli bankebis mier

laris resursis ufro aqtiurad gamoyenebasa da, rac mTavaria, finansuri bazris sapro-

cento ganakveTebis daregulirebas.

monetaruli politikis gaumjobesebis erT-erTi faqtori savaluto bazris mikro-

struqturis cvlilebaa, rac 2009 wels savaluto birJis meqanizmidan savaluto auqcione-

bze gadasvlas ukavSirdeba. savaluto auqcionebis amoqmedebis Semdeg mniSvnelovnad Sem-

cirda erovnuli bankis intervenciebi savaluto bazarze. 2010-2011 wlebSi saqarTvelos

erovnuli bankis mier wlis ganmavlobaSi Sesyiduli/gayiduli ucxouri valutis moculo-

ba daaxloebiT 4-jer naklebia 2008 wels ganxorcielebuli intervenciebis moculobasTan

SedarebiT. 2009 wlis savaluto bazris reformebis Sedegad mniSvnelovnad gaizarda

gacvliTi kursis moqniloba. laris gacvliTi kursi ukve xasiaTdeba mcuravi gacvliTi

kursis reJimisaTvis damaxasiaTebeli moklevadiani moqnilobiT. amiT gacvliTma kursma

SeiZina Sokebis Semwovi funqcia da amavdroulad Semcirda spekulaciuri zewolis riskebi.

2011 wels gaizarda erovnuli bankis saerTaSoriso rezervebis moculoba: 31 dekembris

mdgomareobiT, am monacemma 2.8 mlrd aSS dolari Seadgina. wlis ganmavlobaSi saerTaSo-

riso rezervebis zrdas Semdegi ZiriTadi wyaroebi ganapirobebda: savaluto interven-

ciebi (300 mln aSS dolari), msoflio bankidan miRebuli sesxi (150 mln aSS dolari),

evrogaerTianebidan miRebuli grantebi (60 mln aSS dolari), agreTve finansTa saminis-

trosTvis saerTaSoriso safinanso institutebisa da donori saxelmwifoebis mier gace-

muli sxva sesxebi da grantebi.

saqarTvelos oficialuri saerTaSoriso rezervebis done, sxvadasxva indikatorebis

Tanaxmad saTanadoa sagareo mdgradobis uzrunvelyofisaTvis. mTliani saerTaSoriso

rezervebis fardoba farTe fulTan, ucxouri valutiT ganTavsebul depozitebTan da

moklevadian valTan 100 procentze maRalia, rac saerTaSoriso savaluto fondis Se-

fasebebiT saerTaSoriso rezervebis sakmaris doned aris miCneuli. aseve mniSvnelovani

koeficientia mTliani saerTaSoriso rezervebis fardoba Tvis importTan. saerTaSoriso

savaluto fondis SefasebebiT, saerTaSoriso rezervebis done iTvleba mdgrad doned,

Tuki misi Sefardeba Tvis importTan 3-ze metia. saqarTvelosTvis aRniSnuli maCvenebeli

2011 wlis bolosTvis 4.3-s Seadgenda.

saangariSo periodSi msoflio bankis mxardaWeriTa da aSS-s saerTaSoriso ganviTarebis

saagentos TanadafinansebiT, erovnulma bankma daasrula rezervebis marTvis Tanamedrove

integrirebuli sistemis danergva. rezervebis marTvis sistema uzrunvelyofs mTliani

sainvesticio procesis srul avtomatizacias, sabazro monacemebis miRebas, garigebis

dadebas, angariSsworebas, buRaltrul aRricxvas da am procesebTan dakavSirebuli riske-

bis marTvas. aseve, sistemaSi gaTvaliswinebul iqna axali tipis finansuri instrumentebi

da funqcionalebi. mTlianobaSi rezervebis marTvis sistema xels Seuwyobs rezervebis

marTvis procesis efeqtianobis zrdas saoperacio riskebis minimizaciis fonze.

2011 wels saqarTvelos sabanko sistemas arastabilur saerTaSoriso garemo pirobebSi

uwevda saqmianoba. saerTaSoriso sabanko seqtorisaTvis 2011 weli likvidurobis prob-

lemebiT gamoirCeoda, rac ZiriTadad evropis savalo krizisis gavleniT iyo ganpirobe-

buli. wlis meore naxevarSi saberZneTis defoltis saSiSroebis zrdam gadamdebi efeqti


iqonia evrokavSiris sxva qveynebzec. aseve, „bazel III-is“konservatiuli moTxovnebis dak-

mayofilebisaTvis mzadeba xels uSlida saerTaSoriso bankebis saqmianobis gafarToebas.

miuxedavad amisa, 2011 wels saqarTvelos sabanko seqtori sakredito aqtivobiT

gamoirCeoda. 2011 wlis ganmavlobaSi sabanko sistemis mTliani sakredito portfeli 29.4

procentiT gaizarda (gacvliTi kursis efeqtis gareSe). orwlian intervalSi TvalsaCi-

noa gacemul sesxebze saprocento ganakveTebis mniSvnelovani Semcireba, rasac bazarze

konkurenciis mniSvnelovanma gaZlierebamac Seuwyo xeli. miuxedavad imisa, rom 2011 wlis

meore naxevarSi evropis finansuri problemebis gaRrmaveba saprocento ganakveTebis

zrdas uwyobda xels, mTlianobaSi gasuli weli mainc saprocento ganakveTebis Semcire-

biT xasiaTdeboda.

2011 wlis wminda mogebam (323 milioni lari) gadaaWarba 2010 wlis gaormagebul maCve-

nebelsac ki (156 milioni lari), ramac misaRebi momgebianobis maCveneblebis dafiqsireba

gamoiwvia: ukugebam saSualo aqtivebze 2.85 procenti, xolo ukugebam saSualo kapitalze

17.3 procenti Seadgina, rac umTavresad aqtivebis xarisxis gaumjobesebiT iyo ganpirobe-

buli.

2011 wlis dasawyisSi ekonomikis gamococxlebis paralelurad erovnulma bankma gaam-

kacra kapitalis moTxovnebi savaluto riskis mixedviT Sewonvis koeficientis 50 pro-

centidan 75 procentamde zrdiT. am etapze ar dgas sazedamxedvelo politikis Semdgomi

cvlilebis saWiroeba. 2011 wlis bolosTvis sabanko sistema adekvaturad iyo kapital-

izirebuli, rac naTlad Cans kapitalis adekvaturobis koeficientis siWarbiT minimalur

zRvarTan SedarebiT, gansakuTrebiT bazelis mixedviT gaangariSebuli kapitalis adekva-

turobis maCveneblis mxriv.

2008-2011 wlebSi gaizarda sabalanso valdebulebebis marcvlovaneba. kerZod, sabalan-

so valdebulebebis struqturaSi Semcirda nasesxebi saxsrebisa da fasiani qaRaldebis

wili da Sesabamisad, gaizarda arasabanko depozitebis wili. Tumca, arasabanko depo-

zitebis wilis zrda mTlianad mimdinare angariSebisa da moTxovnamde depozitebis zrda-

ze modis.

saerTaSoriso sabanko sistemaSi daZabuli fonis gamo saqarTvelos sabanko sistemam

orientacia ufro metad depozitebze aiRo. 2007-2010 wlebTan SedarebiT sabiTumo saxs-

rebze sabanko sistemis naklebi damokidebuleba saerTaSoriso safinanso mdgomareobis

gaTvaliswinebiT likvidobis risks mniSvnelovnad amcirebs. sabiTumo dafinansebis ume-

tesi nawili ucxour qveynebze modis. aRsaniSnavia, rom „GIIPS“-is qveynebze1 sabiTumo

dafinansebis 0.1 procentze naklebi modis. miuxedavad imisa, rom sabiTumo dafinansebis

gastumrebis mxriv qarTul sabanko sistemas safrTxe ar emuqreba, samomavlod zrdis

dafinansebis kuTxiT sabiTumo bazrebze arsebuli daZabuloba kvlav angariSgasawev gare-

moebad rCeba.

saqarTveloSi „bazel III-is“ mier rekomendebuli likvidobis marTvis CarCo - likvi-

dobis gadafarvis koeficienti (Liquidity Coverage Ratio - LCR), amJamad danergvis procesSia.

is iTvaliswinebs bankis likvidobasTan dakavSirebul iseT faqtorebs, rogoricaa val-

debulebebis vadianoba, koncentracia, likviduri aqtivebis xarisxi, aqtivebis likvi-

1 evropis savalo krizisiT yvelaze metad dazianebuli xuTi qveyana: saberZneTi, italia, irlandia, portuga-

lia, espaneTi.


durad gardaqmnis SesaZlebloba da sxva. miuxedavad imisa, rom „bazel III-is“ likvido-

bis gadafarvis koeficienti sakmaod konservatiul midgomad iTvleba, qarTuli bankebis

umetesobas misi, iseve rogorc „bazel III -is“ kapitalis adekvaturobis, moTxovnebis

dakmayofileba ar gauWirdebaT, radgan arsebuli kanonmdeblobiT isini akmayofileben

likvidobis koeficients, romelic „LCR-ze“ aranakleb konservatiulia.

riskebze orientirebul zedamxedvelobaze gadasvlis farglebSi erovnulma bankma

2011 wlis seqtemberSi gamoacxada „bazel II/III-is“ danergvis gegma. aRniSnulis mixedviT,

kapitalis daangariSeba yvela bankisTvis riskis profilis ufro detaluri Seswavlis

safuZvelze ganxorcieldeba. „bazel II/III-ze“ gadasvla igegmeba 2013 wlidan. 2011 wlis bo-

losaTvis moxda gadasvlis gavlenis pirveli raodenobrivi Seswavla „bazel III-is“„pilar

1-is“ mixedviT TiToeuli bankisTvis. „bazel III-is“ kapitalis adekvaturobis moTxovnebze

gadasvla ar moiTxovs did dros saqarTvelos sabanko sistemisTvis, radgan sabanko sis-

tema sakmarisad kapitalizirebulia bazelis standartebis gaTvaliswinebiT da kapitalis

xarisxic maRalia.

saqarTvelos erovnuli banki agrZelebs muSaobas sabanko aqtivebis stres testebis

Semdgomi daxvewis mimar TulebiT mikrodoneze ganxorcielebuli stres testebis CarCos

SemuSavebaze. aRniSnuli stres testebi bankebis Sokebis mimarT mdgradobis Sefasebis meS-

veobiT mniSvnelovan ad gils daikavebs „bazel II-is“ „pilar 2-Si (sazedamxedvelo ganxilvis

procesi)“.

2011 wels saqarTvelos erovnulma bankma gaaaqtiura muSaoba saoperacio riskebis

mimarTulebiT. SemuSavda sainformacio teqnologiebis riskebis marTvis programac,

romelic, Tavis mxriv, moicavs iseT Temebs, rogoricaa sabanko sistemaSi arsebuli sain-

formacio teqnologiebis riskebis marTvis garemo, sainformacio da kiber-usafrTxoeba,

biznesis uwyvetobis gegma da sxva. aseve, muSaoba mimdinareobs saoperacio riskebisaTvis

kapitalis moTxovnis sqemaze.

2011 wlis ivnisidan amoqmedda „sabanko momsaxurebis gawevisas momxmareblebisaTvis au-

cilebeli informaciis miwodebis wesi“, romelic aregulirebs komerciuli bankebis mier

fizikuri pirebisaTvis samomxmareblo kreditis gacemisa da sadepozito momsaxurebis

gawevis dros sruli, aucilebeli, gasagebi, utyuari da Tavisdrouli informaciis Tan-

mimdevruli miwodebis sakiTxebs. bankebma SeimuSaves momxmarebelTa pretenziis miRebisa

da ganxilvis savaldebulo standartuli procedura, rac uzrunvelyofs momxmareb lebis

mier pretenziebis dafiqsirebis procesis gamartivebas da pretenziebze bankis mxri-

dan reagirebas. saqarTvelos erovnul bankSi Seiqmna Sesabamisi struqturuli erTeuli

momxma rebelTa uflebebis dacvis ganyofilebis saxiT, romelic, garda zemoaRniSnuli

wesis Sesrulebisa da bankebTan urTierTobisas warmoSobili problemebis monitoringisa,

aseve muSaobs momxmarebelTa finansuri ganaTlebis amaRlebis kuTxiT da administrirebas

uwevs momxmareblisaTvis specialurad Seqmnil veb-gverds - www.nbg.gov.ge/cp, romlis

umTavresi daniSnuleba momxmarebelTa finansuri cnobierebis amaRleba da momxmarebelTa

dacvasTan dakavSirebuli siaxleebis farTo sazogadoebisaTvis gacnobaa.

2011 wels saqarTvelos erovnuli banki agrZelebda sadazRvevo bazris zedamxed-

velobas. gasul wels sadazRvevo kompaniebis aqtivebi wina welTan SedarebiT 15.6 pro-

centiT gaizarda da 31 dekembris mdgomareobiT 504.1 milioni lari Seadgina.


2011 wlis bolosTvis saqarTvelos sadazRvevo bazarze 15 sadazRvevo kompania moq-

medebda. aqedan erTi sadazRvevo kompania 2011 wels daregistrirda. moziduli premiis

mixedviT, sadazRvevo bazris koncentracia (5 wamyvani mzRveveli) 2011 wels 78.3 pro-

centidan 71.7 procentamde Semcirda, rac sadazRvevo bazarze SedarebiT mcire kom-

paniebis gaaqtiurebaze metyvelebs.

bolo wlebis ganmavlobaSi mniSvnelovani cvlilebebi ganxorcielda sagadaxdo siste-

mebis ganviTarebis mxriv. 2010-2011 wlebSi saqarTvelos erovnuli bankis mier gatarebuli

reformis Sedegad qveyanaSi dainerga axali sagadaxdo da fasiani qaRaldebis angariS-

sworebis sistema marTvis Tanamedrove maRalteqnologiuri meqanizmebiT. sistemis daner-

gvam qveyanaSi bankTaSorisi angariSsworeba kidev ufro usafrTxo da swrafi gaxada.

qveyanaSi naRdi fulis mimoqcevis regulirebis, mimoqcevaSi laris banknotebis/mone-

tebis xarisxis amaRlebisa da mosaxleobis interesebis dacvis mizniT, saqarTvelos

erovnuli bankis mier saangariSo periodSi gatarebuli iqna rigi RonisZiebebi. kerZod:

• SemuSavebuli da damtkicebul iqna ,,laris banknotebis da monetebis vargiso-

bis gansazRvris kriteriumebi da maTi miReba-gamocvlis wesi“. aRniSnuli wesis

Sesabamisad, daixvewa da gamartivda gadasaxdelad vargisi da uvargisi laris

banknotebis/monetebis kategoriebi, gamartivda dazianebuli laris banknote-

bi/monetebis identificirebis SemTxvevaSi originaluri zomis mixedviT maTi

gamocvlis valdebuleba, gauqmda ganzrax dazianebis mqone fulis niSnebis

cneba, radgan igi gaugebrobas iwvevda momxmarebelSi;

• momxmarebelTa interesebis dacvis mizniT, cvlilebebi Sevida saqarTvelos

administraciul samarTaldarRvevaTa kodeqsSi, romlis Sesabamisadac mewarme

subieqtis an arasamewarmeo (arakomerciul) iuridiuli piris mier, saqarTve-

los erovnuli bankis mier dadgenili laris banknotebisa da monetebis ga-

dasaxdelad vargisobis gansazRvris kriteriumebisa da maTi miReba-gamocvlis

wesis darRvevaze, aseve mewarme subieqtis mier momxmarebelTan angariSsworeb-

is erTi TeTris sizustiT ganuxorcieleblobaze gaTvaliswinebulia sajarimo

sanqciebi;

• momxmarebelTa pretenziebis gaTvaliswinebiT, mokvleuli da Seswavlil iqna

komerciuli bankebis mier bankomatebis meSveobiT laris calkeuli nominalis

banknotebiT uzrunvelyofis sakiTxi. aRniSnulis gaTvaliswinebiT, miTiTeba

iqna daSvebuli komerciul bankebze, raTa moexdinaT bankomatebis meSveobiT

yvela nominalis banknotebiT mimoqcevis moTxovnis dakmayofileba.

2011 wlis ganmavlobaSi grZeldeboda muSaoba sakanonmdeblo-normatiuli bazis srul-

yofis mimarTulebiT. saanalizo wels, erovnuli bankis monawileobiT ganxorcielda

mniSvne lovani sakanonmdeblo cvlilebebi. kerZod, erovnul banks mieniWa Sromis kodeqsiT

gaTvaliswinebuli dasvenebis dRis sabanko dRed gamocxadebis ufleba. „momxmarebelTa

uflebebis dacvis Sesaxeb“ saqarTvelos kanonSi ganxorcielebuli cvlilebis Sedegad,

valutis gadamcvlel punqts daevala momxmarebels miawodos zusti informacia valutis


gadacvlis kursis da gadacvlis momsaxurebis sakomisios Sesaxeb. agreTve normatiuli

aqtiT ganisazRvra „komerciuli bankebis mier sabanko momsaxurebis gawevisas momxmareb-

lisaTvis aucilebeli informaciis miwodebis wesi“, romelic aregulirebs komerciuli

bankebis mier fizikuri pirebisaTvis samomxmareblo kreditis gacemisa da sadepozito

momsaxurebis gawevis dros sruli, aucilebeli, gasagebi, utyuari da Tavisdrouli in-

formaciis Tanmimdevruli miwodebis sakiTxebs. aRniSnuli wesi miznad isaxavs qveyanaSi

sabazro disciplinis ganmtkicebisa da samomxmareblo bazris ekonomikuri efeqtiano-

bis zrdis, aseve, sabanko seqtorisadmi sazogadoebis ndobis amaRlebis, momxmarebelTa

interesebis maqsimalurad dacvis da komerciuli bankebis mier SeTavazebuli sabanko

produqtebis Sesaxeb informaciis gamWvirvalobis uzrunvelyofas.


1. makroekonomikuri garemo

1.1 msoflio ekonomika

2011 weli msoflio ekonomikis krizisidan gamosvliT daiwyo, Tumca wlis meore naxe-

varSi viTareba Seicvala: prognozebi Semcirda, xolo riskebi gaizarda. ekonomikuri

zrda araTanabari iyo qveynebs Sorisac (ix. diagrama N 1). umetesoba ganviTarebul qveya-

naSi k vlav dabali zrdis tempebi dafiqsirda, rac ganpirobebuli iyo umuSevrobis maRali

doniT, susti finansuri mdgomareobiT da fiskaluri da finansuri seqtoris arasaimedo

perspeqtiviT. suverenul valTan dakavSirebuli problemebis gamwvavebam gansakuTrebiT

daamZima mdgomareoba evropis ramdenime qveyanaSi. amis sapirispirod, SedarebiT maRali

zrdis tempebi dafiqsirda ganviTarebad qveynebSi, ramac rig SemTxvevaSi inflaciuri

riskebi warmoSva.

ssf-is monacemebiT, 2011 wels msoflio ekonomikuri zrda mosalodnelze dabali iyo.

2010 wels dafiqsirebuli maRali zrdis (5.2 procenti) Semdeg, 2011 wels msoflio ekono-

mikuri zrda 3.8 procenti iyo. ganviTarebuli qveynebisTvis aRniSnulma maCvenebelma 1.6

procenti, xolo ganviTarebadi qveynebisTvis ki 6.2 procenti Seadgina, rac dabalia wina

wlis analogiur maCveneblebTan SedarebiT. klebis erT-erTi mizezi 2011 wlis ganmav-

lobaSi momxdari iseTi erTjeradi Sokebia, rogoricaa iaponiaSi momxdari cunami da mi-

wisZvra, agreTve navTobis miwodebis Soki. Tumca mTavari mizezi ufro fundamenturi

iyo. ganviTarebuli qveynebis mTavrobebma daiwyes fiskaluri konsolidaciis politikis

gatareba biujetis deficitisa da valTan dakavSirebuli problemebis mogvarebis mizniT,

Tumca es procesi ar aris dabalansebuli kerZo moTxovnis zrdiT. Sesabamisad, am poli-

tikam negatiuri gavlena iqonia erTobliv moTxovnaze da Seanela msoflio ekonomikis

ganviTarebis tempi. mizezebi gansxvavebulia qveynebis mixedviT. Tumca, zogadad bankebis

sesxebis SezRudul gacemas, SinameurneobebisTvis maRali leverijis2 arsebobas da uZravi

qonebis bazris bumisgan miRebul memkvidreobas ekonomikur zrdaze mosalodnelze xan-

grZlivi da negatiuri efeqti hqonda.

garda zemoT aRniSnulisa, aseve gaizarda fiskaluri da finansuri gaurkvevloba da

moimata riskebmac. skeptikuri gaxda bazrebis damokidebuleba qveynebis mier saxel-

mwifo valis marTvasTan dakavSirebiT. dasawyisSi xsenebuli damokidebuleba evropis

mxolod ramdenime qveyanasTan mimarTebaSi dafiqsirda, Tumca mogvianebiT es gadaedo

sxva qveynebs, gascda kidec evropis sazRvrebs da moicva iseTi qveynebi rogoricaa aSS da

iaponia. warumateb lobam politikuri konsesusis miRwevaSi saxelmwifo valis Semcirebis

saSualovadian gegmasTan dakavSirebiT aSS-s riskis premiis gazrda gamoiwvia, rasac nega-

tiuri gavlena hqonda mTel msoflioze.

2011 wlis ganmavlobaSi inflacia zrdadi tendenciiT xasiaTdeboda (ix. diagrama N 2)

mTel msoflioSi. fasebis zrda ZiriTadad gamowveuli iyo wlis dasawyisSi sakvebsa da

navTobze fasebis momatebiT. ssf-is monacemebiT, inflaciis wliuri zrdis tempma ganvi-

2 leveriji - valdebulebebis fardoba aqtivebTan.


Tarebul qveynebSi 2011 wels 2.6, xolo ganviTarebad qveynebSi 7.5 procenti Seadgina, rac

maRalia wina wlis Sesabamis maCveneblebTan SedarebiT.

susti msoflio moTxovnis pasuxad, 2011 wlis meore naxevarSi saqonlis fasebi Ziri-

Tadad Semcirda. inflaciis Semcireba mosalodnelia 2012 wlis ganmavlobaSic. Tumca,

bolo TveebSi gaizarda navTobis fasi, rac ZiriTadad miwodebis mxares ganviTarebuli

movlene biT iyo ganpirobebuli. garda amisa, kvlav aqtualuria navTobis fasTan dakav-

Sirebuli geopolitikuri riskebi. miuxedavad aRniSnuli riskebisa, saerTaSoriso ekono-

mikuri aqtiurobis savaraudo araxelsayreli mdgomareobis gamo, 2012 wels prognozebi

navTobis fasis mxolod mcire zrdaze miuTiTebs. sxva saqonelze ki, miwodebis pirobe-

bis gaumjobesebisa da moTxovnis Semcirebis Sedegad mosalodnelia fasebis kidev ufro

metad Semcireba.

4

2

0

2

4

6

8

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

diagrama 1realuri mTliani Sida produqtis zrda msoflioSi (%)

wyaro: ssf, WEO, ianvari, 2012

9

10

3

4

5

6

7

8

0

1

2

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

diagrama 2wliuri inflacia msoflioSi (%)

wyaro: ssf, WEO, seqtemberi, 2011* - prognozi


miuxedavad imisa, rom 2011 wels msoflio vaWrobis moculobis zrdis tempi daubrunda

krizisamdel maCvenebels, es monacemi mainc dabali iyo 2010 welTan SedarebiT. Tu 2010

wels msoflio vaWrobis moculoba wina welTan SedarebiT 12.8 procentiT gaizarda, 2011

wels analogiuri maCvenebeli 7.5 procenti iyo. fasebis da moTxovnis savaraudo Semcire-

bis paralelurad, 2012 wels msoflio vaWrobis zrdis tempis 5.8 procentamde Semcirebaa

mosalodneli.

evropaSi makroekonomikuri mdgomareobis gamZafrebam da arastabilurobam danarCen

qveynebSi, safrTxis winaSe daayena msoflios krizisidan gamosvla. finansuri mdgomareoba

gauaresda, zrdis prognozebi Semcirda da riskebi gaizarda. ssf-is ianvris prognoziT,

msoflios gamoSvebis zrda 2012 wels 3.3 procenti iqneba, rac 0.3 procentuli punqtiT

dabalia seqtembris prognozTan SedarebiT. prognozis Semcirebis ZiriTad mizezebs 2012

wels evropaSi mimdinare makroekonomikuri tendenciebi ganapirobebs. es tendenciebi

Ziri Tadad Semdegi sami mimarTulebiT midis: evropis qveynebis suverenuli fasiani qaRal-

debis procentebi izrdeba da Semdgomi fiskaluri konsolidacia gardauvalia. agreTve,

bankebi cdiloben leverijis Semcirebas. aRniSnuli procesebi uaryofiT gavlenas axdens

realuri ekonomikis zrdaze, Tumca arsebuli krizisis adeqvaturi pasuxia. garda amisa,

mosalodnelia ganviTarebadi qveynebis zrdis tempebis Semcirebac, rac gauaresebuli

saerTaSoriso mdgomareobisa da ganviTarebadi qveynebis Semcirebuli moTxovnis Sedegia.

Sesabamisad, ekonomikuri zrdisTvis dauyovnebliv gamowvevas warmoadgens ndobis aRdgena

da evropis regionis krizisis aRmofxvra. ZiriTad ganviTarebul qveynebSi politikis mTa-

var prioritets warmoadgens saSualovadiani fiskaluri disbalansis daZleva da finan-

suri sistemis gamarTulad muSaobis xelSewyoba/reformireba. ganviTarebad qveynebSi ki,

moklevadiani periodis amocanaa Sida zrdis Sesustebasa da ganviTarebuli qveynebidan

moTxovnis Semcirebaze reagireba.

1.2 ekonomikis zrda

2011 wels saqarTvelos ekonomikis mniSvnelovani zrda dafiqsirda. realuri mTliani

Sida produqtis zrdis wliurma maCvenebelma 7 procents miaRwia.

ekonomikurma zrdam gansakuTrebiT maRal temps wlis meore naxevarSi miaRwia. mesame

da meoTxe kvartalebSi realuri mSp, Sesabamisad, 7.5 da 8.8 procentiT gaizarda.

mSp-ze moqmedi sezonurobis faqtoris gamoricxvis Sedegad viRebT, rom ekonomika yo-

vel momdevno kvartalSi izrdeboda wina kvartalTan SedarebiT. amgvarad Sesworebuli

monacemebiT, ekonomika wlis pirvel da bolo kvartalebSi bevrad ufro intensiurad (2.4-

3.0 procentiT) izrdeboda, vidre meoresa da mesameSi (1.3-1.8 procentiT).

rogorc mSp-is dinamikis seqtoruli ana-

lizidan Cans, 2011 wlis ekonomikur zrdaSi

ZiriTadi wvlili damamuSavebeli mrewvelobis

da vaWrobis seqtorebs miuZRvis. garda amisa,

aRsaniSnavia 2011 wels safinanso saqmianobis

seq toris mniSvnelovani zrda da realuri mSp-is

zrdaSi maRali wvlili (0.6 procenti). soflis

meurneobis seqtori ramdeni mewliani daRma-

svlis Semdeg 2011 wels 5.5 procentiT gaizarda.

rogorc qvemoT moyvanili cxrili 1-dan Cans, sakmaod maRali zrda aCvenes, da Sesa-

bamisad, ekonomikur zrdaSi sagrZnobi pozi tiuri wvlili Seitanes Semdeg ma seqtorebma:

sagulisxmoa, rom qveynis ekonomikis

zrda, 2010 wlis msgavsad, kerZo seq toris

aqtivobis zrdiT iyo gamowveuli. 2012

wels mosalodnelia zrdis am tendenciis

gagrZeleba da msgavsi dinamikis SenarCu-

neba seqtorebis mixedviTac.


„mSenebloba“, „saxelmwifo mmarTveloba“ da „transporti“.

danarCen seqtorebSi Seqmnili damatebiTi Rirebulebis zrdis wvlili mTlian zrdaSi

SedarebiT mcire iyo. wliuri kleba mxolod „samTomopovebiT mrewvelobaSi“ dafiqsirda,

rac saerTaSoriso bazrebze wiaRiseul nedleulze moTxovnis klebas ukavSirdeba.

sagulisxmoa, rom qveynis ekonomikis zrda, 2010 wlis msgavsad, kerZo seqtoris aqtivo-

bis zrdiT iyo gamowveuli. 2012 wels mosalodnelia zrdis am tendenciis gagrZeleba da

msgavsi dinamikis SenarCuneba seqtorebis mixedviTac.

cxrili 1realuri mSp-is zrda da seqtoruli wvlilebi (procenti) 2009-20113

2009 2010 20113

zrda wvlili zrda wvlili zrda wvlili

soflis meurneoba, nadiroba da satyeo

meurneoba, meTevzeoba da TevzWera-6.8% -0.6% -4.8% -0.4% 5.5% 0.4%

samTomopovebiTi mrewveloba 9.4% 0.1% 4.6% 0.0% -6.5% -0.1%

damamuSavebeli mrewveloba -8.5% -0.7% 20.2% 1.4% 14.3% 1.1%

eleqtroenergiis, bunebrivi airisa da wylis

warmoeba da ganawileba6.2% 0.1% 2.0% 0.1% 8.9% 0.2%

produqciis gadamuSaveba Sinameurneobebis

mier -1.8% 0.0% -4.6% -0.1% 5.3% 0.1%

mSenebloba -3.1% -0.2% 6.5% 0.4% 7.3% 0.4%

vaWroba; avtomobilebis, sayofacxovrebo

nawarmisa da piradi sargeblobis sagnebis

remonti

-16.3% -2.3% 14.1% 1.8% 7.4% 1.1%

sastumroebi da restornebi -4.4% -0.1% 13.1% 0.3% 8.4% 0.2%

transporti 0.5% 0.0% 13.0% 0.8% 5.1% 0.3%

kavSirgabmuloba -3.4% -0.1% 10.4% 0.4% 8.0% 0.3%

safinanso saqmianoba 1.5% 0.0% 14.7% 0.4% 24.3% 0.6%

operaciebi uZravi qonebiT, ijara da

komerciuli momsaxureba-4.1% -0.1% 10.1% 0.4% 6.0% 0.3%

sakuTari sacxovrisis gamoyenebis pirobiTi

renta2.8% 0.1% 2.6% 0.1% 2.9% 0.1%

saxelmwifo mmarTveloba 1.2% 0.2% 0.8% 0.1% 3.3% 0.4%

ganaTleba 4.7% 0.2% 3.1% 0.1% 2.7% 0.1%

janmrTelobis dacva da socialuri

momsaxureba8.7% 0.4% 2.9% 0.2% 1.3% 0.1%

komunaluri, socialuri da personaluri

momsaxureba-13.0% -0.5% 11.6% 0.4% 6.9% 0.3%

Sinamosamsaxuris saqmianoba da

Sinameurneobebis saqmianoba, dakavSirebuli

saqonlisa da momsaxurebis warmoebasTan

sakuTari moxmarebisTvis

2.7% 0.0% 9.5% 0.0% 15.3% 0.0%

finansuri Suamavlobis momsaxurebis

arapirdapiri Sefaseba-1.0% 0.0% 9.6% -0.1% 20.5% -0.2%

mSp sabaziso fasebSi -4.1% -3.5% 7.1% 6.1% 6.5% 5.6%

gadasaxadebi produqciaze -1.7% -0.2% 1.3% 0.2% 10.2% 1.4%

subsidiebi produqciaze 4.0% 0.0% 4.3% 0.0% 8.5% 0.0%

mSp sabazro fasebSi -3.8% -3.8% 6.3% 6.3% 7.0% 7.0%

wyaro: saqarTvelos statistikis erovnuli samsaxuri

3 2011 wlis monacemebi winaswaria da eqvemdebareba dazustebas saqstatis mier wliuri statistikuri gamok v-

levis masalebis damuSavebis Semdeg. dazustebuli monacemebi gamoqveyndeba 2012 wlis noembris bolos.


moTxovna

2011 wels nominaluri mSp wina welTan SedarebiT 16.8 procentiT gaizarda, xolo

mSp-is deflatorma 9.2 procentiT moimata.

„saboloo moxmarebis“ kategoria nominalurad 12.6 procentiT gaizarda. 2011 wlis

monacemebiT, „mTliani kapitalis formireba“ daaxloebiT 39 procentiT, xolo „saqonlisa

da momsaxurebis eqsporti“ - 22 procentiT gaizarda. importma 22 procentiT moimata da

nominalur mSp-Tan mimarTebaSi 55 procenti Seadgina, rac sakmaod maRali maCvenebelia.

cxrili 2mTliani Sida produqti da misi gamoyeneba ZiriTadi kategoriebis mixedviT4

(mimdinare fasebSi, mln lari)

2005 2006 2007 2008 2009 2010 20114

mTliani Sida produqti sabazro fasebSi 11,621 13,790 16,994 19,075 17,986 20,743 24,229

xarjebi saboloo moxmarebaze 9,794 12,972 15,732 19,596 19,075 19,898 22,397

Sinameurneobebi 7,720 10,804 11,953 14,582 14,600 15,418 17,831

saxelmwifo marTvis organoebi 2,014 2,116 3,718 4,936 4,399 4,371 4,430

Smako 61 52 61 77 75 109 136

(+) mTliani kapitalis formireba 3,892 4,255 5,448 4,952 2,343 4,478 6,208

ZiriTadi kapitalis mTliani formireba 3,261 3,524 4,370 4,099 2,755 4,009 5,315

maragebis cvlileba 630 731 1,077 853 -412 469 894

(+) saqonlisa da momsaxurebis eqsporti 3,922 4,532 5,303 5,459 5,349 7,250 8,832

saqonlis eqsporti 2,666 2,956 3,479 3,587 3,163 4,390 5,512

mosaxurebis eqsporti 1,256 1,576 1,824 1,873 2,185 2,860 3,319

(-) saqonlisa da momsaxurebis importi 5,993 7,863 9,848 11,140 8,801 10,945 13,356

saqonlis eqsporti 4,861 6,574 8,295 9,304 7,173 9,007 11,245

mosaxurebis eqsporti 1,131 1,289 1,553 1,837 1,628 1,938 2,111

(+) statistikuri gansxvaveba 6 -107 359 209 20 63 148

(=) mTliani Sida produqti sabazro

fasebSi11,621 13,790 16,994 19,075 17,986 20,743 24,229


samomxmareblo fasebis matebis efeqtis gamoricxvis Sedegad miRebuli realuri sabo-

loo moxmareba wlis ganmavlobaSi 3.7 procentiT gaizarda. 2010 welTan SedarebiT, re-

aluri moxmarebis zrda wlis dasawyisSi dabali (1 procentamde) iyo, xolo meore naxe-

varSi mniSvnelovnad daCqarda da am maCvenebelma 7 procenti Seadgina.

saxelmwifo marTvis organoebis danaxarjebi 2011 wlis meoTxe kvartalis garda yvela

kvartalSi 2010 wlis maCvenebelze dabali iyo. mTlianobaSi, 2011 wels (wlis bolo kvar-

talSi xarjebis zrdis Sedegad) saxelmwifo marTvis organoebis mxridan nominalurad 1.4

procentiT meti, xolo realur gamoxatulebaSi 6.6 procentiT naklebi daixarja, vidre

wina wels. realuri danaxarjebis aRniSnuli Semcireba fiskaluri konsolidaciisken mima-

rTuli politikiT aixsneba.

mTlianobaSi, 2011 wels saboloo moxmarebis zrda misi umsxvilesi nawilis - Sinameur-

neobebis samomxmareblo danaxarjebis5 - matebis Sedegia.

„mTliani kapitalis formirebis“ sakmaod maRali (38.6 procentiT) zrda „ZiriTadi ka-

pitalis formirebis“ 33 procentiT wliurma zrdam ganapiroba. amave dros, 2010 welTan

4 2011 wlis monacemebi winaswaria da eqvemdebareba dazustebas saqstatis mier wliuri statistikuri gamo k v levis

masalebis damuSavebis Semdeg. dazustebuli monacemebi gamoqveyndeba 2012 wlis noembris bolos.

5 2011 wels Sinameurneobebis saboloo moxmarebaze danaxarjebma mTliani saboloo moxmarebis 80.8 procenti

Seadgina.


SedarebiT gaormagda sawarmoTa maragebis matebis tempi da maragebis zrdis mimdinare

fasebSi gamoxatuli maCvenebeli 2007 wlis analogiur sidides gautolda.

2011 wels mTliani kapitalis formirebis donem 2007 wlis Sesabamis sidides 14 pro-

centiT gadaaWarba. fasebis matebis faqtoris gaTvaliswinebiT, cxadia, rom gasul wels

dafiqsirebuli kapitalis zrda, realur gamoxatulebaSi, ar aRemateba krizisamdels,

Tumca am faqtis mniSvnelobis Sefasebisas gasaTvaliswinebelia, rom 2007 wels ekonomi-

kurma bumma piks miaRwia.

sagulisxmoa, rom mTel postkrizisul periodSi realur ekonomikur zrdas ZiriTa-

dad eqsportis da kapitalis formirebis zrda ganapirobebdnen. rogorc zemoT aRiniSna,

bolo wlis manZilze realuri mTliani saboloo moxmareba, wina wlebisagan gansxvavebiT,

aseve sagrZnoblad gaizarda. mTlianobaSi, 2011 wels realur ekonomikur zrdaSi Tavisi

wvlili mSp-is gamoyenebis samive ganxilulma ketegoriam Seitana, romelTaganac „mTliani

kapitalis formireba“ da „saqonlisa da momsaxurebis eqsporti“ kvlav SedarebiT maRali

wvliliT gamoirCevian.

aRsaniSnavia, rom 2011 wels qveynis mTliani erovnuli Semosavlis zrda ufro maRali

iyo (17 procenti), vidre mTliani moxmarebisa (13 procenti). Sedegad, gaizarda erovnuli

danazogi da am maCvenebelma erovnuli Semosavlis 13 procents gadaaWarba6.

1.3 samomxmareblo fasebis cvlileba

iseve rogorc wina wlebSi, 2011 welsac saqarTvelos erovnuli bankis ZiriTadi amo-

cana iyo qveyanaSi fasebis stabilurobis uzrunvelyofa. 2010 wlidan dawyebuli wliuri

inflaciis zrdis tendencia 2011 wlis pirveli naxevris ganmavlobaSic gagrZelda. Tumca,

ivnisis Tvidan wliuri inflaciis maCvenebelma kleba daiwyo da wlis bolosaTvis 2.0 pro-

centamde Semcirda. amave periodisaTvis saSualo wliuri inflacia 8.5 procents gautolda.

2011 wlis ganmavlobaSi Zlieri iyo egzogenuri faqtorebis gavlena samomxmareblo

fasebis dinamikaze. iseve rogorc sxva dabalSemosavlian qveynebSi, saqarTveloSic sur-

saTis xvedriTi wili samomxmareblo kalaTaSi SedarebiT maRalia, Sesabamisad, maRalia

inflaciis maCveneblis mgrZnobeloba sursaTis fasebis cvlilebis mimarT. 2010 wels gan-

viTarebuli bunebrivi kataklizmebis fonze, msoflio da regionalur sasaqonlo baz-

rebze, soflis meurneobisa da sxva produqtebze fasebis mkveTri mateba myisve aisaxa

qarTul samomxmareblo fasebze. analogiurad, navTobproduqtebis gaZvirebis procesi

mniSvnelovnad ganapirobebda inflaciis zrdas. zemoaRniSnuli procesebis Sedegad, 2011

wlis pirvel naxevarSi gagrZelda fasebis zrdis tempis sagrZnobi mateba da 2011 wlis

maisis mdgomareobiT wliuri inflaciis maCvenebelma 14.3 procents miaRwia. aRsaniSna-

via, rom sursaTze fasebis zrdiT gamowveuli inflaciis wili 12.8 procentul punqts

Seadgenda. amasTan, dabali iyo rogorc sabazo (sursaTisa da energomatareblebis gaZ-

virebis efeqtis gamoricxviT) inflacia, ise momsaxurebis seqtoris wliuri inflaciis

maCvenebeli, rac moTxovnis mxridan fasebze zewolis sisusteze miuTiTebda. rogorc

mosalodneli iyo, tendencia radikalurad Seicvala saangariSo wlis meore naxevridan;

egzogenuri faqtorebis gavlena, rac manamde inflaciis maRal maCvenebels ganapirobebda,

Semcirebisken wavida. rogorc adgilobrivad, aseve regionSi uxvmosavlianobis Sedegad,

mniSvnelovnad gaizarda sasoflo-sameurneo produqciis miwodeba bazarze, ramac fase-

bis kleba ganapiroba. mTavari momwodeblebis mier xorblis embargos moxsnam dadebiTad

imoqmeda saerTaSoriso sasaqonlo bazrebze fasebis Semcirebaze. sagrZnoblad daiklo

6 2010 wlis monacemebiT, erovnuli danazogi mTliani erovnuli Semosavlis 10.2 procents Seadgenda.


saerTaSoriso fasebma energomatareblebze. Sesabamisad, wlis meore naxevarSi importire-

bul saqonelze deflaciuri wnexi moqmedebda. Sedegad, mkveTrad daiklo samomxmareblo

fasebis indeqsma, mniSvnelovnad Semcirda sursaTis fasebis cvlilebis wvlili wliuri

inflaciis maCvenebelSic. paralelurad, ivlisis TveSi satransporto7 seqtorSi fasebis

cvlilebam garkveulwilad gaabaTila sursaTze fasebis mxridan warmoqmnili deflaci-

uri zewola da inflaciis maCvenebelSi umTavresi wvlili Seitana. Tumca aRniSnuli zrda

erTwliani periodis Semdeg aRar moaxdens gavlenas wliur inflaciaze. Sesabamisad, 2011

wlis bolosaTvis wliuri inflaciis maCvenebeli miznobriv 6 procentze dabali aRmoCnda

da 2.0 procenti Seadgina. aseve dabalia sabazo inflaciac (sursaTisa da energomatareb-

lebis gamoklebiT), romelic daaxloebiT 2.0 procents utoldeba.

2011 wlis ganmavlobaSi inflacia saqarTvelos ZiriTad savaWro partnior qveynebSi

msgavsi tendenciiT xasiaTdeboda. wlis ganmavlobaSi mTliani importis naxevarze meti

5 qveyanaze modioda (TurqeTze, ukrainaze, azerbaijanze, CineTsa da germaniaze). iseve

rogorc saqarTveloSi, ZiriTad savaWro partnior qveynebSi fasebis dinamikaze sakmaod

mniSvnelovani gavlena iqonia saerTaSoriso bazrebze fasebis moZraobam. wlis pirvel

n axevarSi fasebis zrdis Semdgom, sasaqonlo bazrebze fasebis klebis paralelurad,

partnior qveynebSic samomxmareblo fasebis saerTo donem Semcireba daiwyo. Tumca wlis

bolosTvis saqarTvelosTan SedarebiT maRali inflaciis maCvenebeli dafiqsirda. ker-

Zod, inflacia ukrainaSi 3.7 procents, azerbaijanSi 5.4, somxeTSi 4.7 procents, xolo

ruseTSi 6.1 procents gautolda. gamonakliss warmoadgens TurqeTi, sadac inflaciis

maCvenebels aRmavali trendi aqvs. aRsaniSnavia, rom saqarTveloSi samomxmareblo kalaTis

sakmaod mniSvnelovani nawili importirebuli produqciisgan Sedgeba. aqedan gamomdinare

partnior qveynebSi fasebis dinamika saqarTveloSi inflaciis angariSgasawevi faqtoria.

2011 wlis pirveli naxevris ganmavlobaSi, importirebul saqonelze wliuri inflaciis

maCvenebeli zrdis tendenciiT xasiaTdeboda, rac saerTaSoriso bazrebze fasebis matebis

7 igulisxmeba ara marto saqalaqo avtobusebiTa da metropoliteniT mgzavrobis fasebi, aramed transportze

fasebis saSualo cvlileba. maT Soris, sxva tipis transportzec, mag., qalaqis SigniT taqsi, mikroavtobusi,

sagareubno da saqalaqTaSoriso transporti da a. S.

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-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

( , )

diagrama 3 oficialuri da sabazo (sursaTisa da energomatareblebis gareSe) inflaciebi (2008-2011 wlebi)



Sedegi iyo. ivnisis Tvidan, qveyanaSi importirebul saqonelze fasebis zrdis tempi Seda-

rebiT Senelda, xolo saangariSo periodis bolosaTvis 2.4 procenti Seadgina. adgilob-

riv saqonelze inflacia 7.3 procentia.8

sainteresoa agreTve vaWrobadi9 da aravaWrobadi saqonlis fasebis dinamikaze

dakvirveba.10bolo ramdenime wlis ganmavlobaSi fasebi aravaWrobad saqonelze ufro

swrafi tempebiT izrdeboda, vidre vaWrobad saqonelze, rac damaxasiaTebelia ganviTare-

8 importirebuli da adgilobrivi saqonlis inflacia gamoiTvleba erovnuli bankis mier statistikis departa-

mentidan miRebuli samomxmareblo kalaTis calkeuli komponentebis indeqsebis mixedviT.

9 saqoneli da momsaxureba, romlis realizaciac SesaZlebelia warmoebis adgilidan moSorebiT.

10 vaWrobadi da aravaWrobadi saqonlis inflacia gamoiTvleba erovnuli bankis mier statistikis departamenti-

dan miRebuli samomxmareblo kalaTis calkeuli komponentebis indeqsebis mixedviT.

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

-07

-07

-07

-07

-07

-07

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

diagrama 4importirebuli da adgilobrivi saqonlis inflacia8


0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

-06

-07

-07

-07

-07

-07

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

diagrama 5 vaWrobadi da aravaWrobadi saqonlis fasebis indeqsis dinamika 2006 dek=110

wyaro: saqarTvelos statistikis erovnuli samsaxuri da erovnuli bankis Sefasebebi


badi qveynebisaTvis. kapitalis mniSvnelovani moculobebiT Semodinebis Sedegad gai zarda

mosaxleobis gankargvadi Semosavali da Sedegad erToblivi moTxovna. es faqtori sxva

Tanabar pirobebSi iwvevs aravaWrobad saqonelze fasebis ufro swraf zrdas, vidre vaW-

robad saqonelze, radganac vaWrobadi saqonlis fasebs ZiriTadad msoflio bazrebze

arsebuli tendenciebi gansazRvravs, xolo Sida moTxovnis zewola ZiriTadad aravaW-

robadi saqonlis fasebze aisaxeba. 2008 wlis meore naxevris Semdgom aRniSnuli tendencia

Sesustda, radgan zogadi makroekonomikuri garemodan gamomdinare, moTxovnis mkveTri

zrda aRar SeiniSneboda, ramac aravaWrobad seqtorSi fasebis zrdis tempis Semcireba

gamoiwvia. sapirispirod, saerTaSoriso bazrebze maRali meryeoba myisve aisaxa vaWrobadi

saqonlis fasebze. globalurad sasaqonlo fasebis zrdis paralelurad mkveTri aqse-

leracia dafiqsirda vaWrobadi saqonlis SemTxvevaSi.

cxrili 3inflaciis (sfi) maCveneblebi calkeuli komponentebis mixedviT (procenti), maTi wona samomx-

mareblo kalaTaSi (procenti) da zegavlena sfi-ze (procentuli punqti)

2009 wlis

dekembris

wonebi

dek11/dek10 ian11dek11/ian10dek10

inflacia wvlili inflacia wvlili

sul 100.0% 2.0% 2.0% 8.5% 8.5%

sursaTi da ualkoholo sasmelebi 40.1% 0.9% 0.4% 16.0% 6.7%

sursaTi 38.8% 0.6% 0.3% 16.2% 6.6%

puri da purproduqtebi 11.1% -0.2% 0.0% 15.2% 1.7%

xorci da xorcis produqtebi 6.6% 21.9% 1.4% 22.5% 1.5%

Tevzeuli 1.1% 5.4% 0.1% 5.5% 0.1%

rZe, yveli da kvercxi 4.7% 6.5% 0.3% 15.1% 0.7%

zeTi da cximi 3.4% 3.6% 0.1% 21.5% 0.8%

xili, yurZeni 1.8% -28.6% -0.6% 25.1% 0.5%

bostneuli, baRCeuli, kartofilis da sxva

bolqvovanebis CaTvliT7.5% -11.8% -1.2% 10.9% 0.9%

Saqari, jemi, Tafli, vaJinebi, Sokoladi,

sakonditro nawarmi2.2% 2.5% 0.1% 13.6% 0.3%

kvebis sxva produqtebi 0.3% 13.8% 0.0% 17.6% 0.1%

ualkoholo sasmelebi 1.3% 8.9% 0.1% 11.0% 0.1%

alkoholuri sasmelebi, Tambaqo 2.9% 1.5% 0.0% 6.9% 0.2%

tansacmeli da fexsacmeli 4.3% -5.3% -0.2% -0.5% 0.0%

sacxovrebeli saxli, wyali, eleqtroenergia,

airi da saTbobis sxva saxeebi13.9% 3.3% 0.4% 2.6% 0.3%

aveji, saojaxo nivTebi da mowyobiloba, saxlis

movla-SekeTeba3.6% -0.7% 0.0% 1.9% 0.1%

janmrTelobis dacva 9.0% 1.1% 0.1% 1.2% 0.1%

transporti 10.4% 14.6% 1.5% 12.5% 1.3%

kavSirgabmuloba 4.2% -7.7% -0.3% -9.7% -0.4%

dasveneba, garToba da kultura 2.2% 0.8% 0.0% 0.4% 0.0%

ganaTleba 5.2% 0.0% 0.0% -0.3% 0.0%

sastumroebi, kafeebi da restornebi 1.8% 7.0% 0.1% 7.8% 0.1%

sxvadasxva saqoneli da momsaxureba 2.5% 1.0% 0.0% 4.8% 0.1%

xanmokle moxmarebis saqoneli 67.9% 1.3% 0.9% 11.3% 7.8%

saSualo xangrZlivobis moxmarebis saqoneli 5.8% -3.0% -0.2% 0.3% 0.0%

xangrZlivi moxmarebis saqoneli 3.4% -3.3% -0.1% -1.7% -0.1%

momsaxureba 22.8% 5.9% 1.2% 3.6% 0.8%



saqonlis moxmarebis xangrZlivobis mixedviT fasebis cvlilebis ganxilva gviCvenebs,

rom 2011 wlis ganmavlobaSi samomxmareblo fasebis saerTo donem mxolod xanmokle mox-

marebis saqonelze moimata, rac Seexeba saSualo xangrZlivobis da xangrZlivi moxmarebis

saqonels, wliurad maTi fasebis saerTo done Semcirda.

1.4 saxelmwifo finansebi

bolo wlebis ganmavlobaSi 2008 wlis msoflio ekonomikuri krizisis negatiuri gav-

lenis gasaneitraleblad saqarTvelos mTavroba aqtiurad mimarTavda fiskaluri stimu-

lirebis politikas. 2010 wels SesamCnevi gaxda ekonomikis gamococxleba da mTavrobam

20.0%

25.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

-10.0%

-10

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

diagrama 6wliuri inflaciis maCveneblebis cvlileba sxvadasxva xangrZlivobis moxmarebis saqonlisa da

momsaxurebisaTvis


3.0%

0.0%

3.0%

500

500

12.0%

9.0%

6.0%

2,000

1,500

1,000

2004 2005 2006 2007 2008 2009 2010 2011

( )

– ( )

diagrama 7 naerTi biujetis deficitis Tanafardoba mSp-Tan 2004-2011 ww.

wyaro: saqarTvelos finansTa saministro


makroekonomikuri stabilurobis uzrunvelsayofad daiwyo etapobrivi fiskaluri kon-

solidacia, rac biujetis deficitis SemcirebaSi gamoixata. biujetis deficiti 2009

wels 9.2 procentidan jer 2010 wels 6.7 procentamde, xolo 2011 wels 3.6 procentamde

Semcirda. amdenad 2011 weli mniSvnelovani iyo fiskaluri konsolidaciis gagrZelebis

mxriv.

fiskalur konsolidacias mniSvnelovnad Seuwyo xeli mosalodnelze ufro maRalma

ekonomikurma zrdam, ris Sedegadac sagadasaxado Semosavlebi wina welTan SedarebiT 26

procentiT gaizarda. 2011 wlis naerTi biujetis Semosavlebma da grantebma 6.9 mlrd

lari Seadgina, rac 1 mlrd lariT metia 2010 welTan SedarebiT. aRsaniSnavia, rom wlis

dasawyisSi saxelmwifo biujetis Semosavlebi 5.9 mlrd larze daigegma. Tumca, 2011 wlis

pirveli kvartlis bolos ekonomikis zrdis prognozis gaumjobesebis Sedegad, saxelmwi-

fo biujetis Semosavlebis gegma dakoreqtirda zrdis mimarTulebiT (6.4 mlrd laramde).

2008 wlamde sagadasaxado tvirTi (sagadasaxado Semosavlebis fardoba mSp-Tan) yo-

velwliurad izrdeboda. 2008-10 wlebSi ki finansuri krizisis (da amave wlis agvistos

omis) Sedegad sagadasaxado Semosavlebi ufro neli tempiT gaizarda vidre mSp, ramac

sagadasaxado tvirTi Seamcira. 2011 wels aRniSnuli tendencia Seicvala: sagadasaxado

Semosavlebi ufro metad (26 procentiT) gaizarda vidre nominaluri mSp (16.8 procenti).

Sedegad sagadasaxado tvirTi 1.8 procentuli punqtiT gaizarda da 25.3 procenti Sead-

gina, rac odnav CamorCeba krizisamdel 2007 wlis maCvenebels (25.8 procenti).

sagadasaxado Semosavlebis struqturaSi arapirdapiri gadasaxadebis wili 57 procents

Seadgens, pirdapiri gadasaxadebis ki - 43 procents. 2011 wels arapirdapiri gadasaxadebi

ufro naklebad gaizarda (23.2 procenti), vidre pirdapiri gadasaxadebi (29.9 procenti).

sagadasaxado Semosavlebis zrdaSi yvelaze didi wvlili dRg-ze modis (12 procentuli

punqti), romelic 26 procentiT gaizarda. mniSvnelovani wvlili aseve modis saSemosavlo

da mogebis gadasaxadebze (Sesabamisad 7 da 5 procentuli punqti). sagadasaxado Semosav-

lebis struqtura wina welTan SedarebiT umniSvnelod Seicvala. masSi gaizarda mogebis

gadasaxadis wili (11.8 procentidan 13.6 procentamde), xolo aqcizisa da qonebis gadasax-

adebis wilebi Semcirda.

0%

4%

8%

12%

16%

20%

24%

28%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2004 2005 2006 2007 2008 2009 2010 2011

( )- ( )

diagrama 8naerTi biujetis sagadasaxado Semosavlebis Sefardeba mSp-Tan 2004-2011 ww.



2011 wels naerTi biujetis xarjebis Tanafardobam mSp-Tan 32 procenti Seadgina da

wina welTan SedarebiT 2.9 procentuli punqtiT Semcirda. absolutur gamoxatulebaSi

2011 wels wina welTan SedarebiT naerTi biujetis xarjebi 502 mln lariT (6.9 pro-

centiT) gaizarda da 7.75 mlrd lari Seadgina. aRsaniSnavia, rom naerTi biujetis xarjebi

ufro naklebad gaizarda vidre Semosavlebi, ramac deficitis mniSvnelovani Semcireba

gaxada SesaZlebeli. gaizarda saxelmwifo biujetis xarjebic (489 milioni lariT) da

7.46 miliardi lari Seadgina, rac wlis saboloo gegmis 97.5 procentia. saxelmwifo biu-

jetis Tavdapirvel gegmaSi xarjebi gansazRvruli iyo 6.7 mlrd laris odenobiT, Tumca

ekonomikis mosalodneli zrdis prognozis gaumjobesebis gamo, saqarTvelos mTavrobam

gazarda saxelmwifo biujetis xarjebis gegma 7.4 mlrd laramde.

naerTi biujetis xarjebSi yvelaze didi wili kapitalur xarjebze (21.9 procenti) da

socialur uzrunvelyofaze (21.4 procenti) modis. kapitaluri xarjebis maRali wili

45%

14%25%

4%

10%

1%

1%

diagrama 9naerTi biujetis sagadasaxado Semosavlebi saxeebis mixedviT 2011 w.


0%

5%

10%

15%

20%

25%

30%

35%

40%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

( )

- ( )

diagrama 10naerTi biujetis xarjebi da maTi Tanafardoba mSp-Tan 2004-2011 ww.



mniSvnelovnad aadvilebs fiskaluri konsolidaciis process, radgan xarjebis Semcirebis

aucileblobis SemTxvevaSi kapitaluri xarjebis Semcireba socialurad yvelaze naklebad

mtkivneulia.

saxelmwifo biujetis deficitis moculoba Tavdapir-

velad 872 mln lariT ganisazRvra, SemdgomSi saxelmwifo

biujetis deficitis gegma odnav Semcirda 852.5 mln lar-

amde. faqtobrivi deficiti dagegmilze mcire iyo (781.1

mln lari) da mSp-s 3.3 procenti Seadgina. rac Seexeba

naerTi biujetis deficits, man 877.8 mln lari (mSp-s 3.6

procenti) Seadgina. deficitis dafinanseba ZiriTadad sagareo valdebulebebis zrdis

xarjze moxda, romelmac 548 mln lari Seadgina. privatizaciiT deficiti 377.5 mln lar-

iT, xolo Sida valis zrdis Sedegad 48.1 mln lariT dafinansda. amasTan, Tavisufali

sabrunavi saSualebebi 95.8 mln lariT gaizarda.

2011 wels saqarTvelos saxelmwifo da saxelmwifo garantiiT aRebuli sagareo vali 519

mln lariT gaizarda da 31 dekembris mdgomareobiT 7.5 mlrd lari Seadgina. mniSvnelovnad

gaizarda vali msoflio bankTan da aziis ganviTarebis bankTan, xolo qveynebidan ki germa-

niasTan. 2011 wels saxelmwifo sagareo valma saqarTvelos mSp-s 30.9 procenti Seadgina,

rac 2.7 procentuli punqtiT naklebia 2010 wlis monacemze. krizisul wlebSi sagareo

valis mSp-Tan Tanafardoba mkveTrad gaizarda, risi gamomwvevi mizezic 2008-09 wlebSi

mniSvnelovani odenobiT axali valis aReba gaxda, rogorc saerTaSoriso safinanso or-

ganizaciebidan (saerTaSoriso savaluto fondi, msoflio banki, rekonstruqciisa da gan-

viTarebis saerTaSoriso banki, aziis ganviTarebis banki da sxva), agreTve donori saxel-

mwifoebidan (evrokavSiri da sxva). sagareo valis zrdis miuxedavad, ekonomikis zrdis

maRali tempis miRwevis Sedegad 2011 wels sagareo va-

lis tvirTi Semcirda.

2011 wels finansTa saministrom gaagrZela saxazino

valdebulebebisa da obligaciebis gamoSveba, romlis

mizansac biujetis deficitis dafinansebasTan erTad

fasiani qaRaldebis bazris ganviTareba, agreTve valis

5%

4%

21%

16%

14%

22%

3%

15%

21%

diagrama 11naerTi biujetis gadasaxdelebi saxeebis mixedviT mSp-Tan 2004-2011 w.


2011 wels saxelmwifo sagareo

valma saqarTvelos mSp-s 30.9

procenti Seadgina, rac 2.7

procentuli punqtiT nakle-

bia 2010 wlis monacemze.

sagareo valis zrdis miuxedavad,

ekonomikis zrdis maRali tempis

miRwevis Sedegad 2011 wels sa-

gareo valis tvirTi Semcirda.


marTvis gaumjobeseba warmoadgens. 2011 wels

finansTa saministrom aqcenti ufro grZelva-

diani fasiani qaRaldebis gamoSvebaze gaakeTa.

Sedegad Sewyda 6-Tviani saxazino valdebule-

bebis gamoSveba da daiwyo 5-wliani saxazino ob-

ligaciebis emisia. grZelvadiani obligaciebis

gamoSveba amcirebs rogorc saprocento, aseve

refinansirebis risks. aRsaniSnavia, rom fasiani

qaRaldebis bazris ganviTarebis xelSewyobis

mizniT mTavrobas 2012 wlisTvis gansazRvruli aqvs 1, 2 da 5-wlian obligaciebTan erTad

10-wliani obligaciebis emisia ganaxorcielos.

sul 2011 wels 413 mln laris saxazino valdebulebebi iqna gamoSvebuli, dafarvebma

ki 326 mln lari Seadgina. wina welTan SedarebiT Sida valis wili mSp-Si 1.1 procentuli

punqtiT Semcirda da 7.6 procenti Seadgina. mTlianma saxelmwifo valma mSp-s 38.6 pro-

centi Seadgina; aRniSnuli done valis mdgradobisaTvis kritikul maCvenebelze (mSp-s 60

procenti) bevrad naklebia.

0%

6%

12%

18%

24%

30%

36%

42%

48%

54%

60%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

( )( )

– ( )– ( )

diagrama 12 saxelmwifo vali da wili mTlian Sida produqtSi1998-2011 ww.


wina welTan SedarebiT Sida valis wili

mSp-Si 1.1 procentuli punqtiT Semcir-

da da 7.6 procenti Seadgina. mTlianma

saxelmwifo valma mSp-s 38.6 procenti

Seadgina; aRniSnuli done valis mdgra-

dobisaTvis kritikul maCvenebelze (mSp-s

60 procenti) bevrad naklebia.

1.5 ekonomikis sagareo seqtori da sagadasaxdelo balansi

2011 wlis sagadasaxdelo balansis mimdinare angariSis deficitma 1.68 mlrd aSS do-

lari Seadgina, rac mSp-s 11.7 procentia da 40.6 procentiT metia gasuli wlis analogiur

maCvenebelze. amasTan, mimdinare angariSis deficiti araTu srulad dafinansda, aramed

gaizarda sarezervo aqtivebic.

sagadasaxdelo balansis mimdinare angariSis saqonlis balansSi gazrdili iyo rogorc

eqsporti, aseve importi. saqonlis eqsportma 2011 wels 3.3 mlrd aSS dolari Seadgina,

rac 32.2 procentiT metia wina wlis monacemze, xolo saqonlis importi wliurad 32.0

procentiT gaizarda da 6.7 mlrd aSS dolari Seadgina. 2010 welTan SedarebiT eqsportiT

importis gadafarvis koeficienti 0.1 procentuli punqtiT gaizarda da 48.9 procenti


Seadgina. amavdroulad, momsaxurebis balansi, romelic mniSvnelovan rols asrulebda

saqonlis uaryofiTi balansiT gamowveuli deficitis dafinansebaSi, saangariSo periodis

ganmavlobaSi, 726.4 mln aSS dolars gautolda, rac wina

wlis Sesabamis periodTan SedarebiT 41.5 procentiT me-

tia. momsaxurebis angariSSi aRsaniSnavia turizmi, romlis

dadebiTi saldo 2010 welTan SedarebiT 57.2 procentiT

gaizarda da 723.4 mln aSS dolars gautolda.11 Semosavlis

angariSis balansi 2008 wlidan uaryofiTi gaxda, radgan

misma uaryofiTma komponentma - sainvesticio Semosavalma

(xarjma) gadaaWarba dadebiT komponents - SromiT Semosavlebs. 2011 wlis Semosavlebis

angariSis uaryofiTi saldo 36.0 procentiT gaizarda da 302.4 mln aSS dolari Seadgina.

aqedan, SromiTi Semosavlebi, wina wlis analogiur periodTan SedarebiT, 29.7 procentiT,

xolo sainvesticio Semosavali (xarji) 32.2 procentiT gai zarda. mimdinare transferebi

mimdinare angariSis yvelaze msxvili dadebiTi komponentia. saangariSo periodSi mimdi-

nare transferebis dadebiTi saldo saqonlis deficitis 38.2 procents faravda. mimdin-

are transferebis wliurma zrdis tempma 18.6 procenti Seadgina da 1.3 mlrd aSS dolars

gautolda (mSp-s 9.1 procenti). aqedan, samTavrobo seqtoris transferebis wili 9.1 pro-

cents Seadgenda.

kapitalisa da finansuri angariSis dadebiTma saldom 1.7 mlrd aSS dolari Seadgi-

na, rac 40.4 procentiT aWarbebs wina wlis analogiur maCvenebels. aqedan, finansur an-

gariSze dafiqsirda zrda 545.7 mln aSS dolari, xolo kapitalis angariSze 55.2 mln aSS

dolaris odenobiT kleba. finansuri angariSis saldo wina wlis analogiur maCvenebelTan

SedarebiT 54.2 procentiT gaizarda da 1.6 mlrd aSS dolari Seadgina, rac ZiriTadad

sxva investiciebis angariSze ucxouri SemodinebebiT iyo ganpirobebuli. saqarTveloSi

ganxorcielebuli pirdapiri ucxouri investiciebi saangariSo periodSi wina welTan Se-

darebiT 21.4 procentiT gaizarda da 827.5 mln aSS dolari Seadgina.

11 2011 wlis monacemebi winaswaria da eqvemdebareba dazustebas saqstatis mier wliuri statistikuri gamokvle-

vis masalebis damuSavebis Semdeg. dazustebuli monacemebi gamoqveyndeba 2012 wlis agvistos bolos.

19.8%

22.1%

10.6% 10.3%11.7%

0%

5%

10%

15%

20%

25%

2007 2008 2009 2010 2011

//

diagrama 13 mimdinare angariSis deficiti da mTliani saerTaSoriso rezervi11

wyaro: saqarTvelos erovnuli banki

saqonlis eqsportma 2011 wels

3.3 mlrd aSS dolari Seadgi-

na, rac 32.2 procentiT metia

wina wlis monacemze.


pirdapiri investiciebis 1.4 procenti soflis meurneobaSi ganxorcielda, 22.2 procenti

- mrewvelobaSi. danarCeni investiciebi momsaxurebis sxvadasxva sferoebze gada nawilda,

maT Soris: 18.1 procenti - safinanso seqtorSi; 16.1 procenti - energetikaSi; 12.5 pro-

centi - uZrav qonebaSi; 13.3 procenti - transportsa da kavSirgabmulobaSi; 16.3 procenti

ki momsaxurebis sxva sferoebSi.12

sxva investiciebis angariSis saldom

saangariSo periodSi 1.2 mlrd aSS do-

lari Seadgina. aqedan, sxva investiciebis

aqtivebis operaciuli kleba 269.1 mln

aSS dolars Seadgenda. maT Soris, 293.5

mln aSS dolari depozitebis kleba iyo,

rac umTavresad sabanko seqtoris ucxo-

uri depozitebis Semcirebis Sedegi iyo.

sabanko seqtoris ucxouri depo zitebi

317.0 mln aSS dolariT Semcirda. 2011

wlis pirvel kvartalSi erovnulma ban kma

etapobrivad, 15 procentamde gazarda

sarezervo moTxovnebi ucxouri valutiT

mozidul saxsrebze, ris Sedegadac 276

mln aSS dolari sabanko seqtoris an-

gariSidan gadavida sarezervo aqtivebSi. ararezidentebze gacemuli sesxebisa da akredi-

tivebze ganTavsebuli Tanxebis klebam 24.4 mln aSS dolari Seadgina; savaWro kreditebis

da sxva investiciebis aqtivebis zrdam ki 48.9 mln aSS dolari.

sxva investiciebis valdebulebebi saangariSo periodSi operaciuli cvlilebis Sede-

gad 906.8 mln aSS dolariT gaizarda. aqedan sesxebi 696.9 mln aSS dolars Seadgenda. maT

12 2011 wlis monacemebi winaswaria da eqvemdebareba dazustebas saqstatis mier wliuri statistikuri gamokv-

levis masalebis damuSavebis Semdeg. dazustebuli monacemebi gamoqveyndeba 2012 wlis agvistos bolos.

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

1,800.0

2,000.0

2007 2008 2009 2010 2011

diagrama 14saqarTveloSi ganxorcielebuli pirdapiri da portfelis investiciebi12


saqarTveloSi ganxorcielebuli pirdapiri

ucxouri investiciebi saangariSo periodSi

wina welTan SedarebiT 21.4 procentiT gai-

zarda da 827.5 mln aSS dolari Seadgina.

pirdapiri investiciebis 1.4 procenti soflis

meurneobaSi ganxorcielda, 22.2 procenti -

mrewvelobaSi. danarCeni investiciebi momsa-

xurebis sxvadasxva sferoebze gada nawilda,

maT Soris: 18.1 procenti - safinanso seqtorSi;

16.1 procenti - energetikaSi; 12.5 procenti -

uZrav qonebaSi; 13.3 procenti - transportsa

da kavSirgabmulobaSi; 16.3 procenti ki momsa-

xurebis sxva sferoebSi.


cxrili 4saqarTvelos sagadasaxdelo balansis analitikuri warmodgena (2007-2011ww.)13

mln aSS dolari 2007 2008 2009 2010 2011

mimdinare angariSi -2,009.4 -2,823.7 -1,144.1 -1,196.6 -1,681.9

saqonlis balansi -2,895.8 -3,836.2 -2,399.9 -2,586.3 -3,408.2

eqsporti 2,088.3 2,428.0 1,893.6 2,462.2 3,254.5

importi -4,984.1 -6,264.2 -4,293.5 -5,048.5 -6,662.7

momsaxureba 161.2 21.0 339.7 513.5 726.4

krediti 1,094.1 1,260.5 1,313.6 1,598.8 1,979.5

debeti -932.9 -1,239.4 -973.9 -1,085.3 -1,253.1

Semosavlebi (wminda) 36.8 -68.8 -51.4 -222.3 -302.4

aqedan: procentis gadaxda -121.8 -249.6 -247.8 -257.1 -309.3

transferebi (wminda) 688.5 1,060.4 967.5 1,098.5 1,302.3

aqedan: saxelmwifo seqtori 138.5 365.0 141.0 174.3 134.5

aqedan: gzavnilebi krediti 245.0 305.1 317.4 416.6 600.7

aqedan: sxva kerZo transferebi krediti 316.4 407.6 520.9 534.5 582.2

kapitalis angariSi 127.9 112.3 182.5 206.4 151.2

finansuri angariSi 2,321.6 2,694.6 1,361.1 976.3 2,065.0

pirdapiri investiciebi (wminda) 1,673.9 1,417.4 676.9 681.6 827.5

aqedan: pirdapiri investiciebi saqarTveloSi 1,750.2 1,564.0 658.4 816.7 973.1

erovnuli banki (wminda) -101.3 21.6 247.0 -0.4 2.1

116.3 651.4 385.6 336.3 301.4

portfelis investicia (wminda) 0.0 501.0 0.0 0.0 26.2

grZelvadiani sesxebi (miRebuli) 111.0 191.3 358.7 335.0 274.1

kerZo seqtori (pirdapiri investiciebis garda) 632.7 604.2 51.6 -41.1 934.1

sabanko seqtori 569.3 402.9 -64.5 -212.5 779.5

sesxi (miRebuli) 653.0 596.1 -243.4 18.1 157.3

grZelvadiani 570.6 406.3 7.6 6.7 -1.0

moklevadiani 82.4 189.7 -251.1 11.3 158.3

sxva wminda (naRdi fuli da depozitebi) -104.8 -302.1 170.7 -220.4 532.9

sxva seqtori 63.4 201.3 116.1 171.3 154.6

portfelis investicia (wminda) -0.1 16.7 3.8 262.3 1.0

grZelvadiani sesxebi (miRebuli) 96.5 60.9 152.1 31.5 239.8

sxva -32.9 123.7 -39.8 -122.4 -86.2

Secdomebi da gamotovebebi -33.3 -35.7 51.5 -16.6 -21.9

mTliani balansi 406.8 -52.5 451.1 -30.5 512.5

mTliani dafinanseba -406.8 52.5 -451.1 30.5 -512.5

sarezervo aqtivebi -377.0 -130.7 -616.4 -208.0 -572.4

fondis resursebis gamoyeneba 3.1 221.6 312.6 275.7 -59.2

gansakuTrebuli dafinanseba -32.9 -38.4 -147.2 -37.2 119.2

mniSvnelovani koeficientebi

rezervi importis TveebSi 3.3 2.8 5.9 5.4 5.1

eqsporti/importTan (procenti) 41.9 38.8 44.1 48.8 48.8

mimdinare angariSi/mSp-Tan (procenti) 19.8 22.1 10.6 10.3 11.7

pirdapiri investiciebi/mSp-Tan (procenti) 11.5 13.7 14.5 5.7 5.7

wminda transfertebi/mSp-Tan (procenti) 6.8 8.3 9 9.4 9.1

mTliani sagareo vali/mSp 56.9 59.6 80.4 84.6 77.7


Soris, 275.0 mln aSS dolari samTavrobo seqtoris sesxebi iyo; 241.0 mln aSS dolari -

sabanko seqtoris sesxebi; 240.3 mln aSS dolari - sxva seqtoris sesxebi. erovnuli bankis

sesxi 59.5 mln aSS dolariT Semcirda. sabanko seqtoris mier ararezidentebisgan mo-

ziduli depozitebi 190.9 mln aSS dolariT gaizarda.13

13 2011 wlis monacemebi winaswaria da eqvemdebareba dazustebas saqstatis mier wliuri statistikuri gamokv-

levis masalebis damuSavebis Semdeg. dazustebuli monacemebi gamoqveyndeba 2012 wlis agvistos bolos.


sxva investiciebis pasivebsa da pirdapiri investiciebis sasesxo kapitalSi ganxor-

cielebulma operaciebma mTliani sagareo valis zrda ganapiroba; es maCvenebeli saangari-

So periodis ganmavlobaSi 1.3 mlrd aSS dolariT gaizarda da 2011 wlis 31 dekembris

mdgomareobiT 11.2 mlrd aSS dolari (mSp-s 77.7 procenti) Seadgina.

2011 wels mniSvnelovnad - 554.3 mln aSS dolariT gaizarda da 31 dekembris mdgomare-

obiT 2.8 mlrd aSS dolars (mSp-s 19.6 procenti) gautolda qveynis saerTSoriso re-

zervebi.

aRsaniSnavia, rom 2011 wels mimdinare angariSis deficits kvlav saqonliT vaWroba

gansazRvravda. qvemoT detaluradaa mimoxiluli saqonliT sagareo vaWrobis statistika,

romelic ZiriTadad eyrdnoba sabaJo samsaxurebis mier registrirebul monacemebs.14

2011 wels saqarTvelos sagareo savaWro brunvam 9.2 mlrd aSS dolari Seadgina, rac

35.5 procentiT metia 2010 wlis Sesabamis maCvenebelze. saqonlis registrirebulma eqs-

portma 39.1 procentiT gadaaWarba 2010 wlis analogiur maCvenebels da 2.2 mlrd aSS

dolars gautolda. amavdroulad, saqonlis registrirebuli importi 7.1 mlrd aSS do-

lari, gasuli wlis Sesabamis maCvenebels 34.5 procentiT aRemateboda. miuxedavad imisa,

rom saqonlis importis wliuri zrdis tempi mcirediT aRemateboda eqsportis zrdas,

gaRrmavda savaWro deficiti, vinaidan absoluturi maCvenebliT importis wliuri zrda

1.2 mlrd aSS dolariT aWarbebda eqsportis zrdas. 2011 wlis savaWro deficiti wina wlis

Sesabamis maCvenebels 32.5 procentiT aWarbebda da 4.9 mlrd aSS dolars Seadgenda.

cxrili 5registrirebuli eqsportis da importis wliuri zrdis tempebi

2007 2008 2009 2010 2011

eqsporti 31.6% 21.4% -24.1% 38.7% 39.1%

importi 41.8% 20.9% -30.6% 19.9% 34.5%

savaWro deficiti 45.3% 20.7% -32.6% 13.3% 32.5%


saqonlis eqsporti, daniSnulebis mixedviT, Semdegnairad gadanawilda: 3.9 procents

sainvesticio saqoneli Seadgenda; 53.3 procents - Sualeduri moxmarebis saqoneli; xolo

samomxmareblo saqonlis wilad 42.6 procenti modioda. saangariSo periodis ganmavlo-

baSi, wina welTan SedarebiT, gaizarda samomxmareblo saqonlis wili mTlian eqsportSi

(2010 wlis Sesabamisi maCvenebeli 36.1 procents Seadgenda); Sesabamisad Semcirda Suale-

duri moxmarebisTvis gankuTvnili saqonlis wili. samomxmareblo saqonlis eqsportis zr-

daSi yvelaze didi wvlili msubuqi avtomo-

bilebis reeqsportma Seitana, romelic 2011

wlis ganmavlobaSi stabilurad pirvel po-

ziciaze iyo. msubuqi avtomobilebis reeqs-

porti 2010 welTan SedarebiT TiTqmis gaor-

magda da importirebuli avtomobilebis 88.2

procents moicavda. samomxmareblo saqonlis

eqsportis zrdaSi aseve didi wvlili Seit-

ana Txilis eqsportma, romelic saangariSo

periodSi 130.1 mln aSS dolars Seadgenda,

14 saqonliT sagareo vaWrobis statistika ZiriTadad efuZneba sazRvris gadakveTis princips, maSin rodesac

sagadasaxdelo balansis komponenti saqonliT vaWroba dafuZnebulia rezidentsa da ararezidents Soris sa-

kuTrebis uflebis gadacemaze. garda amisa, aris kidev sxva meTodologiuri gansxvavebebi.

samomxmareblo saqonlis eqsportis zrda-

Si yvelaze didi wvlili msubuqi avtomo-

bilebis reeqsportma Seitana, romelic

2011 wlis ganmavlobaSi stabilurad pir-

vel poziciaze iyo. msubuqi avtomobileb-

is reeqsporti 2010 welTan SedarebiT

TiTqmis gaormagda da importirebuli av-

tomobilebis 88.2 procents moicavda.


rac rekordulad maRali maCvenebelia. Txilis eqsporti wina welTan SedarebiT orjer

gaizarda da 2011 wels meoTxe poziciaze iyo, rac, erTi mxriv, uxvma mosavalma da, meore

mxriv, saerTaSoriso bazarze fasebis zrdam ganapiroba. Txilis erT-erTi msxvili mim-

wodeblis, TurqeTis, cudma mosavalma gamoiwvia miwodebis Semcireba, ramac xeli Seuwyo

qarTul eqsports.

tradiciulad pirvel poziciaze myofi fero-

Senadnobebi 2011 wels meore poziciaze gadavida.

misi eqsporti wina welTan SedarebiT 3.4 pro-

centiT Semcirda da 254.9 mln aSS dolari Sead-

gina. kleba ZiriTadad produqciis eqsportis

moculobis Semcirebis xarjze moxda. eqsportSi

0

50

100

150

200

250

300

350

400

450

500

2010 2011

diagrama 15 umsxvilesi saeqsporto sasaqonlo jgufebi 2010-2011 ww


0

50

100

150

200

250

300

350

400

4502010 2011

diagrama 16saqarTvelos umsxvilesi savaWro partniori qveynebi eqsportis mixedviT


eqsportSi mesame poziciaze miner-

aluri sasu qebi iyo, romelic wina

welTan SedarebiT gaormagda, rac

gamowveuli iyo rogorc saqonlis

raodenobis, aseve fasis zrdiT.


mesame poziciaze mineraluri sasuqebi iyo, romelic wina welTan SedarebiT gaormag da,

rac gamowveuli iyo rogorc saqonlis raodenobis, aseve fasis zrdiT. mexuTe poziciaze

myofi Savi liTonebis jarTis eqsportis

wliuri zrdis tempma 6.8 procenti Sead-

gina da 116.8 mln aSS dolars gautolda.

oqros eqsporti 28.1 procentiT gaiz-

arda da 109.9 mln aSS dolari Seadgina.

wina welTan SedarebiT mniSvnelovnad

gaizarda alkoholiani da ualkoholo

sasmelebis eqsporti, ramac jamSi 184.6

mln aSS dolari Seadgina. 2011 wels qarTuli eqsportis mniSvnelovani samrewvelo saqon-

lis, naxSirbadiani foladis wnelebis (armatura), eqsportma 61 mln aSS dolari Seadgina,

rac wina welTan SedarebiT 71.8 procentiT metia.

2011 wels saqarTvelos umsxvilesi savaWro partniori qveynebi eqsportis mixedviT

iyvnen: azerbaijani, TurqeTi, somxeTi, yazaxeTi, aSS, ukraina, kanada, bulgareTi, italia da

germania. am qveynebis wilad modioda mTliani registrirebuli eqsportis 75.4 procenti.

cxrili 6umsxvilesi saeqsporto saqonlis ganawileba importiori qveynebis mixedviT (%)

msubuqi

avtomo-

bilebi

fero-

Senad-

nobebi

mine-

raluri

sasuqebi

Txili

Savi

liTo-

nis

jarTi

oqro

spilen-

Zis

madani

spirtiarmat-

uraRvino

azerbaijani 39.5 2.0 2.3 7.3 0.4 - - 9.6 58.7 3.9

TurqeTi 1.7 19.8 13.3 1.1 70.8 - - - 0.1 0.7

yazaxeTi 25.7 - - 1.0 - - - 8.9 - 16.3

aSS 0.7 36.9 26.9 - 0.8 - - 0.3 - 2.3

ukraina 1.0 11.8 - 4.6 - - - 48.8 - 41.7

somxeTi 21.7 - 3.8 0.1 0.1 - - 1.1 14.1 0.6

kanada - 1.5 - - - 100.0 - - - 0.7

bulgareTi - - 11.0 0.1 - - 90.4 - - 0.1

italia - - 4.9 16.2 - - - - - -

germania - 0.8 - 24.0 0.6 - - - - 1.5

sxva 9.7 27.2 37.7 45.6 27.2 - 9.6 31.2 27.1 32.4

sul 100 100 100 100 100 100 100 100 100 100


rac Seexeba imports, saqarTveloSi importirebuli saqonlis 47 procents samomxma-

reblo saqoneli Seadgenda, 14.1 procents - sainvesticio, xolo 38.6 procents - Suale-

duri moxmarebis saqoneli. saqonlis importis aRniSnuli ganawileba sakmaod stabiluri

iyo bolo wlebis ganmavlobaSi. importirebuli samomxmareblo saqonlis 27.5 procents

navTobproduqtebi (ZiriTadad benzini) Seadgenda, romlis importis wliuri zrdis tempi

31.1 procents gautolda, rac navTobze saerTaSoriso fasebis zrdiT iyo gamowveuli.

navTobproduqtebis importi mTliani importis 12.9 procents Seadgenda. importirebuli

samomxmareblo saqonlis 15.4 procenti msubuqi avtomobilebis wilad modioda, romlis

zrdis tempma 27.1 procenti Seadgina da romlis reeqsporti, avtomobilebis importis 88.2

procents Seadgenda. samkurnalo saSualebebis importi samomxmareblo saqonlis impor-

tis 6.1 procents Seadgenda da meoTxe poziciaze iyo. navTobis airebis importi, romelic

Sualeduri moxmarebis saqonels ganekuTvneba, wina welTan SedarebiT 47.4 procentiT

gaizarda da 236.6 mln aSS dolari Seadgina.

2011 wels saqarTvelos umsxvilesi savaWro

partniori qveynebi eqsportis mixedviT iyvnen:

azerbaijani, TurqeTi, somxeTi, yazaxeTi, aSS,

ukraina, kanada, bulgareTi, italia da germa-

nia. am qveynebis wilad modioda mTliani regis-

trirebuli eqsportis 75.4 procenti.


2011 wlis saqonlis registrirebuli importis 13.2 procents sakvebi produqtebi Sead-

genda. aqedan, 19.8 procenti (mTliani registrirebuli importis 2.6 procenti) xorblis

wilad modioda. wina welTan SedarebiT xorblis importze danaxarji 5.8 procentiT gaiz-

arda. xorblis Semdeg, sakvebi produqtebis importSi yvelaze didi wili Saqris da misgan

damzadebuli sakonditro nawarmis importis wilad modioda (kvebis produqtebis 11.8

procenti), wliuri 22.1 procenti zrdis tempiT. Semdegi pozicia xorcis produqtebs

eWira (kvebis produqtebis 11.5 procenti). Tambaqos da alkoholuri nawarmis importi

mTliani registrirebuli importis 2.3 procents Seadgenda da wina wlis Sesabamis peri-

odTan SedarebiT 8.9 procentiT iyo gazrdili.

saqonlis registrirebuli importis mixedviT umsxvilesi savaWro partniori qveynebi

iyvnen: TurqeTi, ukraina, azerbaijani, CineTi, germania, ruseTi, bulgareTi, aSS, arabTa

0100200300400500600700800900

1,0002010 2011

diagrama 17umsxvilesi saimporto saqonlis moculobis dinamika


0

200

400

600

800

1,000

1,200

1,400

2010 2011

diagrama 18saqarTvelos umsxvilesi savaWro partniori qveynebi importis mixedviT



gaerTianebuli saamiroebi da rumineTi. aRniSnuli qveynebis wilad mTliani registrire-

buli importis 69.4 procenti modioda.

cxrili 7 umsxvilesi saimporto sasaqonlo jgufebis ganawileba eqsportiori qveynebis mixedviT (%)

navTobproduqtebi

msubuqi a

vtomobil

ebi

navTobis a

irebi

medikamentebi

xorbal

i

kavSirgabmul

obis

aparatebi

metal

okonstruqciebi

Saqari

Tambaqos n

awarmi

gamomTvl

el

i m

anqanebi

azerbaijani 37.4 0.1 73.0 1.4 - - 1.2 3.2 - -

ukraina 0.1 0.1 - 5.0 27.2 0.1 11.4 18.0 76.3 -

TurqeTi 1.2 0.6 0.5 16.8 0.5 3.6 41.9 0.8 0.0 2.2

bulgareTi 21.2 0.1 - 4.1 - 0.5 0.1 - 6.8 -

ruseTis federacia 6.3 0.4 22.0 3.9 39.9 0.4 0.1 2.4 4.3 0.4

germania 0.9 21.0 - 10.0 - 8.5 2.8 0.3 5.4 9.4

aSS 0.1 25.4 - 1.3 - 1.0 - 0.2 - 1.8

rumineT 17.7 0.1 - 0.7 - 1.9 0.9 - - -

iaponia - 30.0 - 0.1 - - - - - -

CineTi - - - 0.1 - 19.2 7.2 - - 36.7

sxva 15.0 22.3 4.5 56.7 32.5 64.8 34.4 75.2 7.1 49.5

sul 100 100 100 100 100 100 100 100 100 100


1.6 safinanso bazrebi

kapitalis bazari

fasiani qaRaldebis bazari organizebuli saxiT saqarTveloSi warmodgenilia saqarTve-

los safondo birJiT, romelic funqcionirebs 1999 wlidan da sTavazobs sainvesticio

meqanizms rogorc adgilobriv, aseve ucxoel investorebs. aqve unda aRiniSnos, rom ka-

pitalis bazari saqarTveloSi jer ganuviTarebelia da Canasaxovan fazaSia. misi aqtivebi

safinanso seqtoris mTliani aqtivebis mxolod 0.01 procents Seadgens. 2011 wlis 31 de-

kembris mdgomareobiT, dRiuri savaWro brunva birJaze Seadgens saSualod 128 aTas lars,

xolo fasiani qaRaldebis sruli sabazro kapitalizacia15 1.3 mlrd laria. saqarTvelos

safondo birJis indeqsi (GSX) 2011 wlis ganmavlobaSi saSualod 102.5 niSnuls Seadgenda,

rac 13.9 punqtiT metia 2010 wlis maCvenebelze. 2011 wels birJaze daido 1281 garigeba.

garigebaTa mTliani Rirebuleba 19.3 mln lars Seadgens. kapitalis bazarze mniSvnelovani

wili ukavia komerciuli bankebis aqciebiT vaWrobas.

kvlavindeburad maRalia fiqsingis (savaWro sesiis gareT) dadebul garigebaTa xved-

riTi wili da igi mTliani Rirebulebis 87 procents Seadgens. 2011 wlis bolosaTvis,

fasiani qaRaldebis sabazro kapitalizaciis fardoba mSp-Tan 5.5 procents Seadgens (2010

wels am maCvenebelma 9.2 procenti Seadgina). miuxedavad imisa, rom es maCvenebeli aRe-

15 fasiani qaRaldis kapitalizacia ewodeba sidides, romelic warmoadgens fasiani qaRaldis mimdinare fasis

(igulisxmeba bolo savaWro sesiaze dafiqsirebuli daxurvis fasi) namravls am fasiani qaRaldis gamoSvebul da

ganTavsebul jamur raodenobaze.


mateba regionis zogierTi qveynis maCvenebels, gacilebiT CamorCeba evropis ganviTare-

badi qveynebis (saSualod 60 procenti) da aziis ganviTarebadi qveynebis (saSualod 150

procenti) maCveneblebs.

cxrili 8saqarTveloSi sabazro kapitalizaciis fardoba mSp-Tan, %

2005 2006 2007 2008 2009 2010 2011

5.5 8.6 13.7 2.6 6.8 9.2 5.5

wyaro: saqarTvelos safondo birJa

Sida savaluto bazari

2011 wlis ganmavlobaSi komerciulma bankebma mTlianobaSi Seisyides 13.1 mlrd, xolo

gayides 13.4 mlrd aSS dolari. evroTi vaWrobis maCveneblebi imave periodSi SedarebiT

mokrZalebulia: 4.1 mlrd da 4.4 mlrd evro Sesabamisad. savaluto auqcionebi saqarTve-

los erovnuli bankisTvis erTaderTi intervenciis saSualebaa bankTaSoris savaluto

bazarze. aRniSnuli bazris wliurma brunvam 460 mln aSS dolari Seadgina da TiTqmis 2010

wlis jamur intervencias gautolda. amasTan, saangariSo weli ZiriTadad xasiaTdeboda

saqarTvelos erovnuli bankis mier ucxouri valutis Sesyidvis operaciebiT (ix. diagrama

N 20). komerciul bankebsa da sxva subieqtebs Soris auqcions gareT valutiT vaWrobaSi

tradiciulad mniSvnelovani wili ukavia iuridiuli pirebisgan16 Sesyidvisa da gayidvis

operaciebs (moculobis 30 procenti da 34 procenti Sesabamisad). aRsaniSnavia uSualod

komerciul bankebs Soris dolari-laris wyvilze dadebuli garigebebi, romlebic wamyvan

rols TamaSoben yoveldRiuri oficialuri gacvliTi kursis gansazRvraSi. kerZod, aSS

dolaris mimarT laris oficialuri gacvliTi kursis dasadgenad saqarTvelos erovnuli

banki iTvaliswinebs „blumbergis“ savaWro sistemaSi registrirebul garigebebs. oficia-

luri gac vliTi kursis gasaangariSeblad gamoiyeneba mxolod aSS dolari-laris wyvilze

dadebuli spot-garigebaTa mixedviT gamoTvlili saSualo Sewonili mniSvneloba. sxva

16 komerciuli bankebis gareSe.

0

50

100

150

200

250

300

08.06

12.06

05.07

09.07

01.08

05.08

09.08

01.09

05.09

09.09

01.10

05.10

09.10

01.11

05.11

09.11

diagrama 19saqarTvelos safondo birJis GSX indeqsi, 2006 - 2011 ww.

wyaro: saqarTvelos safondo birJa


valutebis mimarT kursi ganisazRvreba saerTaSoriso bazarze an emitenti qveynebis Sida

savaluto bazarze arsebuli kursebis kros-kursuli gadaangariSebis safuZvelze.

savaWro sistemaSi 2011 wlis ganmavlobaSi aSS dolari-laris savaluto wyvilze 2580

garigeba daido da sul ganxorcielebulma brunvam 717 mln aSS dolari Seadgina, rac

bankTaSoris savaluto vaWrobis mTliani moculobis daaxloebiT 90 procentia. Sedar-

ebisTvis, 2010 wels aRniSnuli maCvenebeli 80 procenti iyo. amasTan vaWrobis intensivoba

gaizarda saSualod 8 garigebidan 13 garigebamde dReSi. yovelive es nawilobriv mianiS-

nebs im faqtze, rom bankTaSorisi savaluto bazari iZens met mniSvnelobas valutiT vaW-

robis mxriv.

savaluto auqcionebis amoqmedebis Semdeg mniSvnelovnad Semcirda savaluto bazarze

erovnuli bankis monawileoba, gaizarda gacvliTi kursis moqniloba. moklevadian peri-

odSi gaqra kursis prognozirebadoba, rac mniSvnelovania bazarze spekulaciuri molodi-

nebis SemcirebisaTvis da Sesabamisad kursis saSualo da grZelvadiani stabilurobisaTvis.

sava luto bazris ganviTarebisaTvis aucilebelia dazRvevis instrumentebis bazris ganvi-

Tareba. dReisTvis savaluto riskis dazRvevis instrumentebis, finansuri warmoebulebis,

bazris ganviTarebis dabali donis mizezi bazarze momxmareblebis mxridan moTxovnis nak-

lebobaa. amdenad finansuri warmoebulebis bazris ganviTarebisaTvis aucilebelia bazris

monawileTa Soris riskis dazRvevis instrumentebis SesaZleblobis Sesaxeb informaciis

gavrceleba, raSic mniSvnelovani roli erovnul bankTan erTad komerciul bankebsac eni-

WebaT. momavali wlebisTvis erovnuli bankis erT-erTi mizani savaluto forvarduli

bazris ganviTarebis xelSewyoba iqneba.

1.55

1.60

1.65

1.70

1.75

1.80

1.85

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

/

diagrama 20aSS dolari-lariT vaWrobis dinamika 2011 wels



2. fulad-sakredito da savaluto politika

2.1 fulad-sakredito politika

2011 wlis ganmavlobaSi saqarTvelos erovnuli bankis mier SemuSavebuli monetaruli

politika emsaxureboda misi ZiriTadi amocanis - fasebis stabilurobis uzrunvelyo-

fas. gatarebuli RonisZiebebi SesabamisobaSi iyo „saqarTvelos erovnuli bankis Sesaxeb“

saqarTvelos organuli kanonis me-3 muxliT dadgenil ZiriTad amocanebTan da funqcieb-

Tan. erovnuli bankis ZiriTadi amocanis fasebis stabilurobaze fokusireba eyrdnoba

sayovelTaod aRiarebul mosazrebas, rom dabali da prognozirebadi inflacia grZelva-

diani ekonomikuri zrdis aucilebeli winapirobaa. amasTan, unda aRiniSnos, rom organuli

kanoni avaldebulebs erovnul banks „uzrunvelyos safinanso sistemis stabiluroba da

gamWvirvaloba da xeli Seuwyos qveyanaSi mdgrad ekonomikur zrdas Tu es SesaZlebelia

ise, rom safrTxe ar Seeqmnas misi ZiriTadi amocanis Sesrulebas“. amgvarad, 2011 welsac

fasebis stabilurobaze orientirebuli fulad-sakredito da savaluto politika sain-

vesticio garemos gaumjobesebas, erovnuli valutis msyidvelunarianobis SenarCunebasa

da mTliani Sida produqtis zrdis potencialis amaRlebas emsaxureboda.

garda zemoaRniSnuli organuli kanonisa, 2011 wels saqarTvelos erovnuli bankis

mier ganxorcielebuli monetaruli politika SesabamisobaSi modioda saqarTvelos par-

lamentis dadgenilebasTan „2011-2013 wlebis fulad-sakredito da savaluto politikis

ZiriTadi mimarTulebebis Sesaxeb“. aRniSnuli dokumenti gansazRvravs inflaciis sam-

izne maCvenebels, romelic qveyanaSi moqmedi inflaciis TargeTirebis reJimis Sesabamisad

mkafiod unda iyos gansazRvruli Semdgomi periodisTvis. 2011-2013 wlebisTvis samizne

maCveneblad dadgenilia samomxmareblo fasebis wliuri zrda 6 procentis odenobiT

saSu alovadian periodSi. im SemTxvevaSi, Tu inflaciis saprognozo maCvenebeli aRemateba

miznobrivs, saqarTvelos erovnuli banki gaamkacrebs monetarul politikas, xolo Tu in-

flaciis saprognozo maCvenebeli miznobrivze ufro naklebia, erovnuli banki Serbilebis

politikas mimarTavs.

2011 wels saqarTvelos erovnuli bankis monetaruli politika xorcieldeboda mak-

roekonomikuri garemos, msoflio bazrebze mimdinare procesebisa da qveynis SigniT

politikur-ekonomikuri viTarebis kompleqsuri analizis safuZvelze. mxedvelobaSi mi-

iReboda saqarTvelos ZiriTad savaWro partnior qveynebSi arsebuli fasebis dinamika,

mTavrobis fiskaluri politika, safinanso da savaluto bazrebze arsebuli tendencie-

bi, saerTaSoriso sasaqonlo bazrebze fasebis dinamika, samomxmareblo fasebis kalaTi-

sa da monetaruli gadacemis Taviseburebani, rac inflaciis molodinis formirebasa da

erovnuli valutisadmi sazogadoebis ndobis amaRlebas ganapirobebda.

2011 wlis pirvel naxevarSi grZeldeboda 2010 wlis zafxulidan dawyebuli inflaci-

is maCveneblis zrdis tendencia. rogorc ukve aRiniSna, fasebis donis matebaSi mTavari

wvli li sursaTze modioda, maSin rodesac momsaxurebis seqtorSi inflaciis maCvenebeli

dabal doneze narCundeboda. aRniSnuli faqtorebi miuTiTebda, rom qveyanaSi momZlavre-

buli inflaciuri zewola miwodebis SezRudviT iyo ganpirobebuli da ar ukavSirdeboda

erToblivi moTxovnis siWarbes. 2011 wlis ianvarSi 12.3 procenti wliuri inflacia dafiq-


sirda, romelSic sursaTis wvlili 10.5 procenti iyo. momsaxurebis seqtoris wliuri in-

flacia ki 1.7 procents Seadgenda. wliuri inflaciis maCvenebelma piks, 14.3 procents,

maisis TveSi miaRwia, Semdgom ki tendencia Semcirebis mimarTulebiT Seicvala da swrafi

tempebiT daiwyo kleba. seqtembris TveSi wliuri inflacia samizne maCvenebels Camoscda

da wlis bolosTvis 2 procenti Seadgina.

saqarTvelos samomxmareblo kalaTaSi, rogorc es ganviTarebadi qveynebisTvisaa

damaxasiaTebeli, didi wili sursaTze modis. es kategoria ki fasebis didi cvalebado-

biT gamoirCeva da inflaciis meryeobis mTavar mizezs warmoadgens. 2010 wels msoflio

bazarze ganviTarebulma movlenebma, uamindobiT gamowveulma cudma mosavalma rogorc

saqarTveloSi, aseve mezobel qveynebSi, sakvebi produqtebis miwodebis mkveTri Semcire-

ba gamoiwvia, rac aisaxa sursaTis fasebze da gamoiwvia misi zrda adgilobriv bazarze.

aRniSnuls Tan daerTo navTobis fasis meryeobac, ramac, Tavis mxriv, gazarda warmoebis

danaxarjebi da aseve aisaxa mgzavrobis safasurze.

rogorc zemoT aRiniSna, qveynis ekonomikis ganviTarebis mocemul etapze, samizned

wliuri inflaciis 6 procentiani maCvenebeli ganisazRvra. amasTanave gasaTvaliswinebe-

lia, rom egzogenuri (monetaruli politikisgan damoukidebeli) faqtorebiT gamowveuli

inflaciuri Sokebis SemTxvevaSi, SesaZlebelia inflaciis donis gadaxra samizne maCveneb-

lisagan, radgan monetaruli politikis zegavlena SezRudulia aseTi faqtorebis zemoqme-

debis winaaRmdeg. monetaruli politika erTobliv moTxovnaze zemoqmedebis instrumentia

da gare, miwodebis SokebiT gamowveuli uaryofiTi efeqtis misi cvlilebiT ganeitraleba

SeuZlebelia. aRniSnul SemTxvevaSi monetaruli politikis gamkacrebas ekonomikis zrdis

Semaferxebeli zegavlena eqneba da, rogorc wesi, centraluri bankebi aseT Sokebze ar

reagireben. Tumca, msoflio bazrebze mimdinare movlenebis fonze Seiqmna safrTxe, rom

2011 wlis pirvel naxevarSi egzogenuri Zalebi gavlenas moaxdenda inflaciaze moqmed

iseT fundamentur faqtorze, rogoricaa inflaciuri molodini. sursaTze fasebis zrda

xels uwyobs sazogadoebaSi inflaciis molodinebis formirebas. msgavs SemTxvevebSi ki

erovnuli bankis mier gamkacrebis politikis gatarebaa mizanSewonili.

gasaTvaliswinebelia, rom monetaruli politikis cvlileba garkveuli drois Semdeg

povebs asaxvas realur ekonomikaze. miuxedavad imisa, rom 2010 wlis meore naxevridan da wyebuli

gamkacrebis politika jer srulad ar iyo asaxuli sesxebis saprocento ganakve Tebsa

da Sesabamisad, sesxebis zrdis tempze, 2011 wlis TebervalSi monetaruli politikis

komitetma mizanSewonilad miiCnia politikis Semdgomi gamkacreba. amgvarad, inflaciuri

molodinis kontrolis mizniT, monetaruli politikis ganakveTi 7.5 procentidan 8 pro-

centamde gaizarda.

2010 wlis meore naxevarsa da 2011 wlis dasawyisSi gatarebuli monetaruli politikis

gamkacrebis Sedegebi TandaTanobiT aisaxa realur ekonomikaze da erToblivi moTxovnis

mxridan inflaciuri wnexi Seamcira. miuxedavad imisa, rom maisis TveSi inflaciis maCven-

ebelma piks - 14.3 procents - miaRwia, dabali rCeboda sabazo inflacia sursaTisa da

energomatareblebis gamoklebiT - 1.7 procenti da aseve dabali iyo momsaxurebis seq-

toris inflacia - 1 procenti, rac erToblivi moTxovnis mxridan inflaciuri zewolis

sisusteze miuTiTebda. amasTan, im droisaTvis arsebuli prognozebiT mosalodneli iyo,

rom egzogenuri Sokebis milevasTan erTad daiwyeboda inflaciis maCveneblis Semcireba

da wlis bolosTvis daubrundeboda miznobriv maCvenebels.

2011 wlis gazafxulidan saerTaSoriso sasaqonlo bazrebze fasebis klebis tendencia

dafiqsirda. kerZod, fasebi Semcirda navTobsa da Saqarze. ruseTisa da ukrainis mxridan

xorblis eqsportze embargos moxsnam ki purproduqtebis fasebis Semcireba ganapiroba da


damatebiTi wvlili Seitana inflaciis SemcirebaSi.

Sedegad, 2011 wlis zafxulidan inflaciis maCveneblis tendencia klebis mimarTule-

biT Seicvala da mosalodnelze maRali tempebiT Semcire-

ba daiwyo. ganaxlebuli prognozebiT mosalodneli iyo,

rom wliuri inflacia miznobriv maCvenebels Camocdeboda

wlis bolosTvis da Semdgomac dabal doneze SenarCunde-

boda. am prognozebis, saerTaSoriso bazrebze arsebuli

fasebis tendenciebisa da egzogenuri faqtorebis zegav-

lenis Semcirebis fonze, 2011 wlis ivlisidan erovnulma

bankma monetaruli politikis Serbileba daiwyo. amgvarad,

politikis ganakveTi 25-25 sabaziso punqtiT mcirdeboda

ivlisSi, agvistoSi, oqtomberSi, noembersa da dekemberSi. Sedegad, politikis ganakveTi

wlis meore naxevarSi jamuri 1.25 procentuli punqtiT Semcirda 6.75 procentamde. rac

Seexeba inflaciis maCvenebels, seqtembris TveSi is Camocda miznobriv maCvenebels 4.6

procentamde da wlis bolosTvis 2 procenti Seadgina. miuxedavad imisa, rom gasuli wlis

ganmavlobaSi inflaciis maCvenebelma sakmaod maRal niSnuls miaRwia, ukanaskneli wlebis

ganmavlobaSi sami wlis saSualo inflaciis maCvenebeli 6 procentis irgvliv meryeobs,

rac erovnuli bankis miznobriv maCvenebels warmoadgens.

monetaruli politikis Serbilebam qveynis ekonomikur aqtivobazec pova asaxva. wlis

meore naxevarSi mniSvnelovnad moimata komerciuli bankebis mier erovnuli valutiT

gacemuli sesxebis zrdis tempebma, ramac, Tavis mxriv, ekonomikur zrdas Seuwyo xeli.

2011 wlis mesame-meoTxe kvartalebSi mTliani Sida produqtis mosalodnelze maRali

zrdebi dafiqsirda da sabolood mSp-s wliurma zrdam 7 procenti Seadgina.

zemoaRwerilidan cxadia, rom 2010 wlis meore naxevridan dafiqsirebuli inflaciis

zrda ZiriTadad monetaruli politikisagan damoukidebeli faqtorebiT iyo ganpirobe-

buli. Tumca molodinebis kontrolis da moTxovnis mxridan damatebiTi zewolis aR-

mofxvris mizniT, saqarTvelos erovnuli banki gamkacrebis politikas axorcielebda,

rac monetaruli politikis ganakveTis zrdaSi aisaxeboda. am instrumentis paralelu-

rad, cvlilebebi Seexo savaldebulo darezervebis normasac. 2010 wlis dekembris TveSi

ukanaskneli wlebis ganmav-

lobaSi sami wlis saSualo

inflaciis maCvenebeli 6 pro-

centis irgvliv meryeobs, rac

erovnuli bankis miznobriv

maCvenebels warmoadgens.

0.0

2.0

4.0

6.0

8.0

10.0

12.0

08 08 09 09 09 09 10 10 10 10 11 11 11 11

diagrama 21monetaruli politikis ganakveTi (%)



saqarTvelos erovnulma bankma miiRo gadawyvetileba etapobrivad gaezarda sarezervo

moTxovna ucxouri valutiT mozidul saxsrebze 5 procentidan jer 10, Semdeg ki - 15 pro-

centamde. es cvlileba ZalaSi 2011 wlis ianvar-

TebervalSi Sevida. aRniSnuli nabijiT erovnu-

li banki miznad isaxavda gamkacrebis politikis

gavrcelebas ucxouri valutis resursze.

rogorc aRvniSneT, 2011 wlis pirvel naxe-

varSi erovnuli bankis qmedebebi mimarTuli iyo

qveyanaSi inflaciis donis Semcirebisken. wlis

meore naxevridan, inflaciuri Zalebis Semcire-

bis fonze, Serbilebis politika tardeboda. am

procesebis paralelurad, erovnulma bankma mi-

zanSewonilad miiCnia Semdgomi cvlileba Seetana savaldebulo darezervebis wesSi da

komerciuli bankebis grZelvadiani dafinansebis waxalisebis mizniT, sarezervo norma

Seemcirebina grZelvadianad nasesxebi saxsrebisTvis. kerZod, narCeni vadianobebis mixed-

viT, erovnuli valutiT 1 welze meti vadianobis da ucxouri valutiT 2 welze meti va-

dianobis nasesxebi saxsrebi gaTavisuflda savaldebulo darezervebisgan. xolo ucxouri

valutiT 1-dan 2 wlamde vadianobis nasesxebi saxsrebisTvis sarezervo norma 5 procen-

tamde Semcirda. aRniSnuli cvlileba stimuls miscems grZelvadiani ucxouri resursis

mozidvasac, rac mniSvnelovania qveyanaSi ucxouri kapitalis Semodinebis kuTxiT.

zemoaRwerili RonisZiebebis paralelurad, erovnuli banki aqtiurad atarebda Ria

bazris operaciebs 3 da 6 Tviani sadepozito sertifikatebis saSualebiT. garda imisa,

rom am instrumentis saSualebiT xorcieldeba saSualovadiani likvidobis amoReba sa-

banko sistemidan, amavdroulad xdeba fuladi bazris ganviTarebis xelSewyoba. 2011 wlis

ganmavlobaSi sadepozito sertifikatebis emisiebis moculobebi ise daigegma, rom naSTi

pirvel kvartalSi daaxloebiT 100 mln lariT gaizarda da Semdgom wlis bolomde erT

doneze - daaxloebiT 450 mln laris irgvliv meryeobda. aRsaniSnavia, rom 6-Tviani sad-

epozito sertifikatebis gamoSveba gasuli wlis aprilis Tvidan daiwyo, rac gamowveuli

iyo im garemoebiT, rom analogiuri vadianobis saxazino valdebulebebis gamoSveba Sewyda

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

diagrama 22 sami wlis saSualo inflacia 2009-2011 wlebSi

wyaro: saqarTvelos statistikis erovnuli samsaxuris da saqarTvelos erovnuli bankis gaTvlebi

monetaruli politikis Serbilebam

qveynis ekonomikur aqtivobazec pova

asaxva. wlis meore naxevarSi mniS-

vnelovnad moimata komerciuli bankebis

mier erovnuli valutiT gacemuli sesx-

ebis zrdis tempebma, ramac, Tavis mxriv,

ekonomikur zrdas Seuwyo xeli.


finansTa saministros mier.

sadepozito sertifikatebis emisiebis moculobebis dagegmva xdeba yovelkvartalurad

saqarTvelos erovnuli bankis mier. 2011 wlis bolos biujetis xarjebis zrdis Sedegad

mosalodnelze ufro didi zrda dafiqsirda sarezervo fulze da sabanko sistemaSi War-

bi likvidobis dagroveba gamoiwvia. Sedegad Semcirda moTxovna refinansirebis sesxebze

da Sesustda monetaruli politikis gadacema ekonomikaze, ris sapasuxodac erovnulma

bankma 2012 wlis pirveli kvartalisaTvis sadepozito sertifikatebis emisiebis gazrdili

moculobebi dagegma. pirveli kvartalis kalendris mixedviT, 2012 wlis martis bolosaT-

vis sadepozito sertifikatebis naSTi 115 mln lariT gaizrdeba 2011 wlis meoTxe kvarta-

lis bolos arsebul donesTan SedarebiT.

wina wlebis msgavsad, 2011 welsac erovnuli bankis saqmianobis erT-erTi mTavari amo-

cana iyo monetaruli politikis efeqtianobis gazrda, romlis ZiriTadi Semaferxebeli

faqtori saqarTveloSi ekonomikis maRali dolarizaciaa. maRali dolarizaciis pirobebSi

Sesustebulia saprocento ganakveTis gadace-

mis meqanizmi, radgan ekonomikisTvis fulis

miwodebis mniSvnelovani nawili aris ucxouri

valutiT, romelzec erovnuli bankis gavlena

minimaluria. maRali dolarizaciis dros, gacv-

liTi kursis cvlileba gadaecema inflaciaze,

rac aferxebs gacvliTi kursis moqnilobas,

kerZod, kursis nominaluri gaufasureba ga-

daecema fasebs da Sedegad realuri gacvliTi

kursi ar icvleba. garda amisa, mniSvnelovania

gacvliTi kursis riski kursis meryeobisgan

daucveli ekonomikuri agentebisTvis, gansa-

kuTrebiT ki bankebis msesxeblebisaTvis, romelTa Semosavlebi denominirebulia erovnu-

li valutiT, sesxi ki ucxouri valutiT aqvT aRebuli. aseT SemTxvevaSi izrdeba komer-

ciuli bankebis portfelis sakredito riski, rac kreditorebis valutebis disbalansiT,

anu arahejirebuli sesxebiT aris ganpirobebuli (CICR). Sedegad, laris kursis cvlilebas

SeiZleba seriozuli gavlena hqondes komerciuli bankebis sakredito portfelze. amde-

nad, erovnuli bankis erT-erTi amocana swored larizaciis zrdaa. Tumca aRsaniSnavia,

rom larizacia es aris xangrZlivi procesi, vinaidan ekonomikur agentTa qcevis Secvla

moiTxovs ganviTarebuli finansuri bazrisa da mdgradi ekonomikuri stabilurobis ar-

sebobas wlebis ganmavlobaSi. 2011 wels, wina wlis msgavsad, erovnuli bankis politika

mimarTuli iyo laris fuladi bazris ganviTarebisken da erovnuli valutiT gasesxebis

waxalisebisken. am mxriv aRsaniSnavia, rom 2010 wels gatarebuli cvlilebebis Sedegebi

ukve garkveulwilad aisaxa sesxebis dolarizaciis maCvenebelze. laris fuladi bazris

ganviTarebisa da erovnuli valutiT dakreditebis waxalisebisken gadadgmuli nabijebis

Sedegad depozitebis dolarizaciis maCvenebeli Semcirda 8 procentuli punqtiT gasuli

wlis ganmavlobaSi. Tu 2010 wlis bolos depozitebis dolarizacia 68 procentze iyo,

2011 wlis bolosTvis aRniSnulma maCvenebelma 60 procenti Seadgina, rac krizisamdel

doneze naklebia Tu gacvliTi kursis cvlilebis efeqts gamovricxavT17.

2011 wels monetaruli politikis efeqtianobis gazrdis mizniT gatarebuli RonisZie-

bebidan aRsaniSnavia:

17 ucxouri valutiT depozitebis mwkrivi gadaangariSebulia bolo TariRis gacvliTi kursiT.

laris fuladi bazris ganviTarebisa da

erovnuli valutiT dakreditebis waxal-

isebisken gadadgmuli nabijebis Sedegad

depozitebis dolarizaciis maCvenebeli

Semcirda 8 procentuli punqtiT gasuli

wlis ganmavlobaSi. Tu 2010 wlis bolos

depozitebis dolarizacia 68 procentze

iyo, 2011 wlis bolosTvis aRniSnulma

maCvenebelma 60 procenti Seadgina.


• ucxouri valutiT moziduli saxsrebisTvis sarezervo normis gazrda etapo-

brivad 5-dan 15 procentamde. sarezervo moTxovnis gazrdam stimuli misca

komerciuli bankebis mier erovnuli valutiT sesxebis gacemas;18

• fasiani qaRaldebis bazris ganviTarebis kuTxiT mniSvnelovani iyo mTavrobis

mier 5-wliani saxazino obligaciebis gamoSveba, rac Semosavlianobis mrudis

dagrZelebas Seuwyobs xels;

• aRsaniSnavia agreTve sarezervo normis Semcireba bankebis mier mozidul

grZel vadian resursze, rac sabanko sistemis riskebis Semcirebas ganapirobebs;

• periodulad tardeboda prezentaciebi erovnuli bankis warmomadgenlebis

mier biznesis sxvadasxva sferos warmomadgenelTaTvis savaluto riskis, misi

hejirebisa Tu sxva aqtualuri Temebis Sesaxeb, rac ekonomikuri cnobadobis

gazrdas uwyobs xels.

rogorc ukve aRvniSneT, efeqtiani monetaruli politikis gasatareblad da misi cvli-

lebis ekonomikaze gadacemis efeqtianobis gasaZliereblad mniSvnelovania fuladi bazris

ganviTareba da gafarToeba. wina wlis msgavsad, 2011 wels komerciuli bankebi aqtiurad

iyenebdnen refinansirebis instruments, romlis saprocento ganakveTi ganisazRvreba

politikis ganakveTis mixedviT. aRsaniSnavia, rom refinansirebis instrumentiT aqtiurad

sargebloba bankebma 2010 wlidan daiwyes, rac ukavSirdeba erovnuli bankis monetaruli

instrumentebis gaaqtiurebas. am periodSi erovnulma bankma awia savaldebulo sarezervo

norma lariT moziduli saxsrebisaTvis, riTac gaizarda moTxovna moklevadian likvi-

dobaze da bankTaSorisi fuladi bazris gaaqtiureba ganapiroba. amasTan, refinansirebis

instrumentisadmi ndobis gazrdis mizniT erovnulma bankma aamoqmeda axali instrumenti

- mudmivmoqmedi refinansirebis sesxebi, ramac bankebs Seumcira refinansirebis riski. Se-

18 dolarizacia gaangariSebulia gacvliTi kursis cvlilebis efeqtis gamoricxviT.

30%

40%

50%

60%

70%

80%

90%

-04

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-04

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diagrama 23 depozitebis dolarizacia 2004-2011 ww.18



degad, mniSvnelovnad gaizarda komerciuli bankebis moTxovna refinansirebis sesxebze da

gaumjobesda maT mier moklevadiani likvidobis marTva.

fuladi bazris ganviTarebisTvis mniSvnelovan winapirobas warmoadgens am bazarze

arsebuli saprocento ganakveTebis meryeobebis Semcireba. am mizniT, erovnulma bank-

ma SemoiRo erTdRiani sesxebisa da depozitebis instrumentebi, romlis saprocenti ga-

nakveTebi mibmulia politikis ganakveTze (+/-1.5 procentuli punqti) da qmnis saprocen-

to derefans fulad bazarze. am cvlilebis Sedegad mniSvnelovnad Semcirda saprocento

ganakveTebis meryeoba da bankTaSorisi saprocento ganakveTi dastabilurda politikis

ganakveTis irgvliv, ramac mniSvnelovani wvlili Seitana fuladi bazris brunvis mocu-

lobebis zrdaSi. rac mTavaria, erovnuli bankis kontrolis arealSi moeqca moklevadiani

saprocento ganakveTebi, rac aucilebel winapirobas warmoadgens monetaruli politikis

meqanizmis efeqtianad funqcionirebisaTvis.

monetaruli politikis gadacemis meqanizmis funqcionirebisTvis aucilebelia, rom

saprocento ganakveTebis cvlileba gadaeces ufro grZelvadian saprocento ganakveTebs

da saboloo jamSi - gasesxebis ganakveTebs. sxvadasxva vadianobis saprocento ganakveTebs

Soris kavSirs asaxavs saprocento ganakveTebis mrudi.

ganviTarebadi fuladi bazris pirobebSi saprocento ganakveTebs Soris sxvaoba mxo-

lod saprocento risks asaxavs. gasuli wlebis ganmavlobaSi Semosavlianobis mruds sak-

maod didi daxriloba hqonda, vinaidan gansxvaveba sxvadasxva vadianobis saprocento ga-

nakveTebs Soris maRali iyo da es sxvaoba moklevadiani saprocento ganakveTis cvlilebis

riskis garda moicavda saoperacio da likvidobis riskebs. fuladi bazris gafarToebasTan

erTad ki Semcirda likvidobis riski, rac gamoixata Semosavlianobis mrudis daxrilobis

etapobriv SemcirebaSi.

aRsaniSnavia, rom saprocento ganakveTebis mrudis daxrilobis Semcirebis dinamika

jer kidev 2010 wels daiwyo, rac im periodSi amoqmedebul axal instrumentebs ukav-

Sirdeba (mudmivmoqmedi refinansirebis sesxebi, erovnuli bankis erTdRiani sesxebi da

depozitebi, gafarToebuli giraos baza da a.S.). amasTan, erovnuli bankis komunikaciis

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08 08 08 08 08 09 09 09 09 09 09 09 09 09 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11 11

diagrama 24 refinansirebis sesxebis moculobebi



gaumjobesebam, politikis ganakveTis zomierma cvlilebebma da monetaruli politikis

gadawyvetilebebis prognozirebadobis zrdam Seamcira momavalSi moklevadiani saprocen-

to ganakveTebis mkveTri cvlilebebis molodini, rac aseve aisaxa Semosavlianobis mrudis

daxrilobis Semcirebaze. miuxedavad imisa, rom gasuli wlis ianvar-TebervalSi erovnuli

banki gamkacrebis politikas axorcielebda, Semosavlianobis mrudis daxrilobis Semcire-

bis tendencia ar Secvlila. 2011 wlis ganmavlobaSi moklevadian ganakveTebze swrafi tem-

pebiT mcirdeboda grZelvadiani saprocento ganakveTebi, rac sabolood Semosavlianobis

mrudis mniSvnelovan SemcirebaSi gamoixata. es procesi ZiriTadad ukavSirdeba fuladi

bazris ganviTarebas, bazarze refinansirebis riskebis Semcirebasa da moklevadiani sapro-

cento ganakveTis mkveTri cvlilebis molodinis klebas. aRsaniSnavia is faqtic, rom sa-

bazro saprocento ganakveTebis Semcirebis odenoba gacilebiT aRemateboda monetaruli

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80

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14%

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-12

TIBR1 ( ) TIBR1

diagrama 25 bankTaSorisi fuladi bazris dinamika


7.06%6.93%

8.03%8.95%

11.30%

0%

2%

4%

6%

8%

10%

12%

0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60

,

, 2012

diagrama 26 Semosavlianobis mrudi



politikis ganakveTis cvlilebis sidides. yovelive zemoaRniSnuli monetaruli poli-

tikis gadacemis meqanizmis efeqtianobis zrdaze miuTiTebs.

gasuli wlebis ganmavlobaSi saqarTvelos erovnuli bankis mier gatarebulma RonisZie-

bebma (axali instrumentebis amoqmedeba, finansuri tranzaqciebis warmoebis gamartiveba)

mniSvnelovani gavlena moaxdina saqarTvelos fuladi da kapitalis bazris gaaqtiure-

basa da ganviTarebaze. 2011 wlis ganmavlobaSi mniSvnelovani zrda dafiqsirda saxazino

fasiani qaRaldebiT vaWrobis moculobebze pirvelad bazarze. 2009 welTan SedarebiT,

daaxloebiT orjer gaizarda saxazino fasiani qaRaldebis naSTi, 2010 wlis bolosTan

SedarebiT ki zrdam 21 procenti Seadgina.

mimoqcevaSi arsebuli mTavrobis fasiani qaRaldebis moculobis matebasTan erTad

gaizarda vadianobac. 2011 wlamde gamoSvebuli saxazino obligaciis maqsimaluri vadi-

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( ) - (%)

diagrama 27 saxazino fasiani qaRaldebis naSTebis dinamika 1999-2011 wlebSi


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09 09 10 10 10 10 11 11 11 11 12

diagrama 28 saxazino fasiani qaRaldebis naSTebi da saSualo vadianoba



anoba 2 wels Seadgenda. 2011 wels ki mTavrobam 5 wliani saxazino obligaciebi gamouSva,

ramac SesaZlebeli gaxada grZelvadiani saprocento ganakveTebis Camoyalibeba finansur

bazarze. mTavrobis fasiani qaRaldebis bazris gaRrmavebam xeli Seuwyo fuladi da kapi-

talis bazris likvidobis zrdas, komerciuli bankebis mier laris resursis ufro aqti-

urad gamoyenebasa da, rac mTavaria, finansuri bazris saprocento ganakveTebis daregu-

lirebas. aRsaniSnavia, rom 2011 wlis ganmavlobaSi mniSvnelovnad Semcirda saqarTvelos

finansuri bazris mrudis daxriloba, rac ZiriTadad likvidobisa da saprocento riskebis

Semcirebas ukavSirdeboda. amgvarad, Semcirda sxvaoba moklevadian da grZelvadian sap-

rocento ganakveTebs Soris da fuladi/kapitalis bazris saprocento ganakveTebi dauax-

lovda monetaruli politikis ganakveTs, rac gazrdis monetaruli politikis ganakveTis

cvlilebis gadacemas grZelvadian ganakveTebze. yovelive zemoaRniSnuli saqarTvelos

erovnuli bankis monetaruli politikis efeqtianobis zrdaze miuTiTebs. erovnuli banki

kvlavac ganagrZobs aRniSnuli bazris ganviTarebis xelSemwyobi RonisZiebebis gatarebas,

rac momavalSi fasiani qaRaldebis meoradi bazris ganviTarebis winapiroba gaxdeba.

2011 wlis ganmavlobaSi M2 fulis multiplikatori 8.3 procentiT, xolo M3 fulis

multiplikatori - 17.9 procentiT Semcirda. M2 monetizaciis maCvenebelze zrda dafiq-

sirda, M3 monetizaciis koeficienti ki Semcirda. kerZod, monetizaciis maCveneblebma

mTlian Sida produqtTan mimarTebiT Sesabamisad 29.3 da 15.6 procenti Seadgina M3 da

M2 fuladi agregatebisaTvis. 2010 wlis bolos aRniSnuli maCveneblebi 29.8 da 14.2 pro-

centis doneze iyo. saanalizo wlis ganmavlobaSi ekonomikis monetizacias, erTi mxriv,

biujetis deficiti, xolo meore mxriv, bankebis mier ekonomikis dakrediteba uwyobda

xels. 2011 wels biujetis deficitis mSp-Tan fardobam 3.6 procenti Seadgina. saxelm-

wifo finansebze damokidebuli mosaxleobis nawilis Semosavlebis mateba ekonomikis mon-

etizaciis zrdas ganapirobebs. rac Seexeba bankebis mier ekonomikis dakreditebas, misma

zrdam daaxloebiT 24 procenti Seadgina.

rogorc ukve aRiniSna, 2011 wlis pirvel naxevarSi inflaciis dinamikaze mniSvnelova-

ni iyo egzogenuri faqtorebis gavlena, rac ZiriTadad sursaTisa da sawvavis fasebis

-4%

-2%

0%

2%

4%

6%

8%

10%

1- 1- 3- 6- 1- 2- 5-

, 2010 , 2011

diagrama 29 Semosavlianobis spredi politikis ganakveTTan SedarebiT



zrdaSi aisaxa. aRniSnulidan gamomdinare saqarTvelos erovnuli banki sabazo inflaci-

is Sesafaseblad iyenebda samomxmareblo kalaTidan sxvadasxva komponentebis gamoricx-

viT miRebul indeqsebs, romlebic fasebze moTxovnis mxridan zewolis dabal doneze

miuTiTebdnen. erovnuli bankis monetaruli politika mimarTuli iyo inflaciis meore

raundis efeqtebis ganeitralebisken da momavali inflaciis Tavidan acilebisaken, ramac

wlis meore naxevarSi Sedegi gamoiRo. axali agraruli produqciis uxv mosavalTan da

saerTaSoriso sasaqonlo bazrebze fasebis SemcirebasTan erTad, saqarTveloSi mkveTrad

Semcirda inflaciis maCvenebeli da Semdgom periodSic mosalodnelia misi dabal doneze

- samizne maCveneblis farglebSi - SenarCuneba.

2.2 fulad-sakredito politikis instrumentebi

2011 wels saqarTvelos erovnuli bankis fulad-sakredito politika xorcieldeboda

monetaruli politikis komitetis gadawyvetilebebis Sesabamisad. saqarTvelos erovnuli

bankis monetaruli politikis komitetis mier gansazRvruli monetaruli politikis ga-

nakveTi warmoadgenda saoperacio orientirs - moklevadian saprocento ganakveTs, rom-

lis miRwevac aucilebeli iyo fasebis stabilurobis SesanarCuneblad. saoperacio ori-

entiris misaRwevad gamoiyeneboda saoperacio CarCo, romelic warmoadgens monetaruli

instrumentebisa da maTi gamoyenebis midgomebis erTobliobas. saoperacio CarCo gansaz-

Rvravs, Tu rogor SeiZleba arsebuli instrumentebiT fulad bazarze sasurveli sapro-

cento ganakveTis miRweva. 2011 wlis ganmavlobaSi saqarTvelos erovnuli bankis saopera-

cio CarCo Sedgeboda Semdegi monetaruli instrumentebisagan: refinansirebis sesxebi,

erTdRiani sesxebi, erTdRiani depozitebi, sadepozito serTitikatebi da minimaluri

sare zervo moTxovnebi.

saqarTvelos erovnuli bankis mier gatarebuli politikis Sedegad, 2011 wlis ganmav-

lobaSi saprocento ganakveTis gadacemis meqanizmi wina wlebTan SedarebiT kidev ufro

gaaqtiurda. moimata komerciuli bankebis aqtiurobam bankTaSoris fulad bazarze. bank-

TaSoris bazarze erTdRiani saprocento ganakveTi TIBR1 2011 wlis dasawyisidan maisis

0.0

5.0

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25.0

30.0

35.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

M3 M2

diagrama 30ekonomikis monetizacia 2001-2011 wlebSi



CaTvliT 7.02-8.82 procentis farglebSi meryeobda, xolo wlis meore naxevarSi saqarTve-

los erovnuli bankis monetaruli politikis ganakveTis etapobrivi Semcirebis parale-

lurad mcirdeboda TIBR1 da wlis bolos es maCvenebeli 5.51-6.72 procentis farglebSi

iyo.

sabanko sistemaSi likvidobis moklevadiani prognozis safuZvelze da saqarTvelos erov-

nuli bankis monetaruli politikis komitetis gadawyvetilebebis farglebSi, saqarTve-

los erovnuli banki gansazRvravda refinansirebis sesxebis yovelkvireuli emisiis mocu-

lobas da am maCvenebels marTavda im kuTxiT, rom auqcionze dafiqsirebuli saSualo

saprocento ganakveTi monetaruli politikis ganakveTis siaxloves yofiliyo.

2.2.1 refinansirebis sesxi

sabanko sistemis moklevadiani likvidobiT uzrunvelyofis mizniT, saqarTvelos

erovnuli bankma 2008 wlidan aamoqmeda da 2011 wlis ganmavlobaSi yovelkvireulad iyen-

ebda refinansirebis sesxis instruments. refinansirebis sesxebis saSualebiT sabanko

seqtorisaTvis xelmisawvdomi iyo moklevadiani likvidobis miRebis saimedo da dabal-

riskiani wyaro, ramac dadebiTad imoqmeda fulad bazarsa da finansur stabilurobaze.

auqcionis meSveobiT refinansirebis sesxis saprocento ganakveTi efuZneboda saqarTve-

los erovnuli bankis monetaruli politikis ganakveTs.

sabanko sistemaSi aucilebeli likvidobis moTxovnebis dakmayofilebisa da refinan-

sirebis sesxis instrumentisadmi finansuri bazris monawileTa ndobis kidev ufro gan-

mtkicebis mizniT, 2011 wels saqarTvelos erovnuli banki aseve iyenebda mudmivmoqmedi

refinansirebis sesxis instruments, romelic gaicema auqcionis gareSe. refinansirebis

sesxis auqcionze saWiro moculobis sesxebis vermiRebis SemTxvevaSi, bankebs SesaZle-

bloba aqvT moklevadiani likvidobis saWiroeba daikmayofilon auqcionis gareSe mudmiv-

moqmedi refinansirebis sesxis aRebis meSveobiT.

mudmivmoqmedi refinansirebis sesxis saprocento ganakveTi aris fiqsirebuli, romel-

ic winaswar dgindeba saqarTvelos erovnuli bankis monetaruli politikis komitetis

mier da ganisazRvreba rogorc monetaruli politikis ganakveTs plius erTi procentu-

li punqti. mudmivmoqmedi refinansirebis sesxis instrumentis amoqmedebiT saqarTvelos

erovnulma bankma bankebisaTvis Seqmna likvidobis saWiroebis dafinansebis garantire-

buli meqanizmi, rac imas niSnavs, rom bankebs saSualeba aqvT, isargeblon refinansirebis

sesxebiT im SemTxvevaSic ki, Tu maT ver moaxerxes refinansirebis auqcionze gamarjveba,

Tumca ufro maRali (sajarimo) saprocento ganakveTiT. amasTan, rogorc mosalodneli

iyo, bankebis mxridan aRniSnul instrumentze didi moTxovna ar iyo da bankebi mokleva-

diani likvidobis saWiroebebs refinansirebis sesxebis auqcionze ikmayofilebdnen, xolo

mudmivmoqmedi refinansirebis sesxebi iyo erTgvari dazRvevis meqanizmi. am instrumentis

amoqmedebiT gaizarda moTxovna refinansirebis sesxebis auqcionebze, xolo mudmivmoqmed

refinansirebis sesxebs bankebi mxolod iSviaT SemTxvevaSi iyenebdnen. auqcionis gareSe

refinansirebis sesxis vadianoba da Sesabamisad sesxis aRebisa da dafarvis TariRebi iden-

turia auqcionis wesiT refinansirebis sesxis TariRebisa.

2011 wlis ganmavlobaSi, wina wlebTan SedarebiT kidev ufro gaizarda sabanko seqto-

ris daintereseba refinansirebis sesxis instrumentis mimarT, 2010 welTan SedarebiT maT

gazardes TavianTi monawileoba refinansirebis sesxebis auqcionebze. refinansirebis sesx-

ebi gaicemoda saqarTvelos erovnuli bankis sadepozito sertifikatebis, saqarTvelos fi-

nansTa saministros saxazino valdebulebebisa da saxazino obligaciebis uzrunvel yofis


qveS. 2011 wels gamocxadebuli refinansirebis sesxis 52 auqcionidan sesxebi gaica yvela

auqcionze (2010 wels gamocxadebuli 52 auqcionidan sesxebi gaica 41 auqcionze). 2011 wlis

ganmavlobaSi auqcionis gareSe refinansirebis sesxi gaica 16-jer (2010 wels 10-jer).

2011 wels monetaruli operaciebis giraos bazas warmoadgenda saqarTvelos erovnuli

bankis sadepozito sertifikatebi, saqarTvelos mTavrobis fasiani qaRaldebi, komerciu-

li bankebis sasesxo aqtivebi da saerTaSoriso sabanko garantiebi. sesxis uzrunvelyofis

TiToeuli aseTi saxeobis aqtivze, erovnuli bankis mier gansazRvruli iyo Sesabamisi

kriteriumebi. saqarTvelos erovnul bankTan monetaruli operaciebis warmoebisaTvis,

giraos am saxeobebidan sabanko seqtoris warmomadgenlebi 2011 wlis ganmavlobaSi iye-

nebdnen saqarTvelos erovnuli bankis sadepozito sertifikatebs da saqarTvelos mTav-

robis fasian qaRaldebs.

2.2.2 erTdRiani sesxebi da erTdRiani depozitebi

fuladi bazris ganviTarebis xelSewyobis, bankTaSorisi saprocento ganakveTis merye-

obis Semcirebisa da fuladi bazris aqtivobis zrdis mizniT, bankTaSoris bazarze 2011

wels saqarTvelos erovnuli banki agrZelebda saprocento ganakveTis derefnis gamoyen-

ebas, rac xels uwyobda bankTaSorisi bazris saprocento ganakveTis stabilur CarCoeb-

Si moqcevas. saprocento ganakveTis derefani ganisazRvra rogorc monetaruli poli-

tikis ganakveTidan TanabarmniSvnelovani gadaxrebi saprocento ganakveTebis zeda da

qveda zRvris formirebisaTvis. zeda saprocento ganakveTi gamoiyeneboda saqarTvelos

erovnuli bankis erTdRiani sesxebisaTvis, xolo qveda saprocento ganakveTi gamoiyen-

eboda saqarTvelos erovnuli bankis erTdRiani depozitisaTvis. 2011 wels saprocento

ganakveTis derefani Seadgenda 3 procents, monetaruli politikis ganakveTs +/-1.5 pro-

centi. erTdRiani sesxisa da erTdRiani depozitis saprocento ganakveTi 2011 wlis ganma-

vlobaSi icvleboda monetaruli politikis ganakveTis cvlilebis Sesabamisad. aRniSnuli

cvlilebebis Semdeg sagrZnoblad Semcirda bankTaSoris bazarze saprocento ganakveT-

ebis meryeoba da bankTaSorisi saprocento ganakveTi dauaxlovda politikis ganakveTs.

saqarTvelos erovnuli bankis erTdRiani sesxebi sabanko seqtorisaTvis warmoadgenda

0

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diagrama 31refinansirebis sesxebis moculoba 2011 wels (mln lari)



myisieri likvidobis miRebis yvelaze swraf saSualebas, Tumca sabazro saprocento ga-

nakveTTan SedarebiT maRali fasiT, rac Tavis mxriv bankebs ubiZgebda fulad bazarze

ukeTesi fasiT finansuri resursebis moZiebisaken. aman garkveulwilad dadebiTi gavlena

moaxdina moklevadian periodSi fulad bazarze saprocento ganakveTebis damatebiT sta-

bilizaciaze, Tumca moTxovna am instrumentze ar iyo didi. es ganapiroba refinansirebis

sesxis instrumentis popularobam, romelic sabanko seqtorisaTvis moklevadiani likvi-

dobis marTvis gacilebiT ufro moqnili da srulyofili saSualeba gaxda. aRsaniSnavia,

rom erTdRiani sesxebisaTvis moqmedebs giraos igive baza, rac refinansirebis sesxebi-

saTvis.

2.2.3 fasiani qaRaldebi

sadepozito sertifikatebi

2011 wels saqarTvelos erovnuli banki ganagrZobda sakuTari fasiani qaRaldebis -

sade pozito sertifikatebis emisias. aRniSnuli fasiani qaRaldebi, finansTa saministros

saxa zino valdebulebebTan da saxazino obligaciebTan erTad, komerciuli bankebis mxri-

dan maRali moTxovniT sargeblobda. amasTan, sadepozito sertifikatebi 3 Tvian da 6

Tvian segmentze, xolo mTavrobis fasiani qaRaldebi 1-wlian, 2-wlian da 5-wlian seg-

mentze mimoiqceoda. aRniSnulma fasianma qaRaldebma xeli Seuwyo Semosavlianobis sta-

biluri mrudis Camoyalibebas. Semosavlianobis mrudi iZleoda mniSvnelovan informacias

sxvadasxva vadianobis saprocento ganakveTebis Sesaxeb, aseve finansuri bazris monawi-

leTa molodinebis Sesaxeb. Semosavlianobis mrudis mixedviT, spredebi grZlevadian da

moklevadian saprocento ganakveTebs Soris wlis ganmavlobaSi mcirdeboda, rac bazris

efeqtianobis zrdaze miuTiTebda.

2011 wels saqarTvelos erovnulma bankma 3-Tvian sadepozito sertifikatebTan erTad

damatebiT daiwyo 6-Tviani sadepozito sertifikatebis gamoSveba. es fasiani qaRaldebi

sabanko seqtoris mier gamoyenebuli iyo rogorc yvelaze mimzidveli da efeqturi mokle-

vadiani instumenti. Sesabamisad, sadepozito sertifikatebis ganTavsebis koeficientma,

romelic asaxavs faqtiuri ganTavsebis Sefardebas dagegmil emisiasTan, Seadgina1.0, xolo

moTxovnis koeficientma, romelic aCvenebs moTxovnis fardobas gamocxadebul emisiasTan

-2.31 Seadgina.

2011 wlis ganmavlobaSi saprocento

ganakveTi meryeobda wliuri 6.95 pro-

centidan 9.82 procentamde. mTeli wlis

ganmavlobaSi grZeldeboda sadepozito

sertifikatebis auqcionebze dafiqsire-

buli saprocento ganakveTebis Semcire-

bis tendencia. minimaluri saprocento

ganakveTi dafiqsirda 2011 wels Ca-

tarebul bolo auqcionze, xolo maqsi-

maluri amave periodSi Catarebul pir-

vel auqcionze. 2011 wels saqarTvelos

erovnuli bankis sadepozito sertifikatebis saSualo Sewonilma saprocento ganakveTma

8.68 procenti Seadgina.

2011 wlis ganmavlobaSi gamocxadebuli 52 auqcionidan, komerciuli bankebis mier sa-

depozito sertifikatebi SeZenil iqna yvela auqcionze, sruli odenobiT. 2011 wlis gan-

2010 welTan SedarebiT, saangariSo periodSi

gansakuTrebiT gaizarda saqarTvelos erovnu-

li bankis sadepozito sertifikatebiT ganxor-

cielebuli garigebaTa ricxvi fasiani qaRal-

debis meorad bazarze. sul 2011 wels, meorad

bazarze, sadepozito sertifikatebze daido 52

garigeba saerTo TanxiT 199.1 mln lari (2010

wels ganxorcielebul iqna mxolod 8 garigeba

12.5 mln larze).


mavlobaSi mTlianobaSi ganTavsda 1.44 mlrd laris odenobis sadepozito sertifikatebi,

daifara 1.35 mlrd laris nominaluri Rirebulebis sadepozito sertifikatebi. 2011 wlis

dasawyisSi mimoqcevaSi arsebuli sadepozito sertifikatebis moculoba 360 mln laridan

wlis bolos 450 mln laramde gaizarda. sadepozito sertifikatebis TiToeul auqcionSi

saSualod 6 komerciuli banki monawileobda.

2011 wlis 31 dekembris mdgomareobiT, mimoqcevaSi arsebul 450 mln laris sadepozito

sertifikatebs flobda 10 komerciuli banki. 2010 welTan SedarebiT, saangariSo peri-

odSi gansakuTrebiT gaizarda saqarTvelos erovnuli bankis sadepozito sertifikatebiT

ganxorcielebuli garigebaTa ricxvi fasiani qaRaldebis meorad bazarze. sul 2011 wels,

meorad bazarze, sadepozito sertifikatebze daido 52 garigeba saerTo TanxiT 199.1 mln

lari (2010 wels ganxorcielebul iqna mxolod 8 garigeba 12.5 mln larze).

saxazino valdebulebebi da saxazino obligaciebi

laris fuladi bazris ganviTarebis xelSewyobisTvis mniSvnelovani iyo agreTve fi-

nansTa saministros saxazino valdebulebebisa da saxazino obligaciebis gamoSvebis ga-

grZeleba. 2011 wels saqarTvelos finansTa saministrom Sewyvita 6-Tviani saxazino val-

debulebebis gamoSveba da mis nacvlad aqcenti ufro grZelvadiani fasiani qaRaldebis

gamoSvebaze gadaitana. saqarTvelos finansTa saministro axdenda 1-wliani vadianobis

diskonturi fasiani qaRaldebis - saxazino valdebulebebisa da 2-wliani da 5-wliani

kuponuri fasiani qaRaldebis - saxazino obligaciebis emisias. am fasiani qaRaldebis emi-

sia xdeba erovnuli valutiT, aramaterializebuli formiT. saxazino valdebulebebisa

da saxazino obligaciebis gayidva xorcieldeba saqarTvelos erovnuli bankis mier auq-

cionis meSveobiT, mravali fasis meTodiT, „blumbergis“ savaWro sistemis gamoyenebiT.

auqcionSi monawileoba SeuZlia miiRos saqarTvelos erovnuli bankis mier licenzire-

bulma komerciulma bankebma da maTi meSveobiT nebismierma iuridiulma da fizikurma pi-

rma. fasian qaRalds SesaZloa hyavdes nominaluri mflobeli - bazris Suamavali, romel-

sac mesakuTre werilobiTi xelSekrulebiT aniWebs reestrSi saxazino valdebulebebis

Tavis saxelze aRricxvis da maTi gankargvis, yidva-gayidvis da dagiravebis uflebas. erTi

fasiani qaRaldis Rirebuleba 1000 laria.

300

320

340

360

380

400

420

440

460

480

500

diagrama 32mimoqcevaSi arsebuli sadepozito sertifikatebis moculoba



2011 wels gamocxadda saxazino valdebule-

bebis 18 auqcioni, aqedan eqvsTvian saxazino

valdebulebebze - 3 auqcioni, xolo erTwlian

saxazino valdebulebebze - 15 auqcioni. sul

gamoSvebulia 250 mln laris saxazino valde-

bulebebi, romlebic srulad ganTavsda. gan-

Tavsebuli saxazino valdebulebebidan 15 mln

lari modioda eqvsTvian, xolo 235 mln lari

erTwlian saxazino valdebulebebze. Semosav-

lianobis saSualo Sewonilma saprocento ga-

nakveTma 9.83 procenti Seadgina. 2011 wlis 31 dekembris mdgomareobiT, arsebuli 235 mln

laris nominaluri Rirebulebis saxazino valdebulebebis mflobeli iyo 9 komerciuli

banki da bankis erTi klienti (7.91 mln laris saxazino valdebulebebis mflobeli).

2011 wels gamocxadda saxazino obligaciebis 15 auqcioni, romlis meSveobiT gamoSve-

bulia da srulad ganTavsda 163 mln laris saxazino obligaciebi. saxazino obligaciebis

Semosavlianobis saSualo Sewonilma saprocento ganakveTma 11.86 procenti Seadgina. 2011

wlis 31 dekembris mdgomareobiT, 308 mln laris nominaluri Rirebulebis saxazino ob-

ligaciebis mflobeli iyo 10 komerciuli banki da bankis erTi klienti (19.61 mln laris

saxazino obligaciebis mflobeli).

sul mimoqcvaSi arsebuli saxazino valdebulebebisa da saxazino obligaciebis port-

felma 2011 wlis bolosaTvis 543 milion lars miaRwia, rac mSp-Tan mimarTebaSi 2.25 pro-

cents Seadgenda. aRsaniSnavia, rom bazarze mimoqcevadi fasiani qaRaldebis moculoba

ekonomikis zomasTan SedarebiT jer kidev sakmaod mcirea. bazris likvidobis gasazrde-

lad mniSvnelovania saxazino fasiani qaRaldebis emisiis gazrda, rac aseve xels Seuwyobs

biujetis deficitis dasafinanseblad sagareo valis aRebasTan dakavSirebuli riskebis

Semcirebas.

2011 wlis ganmavlobaSi fasiani qaRaldebis meorad bazarze, saxazino valdebulebebze

ganxorcielda 16 garigeba saerTo TanxiT 36.1 mln lari, xolo saxazino obligaciebze

ganxorcielda 3 garigeba TanxiT 25.9 mln lari.

100

125

150

175

200

225

250

275

300

325

350

diagrama 33saxazino valdebulebebisa da saxazino obligaciebis naSTebi


bazarze mimoqcevadi fasiani qaRaldebis

moculoba ekonomikis zomasTan SedarebiT

jer kidev sakmaod mcirea. bazris likvido-

bis gasazrdelad mniSvnelovania saxazino

fasiani qaRaldebis emisiis gazrda, rac

aseve xels Seuwyobs biujetis deficitis

dasafinanseblad sagareo valis aRebasTan

dakavSirebuli riskebis Semcirebas.


monetaruli gadacemis meqanizmis efeqtianobis zrdisaTvis mniSvnelovania fasiani

qaRaldebis likviduri meoradi bazris arseboba. 2011 wels saxazino fasiani qaRaldebis

auqcionebze sakmaod didi moTxovna iyo da amis Sesabamisad wina wlebTan SedarebiT mniS-

vnelovnad gaizarda aqtivoba meorad bazarze. meoradi bazris mniSvnelovnad gaaqtiure-

bis damabrkolebeli erT-erTi mTavari mizezi 2011 wels iyo mimoqcevaSi arsebuli fasiani

qaRaldebis arasakmarisi moculoba.

fasiani qaRaldebis meoradi bazris ufro metad gaaqtiurebis xelSewyobisa da Sesa-

bamisi Tanamedrove maRalteqnologiuri infrastruqturis mowyobisaTvis, saqarTvelos

erovnulma bankma ganaxorciela mniSvnelovani materialuri da inteleqtualuri inves-

ticia, rac sabolood praqtikaSi „saxelmwifo fasiani qaRaldebis angariSsworebis (CSD)

sistemis“, sxvadasxva urTierTintegrirebuli sistemebis danergviT da maTi srulyofili

funqcionirebiT gamoixata.

amave mizniT, saqarTvelos erovnuli bankis iniciativiT Seiqmna da amoqmedda repo

garigebebis Sesaxeb CarCo xelSekruleba, romlis farglebSi repo garigebebis dadebi-

saTvis bankebs SeuZliaT gamoiyenon blumbergis savaWro sistema da „saxelmwifo fasiani

qaRaldebis angariSsworebis (CSD) sistema“.

yovelive es iZleva fasiani qaRaldebis meoradi bazris ganviTarebis karg safuZvels

da mas unda mohyves bazris likvidobis zrda damatebiTi fasiani qaRaldebis, maT Soris

grZelvadiani fasiani qaRaldebis gamoSvebis gziT.

2.2.4 minimaluri sarezervo moTxovnebi

minimaluri sarezervo moTxovnebi saSualebas aZlevda saqarTvelos erovnul banks

emarTa fulis multiplikatori, ganeviTarebina bankTaSorisi fuladi bazari, xolo

komerciul bankebs ukeT emarTaT sakuTari likvidoba. minimaluri sarezervo moTxovnebis

instrumenti saqarTvelos erovnuli bankis danarCeni sabazro instrumentebis efeqtiani

gamoyenebis winapirobas qmnida. saqarTvelos erovnuli bankis monetaruli politikis

gasaaqtiureblad, laris fuladi bazris ganviTarebis xelSewyobisa da dolarizaciis

tendenciebis SezRudvis mizniT, 2011 wlis Tebervlidan saqarTvelos erovnulma bankma

gazarda komerciuli bankebis mier ucxouri valutiT mozidul saxsrebze minimaluri

sarezervo moTxovnebis norma 15 procentamde, xolo erovnuli valutiT mozidul sax-

srebze arsebuli 10 procentiani maCvenebeli ucvlelad datova.

2011 wlis agvistodan minimalur sarezervo moTxovnebs aRar eqvemdebareba erovnuli

valutiT 1 welze meti da ucxouri valutiT 2 welze meti narCeni vadianobis nasesxebi

saxsrebi. amavdroulad, ucxouri valutiT 1 wlidan 2 wlamde narCeni vadianobis nasesxebi

saxsrebisaTvis minimaluri sarezervo norma gaxda 5 procenti, nacvlad 15 procentisa. am

cvlilebis mizani iyo komerciuli bankebis stimulireba moziduli saxsrebis vadianobis

gazrdisaTvis, vinaidan komerciul bankebSi moziduli saxsrebis vadianobis gazrdis xelSew-

yoba aucilebelia efeqtiani monetaruli politikisa da stabiluri ekonomikuri garemos

misaRwevad. saqarTvelos erovnul bankSi komerciuli bankebis mier ganTavsebul minimalur

rezervebs erovnuli banki daaricxavs Sesabamis saprocento sargebels. kerZod, salare

sakorespondento angariSze ganTavsebul saSualod moziduli saxsrebis 5 procentis Sesa-

bamis Tanxas aricxavda sabazro saprocento ganakveTs (monetaruli politikis ganakveTs).

aRniSnuli gadawyvetileba kidev erTi nabiji iyo sabazro principebze damyarebuli mon-

etaruli operaciebis damkvidrebisaken da erovnuli valutis saprocento ganakveTebis ga-

dacemis meqanizmis gaumjobesebisaken. sarezervo angariSze evroTi ganTavsebul minimalur


rezervebs ericxeboda evropis centraluri bankis politikis ganakveTs minus 0.5 procen-

tuli punqtiT Semcirebuli saprocento ganakveTi. xolo imis gamo, rom aSS federaluri

sarezervo sistemis politikis ganakveTi saangariSo periodis ganmavlobaSi 0.25 procenti

iyo, (0.5 procentuli punqtiT Semcirebuli nulze naklebi gamodioda), 2011 wels aSS do-

lariT ganTavsebul minimalur rezervebs procenti ar ericxeboda.

2.3 savaluto politika da saerTaSoriso rezervebis marTva

iseve rogorc wina wels, 2011 welsac erovnuli bankis savaluto politikis amocana

iyo savaluto bazarze intervenciebis SemcirebiT etapobrivad Tavisuflad mcurav gacv-

liT kursze gadasvla. moqnili gacvliTi kursi mniSvnelovania sagareo Sokebis gavlenis

SerbilebisaTvis da Sedegad makroekonomikuri stabilurobis uzrunvelsayofad. amasTan,

moklevadian periodSi meryevi gacvliTi kursi molodinebis Camoyalibebis xelisSemSle-

lia, rac amcirebs spekulaciur wnexs da finansuri stabilurobis riskebs. imavdroulad,

savaluto politikis mTavar prioritetebad rCeboda kurswarmoqmnis sabazro principebis

xelSewyoba da savaluto bazris ganviTareba, realuri efeqturi kursis gamyarebis Sesus-

teba da saerTaSoriso rezervebis adeqvatur doneze SenarCuneba.

ukanaskneli wlebis ganmavlobaSi, monetaruli politikis gaumjobesebis kuTxiT erT-

erTi mniSvnelovani movlena savaluto bazris mikrostruqturis cvlilebaa, romelic

2009 wels savaluto birJis meqanizmidan savaluto auqcionebze gadasvlas ukavSirdeba.

savaluto auqcionebis instrumentis aucile-

bloba laris gacvliTi kursis gansazRvris

procesSi erovnuli bankis intervenciebis

Sesamcireblad warmoiSva. am cvlilebebis

ganxorcielebamde, gacvliTi kursi ganisaz-

Rvreboda Tbilisis bankTaSoris savaluto

birJaze, sadac erovnuli banki abalansebda

ucxour valutis moTxovna-miwodebas Soris

arsebul sxvaobas. Sedegad, didi iyo erovnu-

li bankis mier nayidi/gayiduli ucxouri va-

lutis moculobebi da arsebobda spekulaci-

uri qmedebis riskebi.

savaluto auqcionebis amoqmedebis Semdeg, mniSvnelovnad Semcirda erovnuli bankis

intervenciebi savaluto bazarze. 2010-2011 wlebSi, saqarTvelos erovnuli bankis mier

wlis ganmavlobaSi Sesyiduli/gayiduli ucxouri valutis moculoba daaxloebiT 4-jer

naklebia 2008 wels ganxorcielebuli intervenciebis moculobaze. Sedegad, aseve mniS-

vnelovnad Semcirda erovnuli bankis wili bankTaSorisi savaluto bazris brunvebSi da

gacvliTi kursis gansazRvra ufro metad efuZneba sabazro principebs.

2009 wlis savaluto bazris reformebis Sedegad gaizarda gacvliTi kursis moqnilo-

ba. laris gacvliTi kursi ukve xasiaTdeba moklevadiani ryevebiT, rac damaxasiaTebelia

mcuravi gacvliTi kursis reJimisaTvis. amiT gacvliTma kursma SeiZina Sokebis Semwovi

funqcia da amavdroulad Semcirda spekulaciuri zewolis riskebi. gacvliT kurss gan-

sazRvravs savaluto bazari, romelic Sedgeba komerciuli bankebisgan da im korpora-

ciebisa Tu individebisgan, romelTa interesSi Sedis ucxouri valutis yidva-gayidva.

2011 wels saqarTvelos erovnuli bankis savaluto politika marTvadi mcuravi gac-

vliTi kursis reJimis farglebSi xorcieldeboda. saqarTvelos erovnuli bankis savalu-

2010-2011 wlebSi, saqarTvelos erovnuli

bankis mier wlis ganmavlobaSi Sesyiduli/

gayiduli ucxouri valutis moculoba

daaxloebiT 4-jer naklebia 2008 wels

ganxorcielebuli intervenciebis mocu-

lobaze. Sedegad, aseve mniSvnelovnad Sem-

cirda erovnuli ban kis wili bankTaSorisi

savaluto bazris brunvebSi da gacvliTi

kursis gansazRvra ufro metad efuZneba

sabazro principebs.


to intervenciebis mizani iyo saerTaSoriso rezervebis adeqvatur doneze SenarCuneba.

savaluto intervenciis mizani ar aris kursis moZraobis ZiriTad tendenciaze zegav-

lena an gacvliTi kursis konkretuli sa mizne niSnulis miRweva. amasTan, iseve rogorc

gasul wlebSi, 2011 welsac kapitalis angariSi liberalizebuli iyo, rac nebismier ekono-

mikur subieqts, nebismieri ucxouri valutiT Tanxis konvertirebis da ucxouri valutiT

depozitebis gaxsnis saSualebas aZlevda saqarTveloSic da sazRvargareTac.19

2011 wels savaluto intervenciebi savaluto auqcionebis gziT xorcieldeboda.

erovnuli banki, umetes SemTxvevaSi, bazarze ucxouri valutis myidvelis rolSi gamo-

dioda. savaluto intervenciebiT erovnulma bankma wlis ganmavlobaSi jamurad 300 mi-

19 3-dRis standartuli gadaxra.

0.000

0.005

0.010

0.015

0.020

0.025

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-06

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diagrama 35 aSS dolari/laris gacvliTi kursis meryeoba19


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diagrama 34 savaluto bazris dinamika 2006-2011 wlebSi



lioni aSS dolari Seisyida. wlis ganmavlobaSi laris gacliT kurss gamyarebis tendencia

hqonda. gansakuTrebiT aRsaniSnavia pirveli Tveebi, rodesac ucxouri valutiT gacemuli

sesxebi ufro swrafad izrdeboda, vidre erovnuli valutiT gacemuli sesxebi. ucxouri

valutiT sesxebis ufro swrafi zrda bazarze dolaris miwodebas zrdida da laris kur-

sis gamyarebas ganapirobebda. erovnuli banki am process ganixilavda rogorc droebiT

movlenas, rasac ucxouri valutiT sesxebis dafarvis dros SesaZloa kursis gaufasureba

mohyoloda da Sedegad kursis zedmeti gamyarebisagan Tavis asarideblad mimarTavda in-

tervencias ucxouri valutis Sesyidvis gziT. marti-aprilis ganmavlobaSi erovnulma

bankma bazarze 100 mln aSS dolari Seisyida.

Semdgom periodSi tendencia Seicvala. bankebma aqcenti ufro metad erovnuli valutiT

sesxebis gacemaze gaakeTes, rac moklevadian periodSi kursis gaufasurebaze zewolas qm-

nida. Tumca aRniSnuli zewola bazarze dolaris miwodebis zrdiT neitraldeboda, rac,

Tavis mxriv, ramdenime faqtoriT iyo ganapirobebuli. kerZod, aRsaniSnavia turizmidan

Semosavlebis mniSvnelovani zrda. wina welTan SedarebiT turizmidan miRebuli Semosav-

lebi 42 procentiT gaizarda. aRsaniSnavia agreTve ararezidentebis depozitebis zrda,

gansakuTrebiT wlis meore naxevarSi. ucxouri valutis miwodebis mxriv 2011 wels aseve

mniSvnelovani iyo kerZo kapitalis Semodinebis zrda. ucxouri pirdapiri investiciebiT

kapitalis Semodineba wina welTan SedarebiT 2011 wels 19 procentiT gaizarda. ufro

mniSvnelovani zrda dafiqsirda bankebsa da sxva kerZo seqtorSi. kapitalis aRniSnuli

Semodineba gansakuTrebiT wlis meore naxevarSi fiqsirdeboda. 2011 wlis ganmavlobaSi

aSS dolarTan mimarTebaSi laris gacvliTi kursis gamyarebaze mniSvnelovani zegavlena

hqonda saerTaSoriso bazrebze ganviTarebul movlenebs. aSS-s federalurma sarezervo

sistemam ganacxada saprocento ganakveTis 2013 wlamde dabal doneze SenarCunebis Sesax-

eb, rac amerikuli dolaris sxva valutebTan mimarTebaSi gaufasurebas ganapirobebs da

Sedegad xels uwyobs aSS-s eqsportis zrdas. dolaris globaluri gaufasurebis gavlena

saqarTvelos bazarzec axdenda gavlenas da laris kurss gamyarebisken ubiZgebda.

zemoT aRniSnuli faqtorebis zegavleniT, 2011 wlis meore naxevridan aSS dolaris

mimarT laris gacvliTi kursi stabiluri iyo. aRniSnul periodSi ganxorcielebuli

sava luto intervenciebis mizans saerTaSoriso savaluto rezervis adekvatur doneze

1.50

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diagrama 36 laris oficialuri gacvliTi kursi aSS dolaris mimarT


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SenarCuneba da gacvliTi kursis zedmeti gamyarebisagan Tavis arideba warmoadgenda.

aSS dolaris mimarT laris gacvliTi kursis saSualo sidide 2011 wlis ganmavlobaSi

1.6860 lars gautolda. 2011 wels saSualo wliuri gacvliTi kursi 5.4 procentiT gamyar-

da (1.7826-dan 1.6860-mde), xolo wlis bolo monacemiT - 5.8 procentiT (lari/aSS dolaris

gacvliTi kursi 1.7728-dan 1.6703-mde gaizarda).

2011 wlis ganmavlobaSi gamyareba dafiqsirda rogorc laris nominaluri, aseve re-

aluri efeqturi gacvliTi kursebis mixedviT. laris nominaluri efeqturi gacvliTi

kursi 12.2 procentiT, xolo realuri efeqturi gacvliTi kursi 8.4 procentiT gamyarda.

wlis dasawyisSi realuri gacvliTi kursis mniSvnelovani gamyareba fiqsirdeboda, rasac

inflaciis maRali maCvenebeli ganapirobebda. radgan wlis dasawyisSi maRali inflacia

ZiriTadad egzogenuri faqtorebiT iyo ganpirobebuli da wlis meore naxevarSi mosal-

odneli iyo inflaciis Semcireba, erovnuli banki realuri kursis gamyarebas ganixilavda

rogorc droebiT movlenas. wlis meore naxevridan inflaciis maCveneblidan amovarda

80

85

90

95

100

105

110

115

09 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11diagrama 37laris realuri da nominaluri efeqturi gacvliTi kursebis indeqsebi (dek. 2009=100)


cxrili 9 realuri efeqturi gacvliTi kursis wliuri cvlileba 2011 wels

nominaluri kursis

cvlileba, %

realuri kursis

cvlileba, %wvlili REER-Si, %

efeqturi kursi 12.2 8.4 8.4

ruseTi 8.3 4.1 0.3

TurqeTi 30.7 20.7 5.3

azerbaijani 4.5 1.1 0.2

ukraina 6.7 4.1 0.6

didi britaneTi 6.2 4.0 0.1

germania 6.4 6.3 0.5

safrangeTi 6.4 5.7 0.1

niderlandebi 6.4 6.0 0.2

bulgareTi 6.0 5.3 0.2

aSS 6.2 5.2 0.4

somxeTi 12.9 11.7 0.6

italia 6.4 5.1 0.2



egzogenuri Sokebis gavlena da gaZlierda laris nominaluri efeqturi gacvliTi kursis

gamyarebis dinamika, rac ZiriTadad Turquli liris gaufasurebiT iyo gamowveuli. Tur-

qeTi saqarTvelos yvelaze msxvili savaWro partniori qveyanaa da liris gaufasurebas

mniSvnelovani wvlili Seaqvs nominaluri efeqturi gacvliTi kursis dinamikaSi. Tumca

aRsaniSnavia, rom 2011 wels realuri kursis gamyareba dafiqsirda yvela ZiriTadi savaW-

ro partniori qveynis valutis mixedviT. gasuli wlis bolosaTvis realuri gacvliTi

kursis gamyarebas nominaluri kursis gamyareba ganapirobebda.

saerTaSoriso rezervebis marTva

2011 wels erovnuli bankis amocana saerTaSoriso rezervebis sasurvel niSnulze

SenarCuneba iyo. 2011 wlis 31 dekembris mdgomareobiT, saqarTvelos erovnuli bankis

saerTaSoriso rezervebis moculobam 2.8 mlrd aSS dolari (rezervebis mTliani moculoba

moicavs gare menejerisaTvis (msoflio banki) samarTavad gadacemul Tanxebsac) Seadgina,

rac 551 mln aSS dolariT aWarbebs 2010 wlis analogiur monacems (2.3 mlrd aSS dolari).

saerTaSoriso rezervebis moculobis zrda ramdenime ZiriTadi faqtoriT iyo gan-

pirobebuli: saqarTvelos erovnuli bankis savaluto auqcionebi, saqarTvelos mTavrobis

xarjebi da saerTaSoriso organizaciebidan miRebuli kreditebi da grantebi. wlis ganma-

vlobaSi savaluto auqcionebiT erovnuli bankis wminda Sesyidvebma 300 mln aSS dolari

Seadgina. zrda aseve ganapiroba saerTaSoriso safinanso organizaciebidan da donori

saxelmwifoebidan miRebulma SeRavaTianma finansurma resursma: msoflio bankis sesxi 153

mln aSS dolari, granti- 4 mln aSS dolari, evrogaerTianebis grantebi - 59.9 mln aSS do-

lari, evropis sainvesticio bankis sesxi - 9.5 mln aSS dolari, aziis ganviTarebis bankis

sesxi - 26.6 mln aSS dolari.

saqarTvelos oficialuri saerTaSoriso rezervebis done sxvadasxva SefasebebiT saTan-

adoa sagareo mdgradobis uzrunvelyofisTvis. rogorc cxrili N10 gviCvenebs, mTliani

saerTaSoriso rezervebis fardoba farTe fulTan, ucxouri valutiT ganTavsebul de-

pozitebTan da moklevadian valTan 100 procentze maRalia, rac mianiSnebs saerTaSo-

riso rezervebis sakmaris dones. aseve mniSvnelovani koeficientia mTliani saerTaSoriso

-

500

1,000

1,500

2,000

2,500

3,000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

diagrama 38oficialuri sarezervo aqtivebi (wlis bolo maCvenebeli)



rezervebis fardoba Tvis importTan. saerTaSoriso savaluto fondis SefasebebiT, saer-

TaSoriso rezervebis done iTvleba mdgrad doned, Tuki misi Sefardeba Tvis importTan

3-ze metia. saqarTvelosTvis aRniSnuli maCvenebeli 2011 wlis bolosTvis 4.3-s Seadgenda.

2011 wlis ganmavlobaSi kidev ufro gaZlierda 2008 wels dawyebuli msoflio finan-

suri krizisi, rasac evrozonis qveynebSi fiskaluri krizisis Zalzed negatiuri Sedegebi

daemata. msoflios wamyvani centraluri bankebi (gansakuTrebiT amerikis federaluri

sarezervo sistema da evropis centraluri banki) ganagrZobdnen ekonomikis stimulire-

bis politikas, rac damatebiTi aqtivebis SeZeniT fuladi masis zrdaSi da saprocento

ganakveTebis dabal niSnulze SenarCunebaSi gamoixateboda. saberZneTis savalo krizisma

da sabiujeto problemebma evrozonis qveynebSi - espaneTi, portugalia, italia da ir-

landia, arsebiTad Searyia investorebis ndoba evroTi denominirebuli aqtivebis mimarT.

sareitingo kompaniebma suverenuli da bankebis grZelvadiani reitingebi Seumcires aSS-s,

saberZneTs, espaneTs, portugalias, irlandias, italias, belgias, safrangeTs. sakredito

riskebis zrdis fonze kidev ufro rTuli gaxda saxsrebis usafrTxod ganTavseba. gai-

zarda moTxovna im fasian qaRaldebze, romlebic ufro dabalriskianad miiCneva da Sesa-

bamisad kidev ufro Semcirda maTi Semosavlianoba. am pirobebSi saqarTvelos erovnuli

bankis sainvesticio politika kvlavindeburad konservatiuli da sakredito riskebis

Semcirebaze orientirebuli iyo. saqarTvelos erovnuli bankis saerTaSoriso rezervebi

ganTavsebuli iyo aSS-s, avstraliis da evrozonis qveynebis saxelmwifo da supranacion-

aluri safinanso institutebis maRallikvidur fasian qaRaldebSi da maRali sakredito

reitingis mqone saerTaSoriso sabanko dawesebulebebSi. 2011 wlis ganmavlobaSi saqarTve-

los erovnuli bankis saerTaSoriso rezervebis marTvidan miRebulma Semosavlebma 32.4

mln lari Seadgina, rac, miuxedavad zemoaRniSnuli pirobebisa, 2010 wels miRebul Se-

mosavlebze 33.25 procentiT metia. imavdroulad, saqarTvelos erovnulma bankma Seamci-

ra an saerTod Sewyvita Tanxebis investireba iseT qveynebSi, romelTa kreditunarianoba

fiskaluri krizisis fonze Tundac mcirediT kiTxvis niSnis qveS dadga.

2011 wels saqarTvelos erovnuli banki ganagrZobda TanamSromlobas msoflio bank-

Tan suverenuli investiciebis partniorobis programis farglebSi, romlis wevric 2009

wels gaxda. programa samwliania da igi iTvaliswinebs saerTaSoriso rezervebis marTvis

sferos Semdgomi ganviTarebis mizniT teqnikur mxardaWeras, erovnul bankSi Sesabami-

si infrastruqturis Seqmnisa da codnis dagrovebis kuTxiT. programa moicavs port-

felisa da riskebis marTvis, angariSsworebis, buRaltruli aRricxvis, samarTlebriv

da sainformacio teqnologiebis sferoebSi msoflio bankis gamocdilebis gaziarebas.

programis farglebSi ganxorcielda aqtivebis strategiuli ganawilebis samuSaoebi da

daisaxa rezer vebis marTvis axali midgomebisa da instrumentebis etapobrivi gamoyenebis

gegma. amave programis farglebSi, msoflio bankis mxardaWeriTa da aSS-s saerTaSoriso

ganviTarebis saagentos TanadafinansebiT, erovnulma bankma daasrula rezervebis mar-

cxrili 10 saqarTvelos saerTaSoriso rezervebi

2007 2008 2009 2010 2011

mTliani saerTaSriso rezervebis Tanafardoba saqonlisa da

momsaxurebis importis TveebTan2.8 2.4 4.8 4.4 4.3

farTe fulTan M2 96 123 153 136 124

ucxouri valutiT ganTavsebul depozitebTan 107 95 131 108 116

moklevadian sagareo valTan 137 104 145 121 115

mTliani saerTaSoriso rezervebi (mln aSS dolari) 1,361 1,480 2,110 2,264 2,818



Tvis Tanamedrove integrirebuli sistemis danergva. analogiuri sistema funqcionirebs

msoflios ocdaaTamde centralur bankSi, maT Soris evropis, germaniis, safrangeTis,

niderlandebis, fineTis, poloneTis centralur bankebSi. saqarTvelos erovnuli banki

pirvelia yofil sabWoTa qveynebis centralur bankebs Soris, romelmac warmatebiT daas-

rula am sistemis danergva. rezervebis marTvis sistema uzrunvelyofs mTliani sainves-

ticio procesis srul avtomatizacias, sabazro monacemebis miRebas, garigebis dadebas,

angariSsworebas, buRaltrul aRricxvas da am procesebTan dakavSirebuli riskebis mar-

Tvas. aseve, sistema iTvaliswinebs axali tipis finansur instrumentebsa da funqciona-

lebs. mTlianobaSi, rezervebis marTvis axali sistema xels Seuwyobs procesis efeqtiano-

bis zrdas saoperacio riskebis minimizaciis fonze.


3. sabanko seqtori

3.1 saerTaSoriso garemo da sazedamxedvelo reformis tendenciebi

saerTaSoriso sabanko seqtorisaTvis 2011 weli likvidurobis problemebiTa da banke-

bis leverijis SemcirebiT (deleveraging) gamoirCeoda, rac garkveulwilad evropis savalo

krizisis gavleniT iyo ganpirobebuli. wlis meore naxevarSi saberZneTis defoltis saSiS-

roebis zrdam gadamdebi efeqti iqonia evrokavSiris sxva qveynebzec, ZiriTadad, msgavsi

riskebis mqone ekonomikebze. gazrdili riskebis fonze, safinanso bazris monawileebma,

romlebic flobdnen aseTi qveynebis mier gamoSvebul savalo instrumentebs, daiwyes am

instrumentebis masiurad gayidva. „fiC reitings-is“ mixedviT, 2011 wlis maisidan wlis

bolomde, 10-ma umsxvilesma amerikulma moklevadiani finansuri instrumentebiT movaWre

fondebma (money market funds) evropuli bankebis mimarT moTxovnebi 72 procentiT Seam-

cires, sanacvlod, gazardes moTxovnebi kanaduri da avstraliuri bankebis mimarT20. fi-

nansur bazrebze evropuli savalo instrumentebis gazrdili miwodebis da Semcirebuli

moTxovnis pirobebSi, aseT savalo instrumentebze fasi daeca da Sesabamisad sargebelis

ganakveTebma rekordul niSnulebs miaRwia.

recesiis molodinSi bankebma Seamcires kreditebis gacema, TiTqmis paralizebuli

iyo bankTaSorisi sesxebis bazari. 1 Tveze meti vadianobis arauzrunvelyofili sesxis

miReba problemuri qveynis bankebisTvis (saberZneTi, italia, irlandia, portugalia da

a.S.) praqtikulad SeuZlebeli gaxda. amas daerTo depozitebis gadinebac, romelic 2011

wlis me-2 naxevarSi gansakuTrebiT gamZafrda italiuri da espanuri bankebisTvis. bazelis

kvartaluri moxsenebis mixedviT, italiuri da espanuri bankebidan 2011 wlis ganmavlo-

20 Prime MMF Flows Favor Australian and Canadian Banks, Fitch Ratings, 06 Feb 2012.

0%

5%

10%

15%

20%

25%

30%

2011 02 2011 03 2011 04 2011 05 2011 06 2011 07 2011 08 2011 09 2011 10 2011 11 2011 12 2012 01

(BB ) (BBB+) (SD)(A) (BBB+) (BB)

diagrama 39saxelmwifo savalo instrumentebze sargeblis ganakveTi da 2012 wlis martis mdgomareobiT „es

end pis“ mier miniWebuli gadaxdisunarianobis reitingi (erovnuli valutiT)

wyaro: evrostati, blumbergi, „es end pis“ veb gverdi


baSi 100 miliard evroze meti depozitebi gaedina21. garda amisa, amerikulma mokleva-

diani finansuri instrumentebiT movaWre fondebma daiwyes franguli bankebis mimarTac

moTxovnebis mniSvnelovnad Semcireba. aqedan gamomdinare, valdebulebebis refinansireba

sul ufro da ufro meti evropuli bankisTvis garTulda. sargeblis ganakveTi imdenad

maRali iyo, rom bankebma 2011 wlis me-3 kvartalSi imis naxevarze naklebi savalo instru-

mentebi gamouSves, vidre igive wlis me-2 kvartalSi22.

evropuli fasiani qaRaldebis fasebis vardnis fonze bankebis balansze ricxuli

aqtivebis CamofasebiT moxda didi danakargebis aRiareba da Seiqmna kapitalizaciis prob-

lemebi. amis sapasuxod da, aseve, „bazel III-is“ moTxovnebis gaTvaliswinebiT, 2011 wlis

oqtomberSi evropulma sabanko zedamxedvelobam (European Banking Authority) gamoacxada

evropis bankebis rekapitalizaciis gegma, romelic miznad isaxavda 65 msxvili bankis pi-

rveladi kapitalis adekvaturobis koeficientis 9 procentamde awevas 2012 wlis ivnisam-

de. 2011 wlis seqtembris mdgomareobiT, 65-dan 31 banks 84.7 miliardi evros odenobis

deficiti hqonda. koeficientis dacvisTvis maT an kapitali unda gaezardaT an riskis

mixedviT Sewonili aqtivebi SeemcirebinaT. sazedamxedvelo organoebma bankebs mouwodes

aqtivebis klebis nacvlad kapitali gaezardaT, raTa evropis ekonomikis dakrediteba ar

SezRuduliyo. Tumca, finansur bazrebze dabali fasebis pirobebSi damatebiTi kapitalis

emisia bankebisTvis ar iyo momgebiani. magaliTad, “Unicredit S.p.a-is“ mier 7,5 miliardi ev-

ros odenobis Cveulebrivi aqciebis emisiam erT TveSi misi aqciebis fasis 45 procentiani

kleba gamoiwvia23. zogierTma bankma valdebulebebi gardaqmna kapitalSi. magaliTad, bankma

„Santander-ma“ sacalo klientebisTvis gamoSvebuli 6.83 miliardi evros konvertirebadi

obligaciebi gardaqmna bankis Cveulebriv aqciebSi24. sxva evropulma bankebma gayides do-

lariT denominirebuli aqtivebi da aseve gaasxvises araZiriTadi operaciebi (Svilobilebi

da mniSvnelovani investiciebi). „Morgan Stanley-is“ mier Catarebuli kvlevis mixedviT, ev-

ropis bankebi momdevno wlebSi 0.5-dan 3 trilion evromde Rirebulebis aqtivebs gaasx-

viseben, erTis mxriv, kapitalizaciis pirobebis Sesrulebis da, meore mxriv, 2014 wlamde

arauzrunvelyofili grZelvadiani valdebulebebis dasafarad25. es sakiTxi Semdgom peri-

odebSi evropis centraluri bankis intervenciebis Sedegad mniSvnelovanwilad gadaiWra,

Tumca evropis sabanko seqtorSi aqtivebis gasxvisebis tendencia kvlav SeiniSneba.

evrozonis qveynebSi sakredito bazrebis araefeqtianobas, SesamCnevad maRal saprocen-

to sargebels (maT Soris umaRlesi reitingis mqone qveynebis bondebze), mudmiv uTanxmoe-

bas evropeli maRali donis pirebs Soris problemebis gadaWris kuTxiT da saxelmwifo da

sawarmoebis maRali valebis dones sareitingo saagentoebis sapasuxo Sefasebebi mohyva. “es

end pi“ pirveli iyo, romelmac reitingi dauwia safrangeTsa da avstrias26. 2011 wlis 5 de-

kembers, man evrozonis 15 wevri qveynis grZelvadiani suverenuli reitingebs sayuradRebo

kategoria mianiWa27. momdevno periodebSi sxva sareitingo saagentoebmac Seamcires evro-

puli problemuri qveynebis reitingebi. sareitingo saagentoebis aseTma prociklurma rea-

qciam evropis finansur sistemas kidev ufro meti problemebi Seuqmna saxsrebis mozidvis

mxriv. Sedegad, evropuli fasiani qaRaldebi da evro kidev ufro gaufasurda28.

21 International banking and fi nancial market developments, BIS Quarterly Review, March 2012.22 International banking and fi nancial market developments, BIS Quarterly Review, March 2012.23 Unicredit S.p.a. website: http://www.unicreditgroup.eu/en/Investors/Share_Information.htm.24 Santander Says Bank Complies With EBA Capital Requirement, Bloomberg, Jan 9 2012.25 European Banks, 2012 Outlook, Morgan Stanley.26 S&P downgrades France and Austria, Financial Times, January 14, 2012.27 S&P Puts 15 Euro Nations on Watch for Downgrade Amid Sovereign-Debt Crisis, Bloomberg, Dec 6, 2011.28 Euro Falls After S&P Strips France of AAA, Reduces Eight Others’ Ratings, January 2012.


evrokavSirisa da evropis centraluri bankis intervenciebi

2010 wlis 9 maiss evropis savalo krizisis dasaZlevad evrokavSiris wevri saxel-

mwifoebis liderebis iniciativiT Seiqmna „evropis finansuri stabilurobis fondi“ 750

miliardi evros odenobiT. fondis mizani iyo problemuri saxelmwifoebisaTvis sesxebis

gamoyofa, bankebis rekapitalizacia da finansur bazrebze saxelmwifo savalo instrumen-

tebis SeZena.

2011 wlis 5 ianvars, evrogaerTianebam Seqmna „evropis finansuri stabilurobis meqaniz-

mi“, romlis mizani iyo saswrafo fondebis mobilizacia finansur bazrebze instrumenteb-

is gamoSvebiT. es instrumentebi garantirebuli iqneboda evropis komisiis mier evrokav-

Siris biujetiT. am programiT gamoSvebulma fasianma qaRaldebma wamyvani sareitingo

saagentoebisgan umaRlesi (AAA) reitingi miiRes.

2011 wlis 26 oqtombers evrozonis 17 qveynis liderebi briuselSi gamarTul Sexved-

raze SeTanxmdnen, rom daefinansebinaT bankebis mier saberZneTis savalo instrumenteb-

is 50 procentis Rirebulebis Camowera, raTa SeemcirebinaT bankebis gadaxdisuunarobis

riskebi. es SeTanxmeba ganxorcielda evropis finansuri stabilurobis fondis farglebSi

im pirobiT, rom fondi gaizrdeboda 1 trilion evromde.

rac Seexeba evropis centralur banks, man finansuri bazrebis stabilurobis da likvi-

durobis problemebis daZlevis mizniT Semdegi RonisZiebebi gaatara:

• Seicvala dakreditebis politika uzrunvelyofis kuTxiT, ris Sedegadac

SesaZle beli gaxda nebismieri sakredito reitingis savalo instrumentis

uzrunvelyofiT sesxis miReba. es cvlilebebi Seexo fasian qaRaldebs, rom-

lebic gamoSvebuli an garantirebuli iyo Semdegi qveynebis mTavrobebis mier:

saberZneTi29 - 2010 wlis maisidan, irlandia30 - 2011 wlis martidan da portu-

galia31 - 2011 wlis ivlisidan.

• 2010 wlis maisidan evropis centralurma bankma finansur bazrebze daiwyo

SeZena saxelmwifo da kerZo seqtoris savalo instrumentebis, romelTa Rire-

bulebam 2012 wlis TebervalSi 220 miliard evros miaRwia. Tumca, amave dros

inflaciis Tavidan asacileblad banki atarebs e.w. „likvidobis Sewovis opera-

ciebs“ erTkviriani depozitebis miRebiT, auqcionis gziT32.

• 2011 wlis 22 dekembers evrokavSiris 13 wlian istoriaSi rekordulad

grZelvadiani - 3 wliani refinansirebis sesxebis gacema daiwyo. am programis

pirobebSi 523 bankma miiRo 489 miliardi evro 3 wliT 1 procentad33. aqedan

325 miliardi evro mxolod saberZneTis, irlandiis, italiis da portugali-

is bankebma aiTvises34. evropis centraluri bankis mizani iyo, kiTxvis niSnis

qveS ar dasmuliyo 2012 wlis pirvel kvartalSi dasafari 200 miliardi evros

gadaxda mis mierve gamoSvebul finansur instrumentebze. aseve, Tanxebi unda

29 ECB announces change in eligibility of debt instruments issued or guaranteed by the Greek government, ECB, May 2010.30 ECB announces the suspension of the rating threshold for debt instruments of the Irish government, ECB, March 2011.31 ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government, ECB, July 2011.32 Summary of ad hoc communication, ECB, 2012.33 ECB Lends 489 Billion Euros for 3 Years, Exceeding Forecast, Bloomberg Businessweek, December 21, 2011.34 Guardian, 29 February 2012.


moxmareboda realuri ekonomikis dakreditebis xelSewyobas da finansur baz-

rebze saxelmwifo savalo instrumentebis SeZenas.

• 2012 wlis 29 Tebervals gaimarTa grZelvadiani refinansirebis operaciebis me-

ore raundi, riTac evrozonis 800-ma bankma 529.5 miliardis iafi sesxi miiRo35.

am droisaTvis bankebs ukve aRar qondaT likvidurobis problema, Tumca

maT isargebles sabazrosTan SedarebiT dabali saprocento ganakveTebiT da

miRebuli saxsrebi Seinaxes momdevno periodebSi valdebulebebis dasafara-

vad. orive raundis Sedegad bankebma 1 trilion evroze meti resursi miiRes,

rac „morgan stenlis kvlevis“ SefasebiT 2012-2014 wlebSi evropuli banke-

bis mier dasafari 1.7 trilioni evros naxevarze metia36. aqedan gamomdinare,

grZelvadiani refinansirebis operaciebiT evropuli bankebis refinansirebis

riskebi mniSvnelovnad Semcirda. Tumca, evropis centraluri bankis balansze

monetaruli politikis operaciebiT bankebze gacemuli sesxebis didi wili

grZelvadiani gaxda. magaliTad, aRniSnuli operaciebiT 2007 wlis ianvarSi

grZelvadiani sesxebi mTliani sesxebis mxolod 27 procents Seadgenda, 2012

wlis martis mdgomareobiT ki es maCvenebeli 98 procentia.

• bankTaSorisi bazris araefeqtianad funqcionirebis pirobebSi, evros likvi-

duri saxsrebTan erTad bankebs gansakuTrebulad uWirdaT dolaris likvi-

duri saxsrebis mozidva. Tavdapirvelad, evropis centralurma bankma ganixi-

la gamoeyo dolaris likvidurobis saxsrebi sakuTari rezervebidan, magram

moTxovna imdenad didi iyo, rom rezervis fondebi arasakmarisi aRmoCnda

(magaliTad, 2008-2009 wlebSi svopiT 500 miliardze meti dolari gaica).

ami tom 2010 wlis maisSi ganaxlda dolaris svopi amerikis federalur rez-

ervTan37. svopis pirobebis mixedviT fiqsirebuli kursiT xdeba valutebis

gacvla amerikis federalur rezervsa da evropis centralur banks Soris.

Tumca, evropis centraluri banki mozidul saxsrebs gascems evropul bankeb-

ze da uxdis amerikis federalur rezervs saprocento sargebels maSin, rode-

sac amerikis federaluri rezervi miRebul evroebs inaxavs kontraqtis vadis

dasrulebamde da saprocento ganakveTs ar uxdis evropis centralur banks.

2011 wlis 5 dekembridan dolaris svopis saprocento ganakveTebma daiwia 50

sabaziso punqtiT. svopis vada ZalaSia 2013 wlis Tebervlamde38.

2011 wlis noemberSi amerikis federaluri rezervi, evropis centraluri banki, ka-

nadis, iaponiis, britaneTis, Sveicariis centraluri bankebi SeTanxmden dolaris svopis

sxvadasxva valutiT gamoyofis Sesaxeb. am SeTanxmebiT, erTi mxriv federalurma rezervma

miiRo garantia, rom saWiroebis SemTxvevaSi miiRebda saxsrebs sxvadasxva valutiT, meore

mxriv danarCenma centralurma bankebma miiRes garantia, rom saWiroebis SemTxvevaSi

35 Euromoney, February 29, 2012.36 European Banks: 2012 Outlook, Morgan Stanley, December 6, 2011.37 ECB decides on measures to address severe tensions in fi nancial markets, ECB, May 2010.38 Current issues, Volume 16, Number 4, Federal reserve bank of new York, April 2010.


federaluri rezervi uzrunvelyofda dolariT likviduri saxsrebis miwodebas am ekono-

mikebisTvis39.

sxva mniSvnelovani movlenebi

„fass (finansuri angariSgebis saerTaSoriso standarti) - 9”

buRaltruli aRricxvis saerTaSoriso standartebis sabWo agrZelebs muSaobas buRal-

truli aRricxvis 39-e saerTaSoriso standartis (bass 39) finansuri angariSgebis me-9

saerTaSoriso standartiT (fass 9). mizani finansuri instrumentebis klasifikaciisa da

Sefasebis moTxovnebis gamartivebaa. standarti sami ZiriTadi mimarTulebiT Seicvleba:

1) klasifikacia da Rirebulebis dadgena; 2) gaufasurebis meTodologia da 3) hejirebis

aRricxva („Hedge accounting“). sabWos gancxadebiT, am cvlilebebma, SesaZloa, materialuri

gavlena moaxdinos aqtivebisa da kapitalis Rirebulebaze. sabWos ganacxade biT, fass - 9

savaldebulo 2015 wlis 1 ianvridan gaxdeba, nacvlad 2013 wlis 1 ianvrisa, rogorc es

manamde iyo cnobili. damatebiTi dro saWiroa standartis ukeTesad gacnobisTvis, arse-

bul standartebTan gansxvavebebis dadgenisTvis da bankebis momzadebisTvis cvlilebebis

mimarT40.

„bazel III-is“ ganxorcieleba

saerTaSoriso bankebisaTvis „bazel III-is“ axal moTxovnebze gadasvla bevr sirTules

warmoqmnis. upirvelesad es gamowveulia arasakmarisi saxsrebiT, rac aucilebelia gazr-

dili kapitalis da likvidobis moTxovnebis dasakmayofileblad. 2011 wlis seqtemberSi

”Financial Times-Si“ gamoqveynda statia „bazel III-is“ moTxovnebis SesrulebasTan dakavSire-

biT bankebis mxridan gamudmebul ukmayofilebaze. bankebis gancxadebiT, „likvidobis gada-

farvis koeficienti“ („Liquidity coverage ratio“) zRudavda ekonomikis dakreditebas. „jei pi

morganis“ SefasebiT, 2010 wlis bolosTvis 28 evropuli banki ganicdida 493 miliardi ev-

ros deficits am moTxovnis dasakmayofileblad41. miuxedavad amisa, sabanko zedamxedvelebi

SeTanxmdnen, rom moTxovna ZalaSi Sesuliyo 2015 wlidan. garda amisa, 2018 wlidan amoqmed-

deba wminda stabiluri dafinansebis koeficientic („Net stable funding ratio“). bazelis komite-

tis raodenobrivi gavlenis kvlevis Sedegebis mixedviT, 2010 wlis dekembris mdgomareobiT

likvidobis axal moTxovnebs saSualod bankebi ver akmayofilebdnen. amasTan, imave kvlevis

SedegebiT, miuxedavad imisa, rom pirveladi kapitalis adekvaturobis koeficientis saSu-

alo maCvenebeli aRemateboda dawesebul minimums, 173 miliardi evros damatebiTi kapitali

iyo saWiro imisaTvis, rom axali moTxovnebi yvela Seswavlil banks Seesrulebina42.

3.2 sabanko seqtoris riskebi

3.2.1 mflobelobis struqtura

2011 wlis 31 dekembris mdgomareobiT, saqarTvelos sabanko sistema aerTianebda 19

banks. sabanko seqtoris mTliani aqtivebi Seadgenda mSp-s 52.3 procents. aqedan, ucxouri

kapitalis monawileobiT, saboloo mflobelobis mixedviT, saqarTveloSi funqcionireb-

da 17 banki da ucxouri bankis ori filiali. 2012 wlis Tebervlis mdgomareobiT, ara-

rezidenti beneficiari mesakuTreebis wili bankebis ganaRdebul kapitalSi 85.6 procents

Seadgenda.

39 Central Bank Liquidity Swap Lines, FED, March 2012.40 IASB defers IFRS 9 mandatory eff ective date to 2015, IFRS Foundation, 16 December 2011.41 Regulators poised to soften new bank rules, Finacial Times, September 5, 2011.42 Results of the comprehensive quantitative impact study, BIS, December 2010.


ucxouri kapitali monawileobs saqarTveloSi warmodgenil yvela sabanko institutSi.

unda aRiniSnos, rom, mflobelobis struqturis mxriv, sabanko seqtori sakmaod Zlieri

strategiuli investorebiTaa warmodgenili, maT Soris, msxvili evropuli da regionuli

sabanko da saerTaSoriso safinanso institutebiT, romelTac, saWiroebis SemTxvevaSi,

damatebiTi kapitalis/likvidobis ineqciis unari SeswevT. aRsaniSnavia, rom sabanko seq-

toris mflobelobaSi saerTaSoriso investorebis wilis zrda xels uwyobs mdgradi da

konkurentuli adgilobrivi bazris Camoyalibebas.

3.2.2 sakredito riski

2011 weli sabanko sistemisaTvis sakmaod aqtiuri iyo dakreditebis kuTxiT. sakredito

portfelis mniSvnelovani zrda gansakuTrebiT 2011 wlis bolo or kvartalSi gamoikveTa.

sakredito portfelma 2011 wlis bolosaTvis mniSvnelovnad gadaaWarba recesiis dawyebam-

de arsebul moculobas. 2011 wlis ganmavlobaSi sabanko sistemis mTliani sakredito port-

feli fiqsirebuli kursiT 2010 welTan SedarebiT 29.4 procentiT gaizarda. Camowerili

sesxebis efeqtis gaTvaliswinebiT ki sakredito portfelis zrdam 30.8 procenti Seadgina.

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

07 08 08 08 08 08 08 09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11

( ) ( ) 12.2007

diagrama 40 mTliani sasesxo portfelis dinamika, mln lari


segmentebis mixedviT, sakredito portfelSi yvelaze didi wiliT warmodgenilia kor-

poratiuli portfeli - 42 procenti. sacalo portfeli - 38 procents, xolo mcire da


2011 wlis ganmavlobaSi gagrZelda 2010 wels dawyebuli portfelis xarisxis gaum-

jobesebis tendencia. umoqmedo sesxebis43 wili mTlian portfelSi, romelic 2010 wlis

bolosaTvis Seadgenda 12.5 procents, stabilurad mcirdeboda mTeli wlis manZilze

da 2011 wlis bolosaTvis 8.6 procenti Seadgina. aseve, Semcirda negatiuri sesxebis44

wili mTlian portfelSi. es maCvenebeli 2010 wlis bolosaTvis Seadgenda 21.9 procents,

xolo 2011 wlis bolosaTvis ki Semcirda 15.3 procentamde. saerTaSorisod miRebuli, 90

dReze meti vadagadacilebiT gansazRvruli umoqmedo sesxebis wili mTlian portfelSi

aseve Semcirda 2011 wlis bolosaTvis da Seadgina 4.5 procenti maSin, roca analogiuri

maCvenebeli, 2010 wlis dekembris mdgomareobiT, Seadgenda 5.5 procents. qvemoT mocemul

diagramaze warmodgenilia 90 dReze meti vadagadacilebis mqone sesxebis wili mTlian

portfelSi regionis qveynebisaTvis, rac saqarTvelos sabanko sistemisTvis erT-erT

saukeTeso maCvenebels asaxavs.45

43 „umoqmedo sesxebad“ ganisazRvreba aqtivebis klasifikaciis moqmedi regulaciis mixedviT klasifikaciis

bolo sami kategoria: arastandartuli, saeWvo da uimedo.

44 „negatiur sesxebad“ ganisazRvreba aqtivebis klasifikaciis moqmedi regulaciis mixedviT klasifikaciis

bolo oTxi kategoria: sayuradRebo, arastandartuli, saeWvo da uimedo.

45 monacemebs Soris SesaZloa iyos ramdenimeTviani gansxvaveba. gamoyenebulia uaxlesi xelmisawvdomi TariRebi.

0% 5% 10% 15% 20% 25% 30% 35% 40%

diagrama 4190 dReze meti vadagadacilebis mqone sesxebis Tanafardoba sakredito portfelTan qveynebis

mixedviT45

wyaro: saerTaSoriso savaluto fondi, saqarTvelos erovnuli banki

saSualo biznes portfeli 20 procents Seadgens. 2011 wlis manZilze, rogorc procentu-

lad, aseve Tanxobrivad yvelaze didi zrda sacalo sesxebis portfelSi dafiqsirda. mas

mosdevs korporatiuli da mcire da saSualo sesxebis portfeli.

cxrili 11mTliani sakredito portfeli segmentebis mixedviT (bankTaSorisi sesxebis garda)

segmenti dek-10 dek-11 zrda zrda wili 2010 wili 2011

korporatiuli sesxebi 2,745,477,293 3,273,799,426 19% 528,322,133 44% 42%

sesxebi mcire da saSualo

biznesze1,411,413,830 1,547,526,914 10% 136,113,084 23% 20%

sacalo sesxebi 2,099,382,271 2,896,523,437 38% 797,141,166 34% 38%

sakredito portfeli

(bankTaSorisi sesxebis

gareSe) 6,256,273,394 7,717,849,777 23% 1,461,576,383 100% 100%



9060300306090120150180210240270300330360390420

40%

20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

()

–

()

()

()

..

.

.

..

diagrama 42 sesxebis zrda risk-seqtorebis mixedviT Camowerili sesxebis aRdgenis efeqtiT 2011 weli


seqtoruli TvalsazrisiT yvelaze metad gaizarda sacalo portfelis Semdegi

produqtebi: samomxmareblo sesxebi, sakredito baraTebi da ipoTekuri sesxebi. mniS-

vnelovani zrda dafiqsirda aseve arasacalo portfelis iseT seqtorebSi, rogoricaa

momsaxurebis, samomxmareblo saqonlis vaWrobis da jandacvis, sastumroebisa da tu-

rizmis seqtorebSi. sistemis sakredito portfelis zrdaSi mniSvnelovani wvlili Sei-

tana 2010 wlidan dawyebulma da 2011 wlis pirvel naxevramde gagrZelebulma sesxebis

damtkicebis Semsubuqebis tendenciam, romelic gamoixateboda sacalo sesxebis gacemis

pirobebis, kerZod, sesxis uzrunvelyofasTan Tanafardobis, valdebulebis momsaxurebis

maCveneblisa da sxva moTxovnebis SemsubuqebiT.


orwlian intervalSi 2010 wlis dasawyisidan

moyolebuli, TvalsaCinoa gacemul sesxebze

saprocento ganakveTebis mniSvnelovani Sem-

cireba, rasac bazarze konkurenciis mniS-

vnelovanma gamZafrebam Seuwyo xeli.

orwlian intervalSi 2010 wlis dasawyisidan moyolebuli, TvalsaCinoa gacemul sesx-

ebze saprocento ganakveTebis mniSvnelovani Semcireba, rasac bazarze konkurenciis mniS-

vnelovanma gamZafrebam Seuwyo xeli. miuxe-

davad imisa, rom 2011 wlis meore naxevarSi,

evropis finansuri problemebis gamZafre-

biT Seqmnili sagareo fonis gavleniT, gace-

mul sesxebze garkveulwilad dafiqsirda

saprocento ganakveTebis zrda, mTlianobaSi

2011 weli mainc saprocento ganakveTebis Sem-

cirebiT xasiaTdeboda.

seqtorebis kuTxiT sabanko sistemis sakredito portfeli SeiZleba sakmaod diversi-

ficirebulad CaiTvalos. individualuri seqtorebis wili mTlian portfelSi wlis bo-

losaTvis 6 procentsac ar aWarbebda. risk-seqtorebis mixedviT yvelaze maRalriskian

mimarTulebebad rCeba „uZravi qonebis developmenti“.

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11

diagrama 43Tvis ganmavlobaSi gacemul sesxebze arsebuli saSualo Sewonili saprocento ganakveTebi seg-

mentebis mixedviT (bankTaSorisi sesxebis garda)



cxrili 12sasesxo portfeli risk-seqtorebis mixedviT 2011 wlis 31 dekembris mdgomareobiT

(bankTaSorisi sesxebis garda)

seqtorebi

seqtoris

wili

mTlian

port-

felSi

sesxis

naSTi

(mln

lari)

sesxis

rezer vi

(mln

lari)

sesxis

rezervi/

port-

felTan

saxelmwifo organizaciebi 0.7% 51.5 1.0 2.0%

safinanso institutebi 2.4% 186.3 4.0 2.2%

lombarduli sesxebi 2.9% 226.2 4.8 2.1%

uZravi qonebis developmenti 3.9% 301.7 81.4 27.0%

uZravi qonebis menejmenti 4.7% 360.8 29.0 8.0%

samSeneblo kompaniebi (aradeveloperebi) 2.8% 216.4 31.6 14.6%

samSeneblo masalebis mopoveba, warmoeba da vaWroba 2.5% 193.8 26.1 13.5%

samomxmareblo saqonlis vaWroba 5.8% 449.7 24.0 5.3%

samomxmareblo saqonlis warmoeba 3.6% 279.1 29.3 10.5%

xangrZlivi moxmarebis samomxmareblo produqciis warmoeba da

vaWroba1.7% 131.8 14.8 11.2%

fexsacmlis, tansacmlis da teqstilis warmoeba da vaWroba 1.2% 95.3 3.3 3.4%

vaWroba (sxva) 4.3% 334.0 21.8 6.5%

warmoeba (sxva) 1.1% 85.9 7.3 8.5%

sastumroebi da turizmi 2.7% 209.8 12.7 6.0%

restornebi, barebi, kafeebi da swrafi kvebis obieqtebi 1.2% 92.3 5.6 6.0%

mZime mrewveloba 2.8% 217.3 12.6 5.8%

benzingasamarT sadgurebsa da benzinis importiorebze gacemuli

sesxebi2.8% 212.8 7.8 3.7%

energetika 2.8% 216.3 13.6 6.3%

avtomobilebis dilerebi 1.1% 82.4 5.1 6.2%

jandacva 2.4% 182.5 6.7 3.7%

farmacevtika 1.0% 78.4 6.0 7.7%

telekomunikacia 1.6% 123.1 8.3 6.7%

servisi 5.0% 388.2 23.6 6.1%

soflis meurneobis seqtori 2.0% 152.4 9.7 6.4%

sxva (jarTis biznesis CarTviT) 2.5% 193.4 8.9 4.6%

sacalo produqtebi 34.4% 2,656.6 132.9 5.0%

avto-sesxebi 1.1% 84.6 6.7 8.0%

samomxmareblo sesxebi 13.1% 1,007.3 43.4 4.3%

momentaluri ganvadeba 1.1% 81.4 4.0 4.9%

overdraftebi 0.8% 62.2 4.2 6.7%

sakredito baraTebi 5.6% 428.8 27.6 6.4%

sesxebi binis remontisaTvis 1.4% 110.8 3.7 3.3%

ipoTekuri sesxebi 11.4% 881.5 43.3 4.9%

mTliani portfeli 100.0% 7,717.8 532.1 6.9%



0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

07 08 08 08 08 08 08 09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11

2008

diagrama 44sesxebis SesaZlo danakargebis rezervis mTlian portfelTan Tanafardoba


4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

-07

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

12.2007

diagrama 45mTliani sasesxo portfelis dinamika wminda Camowerili sesxebis aRdgenis efeqtiT, mln lari



sistemis sakredito portfelis zrdisa da xarisxis gaumjobesebis Sedegad negatiuri

portfelis wili (wminda Camowerili sesxebisa da dasakuTrebuli qonebis CaTvliT) mTlian

sakredito portfelSi mniSvnelovnad Semcirda. aRniSnuli maCvenebeli 2010 wlis bolos

30.7 procentidan 2011 wlis bolosTvis 23.9 procentamde Semcirda. aseve, mniSvnelovnad

Semcirda bankebis mier ganxorcielebuli investiciebis Tanafardoba mTlian sakredito

portfelTan. Tuki 2010 wlis bolosaTvis aRniSnuli maCvenebeli Seadgenda 7 procents,

2011 wlis bolosTvis Semcirda 4 procentamde.

-

10

20

30

40

50

60 -0

7

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

diagrama 46 sesxebis Camowera da amoReba, mln lari


32.4%

36.8%38.5% 38.3% 38.6%

35.6%34.2%

30.7% 30.2%28 0%

29.9% 30.2%29.0% 29.8%

35.0%

40.0%

2.5

3.0

.

7.6% 8.2% 8.6%

23.6%

26.8%28.0%

25.9%23.9%

7.0% 7.0% 7.4%

18.0%

21.0%

25.9%27.4%

25.5%23.0% 22.0% 21.1%

19.6%17.9%

5 0%

10.0%

15.0%

20.0%

25.0%

30.0%

0 0

0.5

1.0

1.5

2.0

5.0%0.0

IV2007

I2008

II2008

III2008

IV2008

I2009

II2009

III2009

IV2009

I2010

II2010

III2010

IV2010

I2011

II2011

III2011

IV2011

/

/

diagrama 47 problemuri aqtivebi



sakredito portfelis da sxva problemuri aqtivebis xarisxis gaumjobesebisa da sa-

banko sistemis zrdis paralelurad Semcirda problemuri aqtivebis Tanafardoba mTlian

aqtivebTan. aRniSnuli maCveneblis gaumjobeseba saxezea 2010 wlis dasawyisidan, ramac

2011 welsac Seuqcevadi xasiaTi miiRo. problemuri aqtivebis mTlian aqtivebTan Tanafar-

dobis aRniSnulma maCvenebelma 2011 wlis bolosaTvis 17.9 procenti Seadgina maSin, roca

2010 wlis bolosaTvis igive maCvenebeli 23.0 procents utoldeboda.

recesiis Semdgom gazrdili dasakuTrebuli qonebis moculobebi 2011 wlis bolo-

saTvis mcirediT Semcirda da sistemis doneze 205 milioni lari Seadgina. sakredito

portfelis zrdis paralelurad ki, dasakuTrebuli qonebebis wili sakredito portfel-

Tan mimarTebaSi 2010 wlis bolos dafiqsirebuli 3.4 procentidan 2011 wlis bolosTvis

2.6 procentamde Semcirda. aqtivebis darezervebis moqmedi regulaciis konservatiuli

moTxovnebidan gamomdinare, dasakuTrebul qonebaze sabanko sistemis doneze formirebu-

lia saSualod 46.4 procentis odenobis rezervi.

mTlianobaSi SeiZleba iTqvas, rom 2008 wlis ekonomikuri Sokebisa da Tanmdevi 2009

wlis recesiis Sedegad aqtivebis xarisxis gauaresebis Sedegebi sabanko sistemis mier

metwilad daZleul iqna. aRniSnuls mowmobs rogorc gaumjobesebuli momgebianoba, aseve

umoqmedo sesxebis wilis Semcireba 2009 wlis ivnisSi 18.8 procentidan (maqsimumi) 2011

wlis bolos 8.6 procentamde. aRsaniSnavia, rom gamovlenili sisusteebis gaTvaliswine-

biT, sabanko sistemis biznes modelSi mniSvnelovani modifikaciebi Sevida, rac SemdgomSi

Sokebisadmi sabanko sistemis ufro met mdgradobas uzrunvelyofs. saqarTvelos erovnu-

li banki xels uwyobs bazris monawileebs, raTa maT TavianT aqtivebSi riskebis drouli

identificireba moaxdinon da momzadebulebi iyvnen sxvadasxva stresuli scenarebisadmi.

stres testebi

saqarTvelos erovnuli banki agrZelebs muSaobas sabanko aqtivebis stres testebis

daxvewis mimarTulebiT. amJamad moqmed zemodan qvemoT („Top down“) makroekonomikur

stres tests daemateba mikrodoneze qvemodan zemoT („Bottom up“) principiT ganxorciele-

buli stres testis CarCo. aRniSnulis mizania, rogorc TiToeuli sabanko institutis,

aseve mTliani sabanko sistemis riskis profilis ufro maRali sizustiT Sefaseba. stres

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

50

100

150

200

250

%

diagrama 48 dasakuTrebuli qoneba



amJamad moqmed zemodan qvemoT („Top down“) makroekonomikur stres tests dae-

mateba mikrodoneze qvemodan zemoT („Bot-tom up“) principiT ganxorcielebuli

stres testis CarCo. aRniSnulis mizania,

rogorc TiToeuli sabanko institutis,

aseve mTliani sabanko sistemis riskis pro-

filis ufro maRali sizustiT Sefaseba.

testebis miznebisaTvis gaTvaliswinebuli

scenari moicavs: mSp-is, valutis gacvliTi

kursis, uZravi qonebis (romelic gamoyene-

bulia uzrunvelyofis saSualebebad) da sxva

cvladebis Sokebs. aRsaniSnavia, rom mSp-is

vardnis transformacia xdeba sxvadasxva

seqtorebis doneze sistemur riskTan maTi

korelaciis mixedviT. sasesxo portfelTan

mimarTebaSi bankebi stresis maxasiaTeb lebs

individualuri mses xeblis doneze iyeneben.

marcvlovani portfelis SemTxvevaSi gamoiyeneba SemTxveviTi SerCevis meTodi. aseve

unda aRiniSnos, rom gansxvavebuli midgomebi iqneba gamoyenebuli sacalo portfelTan

mimarTebaSi. sabolo jamSi ki sabanko aqtivebi maTi Sokebis mimarT mdgradobis mixed-

viT daiyofa riskis kategoriebad. aRniSnuli stres testebi bankebis Sokebis mimarT

mdgradobis Sefasebis meSveobiT mniSvnelovan adgils daikavebs „bazel II-is“ „pilar 2-Si

(sazedamxedvelo ganxilvis procesi)“.

3.2.3 likvidobis riski

likviduri aqtivebis struqtura

2011 wlis maisidan gaizarda gepi sesxebsa da arasabanko depozitebs Soris. gepis zrda

gamowveuli iyo depozitebis zrdis tempis SemcirebiTa da ekonomikuri aqtivobis gamo

sesxebis swrafi zrdiT. depozitebis zrdis tempis Semcirebis miuxedavad bankebma

kvlav gaagrZeles sesxebze mzardi moTxovnis dafinanseba likviduri aqtivebis Semcire-

bis xarjze. 2011 wlis noemberSi likvidobis koeficientma wlis minimums - 33.6 procents

miaRwia. 2011 wlis bolos fiskaluri efeqtisa da kompaniebis maragebis gayidvebis gamo

depo zitebis mniSvnelovan zrdas hqonda adgili, ramac koeficienti 39.3 procentamde

gazarda. 2011 wlis dekemberSi likvidobis koeficienti lariTa da ucxouri valutiT

Sesabamisad 52.8 procenti da 30.9 procentia.

2,500

3,500

4,500

5,500

6,500

7,500

09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11

diagrama 49sesxebisa da arasabanko depozitebis dinamika, mln lari



tradiciulad, likvidurobis koeficienti lariT ufro maRalia, vidre ucxouri

valutiT, rac gamowveulia gansxvavebuli valdebulebebis struqturiTa da likviduri

aqtivebis SemosavlianobiT. lariT valdebulebebis meti wili warmodgenilia mimdinare

angariSebisa da moTxovnamde depozitebis saxiT, romelTa naSTebi ufro meti meryeo-

biT xasiaTdeba moklevadian periodSi. ucxouri valutiT valdebulebebi ufro metad

warmodgenilia vadiani depozitebis, nasesxebi saxsrebisa da subordinirebuli sesxeb-

is sa xiT, romlebic ufro naklebi meryeobiT xasiaTdeba moklevadian periodSi. meore

faqtori mdgomareobs imaSi, rom ucxouri valutiT arsebuli likviduri aqtivebi Semo-

savliani araa, amitom bankebs aqvT stimuli likvidobis SeZlebisdagvarad meti nawili

Semosavlian lariT denominirebul fasian qaRaldebSi ganaTavson. aRniSnulma garemoebam

bankebs SesaZloa ubiZgos ucxouri valutiT Seinaxos mxolod normaluri biznes gare-

mos dros saoperacio likvidobisTvis saWiro maragi, xolo ucxouri valutiT stresuli

20%

30%

40%

50%

60%

70%

09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11

.

diagrama 51likvidobis koeficientis dinamika


0

500

1,000

1,500

2,000

2,500

09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11

diagrama 50seb-isa da mTavrobis fasiani qaRaldebis dinamikis gavlena laris sasesxo portfelze



situaciisTvis saWiro likvidobis buferi lariT denominirebul likvidur Semosavlian

fasian qaRaldebSi ganaTavsos. es faqti likvidobis stresis SemTxvevaSi savaluto riskis

realizaciis safrTxes warmoadgens. aRniSnuli riskis kontrolis mizniT, saqarTvelos

erovnuli banki regularulad meTvalyureobs rogorc mTliani likvidobis koeficientis

dinamikas, aseve koeficientis dinamikas valutebis WrilSi.

valdebulebebis struqtura

2008-2011 wlebSi gaizarda sabalanso valdebulebebis marcvlovaneba. kerZod, sabalanso

valdebulebebis struqturaSi Semcirda nasesxebi saxsrebisa da fasiani qaRaldebis wili

da, Sesabamisad, gaizarda arasabanko depozitebis wili. Tumca, arasabanko depo zitebis

wilis zrda mTlianad modis mimdinare angariSebisa da moTxovnamde depozitebis zrdaze.46

46 nasesxebi saxsrebi moicavs subordinirebul valdebulebebs. moTxovnamde depozitebi moicavs mimdinare an-

gariSebs. sxva valdebulebebi moicavs daricxul gadasaxdel procentebsa da dividendebs.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

08 09 10 11

diagrama 52likviduri aqtivebis struqtura


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011

diagrama 53valdebulebebis struqtura46



sabiTumo dafinanseba

2011 wlis ganmavlobaSi sabiTumo saxsrebze sabanko sistemis damokidebulebis xarisxi

umniSvnelo cvalebadobiT xasiaTdeboda. kerZod, sesxebis arasabanko depozitebTan

fardobis maCvenebeli 2011 wlis aprilidan noembramde 114-dan 125 procentamde gaizar-

da. aRniSnulis mizezi iyo am periodSi arasabanko depozitebis zrdis CamorCena sesxebis

zrdasTan, rac ganapiroba ekonomikuri aqtivobis gamo kompaniebis mier maragebis zrdam.

rogorc aRiniSna, 2011 wlis dekemberSi samTavrobo danaxarjebis gawevisa da kompaniebis

mier maragebis gayidvis Semdeg sadepozito angariSebze akumulirda naSTebi, ramac ses-

xebis arasabanko depozitebTan fardobis koeficienti 115 procentamde Seamcira da kvlav

2010 wlis maCvenebels gautola. 2007-2010 wlebTan SedarebiT sabiTumo saxsrebze sabanko

sistemis naklebi damokidebuleba saerTaSoriso safinanso mdgomareobis gaTvaliswinebiT

likvidobis risks mniSvnelovnad amcirebs.

2011 wlis 31 dekembris mdgomareobiT, sabanko sistemis mier moziduli mTliani sabi-

Tumo dafinanseba 2.8 miliardi laria47, rac mSp-is 11.7 procentia. sabiTumo dafinanseb-

is produqtebidan 68 procenti nasesxeb saxsrebze modis, 28 procenti - subordinire-

bul valdebulebebze, xolo 3 procenti - sakuTar savalo fasian qaRaldebze. sabiTumo

dafinansebis gadaxdis grafiki droSi diversificirebulia da mcirea maTi vadaze adre

dafarvis riski. garda amisa, sabiTumo dafinansebis wyaroebi mniSvnelovnadaa diversi-

ficirebuli kontragentebis tipis mixedviT. kerZod, maTi 59 procenti saerTaSoriso

safinanso institutebze modis, 25 procenti - mSobel, an jgufis wevr kompaniebze, xolo

16 procenti - sxva kerZo institutebze. wina welTan SedarebiT kerZo institutebis wili

sabiTumo dafinansebaSi 14 procentuli punqtiT Semcirda, ramac am kuTxiT riski kidev

ufro Seamcira.

sabiTumo dafinansebis umetesi nawili ucxour qveynebze modis. aRsaniSnavia, rom, „GIIPS“-

is qveynebze48 sabiTumo dafinansebis 0.1 procentze naklebi modis (mxolod saberZneTi).

47 mTliani sabiTumo dafinanseba moicavs subordinirebul sesxebs, nasesxeb saxsrebsa da sakuTar savalo fasian

qaRaldebs.

48 evropis savalo krizisiT yvelaze metad dazianebuli xuTi qveyana: saberZneTi, italia, irlandia, portuga-

lia, espaneTi.

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2.0

-06

-06

-06

-06

-07

-07

-07

-07

-08

-08

-08

-08

-09

-09

-09

-09

-10

-10

-10

-10

-11

-11

-11

-11

diagrama 54sesxebis arasabanko depozitebTan Sefardeba



saangariSo periodSi, saqarTvelos erovnuli bankis mier sabiTumo dafinansebis riskis

Semcirebis kuTxiT ganxorcielda mniSvnelovani sakanonmdeblo cvlileba. sarezervo

moTxovnis norma or wlamde narCeni vadianobis mqone ucxouri valutiT nasesxeb sax-

srebze maTi vadianobis zrdis Sesabamisad Semcirda, xolo ucxouri valutiT or welze

meti da erovnuli valutiT erT welze meti narCeni vadianobis mqone nasesxeb resursze

- gauqmda. aRniSnuli sakanonmdeblo cvlileba bankebs ufro grZelvadiani saxsrebis mo-

zidvis da dafinansebis riskis Semcirebis stimuls aZlevs. Tumca, imisaTvis, rom miRe-

buli resursi CaiTvalos grZelvadianad, is unda akmayofilebdes vadaze adre moTxovnis

garkveul pirobebs. sasesxo xelSekrulebis am moTxovnebTan Tanxvedra mowmdeba da fas-

deba individualurad, yvela kontraqtis siRrmiseulad Seswavlis safuZvelze.

miuxedavad imisa, rom sabiTumo dafinansebis gastumrebis mxriv qarTul sabanko sis-

temas safrTxe ar emuqreba, samomavlod sabiTumo bazrebze arsebuli daZabuloba kvlav

angariSgasawev garemoebad rCeba.

cxrili 13sabiTumo dafinansebis gadaxdis grafiki 2011 wlis 31 dekembris mdgomareobiT

Tve <1 1-3 3 - 6 6 - 12 12 - 24 24 - 36 36 - 60 > 60

jami 7% 14% 6% 11% 9% 14% 13% 26%

saerTaSoriso safinanso

institutebi2% 5% 2% 5% 7% 8% 10% 19%

dakavSirebuli kompania 5% 4% 0% 2% 1% 4% 3% 7%

sxva kerZo kompania 0% 5% 3% 4% 0% 2% 0% 0%


cxrili 14sabiTumo dafinansebis struqtura produqtebis mixedviT (milioni lari)

TariRi dek-07 dek-08 dek-09 dek-10 dek-11

nasesxebi saxsrebi 1,237 2,274 1,192 1,474 1,921

sub. valdebulebebi 395 573 881 927 797

fasiani qaRaldebi 311 327 294 262 93


sacalo dafinanseba

2011 wlis 31 dekembris mdgomareobiT, arasabanko depozitebis wliurma zrdam 27.6 pro-

centi Seadgina49. arasabanko depozitebis zrda 2011 wlis manZilze qveynis ekonomikis stabi-

luri ganviTarebisa da ucxour arasafinanso klientebTan ufro mWidro muSaobis Sedegia.

2011 wlis ganmavlobaSi ararezidentebis wili mTlian arasabanko depozitebSi 11.7

procentamde gaizarda. aqedan 5 procentuli punqti ucxoeTidan mozidul saxsrebs mie-

kuTvneba, darCenili 6.7 procentuli punqti ki saqarTveloSi moRvawe ararezidentebze

modis. amave dros ararezidentebis wili mTliani vadiani depozitebis 20.3 procents

Seadgens. ararezidentebis depozitebis portfeli ararezidentebis warmoSobis qveynebis

mixedviT diversificirebulia.

is garemoeba, rom ararezidentebis vadiani depozitebis TiTqmis absoluturi umrav-

lesoba vadaze adre moTxovnadia klientisTvis materialuri danakargis gareSe, depoz-

itebis gadinebis risks zrdis. aRniSnuli riskis Semcirebis mizniT, 2011 wels bankebis

nawilma ararezidentebisgan daiwyo vadaze adre gamouTxovadi depozitebis mozidva,

Tumca aRniSnul RonisZiebas am etapze mniSvnelovani masStabebisTvis ar miuRwevia. 2012

49 gaangariSebulia fiqsirebuli kursiT.


6%

7%

8%

9%

10%

11%

12%

01.0

9

03.0

9

05.0

9

07.0

9

09.0

9

11.0

9

01.1

0

03.1

0

05.1

0

07.1

0

09.1

0

11.1

0

01.1

1

03.1

1

05.1

1

07.1

1

09.1

1

11.1

1

diagrama 55ararezidentebis depozitebis wili arasabanko depozitebSi


30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

-12

diagrama 56rezidentebisa da ararezidentebis vadiani depozitebis wili arasabanko depozitebSi



wels dagegmilia saqarTvelos erovnuli bankis mier sadepozito sertifikatebis Sesaxeb

sakanonmdeblo iniciativis danergva.50 kerZod, nasesxebi saxsrebis msgavsad, bankebis mier

emitirebul sadepozito sertifikatebze Semsubuqdeba sarezervo moTxovnebis da likvi-

dobis norma, rac bankebs gamouTxovadi sadepozito produqtebis danergvaSi Seuwyobs

xels. es cvlileba SeiZleba CaiTvalos bazelis standartebTan daaxloebis kidev erT

nabijad. „bazel III-is“ mier rekomendirebuli likvidobis marTvis CarCo - likvidobis

gadafarvis koeficienti (Liquidity Coverage Ratio - LCR) - amJamad danergvis procesSia. is

iTva liswinebs bankis likvidobasTan dakavSirebul iseT faqtorebs, rogoricaa valde-

bulebebis vadianoba, koncentracia, likviduri aqtivebis xarisxi, aqtivebis likvidurad

gardaqmnis SesaZlebloba da a.S. miuxedavad imisa, rom „bazel III-is“ likvidobis gada-

farvis koeficienti sakmaod konservatiul midgomad iTvleba (ix. „saerTaSoriso garemo

da sazedamxedvelo reformis tendenciebis“ Tavi), qarTuli bankebis umetesobas misi,

iseve rogorc „bazel III -is“ kapitalis adekvaturobis (ix. „kapitalis adekvaturoba“ qve-

moT) moTxovnebis dakmayofileba ar gauWirdeba, radgan arsebuli kanonmdeblobiT isini

akmayofileben likvidobis koeficients, romelic „LCR-ze“ aranakleb konservatiulia.

50 2011 wlisTvis gamoyenebulia mSp-s winaswari monacemebi.

11.3%

15.2%

18.9% 18.7%

22.0%

26.5%28.1%

0%

5%

10%

15%

20%

25%

30%

05 06 07 08 09 10 11

diagrama 57arasabanko depozitebi mSp-Tan 50



3.2.4 savaluto riski

2011 wlis dekembris monacemebiT, sesxebis larizacia 31.1 procenti, xolo depoz-

itebisa da mimdinare angariSebis larizacia 40.1 procenti iyo. Tumca, wina welTan Seda-

rebiT larizaciis maCvenebeli mniSvnelovnad gaizarda, Sesabamisad, 5.1 da 8 procentuli

punqtiT. sesxebisa da depozitebis larizacia gazrdilia dafiqsirebuli laris gacvliTi

kursiT analizis SemTxvevaSic, rac realur larizaciis zrdaze miuTiTebs.

0%

10%

20%

30%

40%

50%

60%

70%

12/200

8

02/200

9

04/200

9

06/200

9

08/200

9

10/200

9

12/200

9

02/201

0

04/201

0

06/201

0

08/201

0

10/201

0

12/201

0

02/201

1

04/201

1

06/201

1

08/201

1

10/201

1

12/201

1

,.

diagrama 59depozitebisa da mimdinare angariSebis larizacia


15%

20%

25%

30%

35%

40%

45%

12/200

8

02/200

9

04/200

9

06/200

9

08/200

9

10/200

9

12/200

9

02/201

0

04/201

0

06/201

0

08/201

0

10/201

0

12/201

0

02/201

1

04/201

1

06/201

1

08/201

1

10/201

1

12/201

1

diagrama 58sesxebisa da depozitebis larizacia



0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

12/200

8

02/200

9

04/200

9

06/200

9

08/200

9

10/200

9

12/200

9

02/201

0

04/201

0

06/201

0

08/201

0

10/201

0

12/201

0

02/201

1

04/201

1

06/201

1

08/201

1

10/201

1

12/201

1

diagrama 60fizikuri da iuridiuli pirebis sesxebis larizacia


0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

12/200

8

02/200

9

04/200

9

06/200

9

08/200

9

10/200

9

12/200

9

02/201

0

04/201

0

06/201

0

08/201

0

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0

12/201

0

02/201

1

04/201

1

06/201

1

08/201

1

10/201

1

12/201

1

diagrama 61 mokle da grZelvadiani sesxebis larizacia



3.2.5 sabanko seqtoris momgebianoba

2008-09 wlebis zaralebis Semdeg, saqarTvelos sabanko seqtori daubrunda mogebas

2009 wlis meoTxe kvartalSi. 2011 wlis wminda mogebam (323 milioni lari) gadaaWarba

2010 wlis gaormagebul maCvenebelsac ki (156 milioni lari), ramac misaRebi momgebianobis

maCveneblebis dafiqsireba gamoiwvia: ukugeba saSualo aqtivebze 2.85 procenti, xolo

ukugeba saSualo kapitalze 17.3 procenti.

momgebianobis aseTi mkveTri zrda ramdenime faqtoriT iyo gamowveuli. maT Soris

yvelaze mniSvnelovnad SeiZleba aqtivebis xarisxis gaumjobeseba CaiTvalos. Tu 2010 wels

aqtivebis SesaZlo danakargebis rezervi 150 milion lars aWarbebda, 2011 wels is mxolod

-15%

-10%

-5%

0%

5%

10%

15%

20%

-08

-08

-08

-08

-08

-08

-09

-09

-09

-09

-09

-09

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

ROA ROE

diagrama 62 sabanko sistemis momgebianoba (kumulatiuri gawliurebuli maCveneblebi, wlis dasawyisidan)



73 milioni lari iyo. aqtivebis xarisxis gaumjobesebis efeqtma mTlianad gadafara ses-

xebze saprocento ganakveTebis klebis Sedegad miRebuli potenciuri danakargi.

momgebianobis zrdaze mniSvnelovani gavlena iqonia likviduri aqtivebis struqturis

cvlilebamac. saqarTvelos mTavrobis saxazino valdebulebebis da saqarTvelos erovnu-

li bankis sadepozito sertifikatebis wili likvidur aqtivebSi 23 procentidan 28 pro-

centamde gaizarda. momgebianobis zrdaSi Tavisi wvlili Seitana bankebis xarjebis kuTxiT

efeqtianobis zrdamac. xarjebis SemosavlebTan Tanafardobis koeficienti 62 procenti-

dan 58 procentamde Semcirda. efeqtianobis zrda damaxasiaTebelia mzardi seqtorebis-

Tvis da sabanko seqtoris SemTxvevaSi es ar yofila moulodneloba. momgebianobis abso-

luturi maCveneblis zrdaze Tavis mxriv imoqmeda sasesxo portfelis zrdamac.

5%

7%

9%

11%

13%

15%

17%

19%

21%

-10

-10

-10

-10

-10

-10

-10

-10

-10

-10

-10

-10

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

-11

diagrama 63 saprocento spredi


43.2%

23.6%

33.6%

29.5%

56.4%

100%

50%

0%

50%

100%

150%

200%

diagrama 64 momgebianobis zrdis dekompozicia



2011 wlis dasawyisSi ekonomikis gamococxlebis paralelurad, erovnulma bankma

gaamkacra kapitalis moTxovnebi savaluto riskis mixedviT Sewonvis koeficientis 50

procentidan 75 procentamde zrdiT. am etapze ar Cans sazedamxedvelo politikis Sem-

dgomi cvlilebis saWiroeba, rasac adasturebs bazelis meTologiiT sesxebis mSp-Tan

Tanafardobis gepic51.

51 BIS Working Papers No 317. Countercyclical capital buff ers: exploring options. Bank for International Settlements. July 2010.

3.2.6 kapitalis adekvaturoba

2011 wlis bolosTvis sabanko sistema adekvaturad aris kapitalizirebuli, rac naT-

lad Cans kapitalis adekvaturobis koeficientis siWarbiT minimalur zRvarTan Seda-

rebiT. pirveladi kapitalis koeficienti 11 procents utoldeba, rac minimalur normas

3 procentuli punqtiT aRemateba, xolo sazedamxedvelo kapitalis koeficienti 17 pro-

cents Seadgens, rac 5 procentuli punqtiT aRemateba minimalur moTxovnas. sazedamxed-

velo kapitalis adekvaturoba saqarTvelos erovnuli bankis meTodologiiT Seadgens 17

procents, xolo `bazel I-is~ moTxovnebiT - 26 procents, rac aRemateba bevri sxva qveynis

analogiur maCvenebels.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11 12

( 1) ( 2)1 2

diagrama 65 kapitalis adekvaturobis koeficientebi



riskebze orientirebuli ze dam xed velobaze gadasvlis farglebSi, erovnulma bankma

2011 wlis seqtemberSi gamoacxada „bazel II/III-is“ danergvis gegma. aRniSnulis mixedviT,

saWiro kapitalis daangariSeba yvela bankisTvis riskis profilis ufro detaluri Seswav-

lis safuZvelze ganxorcieldeba. „bazel II/III-ze“ gadasvla 2013 wlidan igegmeba. 2011 wlis

bolosaTvis moxda gadasvlis gavlenis pirveli raodenobrivi Seswavla bazel 3-is pilar

1-is mixedviT TiToeuli bankisTvis. „bazel III-is“ kapitalis adekvaturobis moTxovneb-

ze gadasvla ar saWiroebs did

dros saqarTvelos sabanko sis-

temisTvis, radgan sabanko sistema

sakmarisad kapitalizirebulia

bazelis standartebis gaTva lis-

winebiT da kapita lis xarisxic

ma Ralia. meore mniSvnelovani

cvli leba, rac „bazel III-Si“ Sev-

ida, savaWrod flobil portfels

ukavSirdeba, rac qarTul bankebs

praqtikulad ar aqvT. garda amisa,

seb-s aqvs ciklis sawinaaRmdego

RonisZiebebis gamoyenebis praqti-

kac (ucxouri valutiT gacemuli

sesxebis Sewonvis koeficientis

cvlilebis gziT), rasac „bazel

II-isgan“ gan sxvavebiT „bazel III“ ukve iTvaliswinebs. aseve unda aRiniSnos, rom pilar

3-is ganxorcieleba, romelic gamWvirvalobis sakiTxebs exeba, mniSvnelovan sirTules

ar warmoadgens da „bazel III-is“ gamWirvalobis mTeli rigi moTxovnebi dReisaTvis ukve

sruldeba. Sesabamisad, „bazel III-is“ „pilar 1 da 3-is“ kapitalis adekvaturobis mini-

maluri moTxovnebis da nergvis kuTxiT sirTuleebi ar aris.

amave dros aucilebelia aRiniSnos, rom ufro rTuli procesia „bazel II/III-is“ „pilar

2-is“ (sazedamxedvelo ganxilvis procesi) moTxovnebze srulfasovani gadasvla, ro melzec

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2002

.1

2002

.3

2003

.1

2003

.3

2004

.1

2004

.3

2005

.1

2005

.3

2006

.1

2006

.3

2007

.1

2007

.3

2008

.1

2008

.3

2009

.1

2009

.3

2010

.1

2010

.3

2011

.1

2011

.3

diagrama 66sesxebis mSp-Tan Tanafardobis gepi bazelis N 317 samuSao naSromis - ciklis sawinaaRmdego kapi-

talis buferis, mixedviT. tendencia gamoyvanilia hodrik preskotis filtriT.


amave dros aucilebelia aRiniSnos, rom ufro rTuli

procesia „bazel II/III-is“ „pilar 2-is“ (sazedamxed-

velo ganxilvis procesi) moTxovnebze srulfasovani

gadasvla, ro melzec saqarTvelos erovnul bankSi

aqtiurad mimdinareobs muSaoba. rogorc sxva qveyne-

bis gamocdileba mowmobs, miuxedavad bazelis dan-

arCen pilarebTan SedarebiT pilar 2-is dokumentis

simcirisa, is bazelis yvelaze rTulad gansaxorcie-

lebel elements warmoadgens. saqarTvelos erovnu-

li banki Tvlis, rom misi adekvaturi ganxorcieleba

finansur stabilurobas axal doneze gadaiyvans, rac

saSualebas miscems sabanko sistemas winmswrebad da

ufro maRali sizustiT moaxdinos potenciuri sa-

frTxeebis drouli gamovlena da Semcireba.


saqarTvelos erovnuli bankSi aqtiurad mimdinareobs muSaoba. rogorc sxva qveynebis

gamocdileba mowmobs, miuxedavad bazelis danarCen pilarebTan SedarebiT pilar 2-is

dokumentis simcirisa, is bazelis yvelaze rTulad gansa xorcielebel elements warmoad-

gens. saqarTvelos erovnuli banki Tvlis, rom misi adekvaturi ganxorcieleba finansur

stabilurobas axal doneze gadaiyvans, rac saSualebas miscems sabanko sistemas winmswre-

bad da ufro maRali sizustiT moaxdinos potenciuri safrTxeebis dro uli gamovlena da

Semcireba.

3.2.7 saoperacio riski

saoperacio riski miekuTvneba „CAMEL and SOME-is“52 CarCos, romlis farglebSic

erovnulma bankma riskebis Sefasebis ukve arsebuli sistema gaafarTova.

2011 wels saqarTvelos erovnulma bankma gaaaqtiura muSaoba saoperacio riskebis

mimar TulebiT. daiwyo detaluri Seswavla im saoperacio riskebisa, romlis winaSec dgas

saqarTvelos sabanko sistema. saoperacio riskebis Seswavlis farglebSi SemuSavda sain-

formacio teqnologiebis riskebis marTvis programac, romelic, Tavis mxriv, moicavs

iseT Temebs, rogoricaa sabanko sistemaSi arsebuli sainformacio teqnologiebis riske-

bis marTvis garemo, sainformacio da kiber-usafrTxoeba, biznesis uwyvetobis gegma da

sxva. aseve, muSaoba mimdinareobs saoperacio riskebisaTvis kapitalis moTxovnis sqemaze.

2011 wlis manZilze, saqarTvelos erovnulma bankma aqtiuri muSaoba daiwyo bankebTan

biznesis uwyvetobis gegmis da Sesabamisi testirebis moTxovnebis Camoyalibebis mimar-

TulebiT. seb-ma saerTaSoriso praqtikis gaTvaliswinebiT SeimuSava ZiriTadi biznesis

uwyvetobis principebi, romlebic gankuTvnilia rogorc saqarTveloSi moqmedi sistemuri

mniSvnelobis komerciuli bankebisTvis, aseve ufro mcire zomis bankebisTvisac. zemoaRniS-

nuli principebi moicavs adekvaturi biznesis uwyvetobis politikisa da procedurebis

SemuSavebasa da Camoyalibebas bankebis mxridan, biznesis uwyvetobis gegmis regularul

testirebas, aqtiuri teqnologiuri arqiteqturis gamoyenebasa da bankis mniSvnelovani

monacemebis/informaciis regularul dazRveva/Senaxvas. imisaTvis, rom ukeTesad moxdes

riskebis marTva sabanko sistemis masStabiT, mimdinareobs muSaoba e.w. auTsorsingTan

dakavSirebuli riskebis ukeTesad Seswavlaze. araerTi Tanamedrove sabanko dawesebuleb-

isaTvis damaxasiaTebelia bankis kritikuli biznes procesebis organizaciis gareT ga-

tana (rogorc qveynis masStabiT, aseve mis farglebs gareT) - procesi, romelic araerT

SeRavaTTan erTad, dakavSirebulia mniSvnelovan riskebTanac. Sesabamisad, imisaTvis rom

moxdes ofSorul/auTsoringul sqemebTan dakavSirebuli riskebis zomier da dasaSveb

farglebSi moqceva, saqarTvelos erovnuli banki muSaobs zemoaRniSnuli riskebis adekva-

turi marTvis principebis Camoyalibebaze.

2011 wlis me-4 kvartalSi dainerga saoperacio riskebis angariSgebis sistema, rode-

sac bankebs pirvelad moeTxovaT saqarTvelos erovnuli bankisTvis saoperacio riske-

bis angariSgebis wardgena. zemoaRniSnuli angariSgeba daefuZna „bazel II-is“ sabanko

standartebs. Sesabamisad, bankebs daevalaT sabanko saqmianobis rva pirveli donis biznes

xazad dayofa da saoperacio riskebis movlenebis moqceva Svid movlenaTa kategoriaSi.

52 ` CAMEL and SOME!~ aris komerciuli bankebis adgilze Semowmebis arsebuli saxelmZRvanelos Tanaxmad Sesamow-

mebeli riskis kategoriebi da damatebiT Semdegi kategoriebi: bankis strategia da biznes modeli (S), saoperacio

riski (O), sabazro riski (М), ekonomikuri garemo, makroprudenciuli riskebis CaTvliT (E). riskebis Sefasebis

ganaxlebuli sistemis (GRAPE – General Risk Assessment Process) Sesaxeb erovnuli banki gamoaqveynebs publikacias

mimdinare wels.


cxrili 15sabanko saqmianobis rva biznes xazis CamonaTvali, „bazel II-is“ standartebis mixedviT

pirveli donis biznes xazis dasaxeleba

1. korporatiuli finansebi

2. safinanso instrumentebiT vaWroba da gayidvebi

3. sacalo sabanko momsaxureba

4. komerciuli sabanko momsaxureba

5. gadaxdebi da angariSsworeba

6. sameurveo/saagento momsaxurebebi

7. aqtivebis marTva

8. sacalo sabrokero momsaxureba

2011 wlis me-4 kvartalSi saoperacio riskebis danakargebma 1.4 milioni lari Seadgina.

amavdroulad, dafiqsirda 1,784 saoperacio riskis movlena. saSualo danakargis mocu-

loba 805.8 lariT ganisazRvra.

cxrili 16„bazel II-is“ saoperacio riskebis movlenebis Svid kategoriad dayofa

movlena

Sida TaRliToba

gare TaRliToba

profesiul saqmianobasTan, samuSao garemosTan da samuSao garemos usafrTxoebasTan dakavSirebuli movlenebi

klientebi, produqtebi da biznes saqmianoba

fizikuri aqtivebisTvis miyenebuli ziani

saqmianobis/operaciebis Seferxeba da sistemebis gaumarTaoba/gaTiSva

procesebis menejmenti, tranzaqciebis procesingi da kontragentebi/savaWro momsaxurebis partniorebi

saoperacio riskebis danakargebi ZiriTadad fiqsirdeba sacalo sabanko saqmiano-

bis biznes xazSi. aqedan, aRsaniSnavia rom sacalo sabanko saqmianobis biznes xazs ufro

detalur, meore donis biznes xazebad Tu davyofT (ix. diagrama N 68), romelic moi-

cavs uSualod sacalo sabanko momsaxurebas da plastikuri baraTebiT momsaxurebas53,

saoperacio riskebis movlenebis ZiriTadi nawili fiqsirdeba uSualod sacalo sabanko

momsa xurebis meore donis biznes xazSi, romelic moicavs sacalo dakreditebas da klien-

tebisgan depozitebis miRebas.

53 sacalo sabanko momsaxurebis biznes xazi, saqarTvelos erovnuli bankis saoperacio riskebis angariSgebis

mixedviT iyofa sam meore donis biznes xazad, anu qve-kategoriad. zemoaRniSnuli meore donis biznes xazebs

miekuTvneba: sacalo sabanko momsaxureba, piradi sabanko momsaxureba da plastikuri baraTebiT momsaxureba.

aRsaniSnavia, rom 2011 wlis me-4 kvartalSi saoperacio riskebis movlenebi dafiqsirda mxolod sacalo sabanko

da plastikuri baraTebiT momsaxurebis biznes xazebSi.


aqve unda aRiniSnos, rom saqarTvelos erovnuli bankis saoperacio riskebis angariS-

geba aRricxavs mxolod mTlian danakargebs, rac gulisxmobs saoperacio riskis movlenis

danakargis Tavdapirvel Tanxas da ara im wminda danakargs, romelic ukve iTvaliswinebs

saoperacio riskis movlenasTan dakavSirebuli Tanxis anazRaurebas da/an dazRvevidan

miRebul damatebiT Tanxebs.

bazelis meTodologiaze dayrdnobiT, saqarTvelos erovnuli bankis saoperacio riske-

bis angariSgeba iTvaliswinebs saoperacio riskebis movlenebTan dakavSirebuli mTliani

danakargebis aRricxvas. aqve aRsaniSnavia, rom bazelis meTodologia ar iTvaliswinebs

potenciur danakargebs - im movlenebs, romlebic organizaciisTvis warmoadgenen alter-

natiul (ararealizebul) danakargs. aseTi movlenebi SeiZleba iyos dakavSirebuli biznes

procesebis wyvetis Sedegad gamowveul potenciur zaralTan (mag. internet bankis gaTiS-

vis Sedegad klientis mier sabanko operaciis ganxorcielebis SeuZlebloba). axlo moma-

valSi saqarTvelos erovnuli banki apirebs angariSgebis daxvewas mocemuli mimarTule-

biT. unda aRiniSnos isic, rom ramdenime banki mimdinare etapze ukve awarmoebs mocemuli

meTodologiiT potenciur saoperacio danakargebis aRricxvas.

-

100

200

300

400

500

600

700

800

diagrama 672011 wlis me-4 kvartalSi sabanko sistemaSi dafiqsirebuli saoperacio riskebis danakargebi

aTas larebSi



1322

149

266

85 38 44

0

200

400

600

800

1000

1200

1400

.

diagrama 692011 wlis me-4 kvartalSi sacalo sabanko saqmianobis biznes xazSi dafiqsirebuli saoperacio

riskebis movlenaTa raodenobis dinamika


285.84

88.66

146.30 151.63

50.99 41.67

-

50

100

150

200

250

300

350

.

diagrama 682011 wlis me-4 kvartalSi sacalo sabanko saqmianobis biznes xazSi dafiqsirebuli saoperacio

riskebis mTliani danakargebi aTas larebSi


saoperacio riskebis movlenebis umravlesoba sacalo sabanko saqmianobis meore donis

biznes xazs ukavSirdeba.


3.3 momxmarebelTa uflebebis dacva

safinanso seqtoris samomxmareblo bazarze momxmarebelTa uflebebis dacvis miz-

niT, saqarTvelos erovnuli bankis prezidentis 2011 wlis 13 maisis #35/04 brZanebiT

damtkicda da 1 ivnisidan amoqmedda „sabanko momsaxurebis gawevisas momxmareblebisaTvis

aucilebeli informaciis miwodebis wesi“, romelic aregulirebs komerciuli bankebis

mier fizikuri pirebisaTvis samomxmareblo kreditis gacemisa da sadepozito momsaxure-

bis gawevis dros sruli, aucilebeli, gasagebi, utyuari da Tavisdrouli informaciis

Tanmimdevruli miwodebis sakiTxebs. wesiT gaTvaliswinebuli mniSvnelovani informaciis

ufaso da drouli xelmisawvdomoba momxmareblisTvis pasuxismgebliani da informire-

buli gadawyvetilebis miRebis winapirobaa.

wesiT ganisazRvra savaldebulo sakontraqto informacia, romelic moicavs iseT

mniSvne lovan pirobebs, rogoricaa nominaluri da efeqturi saprocento ganakveTi,

kreditiTa da depozitiT sargeblobasTan dakavSirebuli xarjebi, informacia savaluto

riskebis Sesaxeb, kreditis winswrebiT dafarvis sakomisioebi, jarimebi da pirgasamtex-

loebi, informacia xelSekrulebis pirobebis SesaZlo cvlilebebis Sesaxeb, ukmayofile-

bis SemTxvevaSi pretenziis wardgenis formebi da a.S. xelSekrulebebs savaldebulo wesiT

gaukeTdaT TavsarTi, romelSic ganTavsda xelSekrulebis mxolod gansakuTrebiT mniS-

vnelovani pirobebi. garda amisa, bankebma SeimuSaves momxmarebelTa pretenziis miRebisa

da ganxilvis savaldebulo standartuli procedura, rac uzrunvelyofs momxmareblebis

mier pretenziebis dafiqsirebis procesis gamartivebas da pretenziebze bankis mxridan

reagirebas. amasTan, miRebuli pretenziebis Sesaxeb angariSgeba yovelTviuri regularo-

biT miewodeba saqarTvelos erovnul banks.

wesis amoqmedebamde mcire xniT adre, 2011 wlis maisSi, erovnul bankSi Seiqmna Sesabami-

si struqturuli erTeuli momxmarebelTa uflebebis dacvis ganyofilebis saxiT, rome-

lic, garda zemoxsenebuli wesis monitoringisa, aseve muSaobs momxmarebelTa finansuri

ganaTlebis amaRlebis kuTxiTac da administrirebas uwevs momxmareblisaTvis specialu-

rad Seqmnil veb-gverds www.nbg.gov.ge/cp. aRniSnuli veb-gverdis umTavresi daniSnuleba

momxmarebelTa finansuri cnobierebis amaRleba da momxmarebelTa dacvasTan dakavSire-

buli siaxleebis farTo sazogadoebisaTvis gacnobaa. veb-gverdze sistematurad Tavsdeba

momxmareblisaTvis saintereso informacia sabanko seqtoris samomxmareblo bazris Sesa-

xeb. aqve SesaZlebelia informaciis moZieba ZiriTadi sabanko produqtebis, maTi maxasi-

aTeblebis, am produqtebTan dakavSirebuli sargeblisa da riskebis, aseve momxmarebelTa

uflebebis Sesaxeb. veb-gverdze aseve ganTavsebulia sxvadasxva statistikuri monacemebi

da gamokiTxvebi.

garda veb-gverdisa, ganyofileba momxmarebelTa uflebebis dacvasTan dakavSire-

bul informacias farTo sazogadoebas awvdis sxvadasxva umaRles saswavleblebSi Ria

leqciebis saxiT. samomavlod aseve igegmeba sxvadasxva saganmanaTleblo RonisZiebebSi

monawileobac.

mniSvnelovania, rom erovnulma bankma sazogadoebasTan aqtiuri komunikaciis Sede-

gad gamoavlina momxmarebelTa arsebiTi problemebi, romlebsac arsebuli wesi ar aregu-

lirebs. aRniSnuli moicavs momxmareblisaTvis winasaxelSekrulebo informaciis miwode-

bas sareklamo SeTavazebis dros; xelSekrulebebis eleqtronuli formiT gaformebis

SesaZleblobas; xelSekrulebis TavsarTis formis daxvewas; momxmareblis informirebas

xelSekrulebis pirobebis calmxrivad cvlilebis, momsaxurebis SeCereba/Sewyvetisa da

davalianebis warmoSobis, aseve kreditis vadagadacilebis dros; kreditis restruqturi-


zaciis dros xelSekrulebis werilobiTi formiT aucilebeli wesiT gaformebas; momsax-

urebis sakomisios dakisrebas, rodesac momxmarebeli ar sargeblobs produqtiT; Tavdeb-

isaTvis xelSekrulebis pirobebis aucilebeli wesiT miwodebas; kreditis winswrebiT

srulad an nawilobriv dafarvis dros dakisrebuli jarimis gamoTvlis meqanizmebs da a.S.

imisaTvis, rom zemoT xsenebuli problemebis gadaWris gzebis Ziebisas maqsimalurad

iyos gaTvaliswinebuli rogorc momxmareblebis, aseve bankebis interesebi, sakiTxi aqti-

urad ganixileba komerciul bankebTan da saqarTvelos bankebis asociaciasTan. Sedegad,

2012 wlis bolomde igegmeba cvlilebebi wesSi, romlebic bevrad gaaumjobesebs momxmare-

belTa uflebebis dacvis xarisxs safinanso seqtoris samomxmareblo bazarze.

aRsaniSnavia, rom momxmarebelTa uflebebis dacvis sinergias sabanko zedamxedveloba-

Si aseve dadebiTi efeqti aqvs prudenciuli riskebis identificirebis kuTxiT. momxmare-

belTa uflebebis dacvis ganyofileba dafiqsirebuli momxmarebelTa pretenziebisa da

bankebis mier warmodgenili informaciis analizs awvdis sakredito da saoperacio riske-

bis struqturul erTeulebs.


4. arasabanko seqtori

4.1 sadazRvevo sfero

erovnuli bankis mier sadazRvevo kompaniebTan aqtiurad TanamSromlobis Sedegad,

gasul wels mniSvnelovnad daixvewa erovnul bankSi warmodgenili angariSgebebis xarisxi,

ramac SesaZlebeli gaxada sadazRvevo bazari yovelkvartaluri angariSgebidan yovelTvi-

ur angariSgebaze gadasuliyo. regularuli finansuri analizi kompanias riskebis ufro

ope ratiulad monitoringis da maTi aRmofxvris saSualebas aZlevs. 2011 wels Sesabamisi

cvlilebebi Sevida „mzRvevelis finansuri angariSgebis formebisa da maTi saqarTvelos

erovnuli bankisaTvis wardgenisa“ da „mzRvevelis statistikuri angariSgebis formebisa

da maTi saqarTvelos erovnuli bankisaTvis wardgenis“ wesebSi. progresuli cvlileba

gaxldaT, aseve, cifruli xelmoweriT damowmebul eleqtronul angariSgebebze gadasvla,

ramac mniSvnelovnad gaamartiva angariSgebebis rogorc mowodebis, ise maregulireblis

mier maTi Semowmebis procesi.

valdebulebaTa Sesrulebis dazRvevis saxeobis (e.w. sabanko garantiebis) riskianobidan

gamomdinare, saangariSo wlis manZilze mimdinareobda produqtis analizi. Sedegad Se-

muSavda da dawesda SezRudvebi aRniSnuli saxeobis mimarT, rac gulisxmobs mzRvevelis

mier aRebuli valdebulebis zRvrul

Tanafardobas sakuTar kapitalTan mima-

rTebaSi. „mzRvevelis statistikuri an-

gariSgebis formebisa da maTi saqarTve-

los erovnuli bankisaTvis wardgenis

wesSi“ Sevida cvlilebebi da aRniSnul

wess daemata axali forma, romlis

warmodgenis valdebuleba daekisraT

mzRvevelebs yovelTviurad. Sedegad

SesaZlebeli gaxda valdebulebaTa Ses-

rulebis dazRvevis saxeobaSi dawesebu-

li SezRudvebis monito ringi.

sadazRvevo bazarze saSuamavlo saqmianobis daregulirebis mizniT, 2010 wels SemuSav-

da da damtkicda „sadazRvevo brokeris registraciisa da registraciis gauqmebis wesi“.

Sedegad 2011 wels daregistrirda 5 axali sadazRvevo brokeri da 2011 wlis 31 dekembris

mdgomareobiT am bazris monawileTa raodenoba 8-mde gaizarda.

2011 wels sadazRvevo saqmianobis ganxorcielebis ufleba mieca erT axal sadazRvevo

kompanias, xolo ori sadazRvevo kompaniis mimarT daiwyo likvidaciis saqmis warmoeba.

Sesabamisad, 2011 wlis 31 dekembris mdgomareobiT, saqarTvelos sadazRvevo bazarze 15

sadazRvevo kompania moqmedebda, saidanac 12 axorcielebda rogorc arasicocxlis, ise

sicocxlis dazRvevas, xolo danarCeni 3 mxolod arasicocxlis dazRvevas. kompaniebis

sadamfuZneblo struqtura sakmaod diversificirebulia: erTi mzRveveli warmoadgens

ekonomikuri ganviTarebisa da urTierTTanamSromlobis organizaciis (OECD) wevr qveyana-

Si registrirebuli sadazRvevo kompaniis filials, 3 sadazRvevo kompanias 100 procentiT

erovnuli bankis mier sadazRvevo kompanieb Tan

aqtiurad TanamSromlobis Sedegad, gasul wels

mniSvnelovnad daixvewa erovnul bankSi war-

modgenili angariSgebebis xarisxi, ramac SesaZ-

lebeli gaxada sadazRvevo bazari yovelkvarta-

luri angariSgebidan yovelTviur angariSgebaze

gadasuliyo. regularuli finansuri analizi

kom panias riskebis ufro ope ratiulad monito-

ringis da maTi aRmofxvris saSualebas aZlevs.


flobs ararezidenti damfuZnebeli, 3 sadazRvevo kompaniaSi ararezidenti damfuZnebeli

nawilobriv monawileobs, xolo 8 sadazRvevo kompania 100 procentiT warmoadgens rezi-

dentebis mier ganxorcielebul investicias.

2011 wlis ganmavlobaSi gaformda 2.6 milioni polisi, aqedan fizikur pirebze gace-

muli polisebis raodenobam 352 aTasi Seadgina. 2011 wels sadazRvevo kompaniebis mier

mozidulma jamurma sadazRvevo premiam 339.3 milioni lari Seadgina. moziduli premiis

mixedviT, sadazRvevo bazris koncentracia (5 wamyvani mzRveveli) 2010 wlis 78.3 pro-

centidan 2011 wels 71.7 procentamde Semcirda, rac sadazRvevo bazarze SedarebiT mcire

kompaniebis gaaqtiurebaze metyvelebs. amasTan, aRsaniSnavia, rom sadazRvevo saxeobebis

mixedviT, jamur mozidul premiaSi 59.3 procentiT liderobas inarCunebs samedicino

(janmrTelobis) dazRveva.

4.8%

0.9%0.9%

59.3%

8.2%

1.1%1.5%0.8%1.7%

0.3%0.9%

14.7%

0.6%

2.1% 0.3%1.9%

4.8%

0.9%

0.9%

( ) 59.3%

( ) 8.2%

1.1%

( ) 1.5%

0.8%

( ) 1.7%

0.3%

0.9%

14.7%

0.6%

2.1%

0.3%

1.9%

diagrama 70sadazRvevo bazris struqtura moziduli premiis mixedviT


-

50

100

150

200

250

300

350

400

2004 2005 2006 2007 2008 2009 2010 2011

diagrama 71 moziduli premiis odenobis dinamika wlebis mixedviT



moziduli premiis msgavsad, 2011 wels wina welTan SedarebiT Semcirda kompaniebis pe-

riodis sadazRvevo Semosavali (gamomuSavebuli sadazRvevo neto premia) da 266.6 milioni

lari Seadgina. sadazRvevo Semosavlis Semcireba ZiriTadad ganpirobebulia samedicino

dazRvevis saxeobiT, sadac aRniSnuli parametri 2010 welTan SedarebiT 236.0 milionidan

206.6 milionamde Semcirda. aqve SeiZleba aRvniSnoT valdebulebaTa Sesrulebis dazRve-

vis saxeobac, sadac wina welTan SedarebiT periodis sadazRvevo Semosavali 6.4 milioni

lariT Semcirda da klebam 53.2 procenti Seadgina. aRniSnuli parametrebis wina wel-

Tan SedarebiT zrdis mxriv SeiZleba gamovyoT

sicocxlis dazRveva, sadac moziduli premia

da sadazRvevo Semosavali Sesabamisad 63.5 da

88.5 procentiT gaizarda. unda aRiniSnos, rom

dazRvevis sxva saxeobebSi rogorc moziduli

premiis, ise sadazRvevo Semosavlis mxriv wina

wlebTan mimarTebaSi stabiluri mdgomareoba

SeiniSneba.

2011 wlis monacemebze dayrdnobiT, mzRvevelebis mier gadazRvevaze gaweuli xarji

wina welTan SedarebiT mxolod 1 procentiT aris gazrdili da 55.9 milion lars Seadgens.

aRsaniSnavia, rom gadamzRvevlis wili sadazvevo valdebulebebSi, 2011 wlis 31 dekembris

mdgomareobiT, 70 procents aRemateba, xolo gadamzRvevelebis monawileobam damd gar

sadazRvevo zaralebSi 2011 wels 50.2 milioni lari Seadgina.

rac Seexeba damdgar neto sadazRvevo zarals, misma odenobam 212.6 milioni lari

Seadgina. sadazRvevo Semosavlis msgavsad damdgari zaralis ZiriTadi nawili samedicino

dazRvevaze modis 92.1 procentiT. aRniSnul saxeobaSi zaralianobis koeficienti, 31 de-

kembris mdgomareobiT, 94.7 procentia, rac 2010 wlis maCvenebels mniSvnelovnad aWar-

bebs. jamurad sadazRvevo kompaniebis zaralianobis koeficientma 79.8 procenti Seadgina.

saangariSo periodSi, sadazRvevo bazris sainvesticio Semosavalma 17.4 milioni lari,

wminda sakomisio xarjma - 10.4 milioni lari, administraciulma da sxva saoperacio xar-

jma 73.5 milioni lari, xolo finansurma xarjma 6.8 milioni lari Seadgina.

2011 wlis 31 dekembris mdgomareobiT,

saqarTvelos sadazRvevo bazarze 15 sad-

azRvevo kompania moqmedebda, saidanac 12

axorcielebda rogorc arasicocxlis,

ise sicocxlis dazRvevas, xolo danar-

Ceni 3 mxolod arasicocxlis dazRvevas.

0

50

100

150

200

250

300

350

2010

2011

diagrama 72sadazRvevo Semosavali da sadazRvevo zarali, 2010/2011



finansuri maCveneblebis urTierTqmedebis Sedegad, 2010 wlisgan gansxvavebiT, saangari-

So periodis wminda zaralma 22.4 milioni lari Seadgina. aRniSnuli Sedegi, ZiriTadad,

gamowveulia zaralianobis koeficientis gauaresebiT.

2011 wels wina welTan SedarebiT saoperacio xarjebis koeficienti (Operating ratio)

gazrdilia 77.8-dan 101.8 procentamde. saoperacio xarjebis koeficientis daangariSe-

baSi gamoyenebuli parametrebia: zaralianobis koeficienti (Loss ratio) - 79.8 procenti,

administraciuli da sxva xarjebis koeficienti (Expence ratio) - 34.2 procenti da ukugeba

investiciebidan (Return on investment) - 12.2 procenti.

sadazRvevo kompaniebis aqtivebis saerTo moculoba 2011 wlis 31 dekembris mdgomareo-

biT Seadgens 504.1 milion lars, rac wina welTan SedarebiT 15.6 procentiT aris gazrdi-

li. sadazRvevo kompaniebis aqtivebSi mniSvnelovani wili uWiravs: sadazRvevo moTxovnebs

- 146.8 milioni lari, fulad saxsrebs da depozitebs - 92.2 milioni lari da investiciebs

Svilobil kompaniebSi - 76.0 milioni lari, rac wina welTan SedarebiT gazrdilia 58.1

milioni lariT.

4.7%

13.6%

0.6%

29.1%

1.3%

0.1%

1.4%

15.1%

13.4%

1.2%6.8%

2.4%3.5%

1.2%

5.6%

4.7%

13.6%

0.6%

, 29.1%

, 1.3%

0.1%

1.4%

15.1%

13.4%

1.2%

, 6.8%

2.4%

, 3.5%

1.2%

5.6%

diagrama 73 aqtivebis struqtura


mzRvevelebis sabalanso valdebulebebis saerTo moculoba 2011 wlis bolos 413.9

milion lars Seadgenda, rac 17 procentiT aRemateba wina wlis monacems. sadazRvevo

kompaniebis valdebulebebSi mniSvnelovani adgili uWiravs sadazRvevo bruto rezervebis

monacems 261.2 milioni lari da finansur valdebulebebs 92.3 milioni lari.

sadazRvevo kompaniebis jamurma kapitalma 2011 wlis bolos 90.1 milioni lari Sead-

gina, rac 7.8 procentiT aRemateba wina wlis monacems. aRniSnul parametrSi udidesi wili

saaqcio da saemisio kapitals ukavia (80.9 milioni lari), romelic 2010 welTan SedarebiT

24.9 milioni lariT aris gazrdili.


4.2 sapensio sqemebi

2011 wlis ganmavlobaSi daregistrirda erTi axali sapensio sqema, Sedegad, 2011 wlis

31 dekembris mdgomareobiT, sadazRvevo bazarze registrirebulia sadazRvevo kompani-

ebis mier dafuZnebuli 7 sapensio sqema, saidanac mxolod 3 sapensio sqema axorcielebs

aqtiurad sapensio dazRvevas. aRniSnul sapensio sqemebSi 2011 wlis dasasrulisTvis

17,343 monawilea gaerTianebuli, xolo wlis ganmavlobaSi sapensio sqemebis monawileebis

sapensio Senatanebis jamurma odenobam 2.1 milioni lari Seadgina. sapensio sqemebis ja-

muri valdebulebebi sapensio sqemebis monawileebis mimarT 2011 wlis 31 dekembrisaTvis

9.5 milion lars Seadgenda, rac wina wlis analogiur monacemTan SedarebiT 20 procentiT

aris gazrdili.54

4.3 fasiani qaRaldebis bazari

saangariSo periodSi fasiani qaRaldebis bazris regulirebisa da zedamxedvelobis

prioritets kvlav maregulirebeli normativebis srulyofa da daxvewa warmoadgenda.

mimdinareobda aqtiuri konsultacia bazris monawileebTan maT mier kanonmdeblobiT gan-

sazRvruli moTxovnebis Sesrulebis da axlad dadgenil standartebTan maTi saqmianobis

Sesabamisobis TvalsazrisiT.

wina welTan SedarebiT Semcirda fasiani qaRaldebiT vaWrobis aqtivoba. 2011 wels sa-

fondo birJaze ganxorcielda 2.5-jer naklebi garigeba. garigebaTa RirebulebiTi maCve-

nebeli 5.23-jer Semcirda da 19.3 milioni lari Seadgina.

grZeldeboda muSaoba warmatebuli saerTaSoriso praqtikis da aRiarebuli principe-

bis danergvis mimarTulebiT. erovnuli saidentifikacio nomrebis saagentoTa asociaciis

(ANNA) partniorobam dRis wesrigSi dasva ramdenime sakanonmdeblo cvlilebebis ganxor-

cieleba, romlebic gaiTvaliswinebda standartebis danergvas saqarTveloSi gamoSvebuli

54 2011 wlis ganmavlobaSi mimdinareobda 2010 wlis monacemebis koreqtireba da sabalanso monacemebi warmod-

genilia kompaniebis mier mowodebuli ganaxlebuli odenobebiT.

436.2

352.6

83.6

504.1

414.0

90.1

-

100.0

200.0

300.0

400.0

500.0

600.0

2010

2011

diagrama 74mzRvevelebis finansuri mdgomareobis angariSgeba 2010-2011 wlebi54



fasiani qaRaldebis identificirebis procesSi.

saangariSo periodSi mimdinareobda molaparakebebi ararezident sainvesticio bankeb-

Tan, saqarTveloSi kastodianuri momsaxurebis praqtikis damkvidrebis TvalsazrisiT.

molaparakebebSi CarTulni iyvnen saqarTveloSi moqmedi TviTregulirebadi organiza-

ciebic. safondo birJasTan da centralur depozitarTan Seiqmna Sesabamisi platforma am

saqmianobis ganxorcielebis mizniT da maT mier SemuSavebul Sida wesebSi ganxorcielda

Sesabamisi cvlilebebi.

bazris monawileebi

saqarTvelos fasiani qaRaldebis bazari 2011 wlis bolosTvis warmodgenili iyo Sem-

degi licenzirebuli monawileebis saxiT: 1 safondo birJa, 1 fasiani qaRaldebis cent-

raluri depozitari, 11 sabrokero kompania da 6 registratori.

sabrokero kompaniebi

2011 wlis 31 dekembris mdgomareobiT saqarTvelos fasiani qaRaldebis bazarze

funqcionirebda 11 sabrokero kompania. amaTagan birJis wevri ar iyo sami kompania.

saangariSo wlis ganmavlobaSi sabrokero saqmianobis licenzia gaica or kompaniaze.

2011 wlis 31 dekembrisTvis moqmedi sabrokero kompaniebis aqtivebis saerTo mocu-

lobam 44.6 milioni lari Seadgina, rac wina wlis monacemTan SedarebiT 26.5 procen tiTaa

gazrdili. valdebulebebis saerTo moculobam 14.1 milioni lari Seadgina, rac 19.4 pro-

centiT metia 2010 wlis maCvenebelTan SedarebiT. kapitalis saerTo moculoba 30.5 mil-

ioni laria (30 procentiT meti wina wlis monacemTan SedarebiT).

kompaniaTa ZiriTadma nawilma saangariSo periodi zaraliT daasrula. mxolod samma

kompaniam aCvena mogeba.

cxrili 17 sabrokero kompaniebis aqtivoba

sabrokero kompaniis dasaxelebagarigebis

raodenoba

moculoba

(fasiani

qaRaldi)

Rirebuleba

(lari)

ss „bi ji kapitali“ 582 30,232,743 6,303,970

Sps „liberTi siqiuriTiz“ 485 23,342,821 600,470

ss sabrokero kompania „kaukazus kapital jgufi“ 173 1,579,541 301,763

Sps „Tbilinterkapitali“ 139 1,837,418 115,343

Sps „saqarTvelos sainvesticio jgufi +“ 2 1,683,416 66,736

Sps „Tibisi brokeri“ 24 550,039 31,147

Sps „qarTu brokeri“ 6 68,439 16,182

Sps „kaukazus fainenSial servisis“ 5 74,117 2,098

Sps „abbi aset menejmenti“ - - -

Sps „mena fainanSial servisis end teqnolojis“ - - -

Sps „stoqs“ - - -

sul 1,416 59,368,534 7,437,710



registratorebi

2011 wlis 31 dekembris mdgomareobiT, saqarTvelos fasiani qaRaldebis bazarze fun-

qcionirebda 6 licenzirebuli fasiani qaRaldebis registratori. maT mier iwarmoeboda

857 saaqcio sazogadoebis aqciaTa reestri. fasiani qaRaldebis registratorebis aqtivo-

ba ixileT cxrili N18-Si.

depozitari

2011 wlis 31 dekembrisTvis centraluri depozitaris wevri iyo 8 sabrokero kompa-

nia. fasiani qaRaldebis centralur depozitarSi deponirebuli iyo 6.6 milioni fasiani

qaRaldi da 14.3 milioni laris fuladi saxsrebi.

0

5

10

15

20

25

30

35

40

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

I II III IV V VI VII VIII IX X XI XII

( ) ( )

diagrama 75 deponirebuli fasiani qaRaldebi


cxrili 18

fasiani qaRaldebis registratorebis aqtivoba

registratoris dasaxelebaemitentebis

raodenoba

garigebis

raodenoba

moculoba

(fasiani

qaRaldi)

Rirebuleba

(lari)

Sps `Tbilisis reestri~ 28 2 47,043,307 6,712,631

ss `kavkasreestri~ 131 40 1,535,474 2,982,326

ss `saqarTvelos fasiani qaRaldebis gaerTianebuli

registratori~361 92 1,120,674 1,807,678

Sps `kapital-registri~ 85 62 440,347 441,530

Sps `erovnuli reestri~ 172 7 50,734 318,659

Sps `registri~ 80 17 156,887 136,250

sul 857 220 50,347,423 12,399,074



safondo birJa

2011 wlis 31 dekembris monacemebiT, saqarTvelos safondo birJis sistemaSi daSvebuli

iyo 135 emitentis fasiani qaRaldi. saangariSo periodSi fasiani qaRaldebis garigebaTa

saerTo odenobam 19.3 milioni lari Seadgina (102.4 milioni cali fasiani qaRaldi). aqedan,

birJis savaWro sesiaze daido 2.5 milioni laris garigeba, xolo birJis gareT - 16.8 mil-

ioni laris garigeba. dafiqsirebul garigebaTa saerTo moculobaSi registratorebis

mier birJaze dafiqsirebul garigebaTa moculobas 56 procenti, xolo Rirebulebas 74

procenti uWiravs (moculobiT - 50.3 milioni cali fasiani qaRaldi, RirebulebiT - 12.4

milioni lari). sabrokero kompaniebis mier birJaze dadebul da dafiqsirebul garigebaTa

Rirebulebam 7.4 milioni lari Seadgina.

2010 wlis analogiur monacemebTan SedarebiT, fasiani qaRaldebiT dadebul garige-

baTa Rirebuleba 5.23-jer, xolo moculoba 16.65-jer Semcirda.

0

50

100

150

200

250

300

0

500

1,000

1,500

2,000

2,500

3,000

2007 2008 2009 2010 2011

diagrama 77vaWrobis ZiriTadi maCveneblebi


0

10

20

30

40

50

60

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80


( ) ( )

diagrama 76 deponirebuli fuladi saxsrebi



cxrili 19krebsiTi informacia vaWrobis ZiriTadi maCveneblebis mixedviT

garigebebis raodenoba fasiani qaRaldebis moculobafasiani qaRaldebis Rirebuleba

(lari)

weli 2010 2011 2010 2011 2010 2011

sabirJo 2,372 860 41,641,272 12,077,996 5,117,755 2,503,704

arasabirJo 835 421 1,663,935,776 90,352,271 96,051,895 16,840,554

sul 3,207 1,281 1,705,577,048 102,430,267 101,169,650 19,344,258


1

2

3

4

5

6

7

8

9

10

5

10

15

20

25

30

35

40

45

50


()

()

diagrama 78ZiriTadi maCveneblebi Tveebis mixedviT (2011)


19%

40%6%

:6,718,139

:3,441,600

:2,506,105

:

20%

15%961,555

:3,213,155

diagrama 792011 wlis ganmavlobaSi arasabirJo garigebebis RirebulebaTa procentuli maCvenebeli emi-

tentebis mixedviT



aqve unda aRiniSnos, rom fasiani qaRaldebis bazari saqarTveloSi jerac ganviTarebis

adreul stadiazea da misi wili mTlian finansur seqtorSi sagrZnoblad mwiria. safondo

bazris ganviTareba erovnuli bankis erT-erTi prioritetia, Tumca, amave dros, misi gan-

viTarebis winapirobas, qveynis ekonomikuri zrdac warmoadgens.

18%

35%

13%

7%

:6,720,053

: 5,400,618

:2,506,105

: 1,270,614

28%

13%

: 3,446,869

diagrama 80krebsiTi informacia 2011 wlis ganmavlobaSi dadebuli garigebebis RirebulebaTa procentu-

li maCveneblis Sesaxeb emitentebis mixedviT


78.2%

12.3%9.4%

: 1,959,017

: 309,059

: 235 628: 235,628

diagrama 812011 wlis ganmavlobaSi savaWro sesiebze dadebuli garigebebis RirebulebaTa procentuli

maCvenebeli emitentebis mixedviT



4.4 mikrosafinanso institutebi

2011 wlis bolosTvis mikrosafinanso sfero Semdegi monawileebiT iyo warmodgenili:

1,518 valutis gadamcvleli punqti, 50 fuladi gzavnilebis ganmaxorcielebeli piri, 18

sakredito kavSiri da 62 mikrosafinanso organizacia. 2011 wels SenarCunda mikrosafinan-

so organizaciebis raodenobis zrdis tendencia (27 procenti). 2011 wels am sferom gaa-

grZela safinanso momsaxurebis sferoSi gansakuTrebuli adgilis damkvidreba, razec mik-

rosafinanso organizaciebis jamuri maCveneblebis zrdis tempi metyvelebs. maTi aqtivebi

2010 wlis Sesabamis periodTan SedarebiT 43 procentiT gaizarda da 443.9 milioni lari

Seadgina, mTliani sesxebis odenoba 52 procentiT aris gazrdili da 348.6 milion lars

Seadgens, xolo maTi kapitali 2011 wlis 31 dekembris mdgomareobiT 128 milions aR-

wevs, rac 57 procentiT aRemateba wina wlis monacems. mikrosafinanso organizaciebis

mier gacemul sesxebSi sferoebis mixedviT kvlav Warbobs vaWrobaze da momsaxurebaze

gacemuli (30.1 procenti) da samomxmareblo sesxebi (29.36 procenti). soflis meurneobis

sferoSi gacemuli sesxebi mikrosafinanso organizaciebis mTliani sasesxo protfelis

26.5 procents Seadgens.

aqve unda aRiniSnos, rom erovnuli banki muSaobs sakanonmdeblo iniciativaze, romel-

ic miznad isaxavs am seqtoris ganviTarebas da misi maregulirebeli normatiuli bazis

daxvewas.

-

10

20

30

40

50

60

70

-

50

100

150

200

250

300

350

400

450

500

2006 2007 2008 2009 2010 2011

()

()

()

diagrama 82mikrosafinanso organizaciebis raodenoba, mTliani aqtivebi da wminda sesxebi



5. sagadaxdo sistemebi

ekonomikis ganviTarebasTan erTad izrdeba daculi, sando da efeqtiani sagadaxdo

sistemebis arsebobis aucilebloba. 2010-2011 wlebSi saqarTvelos erovnuli bankis mier

gatarebuli reformebis Sedegad dainerga sagadaxdo da fasiani qaRaldebis angariS-

sworebis axali sistema marTvis Tanamedrove maRalteqnologiuri meqanizmebiT. sistema

SesaZlebels xdis bankTaSorisi angariSsworebis warmarTvas kidev ufro usafrTxod da

swrafad.

saqarTveloSi moqmedi fuladi saxsrebis sagadaxdo sistemebidan yvelaze mniSvnelova-

nia drois realur reJimSi angariSsworebis (RTGS) sistema, romlis mflobeli da opera-

tori saqarTvelos erovnuli bankia. RTGS sistemis meSveobiT xorcieldeba saqarTveloSi

erovnul valutaSi bankTaSorisi gadaricxvebi. igi mWidrod aris dakavSirebuli saqarTve-

los erovnuli bankis fasiani qaRaldebis angariSsworebis sistemasTan (CSD). sacalo

gadaxdebis mxriv saqarTveloSi aseve funqcionirebs 4 saprocesingo centri, romlebic

axorcieleben sabaraTe gadaxdebis momsaxurebas. sabaraTe gadaxdebi met-naklebad Tana-

brad aris gadanawilebuli am saprocesingo centrebze da Sesabamisad sacalo gadaxdebis

bazris diversifikaciis donec maRalia.

RTGS

.

(CSD)

4.

.

4 .

VISA

Mastercard

diagrama 83saqarTveloSi moqmedi sagadaxdo sistemebi



RTGS sistemaSi ganxorcielebuli operaciebis statistika

2011 wlis ganmavlobaSi, drois realur reJimSi angariSsworebis (RTGS) sistemaSi gan-

xorcielda 10.3 mln gadaxdis operacia, Tanxobrivi maCvenebliT 81 miliardi lari. ga-

daricxvebis saSualo dRiuri maCvenebeli Seadgenda 41,4 aTas sabuTs, Tanxobrivad 326,5

mln lars. 2010 welTan SedarebiT, RTGS sistemaSi gadaricxvebis raodenoba gaizarda 3

milioniT (41.4 procentiT), xolo Tanxobrivi maCvenebeli gaizarda 5.6 miliardi lariT

(7.5 procentiT).

drois realuri reJimSi angariSsworebis sistemis statistikuri monacemebi ixileT

qvemoT warmodgenil diagrama N 84-ze da diagrama N 85-ze.

-

10

20

30

40

50

60

70

80

90

-

2

4

6

8

10

12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

( ) ( )

()

(

)

diagrama 85 RTGS sistemaSi ganxorcielebuli gadaricxvebi (2002-2011 weli)


-

200

400

600

800

1,000

1,200

0

2

4

6

8

10

12

( ) ( )

(

)

()

diagrama 84 RTGS sistemaSi ganxorcielebuli gadaricxvebi (2011 weli)



2011 wlis ganmavlobaSi RTGS sistemiT ganxorcielebuli gadaxdis operaciebis kon-

centraciis maCvenebeli stabiluri iyo: gadaxdebiT 5 umsxvilesi komerciuli bankis mier

sruldeboda gadaxdebis jamuri Tanxobrivi maCveneblis 69 procenti da raodenobrivi

maCveneblis 76 procenti. miuxedavad aseTi koncentraciisa, RTGS sistemaSi ganxorcielebu-

li gadaxdebi sakmaod kargad aris diversificirebuli, rac naTlad Cans diagrama N 86-ze.

diagrama N 87 asaxavs RTGS sistemis mniSvnelovan rols unaRdo gadaxdebis kuTxiT.

erovnuli bankis RTGS sistemam daamuSava saqarTveloSi ganxorcielebuli tranzaqciebis

saerTo brunvis 66 procenti. aRniSnuli sul mcire 3-jer aRemateba unaRdo gadaxdebi-

0

2

4

6

8

10

12

14

16

18

20

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

diagrama 86kontragentebis saSualo dRiuri raodenoba bankebis mixedviT (2011 w.)


66.26%

17.98%

0.36%8.35%

0.51%

6.53%

RTGS .

. .

31.13%

34.68%

0.05%0.76%

33.34%

0.04%

: . . ,

.

diagrama 87 unaRdo angariSsworeba gadaxdis „meTodis“ mixedviT (2011 w.)



saTvis saqarTveloSi gamoyenebul nebismier sxva sistemas/saSualebas55 da amgvarad finan-

suri resursebis Seuferxebeli moZraobis erT-erTi umniSvnelovanesi saSualebaa. RTGS

sistema aseve mniSvnelovan rols asrulebs sacalo gadaxdebis mxrivac - misi meSveobiT

xorcieldeba unaRdo sacalo gadaxdebis saerTo raodenobis TiTqmis 31 procenti. aRsan-

iSnavia, rom ucxouri valutiT ganxorcielebuli unaRdo gadaxdebis wili saqarTvelos

teritoriaze umniSvneloa.

unaRdo angariSsworebaSi RTGS sistemis zemoaRniSnuli rolidan gamomdinare, didi

mniSvneloba eniWeba mis uwyvet funqcionirebas. (2011 wlis ganmavlobaSi sistemis uwy-

vetobis maCvenebeli Seadgenda 99.9 procents).

eleqtronuli gadaxdebi

saqarTveloSi, momxmarebeli unaRdo gadaxdebis gansaxorcieleblad sul ufro metad

iyenebs eleqtronul saSualebebs (sagadaxdo baraTebs, internet-bankings da sxva). unaR-

do angariSsworebisas, momxmareblebis mier gamoyenebuli instrumentebidan yvelaze di-

dia sagadaxdo baraTebis wili (40,4 procenti). amasTan, mniSvnelovnad gaizarda inter-

netiT ganxorcielebuli tranzaqciebis raodenoba, romelTa wili unaRdo gadaricxvebis

saerTo raodenobaSi saangariSo periodSi uwyvetad izrdeboda da wlis jamuri Sedege-

biT 21 procenti Seadgina mTlian unaRdo gadaxdebSi, xolo Tanxobrivi maCveneblebiT,

internet-bankiT inicirebuli davalebis safuZvelze ganxorcielebuli gadaxdebi unaRdo

gadaxdis operaciebs Soris lideria (misi wili Seadgens 54.2 procents) (diagrama N 88).

55 garda qveyanaSi arsebuli sagadaxdo sistemebisa, bankebi saWiroebis SemTxvevaSi unaRdo angariSsworebisaT-

vis aseve iyeneben pirdapir sakorespondento urTierTobebsac. gansakuTrebiT es exeba ucxouri valutiT ga-

daricxvebs. Tavisi Sinaarsidan gamomdinare, aseTi urTierTobebebi, erTis mxriv, garkveul konkurencias uweven

sagadaxdo sistemebs, xolo, meores mxriv, unaRdo angariSsworebis sarezervo arxsac warmoadgenen.

21%

41%

0%

9%

28%

1%

/ .

54%

2%0%2%

41%

1%

diagrama 88 unaRdo gadaxdebis ganawileba sagadaxdo davalebis inicirebis saSualebebis mixedviT, 2011 weli



saerTaSoriso sabanko angariSis nomeri - IBAN

2011 wels bankebma aqtiurad daiwyes momxmareblebis angariSebis IBAN formatSi gaday-

vana da klientebis informireba (diagrama N 89). aRniSnuli formatis angariSebis nomrebis

gamoyeneba bankebma 2010 wlis maisidan daiwyes, mas Semdeg, rac saqarTvelos erovnulma

bankma aRniSnuli formatis SWIFT-Si registracia uzrunvelyo. saqarTveloSi arsebuli

yvela sabanko angariSebis IBAN formatSi gadayvana 2013 wlamde unda dasruldes.

drois realur reJimSi angariSsworebis (RTGS) sistemis mier damuSavebul gadaricxveb-

Si, 2011 wlis ianvarSi, mimRebis angariSis nomrad IBAN miTiTebuli iyo sul gadaricxvebis

35 procentSi, xolo dekembris TvisTvis aRniSnuli procentuli maCvenebeli gaormagda

da 73 procents miaRwia.

sagadaxdo baraTebi

saqarTveloSi sagadaxdo baraTi farTod gamoyenebadi sacalo instrumentia. misi

raodenoba yovelTviurad matulobs da 2011 wlis bolosTvis 4 mln erTeuls miaRwia.

es maCvenebeli 30 procentiT metia, vidre 2010 wlis bolosTvis gamoSvebuli baraTebis

raodenoba (diagrama N 90). gamoSvebuli baraTebis 15 procenti aris sakredito, xolo

danarCeni (85 procenti) - sadebeto baraTebi.

saqarTvelos bazarze warmodgenilia Visa, MasterCard da American Express-is sagadaxdo

baraTebi, aseve lokaluri baraTebi. 2011 wlis bolosTvis sagadaxdo baraTebSi kvlav

Visa-s baraTebi Warbobs, mTliani raodenobis 84 procenti (diagrama N 91).

35% 37% 42%44% 47%

55% 59% 62%65% 68% 69% 73%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

diagrama 89saqarTveloSi moqmed komerciul bankebSi RTGS sistemis gavliT IBAN angariSebze Caricxvebis

procentuli maCveneblebi 2011 wlis Tveebis mixedviT.



0

1

2

3

4

2006 2007 2008 2009 2010 2011

diagrama 90saqarTveloSi gamoSvebuli baraTebis raodenoba wlebis mixedviT (2006-2011)


3% 6%

84%

7%

VISA MC AmEx Local

diagrama 91 gamoSvebuli baraTebi sabaraTe sistemebis mixedviT (2011)



0

10

20

30

40

50

60

70

80

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011

( ) ( )

diagrama 93saqarTveloSi gamoSvebuli baraTebiT ganxorcielebuli tranzaqciebi wlebis mixedviT

(2007-2011)


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2008 2009 2010 2011

POS POS

diagrama 92sagadaxdo baraTebis mimRebi obieqtebis dinamika (2008 - 2011)


2010 welTan SedarebiT, 2011 wels pos-terminalebis raodenoba savaWro/momsaxurebis

obieqtebSi gaizarda 24 procentiT da Seadgina 8,914 erTeuli, 5 procentiT gaizarda

bankomatebis raodenoba da wlis bolos misma maCvenebelma miaRwia 1,568 erTeuls (dia-

grama N 92).

2011 wels saqarTveloSi moqmedi komerciuli bankebis mier gamoSvebuli sagadaxdo

baraTebiT, rogorc qveynis SigniT, aseve mis farglebs gareT, sul ganxorcielda 51 mln

operacia, 7 mlrd laris moculobiT. am operaciebis raodenobis 24 procenti, xolo

Tanxis 12 procenti modis savaWro/momsaxurebis obieqtebSi Sesrulebul gadaxdebze.


internet-tranzaqciebis wili savaWro/momsaxurebis obieqtebSi ganxorcielebul op-

eraciebSi Seadgens raodenobis 31 procents, xolo Tanxis 23 procents. sul 2011 wlis

ganmavlobaSi qarTuli baraTebis gamoyenebiT internetiT ganxorcielda 3.8 mln tran-

zaqcia, ramac Tanxobrivad Seadgina 190 mln lari (diagrama N 94).

2011 wlis ganmavlobaSi Visa-s da MasterCard-is mier Catarda seminarebi sagadaxdo

baraTebTan dakavSirebuli TaRliTobis Temaze. baraTebis usafrTxoebis meqanizmebis

gaumjobesebis mizniT, bankebis umetesobas dagegmili aqvs mxolod Cipiani baraTebis ga-

moSvebaze gadasvla. aseve, momxmarebelTa uflebebis dacvis kuTxiT igegmeba sakanonmde-

blo cvlilebebis ganxorcieleba.

2011 wlidan saqarTvelos erovnuli banki warmoadgens masterqardis sistemis angariSs-

worebis agents masterqardis baraTebiT ganxorcielebuli laris operaciebisTvis. 2004

wlidan saqarTvelos erovnuli banki analogiur momsaxurebas axorcielebs vizasTan.

0

5

10

15

20

25

0

100

200

300

400

500

600

, 201

0

, 201

1

( ) ( )

diagrama 94internet-gadaxdebis dinamika (2010-2011)



6. Sida auditi da buRaltruli aRricxva

2011 wels erovnul bankSi Sidaauditoruli saqmianobis farglebSi ganxorcielebuli

marwmunebeli momsaxureba56 efuZneboda auditis komitetis mier ganxilul da erovnuli

bankis sabWos Sesabamisi gankargulebiT damtkicebul samuSao gegmas, romelic SemuSavda

saqmianobis dagegmvis ganaxlebul meTodologiaze dayrdnobiT, operaciebisa da biznes-

procesisaTvis damaxasiaTebeli narCeni riskebis gaTva liswinebiT.

saangariSo periodSi, marwmunebelma saqmianobam moicva erovnuli bankis sxvadasxva

biznes-procesis 29 Tematuri gegmiuri Semowmeba. marwmunebeli momsaxurebis farglebSi,

gaicemoda auditoruli rwmuneba biznes-procesebis efeqtianobis, riskebis marTvisa da

Sida kontrolis meqanizmebis adekvaturobis, saqmianobis calkeuli sferos maregulire-

bel moTxovnebTan Sesabamisobis Taobaze. Sida auditis mier gaweuli rekomendaciebis

implementaciis monitoringi saangariSo periodSi xorcieldeboda yovelkvartalurad.

saanalizo wels, erovnulma bankma gamarTa seminari sxvadasxva saministroebisa da uw-

yebebis TanamSromlebisaTvis Sida auditis sferoSi gamocdilebis gaziarebis mizniT.

2011 wels periodulad xorcieldeboda gare auditorebis mier gaweuli rekomenda-

ciebis Sesrulebis monitoringi. erovnuli banki aqtiurad TanamSromlobda saerTaSor-

iso savaluto fondis finansuri departamentis „usafrTxoebis meqanizmebis“ Sefasebis

jgufTan, maT mier axali Sefasebis ganxorcielebis farglebSi.

erovnuli bankis mier Sidaauditoruli saqmianobis xarisxis uzrunvelyofisa da gaum-

jobesebis programis farglebSi ganisazRvra profesiuli ganaTlebisaTvis kumulaci-

urad daxarjuli drois minimaluri miznobrivi maCveneblis sidide, romelic CarTul iqna

aRniSnuli programiT gaTvaliswinebuli „benCmarkebis“ panelSi. Sida auditoruli saqmi-

anobis xarisxis uzrunvelyofisa da gaumjobesebis programiT gansazRvruli miznobrivi

maCveneblebi srulad iqna miRweuli saangariSo periodis ganmavlobaSi. amasTan, „xarisxis

uzrunvelyofisa da gaumjobesebis programis“ Sesabamisad, ganxorcielda Sidaaudito-

ruli saqmianobis Sida perioduli Sefaseba.

saangariSo periodSi grZeldeboda muSaoba buRaltruli aRricxvis operaciebis av-

tomatizaciis Semdgomi ganviTarebisa da srulyofis mimarTulebiT. kerZod, dasrulda

samuSaoebi saerTaSoriso rezervebis marTvis sistemis danergvis proeqtTan dakavSirebiT.

56 marwmunebeli momsaxureba gulisxmobs damoukidebeli Semfasebeli mxaris mier saTanado da sakmaris mtkice-

bulebebze dayrdnobiT organizaciis mmarTvelobiT sistemasTan, riskis marTvasa da Sida kontrolTan dakav-

Sirebul procesebze, aseve gadawyvetilebis misaRebad saWiro sxva mxaris mier momzadebuli informaciis Tao-

baze obieqturi mosazrebis gamoxatvas.


7. sakaso-saemisio samuSaoebis organizacia

qveynis ekonomikis naRd fulze moTxovnis Seuferxeblad dakmayofilebis mizniT,

2011 wels, saqarTvelos erovnuli banki axorcielebda sakaso-saemisio samuSaoebs, rac

gulisxmobs fulis niSnebis damzadebis, Semotanis, Senaxvis da emisiasTan dakavSirebul

saqmianobas, mimoqcevaSi arsebuli banknotebisa da monetebis xarisxis amaRlebas, saemi-

sio laris banknotebis/monetebisa da mimoqcevidan amoRebuli fulis niSnebis dadgenili

wesiT damuSavebas, eqspertizis saqmianobis srulyofasa da mimoqcevisTvis uvargisi la-

ris banknotebis ganadgurebas.

2011 wlis 31 dekembris mdgomareobiT, mimoqcevaSi arsebuli naRdi fulis odenobam

1.75 miliardi lari Seadgina. maT Soris banknotebma - 1.7 miliardi lari, xolo monetebma

- 49 mln lari (diagrama N 95).

saangariSo periodSi, mimoqcevaSi naRdi fulis moculoba wlis dasawyisTan SedarebiT

135.4 mln lariT, anu 8.4 procentiT gaizarda da 1.75 miliardi lari Seadgina. 2011 wlis

ganmavlobaSi mimoqcevaSi banknotebis raodenoba 128.8 mln lariT gaizarda da mimoqceva-

Si arsebuli fulis mTlian moculobaSi misma xvedriTma wilma 97.2 procenti Seadgina

(diagrama N 96).

saangariSo wels, mimoqcevaSi arsebuli maRali nominalis (10, 20, 50, 100 da 200 lariani)

banknotebis raodenoba 8.9 procentiT gaizarda, xolo dabali nominalis (1, 2 da 5 lari-

ani) banknotebis raodenoba 9.1 procentiT Semcirda. aRsaniSnavia brunvaSi 1 da 2 laris

nominalis monetebis xvedriTi wilis zrda, rac maTi warmatebiT damkvidrebis maCvenebe-

lia. kerZod, Tu 2011 wlis dasawyisSi am nominalis monetebis odenoba mimoqcevaSi 24.6

mln lars Seadgenda, saangariSo periodSi 19.9 procentiT gaizarda da wlis bolos 29.5

mln lari Seadgina.

aseve aRsaniSnavia, mimoqcevaSi wina welTan SedarebiT erovnuli valutis xurda fulis

0.19%

0.19%

2.77% 6.85%

14.18% 22.06%

6.51%

1

2

5

10

20

50

100

44.46%

6.51%2.79% 200

diagrama 95mimoqcevaSi arsebuli naRdi fuli (31.12. 2011)



- „TeTris“ 8.5 procentiT zrdis faqti, rac saqarTvelos erovnuli bankis mier gatare-

buli RonisZiebebis Sedegia.

qveyanaSi naRdi fulis mimoqcevis regulirebis, mimoqcevaSi laris banknotebis/mon-

etebis xarisxis amaRlebisa da mosaxleobis interesebis dacvis mizniT, saqarTvelos

erovnuli bankis mier saangariSo periodSi gatarebuli iqna rigi RonisZiebebi. kerZod:

- SemuSavda da saqarTvelos erovnuli bankis sabWos 2011 wlis 27 ivnisis N4 dadgenile-

biT damtkicda ,,laris banknotebis da monetebis vargisobis gansazRvris kriteriumebi

da maTi miReba-gamocvlis wesi“. aRniSnuli wesis Sesabamisad, daixvewa da gamartivda

gadasaxdelad vargisi da uvargisi laris banknotebis/monetebis kategoriebi, gamartiv-

da dazianebuli laris banknotebi/monetebis identificirebis SemTxvevaSi originaluri

zomis mixedviT maTi gamocvlis valdebuleba, gauqmda ganzrax dazianebis mqone fulis

niSnebis cneba, radgan igi gaugebrobas iwvevda momxmarebelSi. wesSi gansakuTrebiT say-

uradReboa is cvlilebebi, romelic exeba mimoqcevaSi xarisxis amaRlebis uzrunvelsay-

ofad laris banknotebis/monetebis miReba-gamocvlis kuTxiT iuridiul pirTa, maT Soris

komerciuli bankebis valdebulebas;

- momxmarebelTa interesebis dacvis mizniT, cvlilebebi Sevida saqarTvelos adminis-

traciul samarTaldarRvevaTa kodeqsSi. am kodeqsis 153¹ muxlis - „saqarTvelos terito-

riaze mimoqcevaSi arsebuli erovnuli valutis gamoyenebis wesebis darRveva“ - Sesabamisad,

mewarme subieqtis an arasamewarmeo (arakomerciul) iuridiul piris mier, saqarTvelos

erovnuli bankis mier dadgenili laris banknotebisa da monetebis gadasaxdelad vargiso-

bis gansazRvris kriteriumebisa da maTi miReba-gamocvlis wesis darRvevaze, aseve mewarme

subieqtis mier momxmarebelTan angariSsworebis erTi TeTris sizustiT ganuxorciele-

blobaze gaTvaliswinebulia sajarimo sanqciebi;

- momxmarebelTa pretenziebis gaTvaliswinebiT, gamokvleuli da Seswavlil iqna komer-

ciuli bankebis mier bankomatebis laris calkeuli nominalis banknotebiT uzrunvelyofis

sakiTxi. analizma aCvena, rom zogierTi komerciuli bankis mier maTi kuTvnili banko-

matebis uzrunvelyofa xdeboda mxolod erTi da igive nominalis laris banknotebiT,

rac, erTis mxriv, iwvevda moqalaqeTa ukmayofilebas, xolo, meores mxriv, igi garkveul-

wilad zogierTi nominalis banknotis mimoqcevidan xelovnuri amoRebis safuZvels qmni-

1,537.0 1,581.3 1,596.3 1,602.71,555.4

1,753.6

1 600 0

1,700.0

1,800.0

1,357.7 1,356.11,398.8 1,412.0 1,431.4 1,460.4

1,501.1 1,530.71,500.7 1,503.7 1,487.1

1,618.21,475.0

1,443.71,395.4

1,436.11,429.51,467.0

,

1,000.0

1,100.0

1,200.0

1,300.0

1,400.0

1,500.0

1,600.0

2010

2011

800.0

900.0

diagrama 96naRdi fulis mimoqcevis dinamika 2010-2011 wlebSi



da. aRniSnulis gaTvaliswinebiT, komerciul bankebs daegzavnaT miTiTeba, raTa moexdinaT

bankomatebis meSveobiT yvela nominalis banknotebiT mimoqcevis moTxovnis dakmayofile-

ba, aseve daecvaT zemoT miTiTebuli wesisa da kodeqsis moTxovnebi da ar daeSvaT raime

saxis Seferxeba momsaxure klienturis xurda fuliT, maT Soris 1 da 2 TeTris nominalis

monetebiT uzrunvelyofis saqmeSi.

naRdi fuliT qveynis ekonomikis Seuferxebeli dakmayofilebis mizniT, saangariSo pe-

riodSi grZeldeboda samuSaoebi erovnuli bankis sarezervo maragebis laris banknote-

biTa da monetebiT Sesavsebad. aseve, 2011 wels ganxorcielda oqros zodebis dasamzade-

blad Sesabamisi partnioris SerCevisa da masTan xelSekrulebis gaformebis samuSaoebi.

saanalizo wlis ganmavlobaSi, saqarTvelos erovnul bankSi sagrZnoblad gaizarda

naRdi fulis brunvebi. kerZod, aRniSnul periodSi Semosulma erovnulma valutam 3.19

miliardi lari Seadgina (maT Soris komerciuli bankebidan - 3.18 miliardi lari), rac 13

procentiT aRemateba wina wlis monacems, xolo gasulma erovnulma valutam - 3.33 mi-

liardi lari (maT Soris komerciul bankebze - 3.32 miliardi lari), rac 11.5 procentiT

aRemateba 2010 wlis maCvenebels. Semosulma ucxourma valutam 2.0 mln aSS dolari da

35.0 aTasi evro, xolo gasulma 1.3 mln aSS dolari da 295.0 aTasi evro Seadgina.

saangariSo periodSi sagrZnoblad amaRlda mimoqcevaSi arsebuli banknotebis xarisxi,

razec metyvelebs saqarTvelos erovnul bankSi Semosuli fulis niSnebis daxarisxebis

Sedegebi. kerZod, Tu 2010 wels avtomaturi SefuTvisa da ganadgurebis sistemebis mqone

agregatis meSveobiT saSualo Tviurad ganadgurebuli laris banknotebi erovnul bankSi

Semosuli mTliani Tanxis 19.2 procents Seadgenda, saangariSo periodSi es maCvenebeli

14.5 procentamde Semcirda.

saanalizo wels, fulis niSnebis gadaTvla-damuSavebis teqnikuri saSualebebis gamar-

Tulad funqcionirebisa da fulis niSnebis daxarisxebis dadgenili donis uzrunvel-

sayofad, saqarTvelos erovnuli bankis prezidentis 2010 wlis 3 ivnisis gankargulebiT

dadgenili periodulobiT tardeboda sakaso centris teqnikuri saSualebebis meSveobiT

fulis niSnebis daxarisxebis donis Semowmeba.

2011 wels, wina welTan SedarebiT 2.3 procentiT Semcirda gamovlenili yalbi laris

banknotebis raodenoba, aseve Semcirda (22.8 procentiT) yalbi evros banknotebis raode-

noba, xolo yalbi aSS dolarebis raodenoba gaizarda 1.9 procentiT. rac Seexeba 50

TeTris nominalis yalbi monetebis raodenobas, 2010 welTan SedarebiT gazrdilia 11.97-

jer, xolo 1 laris nominalis yalbi monetebis raodenoba Semcirebulia 22.3 procentiT

(nominalebis mixedviT 2010-2011 wlebis periodSi gamovlenili yalbi laris banknotebisa

da monetebis raodenobas gviCvenebs diagrama N 97 da diagrama N 98). amasTan, sxva ucxo-

uri yalbi valutebis raodenoba gazrdilia 2.6-jer.


saangariSo periodSi, saqarTvelos erovnuli banki meTodologiur daxmarebas uwevda

komerciul bankebsa da valutis gadamcvlel punqtebs, aseve iuridiul da fizikur pirebs

kadrebis kvalifikaciis amaRlebis saqmeSi. kerZod, dainteresebul pirTaTvis fulis niS-

nebis damcavi meqanizmebis swavlebis, laris banknotebisa da monetebis vargisianobis gan-

sazRvrisa da zogadad naRd fulTan muSaobis kvalifikaciis amaRlebis mizniT, swavleba

Cautarda 373 salaros muSaks.

saqarTvelos erovnuli bankis fulis muzeumis meSveobiT xorcieldeboda sainvesticio,

sakoleqcio da numizmatikuri produqciis realizacia. gasul wels aRniSnuli produqci-

is realizebidan Semosulma Tanxam sul 2.35 milioni lari Seadgina, rac 75.3 procentiT

aRemateba 2010 wlis ganmavlobaSi realizebuli produqciidan miRebul Semosavals. maT

Soris sakoleqcio banknotebis da monetebis realizaciidan Semosulma Tanxam 235 aTasi

01.01.2010 31.12.2010

01.01.2011 31.12.2011

20000

25000

30000

3500030001

0

5000

10000

15000

20000

50 (1993 ) 1 10

2506 2227 41730 1

50 (1993 ) 1 10

diagrama 982010-2011 wlebSi gamovlenili yalbi monetebis raodenoba, cali


500

600

700

800774

685

01.01.2010 31.12.2010

01.01.2011 31.12.2011

0

100

200

300

400

500

7 5

308 293

119154

556 3

259

328

93

230

72

1 2 5 10 20 50 100 200

diagrama 972010-2011 wlebSi gamovlenili yalbi laris banknotebis raodenoba, cali


50 თეთრი (1993 წ.) 1 ლარის მონეტა 10 ლარის მონეტა


lari, sainvesticio monetebidan - 2.07 milioni lari, xolo danarCeni produqciis reali-

zaciidan Semosulma Tanxam 43 aTasi lari Seadgina (diagrama N 99). amasTan, qarTuli fu-

lis istoriis gacnobis mizniT, fulis muzeumi kvlavac aqtiurad sTavazobs sazogadoebas

saganmanaTleblo-SemecnebiT kursebs.

saangariSo periodSi xorcieldeboda sakaso-saemisio saqmianobis maregulirebeli

samarTlebriv-normatiuli bazis srulyofis samuSaoebi. kerZod, laris banknotebis/mone-

tebis damzadebis Sesyidvis erTiani samarTlebrivi dokumentis Seqmnis uzrunvelsayofad,

aRniSnuli saqmianobis gamWirvalobisa da Sesabamisi fuladi saxsrebis racionaluri

xarjvis, Sesyidvis monawileTa mimarT samarTliani da aradiskriminaciuli midgomis gaT-

valiswinebiT, saqarTvelos erovnuli bankis sabWos 2011 wlis 7 Tebervlis N7 gankargule-

biT damtkicda „laris banknotebisa da monetebis damzadebis Sesyidvis wesi“. aRniSnuli

wesis safuZvelze, saqarTvelos erovnuli bankis prezidentis 2011 wlis 14 Tebervlis

N13/04 brZanebiT damtkicda „laris banknotebisa da monetebis dasamzadeblad Sesabamisi

partnioris SerCevis komisiis“ Semadgenloba, xolo saqarTvelos erovnuli bankis sabWos

2011 wlis 26 aprilis N10 gankargulebiT ganisazRvra „laris banknotebisa da monetebis

dasamzadeblad partnioris SesarCev proeqtebSi monawileobisaTvis dasaSveb sawarmoTa

nusxa“. saqarTvelos erovnuli bankis sistemidan laris banknotebis/monetebis, oqros

zodebis da numizmatikuri faseulobis sarealizacio fasis gaangariSebis ZiriTadi prin-

cipebis gansazRvrisa da realizaciis saqmianobis gamWvirvalobis uzrunvelyofis mizniT,

saqarTvelos erovnuli bankis 2011 wlis 2 agvistos N6 dadgenilebiT damtkicda „laris

banknotebis/monetebis, oqros zodebis da numizmatikuri faseulobis realizaciis wesi“.

saqarTvelos erovnuli bankis mier emitirebuli laris banknotebis da monetebis re-

produqciebis namdvil banknotebsa da monetebSi arevis riskis Tavidan acilebis mizniT,

saqarTvelos erovnuli bankis sabWos 2011 wlis 18 martis N2 dadgenilebiT damtkicda

„laris banknotebisa da monetebis reproducirebis wesi“. saqarTvelos erovnuli bankis

sabWos 2011 wlis 27 ivnisis N4 dadgenilebiT damtkicda „laris banknotebis da monetebis

vargisobis gansazRvris kriteriumebi da maTi miReba-gamocvlis wesi“, romlis Sesabamisa-

dac daixvewa da gamartivda gadasaxdelad vargisi da uvargisi laris banknotebis/mone-

0

500000

1000000

1500000

2000000

2500000

886,542

443,122

9,906

2,070,525

234,638 42,928

2010 2011

diagrama 992010-2011 wlebSi realizebuli produqcia (lari)



tebis kategoriebi, gamartivda dazianebuli laris banknotebi/monetebis identificirebis

SemTxvevaSi originaluri zomis mixedviT maTi gamocvlis procedura.

„laris banknotebis/monetebisa da numizmatikuri faseulobis sarealizacio raode-

nobisa da maTi sarealizacio fasis dadgenis Taobaze“ saqarTvelos erovnuli bankis

prezidentis 2011 wlis 15 agvistos N60/04 brZanebiT ganisazRvra sakoleqcio da/an sxva

saWiroebisaTvis laris banknotebis/monetebisa da numizmatikuri faseulobis sarealiza-

cio odenoba da fasi sakomisio danamatis gaTvaliswinebiT. sakanonmdeblo cvlilebebi

ganxorcielda saqarTvelos administraciul samarTaldarRvevaTa kodeqsSi erovnuli

valutis gamoyenebis wesebsa da reproducirebasTan dakavSirebiT, „saqarTvelos saxel-

mwifo gerbis Sesaxeb“ saqarTvelos organul kanonsa da „saxelmwifo Sesyidvebis Sesax-

eb“ saqarTvelos kanonSi fulis niSnebis, aseve „saqarTvelos erovnuli bankis Sesaxeb“

saqarTvelos organul kanonSi oqros zodebis damzadebis specifikasTan dakavSirebiT.


8. sazogadoebasTan urTierToba da

saerTaSoriso TanamSromloba

2011 wels, saqarTvelos erovnuli banki, saqmianobis maqsimaluri gamWvirvalobis uz-

runvelsayofad da sabanko sistemaSi mimdinare procesebis Sesaxeb informaciis sazoga-

doebisaTvis droulad miwodebis mizniT, operatiulad avrcelebda presrelizebsa da

statistikur monacemebs, regularulad marTavda Sesabamis Temebze preskonferenciebs,

konferenciebs, brifingebs, seminarebs, prezentaciebsa da Sexvedrebs.

imisaTvis, rom sworad da amomwuravad misuliyo sazogadoebamde informacia erovnuli

bankis mier dagegmili reformebis, sabanko seqtorisaTvis SeTavazebuli axali finansuri

instrumentebis Sesaxeb, erovnuli bankis warmomadgenlebi

marTavdnen periodul Sexvedrebs beWdviTi da eleqtronuli

mediis warmomadgenlebTan.

2011 wels saqarTvelos erovnuli bankis monetaruli

politika ZiriTadad gamiznuli iyo fasebis donis saSualo

da grZelvadiani stabilurobis miRwevisaken. monetaruli

politika ara arsebuli, aramed mosalodneli inflaciis mar-

Tvazea orientirebuli. Sesabamisad, efeqtiani monetaruli

politikis ganxorcilebisaTvis mniSvnelovania sazogadoebis

swori inflaciuri molodinis Camoyalibeba. am mizniT uaRre-

sad sayuradRebo iyo monetaruli politikis gamWvirvaloba

da saqarTvelos erovnuli bankis sazogadoebasTan urTier-

Tobis politika.

mniSvnelovania sazogadoebas esmodes ekonomikaSi mimdinare procesebi da mosalod-

neli Sedegebi. aseve naTeli iyos saqarTvelos erovnuli bankis mier gatarebuli poli-

tika da misi gavlena ekonomikaze. am TvalsazrisiT, sxva wamyvani qveynebis centraluri

bankebis mier aprobirebuli praqtikis Sesabamisad, saqarTvelos erovnuli banki cdilob-

da eleqtronuli da beWdviTi gamocemebisa Tu masobrivi informaciis sxva saSualebebis

meSveobiT maqsimalurad xelmisawvdomi gaexada informacia fulad da savaluto bazrebze

mimdinare tendenciebis Sesaxeb, warmoeCina sakuTari xedva am sakiTxebTan dakavSirebiT

da aexsna ama Tu im gadawyvetilebis miRebis motivebi. am mizniT erovnuli banki yo-

velTviurad gamoscemda „Tvis mimoxilvas“, yovelkvartalurad gamoscemda „inflaciis

mimoxilvas“, operatiulad aqveynebda statistikur monacemebs da monetaruli politikis

komitetis presrelizebs. amasTan, erovnulma bankma 2011 wels moamzada da gamosca Sem-

degi publikaciebi: „saqarTvelos erovnuli bankis wliuri angariSi, 2010“; „finansuri

stabilurobis angariSi, 2011“; „saqarTvelos sagadasaxdelo balansi, 2010“; „monetaruli

da sabanko statistikis biuleteni“ (wliuri). saqarTvelos erovnuli bankis gamocemaTa

eleqtronuli versiebi xelmisawvdomia saqarTvelos erovnuli bankis oficialur inter-

net gverdze (www.nbg.ge).

internetis ganviTarebisa da misi momxmareblebis raodenobis matebis kvaldakval, so-

cialuri mediis roli adamianebis cxovrebaSi sul ufro izrdeba. socialur qsel face-

book-ze Seiqmna saqarTvelos erovnuli bankis gverdi, romelic sazogadoebis ukeT in-

formirebulobisaTvis kidev erTi damatebiTi da mniSvnelovani saSualebaa. socialuri


qselis meSveobiT mkiTxveli iRebs yvela saxis informacias bankis

siaxleebis Sesaxeb, aseve eZleva cocxali interaqciis saSualeba

da nebismieri SekiTxvis Riad dasmis SesaZlebloba. aqvea ganTavs-

ebuli mimdinare dRis laris oficialuri gacvliTi kursi, gansaz-

Rvruli 45 qveynis valutebis mimarT. Facebook-idan gausvlelad

momxmarebels SeuZlia ewvios bankis oficialur veb-gverds, mii-

Ros monawileoba gamokiTxvaSi da naxos yvela is foto da video

masala, romelic Cvens saqmianobas asaxavs.

saangariSo periodSi, saerTaSoriso TanamSromlobis gaaqtiure-

bisa da calkeul sferoebSi ucxo qveynebis centraluri bankebis gamocdilebis gaziare-

bis mizniT, saqarTvelos erovnuli banki TanamSromlobda msoflios sxvadasxva qveynebis

centralur bankebTan.

2011 wels, saqarTvelos erovnuli bankis organizebiT ramdenime saerTaSoriso donis

Sexvedra Catarda. maT Soris oqtomberSi, saqarTvelos erovnulma bankma evropis re-

konstruqciisa da ganviTarebis bankTan (EBRD) erTad „riskis marTvis“ sakiTxebze erTo-

bliv konferencias umaspinZla. am masStabis Sexvedra saqarTveloSi pirvelad Catarda da

masSi moqmedi komerciuli bankebisa da msxvili kompaniebis finansuri warmomadgenlebi

monawileobdnen. finansur seqtorSi riskebis sworad Sefaseba da Semdeg reagirebis in-

strumentebisa da strategiis gansazRvra principuli mniSvnelobisaa. es faqti msoflio

finansurma krizismac daadastura. Sexvedraze yuradReba gamaxvilda gacvliTi kursis

riskis mniSvnelobaze. Teoriul sakiTxebTan erTad, konferenciis monawileebma praqti-

kuli magaliTebic ganixiles. maT Soris monawileebs saSualeba hqondaT mieRoT sakmarisi

informacia likvidobis marTvisaTvis Tu ra instrumentebs sTavazobs maT saqarTvelos

erovnuli banki da garkveuliyvnen bazarze arsebuli finansuri warmoebulebis Sesaxeb.

aRsaniSnavia, rom am Sexvedraze saqarTvelos erovnuli bankis warmomadgenlebTan erTad,

riskebis marTvis Temaze moxseneba sareitingo kompania „mudis“ analitikosmac gaakeTa.

2011 wlis martSi, saqarTvelos erovnul banks ewvia Savi zRvis vaWrobisa da ganviTare-

bis bankis (BSTDB) delegacia, bankis prezidentis andrei kondakovis xelmZRvanelobiT.

vizitis mTavari mizani 2011-2014 wlebSi TanamSromlobis prioritetebis gansazRvra iyo.

erovnuli bankis xelmZRvanelobasTan Sexvedraze stumrebi 2010 wlis ZiriTad ekonomikur

da finansur tendenciebs gaecnen. kerZo seqtoris ganviTarebis mxardasaWerad, Savi zRvis

vaWrobisa da ganviTarebis banki apirebs aqtiurad iTanamSromlos adgilobriv komerciul

bankebsa da safinanso seqtoris sxva warmomadgenlebTan.

saanalizo wlis oqtomberSi, saqarTvelos erovnul banks yirgizeTis finansTa da

ekonomikisa da reformebis saministroebis warmomadgenlebi stumrobdnen. vizitis mTa-

vari mizani saqarTvelos erovnuli bankis mier ganxorcielebuli reformebis gacnoba da

arsebuli gamocdilebis gaziareba iyo. rogorc yirgizeTis delegaciis wevrebma aRniSnes,

saqarTveloSi gatarebulma reformebma da cvlilebebma, romelic samagaliToa mTels

regionSi, didi roli iTamaSes qveynis ekonomikisa da konkretulad qarTuli sabanko se-

qtoris ganviTarebis saqmeSi. swored amitom moeqca saqarTvelo centraluri aziisa da

yofili sabWoTa kavSiris qveynebis yuradRebis centrSi.

finansuri seqtoris momxmarebelTa uflebebis dacvis mizniT Seiqmna momxmareblis

veb-gverdi, sadac ganTavsebulia momxmareblisaTvis saintereso informacia safinanso se-

qtoris samomxmareblo bazris Sesaxeb. veb-gverdze ganTavsebulia informaciebi ZiriTadi

sabanko produqtebis, maTi maxasiaTeblebis, am produqtebTan dakavSirebuli sargebli-

sa da riskebis, aseve, momxmareblis uflebebis Sesaxeb. momxmareblebs saSualeba eqnebaT


gaecnon sxvadasxva saxis statistikur monacemebs da monawileoba miiRon gamokiTxvebSi.

2011 wels dasrulda saqarTvelos erovnuli bankis rebrendingis procesi. Seiqmna

bankis axali logo, romelic ramdenime simbolos aerTianebs: Zveli qarTuli moneta,

romelic mimoqcevaSi iyo daviT aRmaSeneblis mefobis periodSi (1089-1125 ww); mzis simbo-

lo, aRebuli qarTuli xuroTmoZRvrebis Zeglebis bareliefebidan, romelic gamoxatavs

„dovlaTs“ da „baraqas“ da borbali, romelic mudmiv winsvlasa da moZraobas aRniSnavs.

erovnuli bankis logo gadmoscems siZlieres, simyares, baraqas/dovlaTs, dinamiurobas

da progresulobas. logos ferebi konservatiulia da sruliad gansxvavdeba mTavrobis

atributikisgan, rac mis damoukideblobas usvams xazs.


9. saqarTvelos erovnuli bankis adamianuri

resursebis marTva

2011 wlis bolos, saqarTvelos erovnul bankSi muSaobda 286 TanamSromeli, maTgan 223

moxele, 37 damxmare da 26 StatgareSe mosamsaxure. moxeleebis saSualo asaki iyo 37 weli,

damxmare mosamsaxureebis - 42 da StatgareSe mosamsaxureebis - 39 weli; maTi 92 procenti

umaRlesi ganaTlebiTaa. TanamSromelTa mTliani raodenobidan 46 procents qalebi Sead-

gendnen.

78%

13%

9%

(223 )

(37 )

(26 )

diagrama 100 erovnuli bankis TanamSromlebis raodenoba


46%

54%

(131 )

(155 )

diagrama 101 erovnuli bankis TanamSromlebis struqtura sqesis mixedviT



saangariSo periodSi, samuSao procesebis Tvisobrivi cvlilebebis gamo, ganxorcielda

sakaso operaciebisa da naRdi fulis mimoqcevis departamentis reorganizacia. likvidi-

rebuli iqna quTaisis sakaso centri (ganyofileba), Tbilisis sakaso centrs (ganyofileba)

Seecvala saxeli da daerqva sakaso centri.

umaRles saganmanaTleblo dawesebulebebTan gaformebuli „urTierTanamSromlobis

Sesaxeb memorandumis“ safuZvelze, 2011 wels 42 warCinebulma studentma gaiara staJireba

erovnul bankSi, romelTagan 4 dRes erovnuli bankis TanamSromelia. amave memorandumis

farglebSi erovnuli bankis TanamSromlebis mier umaRlesi saswavleblebis studentebis-

Tvis Catarda 55 leqcia.

34

36

38

40

42

(37)(42) (39)

37

42

39

diagrama 102 erovnuli bankis TanamSromlebis struqtura saSualo asakis mixedviT



10. normatiul-samarTlebrivi bazis ganviTareba

2011 wlis ganmavlobaSi grZeldeboda muSaoba sakanonmdeblo-normatiuli bazis srul-

yofis mimarTulebiT. am periodSi erovnulma bankma monawileoba miiRo Tvrameti sakanon-

mdeblo cvlilebis SemuSavebaSi, aseve, gamocemul iqna erovnuli bankis ormocdaerTi

normatiuli aqti.

saanalizo wels, erovnuli bankis monawileobiT ganxorcielda mniSvnelovani sakanon-

mdeblo cvlilebebi. kerZod, erovnul banks mieniWa Sromis kodeqsiT gaTvaliswinebuli

dasvenebis dRis sabanko dRed gamocxadebis ufleba. „momxmarebelTa uflebebis dacvis

Sesaxeb“ saqarTvelos kanonSi ganxorcielebuli cvlilebis Sedegad, valutis gadamcvlel

punqts daevala momxmarebels miawodos zusti informacia valutis gadacvlis kursis da

gadacvlis momsaxurebis sakomisios Sesaxeb. amasTan, momxmarebels ufleba mieniWa ukan

daibrunos gadacvlili Tanxa gadacvlis operaciidan 30 wuTis ganmavlobaSi. „saqarTve-

los parlamentis reglamentSi“ Setanili cvlilebiT, parlamenti valdebuli iqneba

erovnul banks gamougzavnos is kanonproeqtebi, romlebic exeba finansur institutebs.

2011 wlis aprilSi amoqmedda „sabanko dawesebulebebSi angariSebis gaxsnis da ucxour

valutaSi operaciebis warmoebis Sesaxeb instruqciis damtkicebis Taobaze“ saqarTvelos

erovnuli bankis prezidentis brZaneba. igi gansazRvravs saqarTvelos sabanko dawese-

bulebebis (bankebis) mier rezidenti da ararezidenti fizikuri da iuridiuli pirebi-

sTvis, aseve kanonmdeblobiT gaTvaliswinebuli im organizaciuli warmonaqmnebisTvis,

romlebic ar arian iuridiuli pirebi, sabanko angariSis gaxsnis, sabanko angariSis sax-

eebis, daniSnulebis da aseve, ucxour valutaSi sabanko operaciebis warmoebis wessa da

pirobebs. wesis mTavari arsi mdgomareobs imaSi, rom igi adgens angariSis gaxsnis iseT

procedurebs, romelic srulyofilad aris SesabamisobaSi Tanamedrove bazris arsebul

moTxovnebTan. Semovida nominaluri mflobelis angariSis cnebac. gamartivda ucxour

valutaSi operaciebis warmoebis wesi, kerZod, amoRebul iqna arsebuli mravalricxovani

SezRudvebi am mimarTulebiT.

normatiuli aqtiT ganisazRvra „komerciuli bankebis mier sabanko momsaxurebis gawe-

visas momxmareblisaTvis aucilebeli informaciis miwodebis wesi“, romelic aregulirebs

komerciuli bankebis mier fizikuri pirebisaTvis samomxmareblo kreditis gacemisa da

sadepozito momsaxurebis gawevis dros sruli, aucilebeli, gasagebi, utyuari da Tavis-

drouli informaciis Tanmimdevruli miwodebis sakiTxebs. aRniSnuli wesi miznad isa-

xavs qveyanaSi sabazro disciplinis ganmtkicebisa da samomxmareblo bazris ekonomikuri

efeqtianobis zrdis, aseve, sabanko seqtorisadmi sazogadoebis ndobis amaRlebis, momx-

marebelTa interesebis maqsimalurad dacvis da komerciuli bankebis mier SeTavazebuli

sabanko produqtebis Sesaxeb informaciis gamWvirvalobis uzrunvelyofas. momxmarebli-

saTvis aucilebeli informaciis miwodebis wesi vrceldeba fizikuri pirebisaTvis yvela

saxis samomxmareblo kreditis, maT Soris, overdraftsa da sakredito baraTis gacemasTan

dakavSirebul xelSekrulebebze, rodesac kreditis mTliani Tanxa aRemateba 300 (samas)

lars da naklebia 50 000 (ormocdaaTi aTas) larze (an mis ekvivalentze sxva valutaSi),

aseve, fizikuri pirebis yvela saxis sadepozito xelSekrulebebze, romelTa pirveladi

Senatani naklebia 50 000 (ormocdaaTi aTas) larze (an mis ekvivalentze sxva valutaSi).

saangariSo periodSi, aseve SemuSavebul iqna erovnuli bankis normatiuli aqtebi, rom-


lebic gansazRvravs laris banknotebisa da monetebis reproducirebis wessa da repro-

ducirebuli banknotebisa da monetebis dasaSveb parametrebs, saqarTveloSi emitirebuli

fasiani qaRaldebisaTvis saerTaSoriso saidentifikacio nomris miniWebis wessa da fa-

siani qaRaldebis saerTaSoriso saidentifikacio nomris standarts, sagadaxdo baraTebis

(sakredito, sadebeto, winaswari gadaxdis da sxv.) gamoSvebasTan dakavSirebul sakiTxebs

da a.S.


11. statistikuri cxrilebi

1 ZiriTadi makroekonomikuri maCveneblebi ............................................................................... 130

2 samomxmareblo fasebis indeqsis dinamika ............................................................................... 131

3 wliuri inflacia ....................................................................................................................... 131

4 sarezervo fulis masis moculobisa da struqturis dinamika ............................................. 132

5 fulis masis agregatebis dinamika ............................................................................................ 133

6 erovnuli bankis momoxilva ...................................................................................................... 134

7 sxva depozituri korporaciebis mimoxilva ........................................................................... 135

8 depozituri korporaciebis mimoxilva ................................................................................... 136

9 monetaruli koeficientebis dinamika ..................................................................................... 137

10 monetaruli politikis saprocento ganakveTi ...................................................................... 138

11 komerciuli bankebis krebsiTi aqtivebisa da pasivebis dinamika ............................................139

12 komerciuli bankebis sesxebisa da depozitebis moculoba da saSualo wliuri

Sewonili saprocento ganakveTebi ........................................................................................... 140

13 komerciuli bankebis mier gacemuli vadiani sesxebiT davalianeba ..................................... 141

14 komerciuli bankebis vadagadacilebuli sesxebiT davalianeba ........................................... 141

15 savaluto bazarze aSS dolariT ganxorcielebuli operaciebi .......................................... 142

16 savaluto bazarze evroTi ganxorcielebuli operaciebi .................................................... 144

17 gacvliTi kursebi: lari/aSS dolari ....................................................................................... 146

18 gacvliTi kursebi: lari/evro .................................................................................................. 147

19 sagadasaxdelo balansi .............................................................................................................. 148

20 saerTaSoriso sainvesticio pozicia .........................................................................................149

21 mTliani sagareo vali ..................................................................................................................149

22 sagareo vaWroba ...........................................................................................................................149

23 umsxvilesi sagareo savaWro partniori qveynebi ................................................................... 151

24 umsxvilesi saeqsporto sasaqonlo jgufebi ........................................................................... 152

25 umsxvilesi saimporto sasaqonlo jgufebi ..............................................................................152

26 safinanso seqtoris institutebi ...............................................................................................153

27 saqarTveloSi moqmedi komerciuli bankebis sia 2012 wlis 1 ianvris mdgomareobiT ..........154

28 komerciuli bankebis dajgufeba fuladi saxiT ganaRdebuli sawesdebo kapitalis

mixedviT 2012 wlis 1 ianvris mdgomareobiT ............................................................................154

29 saqarTveloSi moqmedi mikrosafinanso organizaciebis sia 2012 wlis 1 ianvris

mdgomareobiT ...............................................................................................................................155


1. ZiriTadi makroekonomikuri maCveneblebi

zomis

erTeuli2000 2005 2006 2007 2008 2009 2010 2011

1. realuri seqtori

nominaluri mTliani Sida

produqtimln lari 6043.1 11620.9 13789.9 16993.8 19074.9 17986.0 20743.4 24229.1

mSp erT sulze lari 1362.5 2689.1 3133.1 3866.9 4352.9 4101.3 4675.7 5421.4

mrewvelobis produqciis

gamoSvebamlnlari 1793.4 3242.9 3952.7 4521.0 4884.9 4515.7 5855.3 7329.6

soflis meurneobis

produqciis gamoSvebamln lari 1857.2 2585.4 2341.7 2390.2 2375.2 2228.9 2396.7 3012.2

realuri mTliani Sida

produqtis zrdis tempi% 101.8 109.6 109.4 112.3 102.3 96.2 106.3 107.0

2. inflacia

samomxmareblo fasebis indeqsi % 104.6 106.2 108.8 111.0 105.5 103.0 111.2 102.0

xanmokle moxmarebis saqoneli % 106.9 107.3 112.4 111.9 105.4 103.2 115.7 101.3

saSualo xangrZlivobis

moxmarebis saqoneli% 102.1 103.5 98.8 96.4 98.4 92.6 100.9 97.0

xangrZlivi moxmarebis

saqoneli% 101.0 100.9 96.9 99.0 100.7 94.8 104.2 96.7

momsaxureba % 101.9 104.2 107.3 113.1 107.7 105.5 100.9 105.9

3. saxelmwifo biujeti *

Semosavali mln lari 640.2 2607.5 3293.3 4293.6 5517.7 4917.0 5421.5 6444.3

xarji mln lari 833.8 2618.6 2669.4 3890.0 5554.7 5367.2 5466.5 5825.9

biujetis saoperacio saldo mln lari x x 623.9 403.6 -37.0 -450.2 -45.0 618.4

arafinansuri aqtivebis

cvlilebamln lari x x 278.7 274.0 324.7 746.8 873.6 849.3

biujetis mTliani saldo

proficiti(+) / deficiti(–)mln lari -193.6 -11.0 345.2 129.6 -361.7 -1197.0 -918.6 -230.9

%-ad mTlian Sida produqtTan % -3.2 -0.1 4.5 0.8 -1.9 -6.7 -4.4 -1.0

4. dasaqmeba

dasaqmebuli mosaxleobis

ricxovnoba

aTasi

kaci1840.7 1744.6 1747.3 1704.3 1601.9 1656.1 1628.1 1664,2

umuSevrobis done % 10.3 13.8 13.6 13.3 16.5 16.9 16.3 15,1

5. socialuri indikatorebi

mosaxleobis Tviuri fuladi

Semosavalimln lari 149.4 272.6 305.5 351.6 455.2 492.1 567.2 617,0

mosaxleobis Tviuri fuladi

xarjimln lari 246.7 309.1 333.7 373.0 466.6 478.1 497.7 599,3

nominaluri saSualo xelfasi lari 72.3 204.2 277.9 368.1 534.9 556.8 597.6 …

nominaluri xelfasis zrdis

tempi% 107.1 130.2 136.1 132.5 145.3 104.1 107.3 …

realuri xelfasis zrdis tempi % 122.6 120.4 124.6 121.3 132.1 102.3 100.2 …

saarsebo minimumi (periodis

bolosaTvis):

Sromisunariani mamakacisaTvis lari 114.5 98.3 120.3 115.9 130.7 126.1 149.6 156.9

saSualo momxmareblisaTvis lari 100.4 87.1 106.5 102.7 115.8 111.7 132.5 139.0

saSualo ojaxisaTvis lari 199.2 164.9 201.7 194.4 219.3 211.5 250.9 263.3

wyaro: saqarTvelos statistikis erovnuli samsaxuri; finansTa saministro.

SeniSvnebi:

a) samomxmareblo fasebis indeqsis bazad aRebulia yoveli wina wlis dekemberi.

b) mosaxleobis fulad Semosavlebsa da xarjebs Soris gansxvaveba gamowveulia imiT, rom gamokiTxuli ojaxebi

xSirad srulad ar uCveneben fulad Semosavlebs.

*) 2000–2005 weli – Zveli klasifikaciiT.


2. samomxmareblo fasebis indeqsis dinamika (wina wlis dekemberi=100)

2005 2006 2007 2008 2009 2010 2011

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an

ianvari 102.1 2.1 101.2 1.2 102.7 2.7 102.5 2.5 101.4 1.4 101.1 1.1 102.1 2.1

Tebervali 102.4 0.3 101.4 0.2 103.5 0.7 103.4 0.9 100.0 -1.3 102.6 1.5 104.9 2.8

marti 103.0 0.6 101.5 0.1 102.4 -1.1 103.5 0.1 99.6 -0.4 102.4 -0.2 104.9 0.0

aprili 103.5 0.4 103.3 1.8 102.7 0.3 103.8 0.3 100.1 0.5 102.7 0.2 104.8 -0.1

maisi 102.1 -1.3 105.8 2.4 104.3 1.6 104.6 0.7 101.3 1.2 102.3 -0.4 105.2 0.4

ivnisi 100.6 -1.4 105.6 -0.2 104.1 -0.2 104.5 -0.1 101.3 0.0 102.0 -0.3 100.9 -4.0

ivlisi 98.6 -1.9 106.4 0.8 104.3 0.1 103.2 -1.2 97.9 -3.4 101.8 -0.2 99.3 -1.6

agvisto 99.2 0.6 106.0 -0.4 104.9 0.6 106.7 3.4 97.9 0.0 104.1 2.3 100.3 1.1

seqtemberi 101.1 1.9 106.0 0.0 106.2 1.2 105.8 -0.8 100.7 2.8 107.4 3.1 100.9 0.6

oqtomberi 102.9 1.7 106.8 0.8 109.2 2.8 105.3 -0.5 103.0 2.2 109.5 2.0 100.8 -0.2

noemberi 104.3 1.4 107.9 1.0 110.7 1.4 106.0 0.7 103.1 0.2 110.7 1.1 101.4 0.7

dekemberi 106.2 1.8 108.8 0.9 111.0 0.3 105.5 -0.4 103.0 -0.1 111.2 0.5 102.0 0.6

SeniSvna: samomxmareblo fasebis indeqsis bazad aRebulia wina wlis dekemberi.

wyaro: saqarTvelos statistikis erovnuli samsaxuri.

3. wliuri inflacia

2005 2006 2007 2008 2009 2010 2011

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

12

Tv

is

cv

li

le

ba

12

Tv

is

saS

ual

o

ianvari 9.3 6.1 5.2 7.9 10.4 9.6 10.7 9.3 4.4 9.4 2.7 1.6 12.3 7.9

Tebervali 9.2 6.3 5.1 7.5 11.0 10.1 10.9 9.3 2.1 8.7 5.6 1.9 13.7 8.6

marti 9.7 6.6 4.6 7.1 9.7 10.5 12.3 9.5 1.6 7.8 5.8 2.2 13.9 9.3

aprili 10.3 7.0 6.0 6.7 8.1 10.7 12.2 9.8 1.8 6.9 5.6 2.6 13.5 10.0

maisi 8.9 7.3 10.0 6.9 7.3 10.4 11.2 10.2 2.2 6.1 4.0 2.7 14.3 10.8

ivnisi 9.0 7.8 11.4 7.1 7.3 10.1 11.3 10.5 2.3 5.4 3.7 2.8 10.0 11.3

ivlisi 6.0 7.8 14.5 7.8 6.6 9.4 9.8 10.8 0.1 4.6 7.0 3.4 8.5 11.4

agvisto 7.2 8.0 13.4 8.3 7.7 9.0 12.8 11.2 -3.1 3.3 9.5 4.4 7.2 11.2

seqtemberi 7.7 8.1 11.2 8.6 9.0 8.8 10.6 11.3 0.4 2.5 9.8 5.2 4.6 10.8

oqtomberi 7.8 7.9 10.2 8.8 11.2 8.9 7.0 10.9 3.2 2.2 9.6 5.7 2.3 10.1

noemberi 7.9 8.3 9.8 8.9 11.6 9.1 6.3 10.5 2.7 1.9 10.5 6.4 1.9 9.3

dekemberi 6.2 8.2 8.8 9.2 11.0 9.2 5.5 10.0 3.0 1.7 11.2 7.1 2.0 8.5



4. sarezervo fulis masis moculobisa da struqturis dinamika (periodis bolos; aTasi lari)

ian Teb mar apr mai ivn ivl agv seq oqt noe dek

sarezervo fulis masa

2006 985530 1006861 981189 1037670 1017230 1063056 1117976 1106750 1112012 1095465 1267574 1272099

2007 1232053 1248398 1153980 1277207 1403308 1404078 1479672 1555772 1574900 1588923 1610500 1793802

2008 1652937 1686844 1722001 1820171 1815127 1897531 1960868 1706188 1828527 1691326 1470552 1642081

2009 1505078 1464069 1441942 1578292 1622579 1654015 1872829 1856192 1815233 1850711 1794465 1874961

2010 1713536 1796689 1779993 1840471 1794175 1814726 1850494 1871817 1954729 1997837 1975036 2081129

2011 2226104 2430168 2311381 2505956 2432249 2448706 2542648 2621688 2595533 2664581 2566552 2901072

naRdi fuli mimoqcevaSi

2006 749215 756571 775443 792910 776499 803260 828941 836942 853577 832840 820592 929538

2007 834396 840606 857971 893463 922622 967394 1026111 1065079 1081077 1107397 1139021 1310488

2008 1184525 1225042 1287123 1391544 1348253 1413237 1468171 1439132 1399208 1350739 1248192 1290703

2009 1165976 1140243 1141167 1198714 1180359 1201168 1245729 1295874 1285586 1303035 1315117 1457938

2010 1357686 1356142 1398806 1412001 1431384 1460407 1501064 1530686 1500695 1503652 1487064 1618180

2011 1474969 1443728 1395350 1436103 1429488 1467042 1536990 1581259 1596306 1602717 1555417 1753584

Tanxebi bankebis sakorespondento angariSebze

2006 103132 112330 66412 101105 88771 86106 106278 71808 52954 54733 237092 118002

2007 178354 184144 64862 140216 174687 210549 207428 240580 236387 202729 208435 205061

2008 189974 173893 152157 145816 162319 188181 208115 116684 341116 237194 108216 230142

2009 208701 194900 175676 268577 335522 343687 516147 448446 407773 423279 350098 289732

2010 217510 299978 239217 164134 197181 132106 124090 91298 166772 214645 190543 157887

2011 196845 187779 134548 258562 214431 183062 179249 136526 278250 302443 263213 164433

savaldebulo rezervebi

2006 133183 137960 139334 143655 151959 158689 162958 177646 202331 206242 209890 224559

2007 219303 223649 231147 243528 305999 226134 246134 250113 257437 278798 263045 278253

2008 278254 287724 282537 282811 304555 296113 284582 150372 88204 103394 114144 121236

2009 130401 128926 125099 111001 106698 109160 110953 111872 121873 124398 129250 127291

2010 138340 140570 141969 141836 140190 148473 153540 159678 242133 239590 234329 244750

2011 507489 738549 771121 766509 779967 780070 794036 796237 719977 756920 736422 752332


5. fulis masis agregatebis dinamika

(periodis bolos; aTasi lari)

ian Teb mar apr mai ivn ivl agv seq oqt noe dek

farTo fuli (M3)

2006 1993635 2034235 2068041 2231720 2211726 2350643 2391488 2443084 2508733 2525728 2606223 2799780

2007 2712081 2839248 2809130 2983303 3078896 3374828 3507236 3747060 3818752 3892353 3901496 4098857

2008 4058254 4091244 4150554 4381380 4298190 4341414 4525406 4014688 4089682 4009512 4062943 4421698

2009 4146756 4035788 3815625 3637932 3676519 3746884 3922696 4133601 4258469 4392846 4374193 4763607

2010 4721983 4792164 4837432 4938623 4945487 5154387 5750228 5840047 5874149 5852008 5775637 6199009

2011 5970730 5959088 5899006 6062639 5995136 6164201 6221285 6481689 6558254 6550014 6352921 7097777

farTo fuli, ucxouri valutiT depozitebis gareSe (M2)

2006 1092634 1098294 1131935 1191175 1193881 1309101 1305723 1308990 1337629 1305012 1304587 1473169

2007 1377007 1382263 1450032 1551236 1622364 1744971 1878140 1966849 2042288 2099365 2196759 2262963

2008 2118091 2214564 2398218 2502047 2466434 2573610 2710358 2421845 2405603 2301163 2070356 1999220

2009 1862990 1803649 1778077 1816818 1817639 1855529 1959227 2001147 2084222 2137782 2169100 2330486

2010 2207763 2304117 2400944 2494090 2452361 2537542 2612155 2650543 2625141 2696435 2785505 2960254

2011 2762739 2781235 2731566 2999071 2901295 2939244 3136504 3249717 3225245 3340316 3273675 3783180

bankebs gareT arsebuli naRdi fuli (M0)

2006 682176 688986 709102 714856 706063 729106 744932 751449 773243 752451 739969 827357

2007 739864 752811 761988 781242 819339 851145 908966 943985 952466 986457 1007265 1152070

2008 1038612 1072474 1122923 1219459 1186454 1235407 1290945 1245779 1196489 1154045 1059340 1082554

2009 991498 961048 960173 1005005 1004352 1020409 1075848 1083575 1093340 1110999 1100696 1229436

2010 1132677 1142394 1186814 1219755 1234321 1269456 1315057 1334415 1306717 1302947 1280023 1372989

2011 1248360 1224546 1183232 1213635 1217040 1248893 1306298 1341026 1343738 1344431 1308118 1438992

depozitebi erovnuli valutiT

2006 410458 409308 422833 476319 487817 579995 560791 557541 564387 552562 564618 645812

2007 637143 629452 688045 769995 803025 893826 969174 1022864 1089822 1112908 1189494 1110893

2008 1079479 1142090 1275296 1282589 1279980 1338203 1419414 1176067 1209114 1147118 1011017 916667

2009 871492 842601 817904 811813 813287 835120 883379 917572 990882 1026783 1068404 1101050

2010 1075086 1161722 1214129 1274335 1218041 1268086 1297097 1316128 1318424 1393488 1505482 1587265

2011 1514379 1556690 1548334 1785436 1684255 1690351 1830207 1908691 1881507 1995885 1965557 2344188

depozitebi ucxouri valutiT

2006 901001 935941 936106 1040545 1017845 1041542 1085765 1134094 1171103 1220716 1301636 1326611

2007 1335074 1456985 1359097 1432066 1456532 1629857 1629096 1780211 1776463 1792988 1704737 1835894

2008 1940163 1876680 1752335 1879332 1831756 1767804 1815048 1592843 1684080 1708349 1992587 2422478

2009 2283767 2232139 2037548 1821114 1858881 1891355 1963469 2132454 2174247 2255063 2205093 2433121

2010 2514219 2488047 2436488 2444533 2493126 2616846 3138073 3189504 3249008 3155573 2990131 3238755

2011 3207991 3177853 3167440 3063568 3093841 3224957 3084781 3231972 3333009 3209698 3079246 3314598


6. erovnuli bankis mimoxilva (aTasi lari)

01.01.11 01.04.11 01.07.11 01.10.11 01.01.12

wminda ucxouri aqtivebi 2479230 3133204 3121872 3144234 3359087

ucxouri aqtivebi 4022093 4640377 4601643 4578499 4709419

oqro 0 0 0 0 0

nasesxobis specialuri uflebebi (nsu) 394538 397879 405198 375469 373034

ucxouri valuta 3618932 4238220 4192844 4200912 4334279

sxva ucxouri aqtivebi 8624 4278 3601 2119 2106

ucxouri valdebulebebi -1542863 -1507173 -1479771 -1434266 -1350332

ssf–s resursebis gamoyeneba -1542596 -1504012 -1479703 -1433378 -1349713

sxva ucxouri valdebulebebi -268 -3161 -68 -888 -619

wminda saSinao aqtivebi -398088 -821581 -672692 -547989 -458013

mTavrobis wminda davalianeba -85701 -358514 -367328 -459959 -70395

centraluri mTavrobis davalianeba -85701 -358514 -367328 -459959 -70395

saxazino valdebulebebi 716402 711475 698515 691120 687359

sesxebi centralur mTavrobas 3 3 3 3 3

centraluri mTavrobis depozitebi -802106 -1069992 -1065846 -1151082 -757756

sesxebi centraluri mTavrobidan 0 0 0 0 0

adgilobriv mTavrobis wminda davalianeba 0 0 0 0 0

sesxebi adgilobriv mTavrobas 0 0 0 0 0

adgilobrivi mTavrobis depozitebi 0 0 0 0 0

saxelmwifo arasafinanso korporaciebis

davalianeba0 0 0 0 0

maT Soris sesxebi ucxouri valutiT 0 0 0 0 0

sxva arasafinanso korporaciebis davalianeba 0 0 0 0 0


fizikuri pirebis davalianeba 2631 2471 2260 2046 2671


bankebis wminda davalianeba -165080 -354448 -284766 -126775 -428622

bankebis davalianeba 190039 95000 150228 335065 13505

valdebulebebi bankebis winaSe -355119 -449448 -434994 -461840 -442128

valdebulebebi rezidenti finansuri

institutebis winaSe40 40 40 40 0

sxva wminda aqtivebi -149979 -111129 -22898 36659 38334

sarezervo fuli 2081129 2311381 2448706 2595533 2901072

erovnuli valuta mimoqcevaSi 1618180 1395350 1467042 1596306 1753584

bankebis depozitebi 462949 916031 981665 999227 1147488

savaldebulo rezervebi 244750 771121 780070 719977 752332

maT Soris: ucxouri valutiT 244750 771121 780070 719977 752332

naSTebis sakorespondento angariSebze 157887 134548 183062 278250 164433

maT Soris: ucxouri valutiT 13946 6957 4907 118192 9304

sxva depozitebi 60312 10362 18532 1000 230723

sadepozito valdebulebebi 13 242 474 711 2

erovnuli valutiT 12 242 474 711 2

ucxouri valutiT 1 1 0 0 0


7. sxva depozituri korporaciebis mimoxilva (aTasi lari)

01.01.11 01.04.11 01.07.11 01.10.11 01.01.12

wminda ucxouri aqtivebi -1262377 -1821999 -2039459 -2068552 -2450601

ucxouri valutis rezervebi 1406848 968927 708530 898354 814371

ucxouri fasiani qaRaldebi 174 129 125 83 109

investiciebi sazRvargareT 3140 6649 5964 12734 15479

sesxebi ararezidentebze 142206 145023 118231 118140 91783

ucxouri valdebulebebi -2798899 -2926792 -2858583 -3077144 -3350805

sxva wminda ucxouri aqtivebi -15846 -15935 -13726 -20719 -21538

wminda saSinao aqtivebi 6088384 6537530 6954293 7282356 8109384

mTavrobis wminda davalianeba 247126 207740 203452 245664 197401

centraluri mTavrobis wminda davalianeba 372002 345944 397951 412353 391482

saxazino valdebulebebi 448088 462771 518880 527354 520925

sesxebi centralur mTavrobas 29068 43778 51470 62125 59108

centraluri mTavrobis depozitebi -91205 -145723 -156970 -162862 -175702

finansTa saministros sesxebi kerZo biznesis

ganviTarebisTvis-13950 -14882 -15429 -14264 -12848

adgilobrivi mTavrobis wminda davalianeba -70922 -109601 -161971 -130319 -158022

sesxebi adgilobriv mTavrobas 0 0 503 518 531

adgilobrivi mTavrobis depozitebi -70922 -109601 -162474 -130837 -158553

misaRebi procentebi -53954 -28603 -32529 -36369 -36059

saxelmwifo arasafinanso korporaciebis davalianeba 52681 52823 52507 50701 65669






kerZo seqtoris sxva davalianeba 447954 277356 297668 310967 318995

bankebis rezervebi 647900 1117914 1181737 1222939 1231738

lari salaroSi 245191 212118 218149 252568 314593


naSTebi sakorespondento angariSebze 157577 134230 183062 250176 164433

bankebis wminda davalianeba 230680 360679 300711 138753 670184

sxva sadepozito korporaciebis davalianeba 296813 333988 442861 410086 580900

valdebulebebi sxva depozituri korporaciebis mimarT -291627 -338045 -445751 -399107 -570075

seb–is davalianeba 415535 459737 453602 462842 672945

valdebulebebi seb–is winaSe -190040 -95000 -150000 -335068 -13586

sxva muxlebi, wminda -1685457 -1722232 -1883687 -1997067 -2008846

sxva aqtivebi 1461103 1523236 1567035 1596703 1647980

sxva valdebulebebi -3146561 -3245469 -3450723 -3593770 -3656827

sesxebi sxva rezidenti arasafinanso korporaciebidan -250768 -239994 -233924 -232630 -153197

fuladi bazris instrumentebi -41382 -117425 -168827 -181675 -200965

sxva valdebulebebi -2854411 -2888050 -3047971 -3179465 -3302664

sadepozito valdebulebebi 4826007 4715532 4914834 5213805 5658783

erovnuli valutiT 1587252 1548092 1689877 1880796 2344186

ucxouri valutiT 3238755 3167439 3224957 3333009 3314598


8. depozituri korporaciebis mimoxilva (aTasi lari)

01.01.11 01.04.11 01.07.11 01.10.11 01.01.12

wminda ucxouri aqtivebi 1216853 1311206 1082413 1075682 908486

wminda ucxouri aqtivebi (seb) 2479230 3133204 3121872 3144234 3359087

wminda ucxouri aqtivebi (sdk) -1262377 -1821999 -2039459 -2068552 -2450601

wminda saSinao aqtivebi 4982156 4587800 5081788 5482572 6189291

saSinao sesxebi 6812191 6425126 6990465 7459818 8148584

mTavrobis wminda davalianeba 161425 -150774 -163877 -214295 127006

centraluri mTavrobis wminda davalianeba (seb) -85701 -358514 -367328 -459959 -70395

centraluri mTavrobis wminda davalianeba (sdk) 372002 345944 397951 412353 391482

adgilobrivi mTavrobis wminda davalianeba (seb) 0 0 0 0 0

adgilobrivi mTavrobis wminda davalianeba (sdk) -70922 -109601 -161971 -130319 -158022

misaRebi procentebi (seb) 0 0 0 0 0

misaRebi procentebi (sdk) -53954 -28603 -32529 -36369 -36059

saxelmwifo arasafinanso korporaciebis davalianeba 52681 52823 52507 50701 65669

saxelmwifo arasafinanso korporaciebis davalianeba (seb) 0 0 0 0 0

saxelmwifo arasafinanso korporaciebis davalianeba (sdk) 52681 52823 52507 50701 65669


sxva arasafinanso korporaciebis davalianeba (seb) 0 0 0 0 0

sxva arasafinanso korporaciebis davalianeba (sdk) 3984741 4053717 4347320 4574844 4706355


fizikuri pirebis davalianeba (seb) 2631 2471 2260 2046 2671

fizikuri pirebis davalianeba (sdk) 2162760 2189534 2454586 2735555 2927889

kerZo seqtoris sxva davalianeba 447954 277356 297668 310967 318995

kerZo seqtoris sxva davalianeba (seb) 447954 277356 297668 310967 318995


sxva muxlebi, wminda (seb) -777968 -1381569 -1289289 -1089303 -1537776

bankebis wminda davalianeba -165080 -354448 -284766 -126775 -428622

valdebulebebi rezidenti finansuri institutebis winaSe 40 40 40 40 0

valdebulebebi sxva depozituri korporaciebis mimarT -462949 -916031 -981665 -999227 -1147488

sxva wminda aqtivebi -149979 -111129 -22898 36659 38334

sxva muxlebi, wminda (sdk) -1052068 -455757 -619388 -887943 -421517


naSTebi sakorespondento angariSebze 157577 134230 183062 250176 164433

bankebis wminda davalianeba 230680 360679 300711 138753 670184


monetaruli agregati (M3) 6199009 5899006 6164201 6558254 7097777



bankebs gareT arsebuli naRdi fuli(M0) 1372989 1183232 1248893 1343738 1438992

depozitebi moTxovnamde erovnul valutaSi 1137010 1092882 1169688 1369493 1698916

vadiani depozitebi erovnuli valutiT 450255 455452 520663 512013 645272

depozitebi ucxour valutaSi 3238755 3167440 3224957 3333009 3314598


9. monetaruli koeficientebis dinamika (periodis bolosaTvis)

saval-

debulo

rezervebi

k/b-is sa-

korespon-

dento

angariSe-

bi seb-Si

naRdi

fuli

k/b-Si

k/b-is re-

zervebis

saerTo

Tanxa

dolari-

zaciis

koefi-

cienti

fulis

multi-

plika-

tori

(M2)

fulis

multi-

plika-

tori

(M3)

fulis mi-

moqcevis

siCqare

(M2)

fulis mi-

moqcevis

siCqare

(M3)

procentulad komerciuli bankebis sadepozito valdebulebebTan

2010

ianvari 3.85 6.06 6.27 16.18 70.05 1.29 2.76

Tebervali 3.85 8.22 5.86 17.93 68.17 1.28 2.67

marti 3.89 6.55 5.81 16.25 66.74 1.35 2.72 8.64 4.29

aprili 3.81 4.41 5.17 13.40 65.73 1.36 2.68

maisi 3.78 5.31 5.31 14.40 67.18 1.37 2.76

ivnisi 3.82 3.40 4.92 12.14 67.36 1.40 2.84 8.17 4.02

ivlisi 3.46 2.80 4.19 10.45 70.75 1.41 3.11

agvisto 3.54 2.03 4.36 9.93 70.79 1.42 3.12

seqtemberi 5.30 3.65 4.25 13.20 71.13 1.34 3.01 7.90 3.53

oqtomberi 5.27 4.72 4.41 14.40 69.37 1.35 2.93

noemberi 5.21 4.24 4.61 14.06 66.51 1.41 2.92

dekemberi 5.07 3.27 5.08 13.42 67.11 1.42 2.98 7.01 3.35

2011

ianvari 10.75 4.17 4.80 19.71 67.93 1.24 2.68

Tebervali 15.60 3.97 4.63 24.19 67.12 1.14 2.45

marti 16.35 2.85 4.50 23.70 67.17 1.18 2.55 8.87 4.11

aprili 15.81 5.33 4.59 25.73 63.18 1.20 2.42

maisi 16.32 4.49 4.45 25.26 64.75 1.19 2.46

ivnisi 15.87 3.72 4.44 24.03 65.61 1.20 2.52 8.24 3.93

ivlisi 16.16 3.65 4.69 24.50 62.76 1.23 2.45

agvisto 15.49 2.66 4.67 22.82 62.87 1.24 2.47

seqtemberi 13.81 5.34 4.84 23.99 63.92 1.24 2.53 7.51 3.69

oqtomberi 14.54 5.81 4.96 25.31 61.66 1.25 2.46

noemberi 14.60 5.22 4.90 24.72 61.04 1.28 2.48

dekemberi 13.29 2.91 5.56 21.76 58.57 1.30 2.45 6.40 3.41


10. monetaruli politikis saprocento ganakveTi

TariRi saprocento ganakveTi,%

23/01/2008 10.00

20/02/2008 11.00

19/03/2008 11.00

16/04/2008 12.00

14/05/2008 12.00

25/06/2008 12.00

23/07/2008 12.00

20/08/2008 11.00

10/09/2008 10.00

17/09/2008 10.00

15/10/2008 10.00

26/11/2008 9.00

24/12/2008 8.00

21/01/2009 8.00

18/02/2009 7.00

18/03/2009 6.50

15/04/2009 6.00

13/05/2009 6.00

24/06/2009 6.00

22/07/2009 6.00

19/08/2009 6.00

16/09/2009 6.00

13/10/2009 6.00

25/11/2009 5.00

23/12/2009 5.00

20/01/2010 5.00

17/02/2010 5.00

17/03/2010 5.00

14/04/2010 5.00

25/05/2010 5.00

16/06/2010 6.25

07/07/2010 6.25

21/07/2010 6.50

18/08/2010 6.50

15/09/2010 7.00

27/10/2010 7.50

24/11/2010 7.50

22/12/2010 7.50

18/01/2011 7.50

16/02/2011 8.00

16/03/2011 8.00

13/04/2011 8.00

25/05/2011 8.00

22/06/2011 8.00

20/07/2011 7.75

17/08/2011 7.50

14/09/2011 7.50

26/10/2011 7.25

22/11/2011 7.00

21/12/2011 6.75

SeniSvna: 2008 wlis 20 agvistos CaTvliT monetaruli politikis saprocento ganakveTis dasadgenad gamoiyeneboda

iseTi instrumenti, rogoricaa 7-dRiani sadepozito sertifikati, xolo aRniSnuli TariRis Semdeg gamoiyeneba

7-dRiani refinansirebis ganakveTi.


11. komerciuli bankebis krebsiTi aqtivebisa da pasivebis dinamika (aTasi lari)

1.01.11 1.04.11 1.07.11 1.10.11 1.01.12

naRdi fuladi saxsrebi 458145 429055 441800 479912 515339

fuladi saxsrebi sabanko angariSebze 1952469 2003536 1901093 2046692 2327174

fasiani qaRaldebi dilinguri operaciebisaTvis 3198 2762 6212 13214 16290

sainvesticio fasiani qaRaldebi 801706 909883 949920 982746 956884

wminda sesxebi 5673214 5773249 6324204 6832431 7202713

sesxebi saxelmwifo seqtors 0 11488 11723 22592 22715

sesxebi kerZo seqtors (bankTaSorisi sesxebis garda) 6256273 6342896 6879825 7384498 7695135

bankTaSorisi sesxebi 4432 4265 9166 9153 21207

sesxebis SesaZlo danakargebis rezervebi (-) 587491 585399 576510 583812 536344

daricxuli misaRebi procentebi da dividendebi 81011 86309 94918 96509 99732

investiciebi sawesdebo kapitalSi 436274 269853 272931 286371 287159

ZiriTadi saSualebebi da aramaterialuri aqtivebi 885147 889988 901280 903283 938531

sxva wminda aqtivebi 273052 317248 327983 334538 335263

mTliani aqtivebi 10564217 10681882 11220341 11975695 12679085

valdebulebebi 8776570 8930934 9385227 10049042 10574724

bankebis depozitebi 328925 454489 556233 615513 607228

arasabanko depozitebi 5488728 5493880 5775685 6115598 6744967

arasabanko depozitebi moTxovnamde 2684505 2679111 2755040 3037350 3277686

m.S. samTavrobo seqtoris 160927 253961 318520 292846 333438

iuridiuli pirebis vadiani depozitebi 730077 687765 804246 769025 964730

m.S. samTavrobo seqtoris 1121 1017 466 316 266

fizikuri pirebis vadiani depozitebi 2074146 2127004 2216399 2309223 2502551

daricxuli gadasaxdeli procentebi da dividendebi 112415 103677 122080 123679 135196

nasesxebi saxsrebi 2623219 2556396 2502808 2739836 2640581

sxva valdebulebebi 223283 322492 428422 454418 446751

sul saaqcio kapitali 1787647 1750948 1835114 1926653 2104361

ganaRdebuli sawesdebo kapitali 722563 731341 756040 778884 837393

kapitalis rezervebi 927042 934129 946384 932264 942515

gaunawilebeli mogeba 138042 85478 132690 215505 324453

mTliani pasivebi 10564217 10681882 11220341 11975695 12679085


12. komerciuli bankebis sesxebisa da depozitebis moculoba da saSualo

wliuri Sewonili saprocento ganakveTebi

1.01.11 1.04.11 1.07.11 1.10.11 1.01.12

aTasi lari

sesxebi erovnuli valutiT

iuridiul da fizikur pirebze

sul 1566808 1626714 1862297 2193168 2336524

moklevadiani 692174 729027 818820 947004 965770

grZelvadiani 874634 897687 1043477 1246165 1370755

sesxebi ucxouri valutiT iuridiul

da fizikur pirebze

sul 4515498 4539157 4858592 5038542 5182383

moklevadiani 842117 867094 817721 823580 824954

grZelvadiani 3673381 3672063 4040871 4214961 4357429

vadiani depozitebi erovnuli

valutiT

sul 1758573 1799504 2022653 2185632 2703456

moklevadiani 1690642 1722665 1923459 2059543 2547855

grZelvadiani 67931 76839 99195 126089 155601

vadiani depozitebi ucxouri

valutiT

sul 3730155 3694376 3753032 3929966 4041511

moklevadiani 3121521 3067521 2957417 2983856 2748007

grZelvadiani 608634 626856 795614 946110 1293504

saprocento ganakveTebi,%

sesxebi erovnuli valutiT

iuridiul da fizikur pirebze

sul 22.9 22.7 22.5 22.3 22.7

moklevadiani 25.7 25.7 26.5 26.4 27.4

grZelvadiani 20.6 20.3 19.4 19.1 19.3

sesxebi ucxouri valutiT iuridiul

da fizikur pirebze

sul 15.9 15.4 14.7 14.3 14.4

moklevadiani 17.5 16.9 16.5 16.1 16.5

grZelvadiani 15.5 15.1 14.4 14.0 14.0

depozitebi erovnuli valutiT

sul 7.5 8.5 8.5 8.3 9.2

moklevadiani 7.2 8.3 8.2 8.0 9.0

grZelvadiani 13.0 13.9 14.0 13.9 14.0

depozitebi ucxouri valutiT

sul 8.0 7.8 7.8 7.9 8.1

moklevadiani 7.5 7.3 7.1 7.2 7.2

grZelvadiani 10.3 10.3 10.1 9.9 10.0


13. komerciuli bankebis mier gacemuli vadiani sesxebiT davalianeba (aTasi lari)

sesxebiT davalianeba, sulmaT Soris:

erovnuli valutiT ucxouri valutiT

1.01.11 6082306 1566808 4515498

1.02.11 6157778 1560202 4597576

1.03.11 6052809 1562495 4490314

1.04.11 6165871 1626714 4539157

1.05.11 6176295 1692300 4483995

1.06.11 6314537 1747948 4566589

1.07.11 6720889 1862297 4858592

1.08.11 6821385 1941723 4879662

1.09.11 6962193 2069848 4892345

1.10.11 7231710 2193168 5038542

1.11.11 7303075 2226203 5076872

1.12.11 7335800 2289615 5046185

1.01.12 7518908 2336524 5182383

14. komerciuli bankebis vadagadacilebuli sesxebiT davalianeba (aTasi lari)

vadagadacilebuli

davalianeba, sul

maT Soris:

erovnuli valutiT ucxouri valutiT

1.01.11 173967 57856 116111

1.02.11 180070 56581 123489

1.03.11 183471 59058 124412

1.04.11 188513 63591 124921

1.05.11 181116 65143 115973

1.06.11 192905 65403 127502

1.07.11 170660 50299 120361

1.08.11 174472 48787 125685

1.09.11 175725 49449 126276

1.10.11 175380 52441 122939

1.11.11 172049 54619 117430

1.12.11 180732 60676 120055

1.01.12 198942 61138 137804


15. savaluto bazarze aSS dolariT ganxorcielebuli operaciebi

komerciuli bankebis mier nayidi aSS dolari

sul

seb-is

savaluto

auqcionze

aqedan:

erovnuli

bankidan

seb-is savaluto auqcionis garda:

kom.

bankebidan

ararezi-

denti

bankebidan

iuridiuli

pirebisgan

fizikuri

pirebisgan

aTasi aSS dolari

2010 6794978 331200 331200 1343147 734872 3137431 1248329

ianvari 409175 79000 79000 79067 20493 174318 56298

Tebervali 414531 15200 15200 93492 28720 204260 72859

marti 523993 30000 30000 116858 60968 211946 104221

aprili 518726 65000 65000 100909 39729 232158 80930

maisi 475508 85000 85000 107116 40425 174842 68125

ivnisi 598596 57000 57000 122369 60468 254692 104067

ivlisi 639285 - - 125378 49638 268500 195769

agvisto 756228 - - 99424 69210 463024 124570

seqtemberi 615844 - - 104473 79893 291745 139734

oqtomberi 322129 - - 76416 20493 169011 56210

noemberi 529160 - - 88025 64793 273839 102504

dekemberi 991801 - - 229620 200041 419097 143043

2011 13148733 80000 80000 1070723 6261451 3881738 1854822

ianvari 632390 20000 20000 90503 207000 205508 109380

Tebervali 742412 10000 10000 83683 319430 224817 104482

marti 1038261 - - 106902 525996 275554 129809

aprili 857399 - - 101308 345844 284027 126220

maisi 926454 50000 50000 82302 374487 277767 141898

ivnisi 983308 - - 95213 370260 348338 169497

ivlisi 869973 - - 69240 333269 273300 194164

agvisto 1096725 - - 70579 555192 274251 196703

seqtemberi 1297985 - - 77285 662593 379018 179089

oqtomberi 1620628 - - 91075 943298 415246 171009

noemberi 1443607 - - 82477 787766 438282 135082

dekemberi 1639593 - - 120156 836317 485631 197489


15. savaluto bazarze aSS dolariT ganxorcielebuli operaciebi

(gagrZeleba)

komerciuli bankebis mier gayiduli aSS dolari

sul

seb-is

savaluto

auqcionze

aqedan:

erovnuli

bankze

seb-is savaluto auqcionis garda:

kom. bankebzeararezi-

dent bankebze

iuridiuli

pirebze

fizikuri

pirebze

aTasi aSS dolari

2010 6487525 126000 126000 1126123 1089581 3367317 778504

ianvari 408600 - - 62729 73799 217871 54202

Tebervali 384920 - - 67560 56577 212460 48323

marti 491941 - - 89001 54915 281154 66871

aprili 500023 - - 83136 104766 254693 57427

maisi 460672 - - 75438 61775 250467 72993

ivnisi 454851 10000 10000 81624 37855 275212 50160

ivlisi 559359 - - 121371 54997 298676 84315

agvisto 748808 - - 112533 287110 292566 56599

seqtemberi 608481 21000 21000 90364 60588 344672 91858

oqtomberi 431685 30000 30000 57110 73799 214695 56081

noemberi 566038 65000 65000 84229 69085 281196 66528

dekemberi 872147 - - 201029 154316 443656 73146

2011 13424206 380000 380000 1068085 6545978 4550674 879469

ianvari 656044 - - 95709 207140 297152 56041

Tebervali 757682 - - 75754 337638 288986 55303

marti 1054558 40000 40000 107266 531326 312820 63145

aprili 868788 60000 60000 100759 311094 328984 67952

maisi 948440 - - 83234 394668 404879 65659

ivnisi 986235 25000 25000 89664 422890 381546 67136

ivlisi 872128 20000 20000 67807 390776 326600 66945

agvisto 1146794 20000 20000 70258 585102 398120 73315

seqtemberi 1313539 30000 30000 78775 731703 411354 61706

oqtomberi 1666261 55000 55000 91173 920097 471188 128803

noemberi 1426495 50000 50000 87527 788740 423951 76277

dekemberi 1727244 80000 80000 120157 924806 505095 97186


16. savaluto bazarze evroTi ganxorcielebuli operaciebi(aTasi evro)

nayidi evro

sul

bankTaSorisi

savaluto

birJis gareT

aqedan:

kom. bankebidanararezidenti

bankebidan

iuridiuli

pirebisgan

fizikuri

pirebisgan

2010 1379401 1379401 259350 499403 354936 265711

ianvari 84465 84465 12856 36752 24380 10477

Tebervali 86992 86992 12435 28961 29306 16291

marti 117953 117953 19330 26085 50581 21958

aprili 128296 128296 13989 67207 27623 19477

maisi 103174 103174 16128 32933 32060 22051

ivnisi 137855 137855 13252 74087 29155 21361

ivlisi 109021 109021 20142 22558 33139 33183

agvisto 92079 92079 31158 16346 22169 22406

seqtemberi 142857 142857 39403 41466 33113 28876

oqtomberi 100356 100356 12239 38666 23489 25962

noemberi 103178 103178 12155 38666 26096 26262

dekemberi 173175 173175 56264 75677 23826 17407

2011 4274892 4274892 185522 3258900 491887 338582

ianvari 198750 198750 19456 135869 25427 17998

Tebervali 273406 273406 30768 197053 18744 26842

marti 311570 311570 11305 255809 25224 19232

aprili 193809 193809 9502 139255 23592 21460

maisi 219210 219210 8980 165461 24253 20515

ivnisi 230308 230308 10151 165772 31736 22648

ivlisi 182426 182426 9115 106011 37392 29908

agvisto 266075 266075 8953 192442 32027 32653

seqtemberi 501867 501867 15861 419630 43799 22577

oqtomberi 608160 608160 16666 490328 54547 46620

noemberi 532405 532405 22382 380683 95106 34234

dekemberi 756906 756906 22384 610586 80040 43896


16. savaluto bazarze evroTi ganxorcielebuli operaciebi(aTasi evro)

(gagrZeleba)

gayiduli evro

sul

bankTaSorisi

savaluto

birJis gareT

aqedan:

kom. bankebzeararezidenti

bankebze

iuridiuli

pirebze

fizikuri

pirebze

2010 1372652 1372652 213308 363647 687247 108450

ianvari 78458 78458 9145 10530 49276 9507

Tebervali 82359 82359 10049 14668 49399 8243

marti 129846 129846 18880 41400 61472 8094

aprili 133290 133290 14812 25676 82935 9867

maisi 106151 106151 14291 26654 54332 10873

ivnisi 95648 95648 13836 12495 58737 10580

ivlisi 104552 104552 21143 29051 45208 9150

agvisto 101901 101901 22201 18155 53658 7887

seqtemberi 143918 143918 26574 60049 49733 7562

oqtomberi 105374 105374 5679 38847 52511 8337

noemberi 108613 108613 5494 38851 56786 7482

dekemberi 182541 182541 51204 47272 73199 10867

2011 4206112 4206112 150069 2749130 903634 403279

ianvari 209997 209997 16889 133041 51667 8399

Tebervali 254145 254145 19813 183133 43523 7677

marti 312944 312944 5818 240498 58289 8339

aprili 210184 210184 9502 142457 48682 9542

maisi 203991 203991 6142 125648 57344 14856

ivnisi 231162 231162 6718 124457 85968 14018

ivlisi 168444 168444 9076 67672 71264 20432

agvisto 304158 304158 10336 204226 73071 16526

seqtemberi 502597 502597 15854 363247 95460 28035

oqtomberi 614474 614474 11016 465290 64353 73815

noemberi 556663 556663 17296 390302 120024 29041

dekemberi 637353 637353 21608 309159 133987 172599


17. gacvliTi kursebi: lari/aSS dolari

Tvis bolos saSualod Tvis ganmavlobaSi

2010

ianvari 1.7415 1.7097

Tebervali 1.7360 1.7255

marti 1.7494 1.7288

aprili 1.7738 1.7517

maisi 1.7847 1.7800

ivnisi 1.8442 1.8579

ivlisi 1.8391 1.8429

agvisto 1.8330 1.8399

seqtemberi 1.8064 1.8325

oqtomberi 1.7780 1.7935

noemberi 1.7593 1.7625

dekemberi 1.7728 1.7632

2011

ianvari 1.8089 1.7959

Tebervali 1.7568 1.7760

marti 1.7059 1.7122

aprili 1.6408 1.6652

maisi 1.6658 1.6759

ivnisi 1.6665 1.6548

ivlisi 1.6549 1.6658

agvisto 1.6457 1.6508


oqtomberi 1.6592 1.6604

noemberi 1.6583 1.6587

dekemberi 1.6703 1.6603


18. gacvliTi kursebi: lari/evro

Tvis bolos saSualod Tvis ganmavlobaSi

2010

ianvari 2.4313 2.4429

Tebervali 2.3632 2.3597

marti 2.3589 2.3468

aprili 2.3494 2.3507

maisi 2.2141 2.2496

ivnisi 2.2484 2.2706

ivlisi 2.3897 2.3510

agvisto 2.3296 2.3740


oqtomberi 2.4595 2.4910

noemberi 2.3223 2.4179

dekemberi 2.3500 2.3308

2011

ianvari 2.4843 2.4015

Tebervali 2.4216 2.4223

marti 2.4036 2.3961

aprili 2.4384 2.4017

maisi 2.3799 2.4109

ivnisi 2.4054 2.3792

ivlisi 2.3554 2.3805

agvisto 2.3716 2.3648


oqtomberi 2.3491 2.2741

noemberi 2.2234 2.2533

dekemberi 2.1614 2.1911


19. sagadasaxdelo balansi (aTasi aSS dolari)

2005 2006 2007 2008 2009 2010 2011

mimdinare angariSi -709,656.8 -1,175,530.5 -2,009,407.7 -2,823,655.6 -1,144,052.2 -1,196,643.7 -1,681,897.1

a. saqoneli -1,213,903.4 -2,019,354.3 -2,895,825.2 -3,836,195.6 -2,399,851.7 -2,586,291.7 -3,408,231.1

krediti 1,472,437.3 1,666,525.9 2,088,284.8 2,427,979.4 1,893,602.4 2,462,201.6 3,254,492.3

debeti -2,686,340.7 -3,685,880.2 -4,984,110.0 -6,264,175.0 -4,293,454.1 -5,048,493.2 -6,662,723.4

b. momsaxureba 83,591.0 157,823.9 161,189.4 21,029.6 339,725.8 513,453.9 726,423.5

krediti 715,043.4 885,085.8 1,094,109.4 1,260,454.0 1,313,609.0 1,598,771.3 1,979,535.5

debeti -631,452.4 -727,261.9 -932,920.0 -1,239,424.4 -973,883.3 -1,085,317.3 -1,253,112.1

g. Semosavali 61,617.9 162,056.4 36,774.3 -68,844.5 -51,430.1 -222,280.4 -302,374.2

krediti 263,327.0 341,216.6 482,511.4 586,234.2 489,267.4 556,598.1 747,615.6

debeti -201,709.1 -179,160.2 -445,737.1 -655,078.7 -540,697.6 -778,878.5 -1,049,989.8

d. mimdinare

transfertebi359,037.6 523,943.4 688,453.8 1,060,354.9 967,503.8 1,098,474.4 1,302,284.7

krediti 413,435.0 586,956.8 768,455.9 1,142,020.1 1,038,523.1 1,183,436.5 1,430,622.9

debeti -54,397.4 -63,013.4 -80,002.1 -81,665.2 -71,019.3 -84,962.1 -128,338.2

kapitalisa da finansuri

angariSi683,236.2 1,237,428.0 2,042,755.1 2,859,375.4 1,092,526.2 1,213,287.7 1,703,783.1

kapitalis angariSi 58,644.3 171,156.2 127,945.8 112,284.0 182,504.2 206,440.2 151,235.4

krediti 61,571.4 172,194.8 128,250.9 112,422.7 182,614.6 206,594.5 151,456.5

debeti -2,927.1 -1,038.6 -305.1 -138.7 -110.5 -154.3 -221.1

finansuri angariSi 624,591.9 1,066,271.7 1,914,809.3 2,747,091.4 910,022.0 1,006,847.5 1,552,547.7

a. pirdapiri investiciebi 542,229.6 1,185,908.8 1,673,898.6 1,417,418.2 676,926.8 681,560.5 827,536.2

sazRvargareT 89,477.3 15,831.4 -76,344.0 -146,612.1 18,526.2 -135,148.0 -145,572.1

sazRvargareTidan 452,752.3 1,170,077.4 1,750,242.6 1,564,030.3 658,400.6 816,708.5 973,108.3

b. portfelis

investiciebi15,484.8 140,250.4 20,971.9 626,590.9 12,067.5 252,093.8 116,446.7

aqtivebi 13,066.0 -2,188.5 -12,662.6 675.6 -1,130.9 -610.3 47.7

pasivebi 2,418.8 142,438.9 33,634.5 625,915.3 13,198.4 252,704.1 116,399.0

g. finansuri

warmoebulebi0.0 0.0 1,066.8 7,778.8 567.4 790.1 5,125.0

aqtivebi 0.0 0.0 1,247.8 11,079.7 1,105.8 1,750.3 12,132.1

pasivebi 0.0 0.0 -181.0 -3,300.9 -538.5 -960.2 -7,007.1

d. sxva investiciebi 177,447.6 178,749.7 595,899.2 826,008.6 836,887.4 280,371.8 1,175,854.3

aqtivebi -16,251.5 -56,457.2 -204,706.2 -279,565.7 107,676.4 -419,216.6 269,070.0

pasivebi 193,699.0 235,206.9 800,605.4 1,105,574.3 729,211.0 699,588.4 906,784.3

e. sarezervo aqtivebi -110,570.1 -438,637.1 -377,027.1 -130,705.1 -616,427.0 -207,968.6 -572,414.5

wminda Secdomebi da

gamotovebebi26,420.6 -61,897.4 -33,347.4 -35,719.8 51,526.1 -16,644.0 -21,886.0

gansakuTrebuli

dafinanseba 67,091.9 7,785.3 80,002.9 783,800.1 -38,708.7 94,558.6 258,454.8


20. saerTaSoriso sainvesticio pozicia (periodis bolos; aTasi aSS dolari)

2005 2006 2007 2008 2009 2010 2011

saerTaSoriso

sainvesticio

pozicia, wminda

-4,024,311.2 -5,178,582.7 -7,089,522.7 -9,611,649.4 -10,690,268.2 -11,628,191.2 -13,418,728.0

aqtivebi 1,017,390.0 1,535,662.0 2,529,516.7 3,058,900.8 3,577,780.7 4,390,702.7 4,762,574.1

pirdapiri

investiciebi

sazRvargareT

21,172.3 5,447.1 326,728.4 468,150.1 447,140.2 660,291.3 741,568.2

portfelis

investiciebi14.4 2,203.1 7,739.5 245.4 1,433.5 1,998.8 1,926.6

finansuri

warmoebulebi0.0 0.0 57.9 158.2 745.1 1,493.4 4,165.9

sxva investiciebi 517,729.5 597,161.9 833,834.6 1,110,189.9 1,018,050.5 1,462,988.4 1,196,653.3

sarezervo aqtivebi 478,473.8 930,849.9 1,361,156.3 1,480,157.2 2,110,411.4 2,263,930.8 2,818,260.0

valdebulebebi 5,041,701.2 6,714,244.7 9,619,039.4 12,670,550.2 14,268,048.9 16,018,893.9 18,181,302.1

pirdapiri

investiciebi

saqarTveloSi

2,373,600.3 3,559,201.4 5,356,064.5 6,762,493.0 7,352,300.0 8,171,580.3 9,304,940.8

portfelis

investiciebi15,085.9 181,231.9 277,897.8 718,370.4 903,204.1 1,158,903.0 1,249,203.9

finansuri

warmoebulebi 0.0 0.0 9.3 108.5 335.2 218.0 367.5

sxva investiciebi 2,653,014.9 2,973,811.4 3,985,067.8 5,189,578.3 6,012,209.6 6,688,192.7 7,626,790.0

21. mTliani sagareo vali (periodis bolos; aTasi aSS dolari)

2006 2007 2008 2009 2010 2011

samTavrobo seqtori 1,440,477.0 1,584,821.2 2,087,572.1 2,743,749.4 3,342,699.0 3,674,223.0

moklevadiani 113,295.8 79,147.1 75,800.4 73,344.5 64,100.4 65,339.0

grZelvadiani 1,327,181.2 1,505,674.1 2,011,771.7 2,670,404.9 3,278,598.5 3,608,884.0

erovnuli banki 294,690.8 254,221.4 460,954.0 913,873.7 876,513.9 815,051.7

moklevadiani 18.3 19.4 782.9 979.8 1,396.3 1,219.2

grZelvadiani 294,672.6 254,202.0 460,171.1 912,894.0 875,117.7 813,832.5

bankebi 548,668.1 1,295,028.4 1,874,812.9 1,498,722.2 1,597,493.6 2,121,971.7

moklevadiani 221,317.5 399,973.2 565,556.5 353,749.3 454,976.3 847,766.4

grZelvadiani 327,350.6 895,055.2 1,309,256.4 1,144,972.9 1,142,517.3 1,274,205.3

sxva seqtorebi 689,975.5 850,996.8 1,098,751.8 1,365,372.3 1,688,512.5 1,987,374.0

moklevadiani 219,896.3 224,698.0 390,149.0 517,559.3 583,780.4 645,076.0

grZelvadiani 470,079.1 626,298.8 708,602.7 847,813.0 1,104,732.1 1,342,297.9

pirdapiri investiciebi:

kompaniaTaSorisi sesxebi 826,723.9 1,798,723.3 2,102,244.0 2,138,735.0 2,333,468.1 2,568,990.0

mTliani sagareo vali 3,800,535.3 5,783,791.1 7,624,334.8 8,660,452.6 9,838,687.1 11,167,610.3


22. sagareo vaWroba (araregistrirebuli vaWrobis gareSe; aTasi aSS dolari)

sul ian Teb mar apr mai ivn ivl agv seq oqt noe dek

eqsporti (FOB)

2006 936375 67665 60390 86058 87853 74352 67723 75033 76934 80899 67519 88450 103497

2007 1232110 69474 67470 86485 99579 112612 107918 114501 111127 97184 130414 110998 124349

2008 1495345 96157 101214 131397 135533 144223 187019 160785 112046 170475 110824 71227 74444

2009 1133622 61993 73883 81964 90575 98334 106637 102008 112227 92627 103822 97243 112309

2010 1574084 106065 109656 125115 126934 138763 113141 143405 112059 119752 125819 164776 188600

2011 2189136 149011 146579 169493 191970 199783 180199 149151 184408 180853 186641 198252 252797

importi (CIF)

2006 3674832 190831 223706 267200 285174 294324 306342 309216 363445 350177 341398 333289 409731

2007 5212158 328137 334460 381546 364408 438345 375920 429942 463469 424059 522268 445391 704213

2008 6301540 402575 473805 527727 579390 610953 600701 629238 438215 543482 553710 442400 499343

2009 4366106 305837 300314 353622 317562 316824 383780 386032 366643 376914 417351 381661 459565

2010 5248541 294017 330235 438404 391594 444265 413962 420763 451854 455493 502161 494177 611616

2011 7057760 451309 423794 583825 531280 561217 567722 573950 682822 616128 666127 667819 731767

sagareo savaWro brunva

2006 4611207 258496 284096 353258 373027 368677 374065 384250 440379 431076 408917 421739 513228

2007 6444269 397611 401929 468031 463987 550958 483838 544444 574596 521243 652682 556388 828562

2008 7796886 498732 575020 659124 714923 755177 787720 790023 550261 713958 664534 513627 573787

2009 5499728 367830 374197 435586 408138 415158 490417 488040 478870 469541 521173 478904 571874

2010 6822625 400083 439891 563519 518528 583028 527102 564168 563913 575244 627980 658953 800216

2011 9246896 600320 570372 753318 723250 761000 747921 723101 867229 796981 852768 866071 984564

sagareo savaWro balansi

2006 -2738458 -123166 -163316 -181142 -197321 -219972 -238620 -234183 -286510 -269277 -273879 -244838 -306233

2007 -3980048 -258664 -266990 -295060 -264829 -325733 -268001 -315441 -352343 -326875 -391854 -334393 -579864

2008 -4806195 -306418 -372591 -396330 -443858 -466730 -413681 -468454 -326168 -373007 -442887 -371173 -424899

2009 -3232483 -243845 -226432 -271658 -226987 -218491 -277143 -284023 -254417 -284287 -313529 -284417 -347255

2010 -3674456 -187952 -220578 -313288 -264660 -305501 -300821 -277358 -339796 -335741 -376342 -329402 -423016

2011 -4868624 -302299 -277215 -414332 -339310 -361433 -387524 -424800 -498414 -435275 -479485 -469567 -478971



23. umsxvilesi sagareo savaWro partniori qveynebi(aTasi aSS dolari)

eqsporti

(FOB)

importi

(CIF)balansi

sagareo savaWro brunva

Tanxa %

2010

TurqeTi 214079.5 881645.8 -667566.3 1095725.3 16.1

azerbaijani 243459.0 483491.4 -240032.4 726950.5 10.7

ukraina 103334.4 558841.6 -455507.2 662176.0 9.7

germania 29296.3 330994.0 -301697.7 360290.3 5.3

CineTi 24250.5 334494.3 -310243.9 358744.8 5.3

aSS 180498.8 174967.7 5531.1 355466.6 5.2

ruseTi 33948.3 290413.7 -256465.4 324362.0 4.8

somxeTi 159657.2 46217.3 113439.9 205874.5 3.0

bulgareTi 62105.9 131690.4 -69584.5 193796.4 2.8

arabTa gaerTianebuli emiratebi 27793.5 158718.7 -130925.2 186512.2 2.7

umsxvilesi savaWro partniorebis mixedviT 1078423.4 3391475.0 -2313051.6 4469898.4 x

sul 1574084.5 5248540.9 -3958536.8 6822625.3 100.0

umsxvilesi savaWro partniorebis wili,% 68.5 64.6 58.4 65.5 x

2011

TurqeTi 227583.8 1272426.8 -1044843.0 1500010.6 16.2

azerbaijani 425906.3 610793.5 -184887.2 1036699.8 11.2

ukraina 141246.7 705580.6 -564333.9 846827.3 9.2

CineTi 28885.7 524755.8 -495870.1 553641.5 6.0

germania 49056.5 480587.9 -431531.4 529644.4 5.7

ruseTi 36610.4 389711.6 -353101.2 426322.0 4.6

aSS 143466.2 245796.7 -102330.5 389262.9 4.2

bulgareTi 93689.0 255553.3 -161864.3 349242.3 3.8

somxeTi 223036.7 59086.5 163950.2 282123.2 3.1

arabTa gaerTianebuli emiratebi 40045.0 226379.0 -186334.0 266424.0 2.9

umsxvilesi savaWro partniorebis mixedviT 1409526.3 4770671.7 -3361145.4 6180198.0 x

sul 2189135.8 7057759.7 -5677447.8 9246895.5 100.0

umsxvilesi savaWro partniorebis wili,% 64.4 67.6 59.2 66.8 x



24. umsxvilesi saeqsporto sasaqonlo jgufebi

2010 2011

aTasi aSS

dolari

%-ulad

jamTan

aTasi aSS

dolari

%-ulad

jamTan

eqsporti, sul 1574084.5 100.0 2189135.8 100.0

maT Soris:

msubuqi avtomobilebi 227251.4 14.4 450296.6 20.6

feroSenadnobebi 263937.8 16.8 254910.8 11.6

azotovani sasuqebi 72113.4 4.6 144090.7 6.6

Txili da sxva kakali 64035.9 4.1 130085.7 5.9

Savi liTonebis jarTi 109370.9 6.9 116811.6 5.3

oqro daumuSavebeli an naxevraddamuSavebuli 85788.3 5.5 109890.0 5.0

spilenZis madnebi da koncentratebi 70675.6 4.5 85135.3 3.9

spirti eTilis aradenaturirebuli 80 moc. % -ze naklebi

spirtis koncentraciiT54573.3 3.5 67852.1 3.1

wnelebi naxSirbadiani foladisagan e.w. “armatura” 35511.5 2.3 61012.6 2.8

yurZnis naturaluri Rvinoebi 39269.0 2.5 54103.4 2.5

danarCeni produqcia 551557.4 35.0 714947.0 32.7

25. umsxvilesi saimporto sasaqonlo jgufebi

2010 2011

aTasi aSS

dolari

%-ulad

jamTan

aTasi aSS

dolari

%-ulad

jamTan

importi, sul 5248540.9 100.0 7057759.7 100.0

maT Soris:

navTobi da navTobproduqtebi 694995.5 13.2 910975.5 12.9

msubuqi avtomobilebi 401757.7 7.7 510545.3 7.2

navTobis airebi da airisebri naxSirwyalbadebi 160508.2 3.1 236633.1 3.4

samkurnalo saSualebebi 191938.0 3.7 201377.2 2.9

xorbali 174160.0 3.3 184232.2 2.6

satelefono aparatebi, fiWuri an sxva usadeno

qselebisaTvis111376.7 2.1 133661.1 1.9

Savi liTonebis metalokonstruqciebi 50060.4 1.0 102059.7 1.4

Saqari 74233.1 1.4 89737.6 1.3

sigaretebi 78991.8 1.5 86742.7 1.2

gamomTvleli manqanebi da maTi blokebi 49662.5 0.9 75923.0 1.1

danarCeni produqcia 3260857.0 62.1 4525872.3 64.1



26. safinanso seqtoris institutebi (periodis bolos)

2006 2007 2008 2009 2010 2011

komerciuli bankebi, sul 17 19 20 19 19 19

maT Soris:

ucxouri kapitalis monawileobiT 12* 14* 17* 15* 16* 18*

yovel 100 000 kacze 0.39 0.43 0.46 0.43 0.43 0.43

filialebi 122 124 124 120 119 144

serviscentrebi 298 416 559 513 522 564

komerciuli bankebis:

gancxadebuli sawesdebo fondi, aTasi lari 344844 524576 625616 673419 805147 915583

saaqcio kapitali, aTasi lari 898373 1471046 1517250 1516988 1787647 2104361

valutis gadamcvleli punqtebi

(licenzirebuli)655 806 1030 1352 1624 1500

yovel 100 000 kacze 14.90 18.34 23.50 30.83 36.61 33.56

arasabanko sadepozito dawesebulebebi,

erTeuli38 24 18 18 18 18

mikrosafinanso organizaciebi

(licenzirebuli)3 15 27 38 49 62

safondo birJebi, erTeuli 1 1 1 1 1 1

sadazRvevo kompaniebi (moqmedi), erTeuli 14 15 13 14 16 15

sapensio sqemebi, erTeuli 3 4 7 6 6 7

* maT Soris 2 ucxouri bankis filiali.


27. saqarTveloSi moqmedi komerciuli bankebis sia

2012 wlis 1 ianvris mdgomareobiT

N bankebis dasaxeleba

licenziis

gacemis

TariRi

licenziis

nomeri

moqmedi

filialebis

raodenoba

moqmedi

servis-

centrebis

raodenoba

1 ss banki “respublika” 04.02.1992 5 8 29

2 ss “privatbanki” 25.02.1992 10 - 100

3 ss “Tibisi banki” 20.01.1993 85 13 37

4 ss “saqarTvelos banki” 15.12.1994 86 1 158

5 ss “liberTi banki” 10.02.1993 96 72 129

6 ss “bazisbanki” 11.04.1993 173 - 17

7 ss “viTibi banki jorjia” 07.05.1995 226-a 12 1

8 ss “banki qarTu” 09.01.1997 229 3 6

9 ss “prokredit banki” 13.05.1999 233 32 29

10 ss “kor standart banki” 25.01.2008 0110245 - 21

11 ss “biTiei banki” 13.03.2001 238 1 7

12 ss “investbanki” 29.09.2003 241 - 2

13 T.r. ss “ziraaT bankis” Tbilisis filiali 31.03.1998 231-1 - -

14Rss “kavkasiis ganviTarebis bankis” Tbilisis

filiali02.12.1999 234-1 - 1

15 ss “azerbaijanis saerTaSoriso banki - saqarTvelo” 07.02.2007 0110242 - -

16 ss “eiC es bi si banki saqarTvelo” 30.07.2007 0110226 - -

17 ss “ progres banki” 31.12.2007 0110244 - 2

18 ss “xalik banki saqarTvelo” 29.01.2008 0110246 2 -

19 ss “banki konstanta” 03.07.2008 130 - 25

28. komerciuli bankebis dajgufeba fuladi saxiT ganaRdebuli sawesdebo

kapitalis mixedviT 2012 wlis 1 ianvris mdgomareobiT

5-dan 10 mln laramde 10 mln lari da meti

ss “bazisbanki” ss “banki qarTu”

T. r. ss “ziraaT bankis” Tbilisis filiali ss “prokredit banki”

Rss “kavkasiis ganviTarebis bankis” Tbilisis filiali ss “viTibi banki jorjia”

ss “saqarTvelos banki”

ss banki “respublika”

ss “kor standart banki”

ss “investbanki”

ss “biTiei banki”

ss “liberTi banki”

ss “Tibisi banki”’

ss “privatbanki”

ss “azerbaijanis saerTaSoriso banki -

saqarTvelo”

ss “eiC es bi si banki saqarTvelo”

ss “xalik banki”

ss “progres banki”

ss “banki konstanta”


29. saqarTveloSi moqmedi mikrosafinanso organizaciebis sia 2012 wlis

1 ianvris mdgomareobiT

N dasaxelebaregistraciis

TariRi

registraciis

nomeri

1 ss “qarTuli krediti “ 04.10.2006 1006-1/da

2 Sps “alians jgufi “ 09.10.2006 1006-1/db

3 Sps “Tbilbiznesi” 30.11.2006 1106-2/da

4 ss “alfa eqspresi” 01.10.2007 40107

5 Sps “alfa krediti” 12.02.2007 50207

6 Sps “TAM krediti” 06.03.2007 60307

7 Sps “intel eqspres jorjia” 23.03.2007 70307

8 Sps “riko eqspresi” 11.04.2007 80407

9 ss “kristali” 18.09.2007 90907

10 ss “finagro” 30.11.2007 101107

11 Sps “kredo” 06.12.2007 111207

12 ss “kavkasuskrediti” 13.12.2007 121207

13 Sps “imerkrediti” 18.12.2007 131207

14 Sps “kredit servisi” 20.12.2007 141207

15 ss “finka saqarTvelo” 28.12.2007 151207

16 Sps “eqspres krediti” 10.01.2008 160108

17 ss “lazika kapitali” 21.01.2008 170108

18 Sps “kreditservisi +” 06.02.2008 180208

19 Sps “kristal krediti” 03.04.2008 190408

20 Sps “moneta eqspres jorjia” 13.06.2008 210608

21 Sps “intelneti” 01.07.2008 220708

22 Sps “Tbilmikrokrediti” 17.10.2008 241008

23 Sps “amigo+” 30.10.2008 251008

24 ss “nike krediti” 30.10.2008 261008

25 Sps “kavkaskrediti” 19.11.2008 271108

26 Sps “X krediti” 27.01.2009 280109

27 Sps “izikred jorjia” 20.02.2009 290209

28 Sps “VAM krediti” 05.05.2009 300309

29 ss “mikrokrediti” 30.03.2009 310309

30 ss “jorjian kapitali” 28.05.2009 320509

31 Sps “marklaini” 22.06.2009 22-06/5

32 Sps “niu kredit ofisi” 14.07.2009 340709

33 Sps “kredit pliusi” 03.08.2009 350809

34 Sps “B krediti” 04.09.2009 360909

35 Sps “agrokrediti” 06.11.2009 371109

36 Sps “mikro investi” 25.11.2009 381109

37 Sps “siti krediti” 15.12.2009 391209

38 Sps “bi.ai.ji.” 01.02.2010 400110

39 ss “invest jorjia” 31.08.2010 410810

40 Sps “realkrediti” 11.10.2010 421010

41 Sps “smart finansi” 18.10.2010 431010

42 Sps “finansuri aliansi biznesisaTvis” 18.10.2010 441010

43 ss “svis kapitali” 18.10.2010 451010

44 Sps “kapital krediti” 27.10.2010 461010

45 ss “aiemji” 10.11.2010 471110

46 Sps “bonako” 19.11.2010 491110


N dasaxelebaregistraciis

TariRi

registraciis

nomeri

47 Sps “inter-krediti” 17.12.2010 501210

48 Sps “nova krediti” 29.12.2010 511210

49 Sps “geo kapital “ 28.01.2011 520111

50 Sps “bani krediti” 04.02.2011 530211

51 ss “jeo kapital menejmenti” 17.03.2011 540311

52 Sps “svis-krediti” 18.03.2011 550311

53 Sps “jien kapitali” 29.03.2011 560311

54 ss “loial krediti” 20.04.2011 570411

55 Sps “lider krediti” 10.06.2011 580611

56 Sps “mo mani krediti” 14.06.2011 590611

57 Sps “rivalkrediti” 15.06.2011 600611

58 ss “ji-ai-si” 21.09.2011 610911

59 Sps “kreditori” 29.09.2011 620911

60 ss “kredit plus jorjia” 28.10.2011 631011

61 Sps “bermeli” 28.10.2011 641011

62 Sps “giro krediti” 20.12.2011 651211

(gagrZeleba)


12. finansuri angariSgeba

saqarTvelos eerovnuli banki ffinansuri angariSgeba

2011 wlis 31 dekembriT dasrulebuli

wlisaTvis


sarCevi

xelmZRvanelobis pasuxismgeblobis angariSi 2011 wlis 31 dekembriT

dasrulebuli wlisaTvis warmodgenili finansuri angariSgebis

momzadebasa da damtkicebaze ........................................................................................................159

damoukidebel auditorTa daskvna ....................................................................................... 160-161

2011 wlis 31 dekembriT dasrulebuli wlisaTvis finansuri angariSgeba:

sruli Semosavlis angariSgeba ...............................................................................................................162

finansuri mdgomareobis angariSgeba .....................................................................................................163

kapitalSi cvlilebebis angariSgeba .......................................................................................................164

fuladi saxsrebis moZraobis angariSgeba ....................................................................................... 165-166

finansur angariSgebasTan TandarTuli SeniSvnebi ....................................................................... 167-226





167-226


167-226


167-226


167-226


167-226



finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)

1. organizacia

saqarTvelos erovnuli banki (SemdgomSi ,,banki”) warmoadgens saqarTvelos

centralur banks da saqarTvelos mTvarobis bankirsa da fiskalur agents. igi sakuTar saqmianobas axorcielebs ,,saqarTvelos erovnuli bankis”

Sesaxeb saqarTvelos organuli kanonis safuZvelze, romelic ZalaSi Sevida

2009 wlis 1 dekembers (SemdgomSi ,,kanoni”) da srulad Caanacvla 1995 wlis

24 oqtombriT daTariRebuli kanoni. kanonis me-3 muxlSi gawerilia bankis Semdegi miznebi da funqciebi: bankis ZiriTadi amocana fasebis stabilurobis uzrunvelyofaa;

erovnulma bankma unda uzrunvelyos safinanso sistemis stabiluroba

da gamWvirvaloba da xeli Seuwyos saqarTveloSi mdgrad ekonomikur

zrdas, ise, rom ar Seferxdes misi ZiriTadi amocanis Sesruleba;

saqarTvelos parlamentis mier gansazRvruli ZiriTadi mimarTulebis

Sesabamisad SeimuSaos da ganaxorcielos fuladi da savaluto

politika;

flobdes, Seinaxos da gankargos oficialuri saerTaSoriso rezervebi;

iyos saqarTvelos mTavrobis sabanko da finansuri agenti;

uzrunvelyos sagadasaxado sistemis Sedegiani muSaoba;

ganaxorcielos saqarTvelos fulis niSnebis emisia;

saerTaSoriso standartebisa da meTodologiebis Sesabamisad awarmoos

da gaavrcelos qveynis finansuri da sagareo seqtoris statistika;

ganaxorcielos safinanso seqtoris zedamxedveloba;

sajaro samarTlis iuridiuli piris, saqarTvelos finansuri

monitoringis samsaxuris meSveobiT, organuli kanonis safuZvelze

ganaxorcielos ukanono Semosavlebis legalizebisa da terorizmis

dafinansebis aRkveTis xelSewyoba;

ganaxorcielos kanoniT gansazRvruli sxva funqciebi.

saqarTvelos kanonmdeblobisa da saqarTvelos mTavrobis mier gaformebuli

saerTaSoriso xelSekrulebebis safuZvelze banki saqarTvelos waradgens

ucxouri centraluri bankebisa da saerTaSoriso safinanso da sakredito

dawesebulebebis winaSe bankis pasuxismgeblobasa da funqciebTan

dakavSirebul sakiTxebTan mimarTebaSi.

banki uflebamosilia gaaformos TanamSromlobis xelSekrulebebi ucxour

centralur bankebTan misi saqmianobis farglebSi. mas SeuZlia sakuTari

saxeliT, da uflebamosilebis arsebobis SemTxvevaSi saqarTvelos

mTavrobis saxeliT, gaaformos kliringis, saangariSsworebo da sxva saxis

xelSekrulebebi ucxour sajaro da kerZo kliringis saagentoebTan.

banks SeuZlia monawileoba miiRos saerTaSoriso organizaciebis kapitalsa

da saqmianobaSi fulad, savaluto da sabanko sferoebSi TanamSromlobis

mizniT.



finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)

2011 da 2010 wlebis 31 dekembris mdgomareobiT saqarTvelos erovnuli

bankis sabWo Sedgeba Semdegi wevrebisagan: Tanamdeboba Saaxeli

Tavmjdomare giorgi qadagiZe (prezidenti)

wevri Temur Sengelia

wevri mixeil ToqmaziSvili

wevri simon gelaSvili

wevri arCil mestviriSvili

wevri oTar nadaraia

wevri laSa juReli

bankis saTao ofisi mdebareobs Semdeg misamarTze: leoniZis quCa 3/5, 0105,

Tbilisi, saqarTvelo.

2011 wlis 31 dekembris mdgomareobiT banks ar gaaCnda arcerTi sakaso

momsaxurebis centri, xolo 2010 wlis 31 dekembris mdgomareobiT gaaCnda

erTi calke mdebare sakaso momsaxurebis centri. 2011 da 2010 wlebis 31

dekembris mdgomareobiT bankSi dasaqmebuli iyo Sesabamisad 290 da 303

TanamSromeli.

2. finansuri angariSgebis wardgenis safuZveli buRaltruli aRricxvis safuZveli winamdebare finansuri angariSgeba momzadebulia buRaltruli aRricxvis

saerTaSoriso standartebis sabWos (“basss”) mier damtkicebuli finansuri

angariSgebis saerTaSoriso standartebisa (“fass”) da finansuri

angariSgebis interpretaciebis saerTaSoriso komitetis (“faisk”) mier

gamocemuli interpretaciebis Sesabamisad. wardgenis kriteriumis sxva safuZvlebi

finansuri angariSgeba momzadebulia imis gaTvaliswinebiT, rom banki

warmoadgens funqcionirebad sawarmos da axlo momavalSi gaagrZelebs

muSaobas. es finansuri angariSgeba warmodgenilia aTasobiT larSi, Tu sxva ram ar

aris miTiTebuli. finansuri angariSgeba momzadebulia istoriuli

Rirebulebis koncefciis safuZvelze, garda realuri RirebulebiT

aRricxuli garkveuli finansuri instrumentebisa da gasayidad gankuTvnili

ZiriTadi saSualebebisa, rogorc ganmartebulia qvemoT mocemul

buRaltrul politikebSi. istoriuli Rirebuleba zogadad efuZneba

aqtivebis sanacvlod gadaxdili anazRaurebis realur Rirebulebas.

banki valdebulia buRaltruli Canawerebi awarmoos larSi da amave

valutaSi moamzados finansuri angariSgeba finansuri angariSgebis

saerTaSoriso standartebis Sesabamisad.




lari warmoadgens bankis saangariSgebo da funqcionalur valutas, vinaidan

es aris bankis ekonomikuri garemos valuta. sxva valutaSi

ganxorcielebuli garigebebi aisaxeba rogorc ucxour valutaSi

ganxorcielebuli garigebebi.

banki finansuri mdgomareobis angariSs waradgens likvidobis mixedviT.

finansuri angariSgebis TariRidan 12 Tvis ganmavlobaSi (mimdinare), an 12

Tveze meti drois ganmavlobaSi (grZelvadiani) finansuri mdgomareobis

angariSgebis aRdgenis an angariSsworebis analizi warmodgenilia 25-e

SeniSvnaSi.

3. buRaltruli aRricxvis ZiriTadi politikebi

finansuri instrumentebis aRiareba da Sefaseba finansuri aqtivebis da valdebulebebis asaxva bankis finansuri

mdgomareobis angariSgebaSi xdeba maSin, rodesac igi xdeba xelSekrulebis

monawile Sesabamis finansur instrumentTan mimarTebaSi. finansuri

aqtivebisa da valdebulebebis regularuli xasiaTis Sesyidvisa da gayidvis

aRiareba xorcieldeba angariSsworebis TariRis mdgomareobiT.

finansuri aqtivebisa da valdebulebebis Tavdapirveli aRiareba

xorcieldeba realuri RirebulebiT, xolo mogebasa da zaralSi realuri

RirebulebiT ar aRiarebuli finansuri aqtivebisa da valdebulebebis

SemTxvevaSi mas emateba garigebis Rirebuleba, romelic pirdapir

ukavSirdeba finansuri aqtivisa da valdebulebis Sesyidvasa da gamoSvebas.

aRniSnuli aqtivebisa da valdebulebebis Semdgomi Sefasebis politika

ganxilulia qvemoT warmodgenil Sesabamis buRaltrul politikebSi.

finansuri aqtivebisa da valdebulebebis aRiarebis Sewyveta finansuri aqtivebi

finansuri aqtivebis (an sadac Seesabameba finansuri aqtivebis nawilis, an

msgavsi finansuri aqtivebis jgufis nawilis) aRiareba Sewydeba, rodesac:

aqtividan fuladi saxsrebis miRebis uflebis vada amoiwura; bankma aqtivebidan fuladi saxsrebis miRebis ufleba gadasca, an

ufleba daitova, magram aiRo valdebuleba ,,gadacemis wesis’’

safuZvelze srulad gadauxados mesame mxares mniSvnelovani

dagvianebebis gareSe;…da bankma an (a) ZiriTadad gadasca aqtivTan dakavSirebuli yvela riskebsa

da Semosavlebs, an (b) ar gadasca da arc daitova aqtivTan

dakavSirebuli yvelanairi riskebi da Semosavlebi, Tumca gadasca

aqtivebze kontrolis ufleba.




finansuri aqtivis aRiareba Sewydeba, rodesac igi iqneba gadacemuli da

gadacema akmayofilebs aRiarebis Sewyvetas. aqtivi gadacemulad CaiTvleba,

rodesac banki an: (a) gadascems aqtividan fuladi saxsrebis miRebis

kontraqtiT gaTvaliswinebul uflebas, an (b) daitovebs uflebaს, magram aiRebs kontraqtiT gaTvaliswinebul valdebulebas gadauxados mesame

mxares aqtividan Semomavali fuladi saxsrebi. gadacemis Semdeg banki

afasebs gadacemuli aqtivis flobis SenarCunebul riskebsa da Semosavlebs.

Tu ZiriTadi Semosavlebi da riskebi SenarCunebulia bankis mier, maSin

aqtivi rCeba finansuri mdgomareobis angariSgebaSi. Tu ZiriTadad

Semosavlebi da riskebi gadaecema mesame mxares, maSin xdeba aqtivis

aRiarebis Sewyveta. Tu ZiriTadad yvela riski da Semosavali arc gadaeca

da arc SenarCunda, banki afasebs ramdenad SeinarCuna aqtivze kontroli. im

SemTxvevaSi Tu kontroli ar SenarCunda, aqtivis aRiareba wydeba. im

SemTxvevebSi, sadac aqtivis kontroli SenarCunebulia bankis mier, igi

agrZelebs aqtivis aRiarebas misi uwyveti monawileobis gaTvaliswinebiT. finansuri valdebulebebi

finansuri valdebulebebis aRiareba Sewydeba, rodesac valdebuleba

sruldeba, gauqmdeba, an gasdis vada.

sadac arsebuli finansuri valdebuleba enacvleba meores imave

msesxeblisagan mniSvnelovnad gansxvavebuli pirobebiT, an arsebuli

valdebulebis pirobebi mniSvnelovnad icvleba, amgvari cvlileba an

modifikacia iTvleba Tavdapirveli valdebulebis aRiarebis Sewyvetad da

axali valdebulebis aRiarebad da sxvaoba sabalanso Rirebulebebs Soris

aisaxeba sruli Semosavlis angariSgebaSi.

fuli da fulis eqvivalentebi

fuli da fulis eqvivalentebi moicavs fuls salaroSi, Tavisufal

saxsrebs sakorespondento angariSebze, vadian depozitebs erTdRiani

depozitebis CaTvliT da im moTxovnebs finansuri institutebis mimarT

gacemis dRidan oTxmocdaaT dRemde dafarvis sawyisi vadiT, romlebic

Tavisufalni arian sakontraqto valdebulebebisagan. Zvirfasi liTonebi

oqros samaxsovro monetebi aRiarebas eqvemdebareba TviTRirebulebiT

damzadebis, transportirebisa da sxva pirdapiri xarjebis gaTvaliswinebiT.

samaxsovro monetebis gayidvisas warmoSobili mogeba da zarali aisaxeba

sruli Semosavlis angariSgebaSi. samaxsovro monetebze gaweuli sxva

xarjebi aRiarebas gadaxdisTanave eqvemdebareba rogorc mimdinare xarjebi

da aisaxeba sruli Semosavlis angariSgebaSi.




moTxovnebi finansuri institutebis mimarT

Cveuli saqmianobis procesSi banki sesxebis, avansebisa da depozitebis saxiT

gansxvavebuli vadebiT ganaTavsebs saxsrebs sxvadasxva finansur

institutebSi. moTxovnebi finansuri institutebis mimarT warmoadgens

arawarmoebul finansur instrumentebs, romlebic ar aris kotirebuli

moqmed bazarze. isini ar warmoiqmneba dauyovnebeli, an moklevadiani

gadayidvis mizniT da ar klasificirdeba rogorc savaWro fasiani

qaRaldebi, an gasayidad gankuTvnili investiciebi. moTxovnebi finansuri

institutebis mimarT Tavdapirvelad realuri RirebulebiT aisaxeba, xolo

SemdgomSi amortizebuli RirebulebiT efeqturi saprocento ganakveTis

meTodis gamoyenebiT. finansuri institutebidan misaRebi Tanxebi aisaxeba

gaufasurebis danakargebis gamoklebiT. mogeba da zarali aisaxeba sruli

Semosavlis angariSgebaSi, rodesac adgili aqvs sesxebisa da moTxovnebis

aRiarebis Sewyvetas an gaufasurebas, an amortizacias.

saerTaSoriso savaluto fondisa da sxva saerTaSoriso finansuri

dawesebulebebis wevroba kanonis me-5 muxlis Sesabamisad, banki moqmedebs rogorc saqarTvelos

mTavrobis Suamavali saerTaSoriso finansur institutebSi (saerTaSoriso

savaluto fondi, msoflio banki) saqarTvelos wevrobasTan dakavSirebul

operaciebTan mimarTebaSi, rac aseve moicavs am organizaciebisTvis sawevro

Senatanebis gadaxdas.

saerTaSoriso savaluto fondi warmoadgens saerTaSoriso organizacias,

romelic Seqmnilia monetaruli urTierTobebis, gacvliTi kursis

stabilurobisa da regularuli gacvliTi operaciebis xelSewyobis mizniT;

ekonomikuri ganviTarebis da dasaqmebis donis amaRlebisa da sxvadasxva

qveynebis droebiTi finansuri xelSewyobisaTvis. wevrobis kvota (sawevro

Senatanebi) warmoadgens saerTaSoriso savaluto fondis resursebis

ZiriTad wyaros. saerTaSoriso savaluto fondi resursebs wevri

qveynebisagan iRebs. TiToeuli qveynis Senatani ganisazRvreba qveynis

ekonomikuri donis gaTvaliswinebiT da mxedvelobaSi miiReba msgavsi

qveynebis Senatanebi. wevris Senatani asaxavs mis saerTaSoriso savaluto

fondTan finansuri da organizaciuli urTierTobebis ZiriTad aspeqtebs.

saerTaSoriso savaluto fondisaTvis gadaxdili sawevro denominirebulia

SDR-Si da gadafasebulia larSi saerTaSoriso savaluto fondis mier misi

finansuri wlis bolos dawesebuli savaluto gacvliTi kursiT. kvota da

saqarTvelos finansTa saministros mier saerTaSoriso savaluto fondis

kvotasTan mimarTebaSi gamoSvebuli fasiani qaRaldebi ar aris

warmodgenili finansuri mdgomareobis angariSgebaSi, radgan isini ar

warmoadgens bankis aqtivebsa da valdebulebebs, aramed ganixileba rogorc

gare-sabalanso angariSebi da Sesabamisad warmodgenilia finansur

angariSgebaSi.




amasTanave, xelSekrulebis Tanaxmad saerTaSoriso savaluto fonds aqvs

uflebamosileba Seqmnas upirobo likvidoba SDR ganyofilebis wevri

qveynebisaTvs kvotis proporciulad zogadi SDR saxsrebis ganawilebiT.

zogadi saxsrebis ganawileba emsaxureba rezervebis Sevsebis grZelvadian

globalur saWiroebebs ekonomikuri stagnaciis, deflaciisa da inflaciis

Tavidan acilebis mizniT. saerTaSoriso savaluto fondis xelSekrulebis

meoTxe cvlilebis Tanaxmad, saerTaSoriso savaluto fondma agreTve

ganaxorciela SDR saxsrebis specialuri ganawileba wevri qveynebisTvis

dagrovili SDR saxsrebis kvotasTan mimarTebaSi gazrdis mizniT.

saerTaSoriso savaluto fondi ixdis SDR saxsrebis aqtivis mxares daricxul procents da amasTanave, analogiur saprocento ganakveTs awesebs

TiToeuli wevris wminda dagrovil SDR saxsrebze. saerTaSoriso savaluto

fondis xelSekruleba Tavisi wevri qveynebisaTvis ar gansazRvravs SDR saxsrebis sabuRaltro aRricxvis principebs. banki aRricxavs SDR pozicias Tavis finansur angariSgebaSi, Tumca SDR ganyofilebaSi monawileobiT

gamowveuli uflebebi da valdebulebebi, SDR saxsrebis ganawilebiT

gamowveuli uflebebisa da valdebulebebis CaTvliT, warmoadgens SDR ganyofilebis wevri qveynis uflebebsa da valdebulebebs. wevri qveyana

valdebulia dafaros miRebuli SDR saxsrebi SDR ganyofilebidan

gamosvlis an SDR ganyofilebis gauqmebis SemTxvevaSi.

saerTaSoriso savaluto fondisgan miRebul zogad da specialur saxsrebs

banki aRricxavs, aqtivis mxares rogorc SDR-is angariSs saerTaSoriso

savaluto fondSi da valdebulebis mxares, rogorc valdebulebas

saerTaSoriso savaluto fondis mimarT.

mogebasa da zaralSi realuri RirebulebiT asaxuli finansuri aqtivebi da

valdebulebebi

finansuri aqtivebi klasificirdeba mogebasa da zaralSi realuri

RirebulebiT asaxul finansur aqtivebad, Tu finansuri aqtivi

ganisazRvreba rogorc savaWrod gankuTvnili, an mogebasa da zaralSi

asaxulia realuri RirebulebiT.

finansuri aqtivebi ganisazRvreba rogorc savaWrod gankuTvnili im

SemTxvevaSi, Tu:

Sesyidulia axlo momavalSi gayidvis mizniT; an

Tavdapirveli aRiarebisas warmoadgens identificirebadi finansuri

instrumentebis portfelis nawils, romlebic erTad imarTeba da

arsebobs maTgan moklevadiani mogebis miRebis obieqturi maCvenebeli; an

ganekuTvneba warmoebul finansur instrumentebs – derivativebs (im

SemTxvevis gamoklebiT, rodesac derivativi miiCneva hejirebis efeqtur

instrumentad).




finansuri aqtivebi, savaWrod gamiznuli finansuri aqtivebis gamoklebiT

Tavdapirveli aRiarebisas im SemTxvevaSi SeiZleba aisaxos realuri

RirebulebiT, Tu:

amgvari asaxviT eliminirdeba, an mniSvnelovnad mcirdeba mosalodneli

Seusabamoba aRiarebasa Tu SefasebaSi;

finansuri aqtivi Seadgens finansuri aqtivebis, an finansuri

valdebulebebis, an orive jgufis nawils, romelic imarTeba da fasdeba

realuri Rirebulebis safuZvelze bankis dokumentirebuli riskis

marTvis an investirebis strategiis Sesabamisad, da dajgufebis Sesaxeb

informaciis warmodgena Sida moxmarebisaTvis maT safuZvelze

xorcieldeba; an

igi warmoadgens im kontraqtis nawils, romelic moicavs erT, an met

CarTul warmoebul finansur instruments da bass 39 “finansuri

instrumentebi: aRiareba da Sefaseba” nebas iZleva erTiani

kombinirebuli kontraqti (aqtivi an valdebuleba) realuri

RirebulebiT aisaxos mogebasa da zaralSi.

mogebasa da zaralSi realuri RirebulebiT asaxuli finansuri aqtivebi

aisaxeba realuri RirebulebiT mogebasa da zaralSi gadafasebisas

warmoqmnili mogebisa da zaralis gaTvaliswinebiT, romelic warmodgenilia

wminda zaralSi savaWro fasiani qaRaldebidan sruli Semosavlis

angariSgebaSi. realuri Rirebuleba gansazRvrulia 25-e SeniSvnaSi

mocemuli ganmartebis Sesabamisad.

warmoebuli finansuri instrumentebi

Cveuli saqmianobis procesSi banki valutisa da likvidobis riskis marTvisa

da savaWro miznebisaTvis iyenebs sxvadasxva warmoebul finansur

instrumentebs, maT Soris forvardebs da svopebs. bankis warmoebuli

finansuri instrumentebi ar ganisazRvreba rogorc hejirebis instrumentebi

da ar eqvemdebareba hejirebis buRaltrul aRricxvas. derivativebi

Tavdapirvelad aisaxeba realuri RirebulebiT derivativis kontraqtis

dadebis TariRisaTvis da Sedegad angariSgebis TariRisaTvis gadafasdeba

maTi realuri RirebulebiT. realuri Rirebuleba efuZneba kotirebul

sabazro Rirebulebas, an safaso models, romelic iTvaliswinebs mocemuli

instrumentebis mimdinare sabazro da kontraqtiT gaTvaliswinebul fasebsa

da sxva faqtorebs. derivativebi miCneulia aqtivebad, Tu realuri

Rirebuleba dadebiTia, da valdebulebebad im SemTxvevaSi Tu igi

uaryofiTia.

derivativebi finansuri mdgomareobis angariSgebaSi aRiarebas eqvemdebareba

mogebasa da zaralSi realuri RirebulebiT asaxul finansur aqtivebsa da

valdebulebebSi. am finansuri instrumentebiT miRebuli mogeba-zarali

aisaxeba sruli Semosavlis angariSgebaSi realuri RirebulebiT

aRiarebuli finansuri aqtivebisa da valdebulebebidan miRebul wminda

mogebasa Tu zaralSi.




gasayidad arsebuli investiciebi

gasayidad arsebuli investiciebi warmoadgens investiciebs kapitalSi da

savalo fasian qaRaldebSi, romlTa floba ganzraxulia ganusazRvreli

vadiT. gasayidad arsebuli investiciebi Tavdapirvelad aisaxeba realuri

RirebulebiT. SemdgomSi fasiani qaRaldebis Sefaseba xdeba realuri

RirebulebiT da gadafasebis Sedegi aisaxeba pirdapir kapitalSi, garda

gaufasurebis danakargebisa, ucxouri valutis gadafasebidan miRebuli

mogeba-zaralisa da efeqturi saprocento ganakveTis meTodiT daricxuli

saprocento Semosavlisa, romlebic pirdapir aisaxeba sruli Semosavlis

angariSgebaSi. gayidvis Sedegad kapitalSi asaxuli mogeba an zarali

sruli Semosavlis angariSgebaSi aisaxeba. gasayidad arsebuli investiciebis

realuri Rirebulebis dasadgenad banki iyenebs kotirebul sabazro fasebs.

Tu ar arsebobs moqmedi bazari investiciebisTvis, banki realur

Rirebulebas diskontirebuli fuladi saxsrebisa da Sefasebis sxva

saTanado meTodebis saSualebiT gansazRvravs. Sefasebis meTodebi moicavs

erTmaneTisagan damoukidebeli, kargad gaTviTcnobierebuli da garigebaSi

monawileobis survilis mqone mxareebs Soris ganxorcielebuli sabazro

garigebebis monacemebis gamoyenebas, aseve analitikuri xasiaTis sxva msgavsi

finansuri instrumentis realuri Rirebulebis Sesaxeb informaciis

gamoyenebas, diskontirebuli fuladi saxsrebis Semodinebis analizs da

variaciuli modelis gamoyenebas. Tu arsebobs Sefasebis meTodi, romelic

Cveulebriv gamoiyeneba bazarze instrumentebis Sesafaseblad da Tu iyo

naCvenebi, rom es midgoma uzrunvelyofs sarwmuno Sefasebas, romelic

sabazro garigebebisaTvis gamoiyeneba, banki am meTods iyenebs.

dafarvis vadamde flobili investiciebi

dafarvis vadamde flobili investiciebi warmoadgens savalo fasian

qaRaldebs gansazRvradi an fiqsirebuli gadaxdebiT. banks aqvs ganzraxva

da SesaZlebloba Seinaxos aRniSnuli fasiani qaRaldebi dafarvis vadis

dadgomamde. aseTi fasiani qaRaldebis asaxva xdeba efeqturi saprocento

ganakveTis meTodze dafuZnebuli amortizebuli RirebulebiT, gaufasurebis

danakargebis rezervis gamoklebiT. diskontis amortizacia dafarvis vadis

dadgomamde periodis ganmavlobaSi aisaxeba rogorc saprocento

Semosavali, efeqturi saprocento ganakveTis meTodis gamoyenebiT.

Camowerili sesxebi da avansebi

sesxebisa da avansebis amoRebis SeuZleblobis SemTxvevaSi, maTi Camowera

xdeba sesxebis gaufasurebis danakargis rezervis gamoyenebiT. sesxebi da

avansebi eqvemdebareba Camoweras im SemTxvevaSi Tu xelmZRvanelobam amowura

moTxovnebis amoRebis yvela SesaZlebloba da moaxdina yvela SesaZlo

uzrunvelyofis realizeba. wina periodSi Camowerili Tanxebis aRdgena

xdeba finansuri aqtivebis gaufasurebis gaqviTviT da sruli Semosavlis

angariSgebaSi aRdgenis periodSi aisaxeba.




finansuri aqtivebis gaufasurebis danakargebis rezervi

finansuri aqtivis an finansuri aqtivebis jgufis gaufasurebis obieqturi

safuZvelis arsebobis SemTxvevaSi, banki adgens im finansuri aqtivebis

gaufasurebis rezervs, romlebic ar aris asaxuli realuri RirebulebiT.

finansuri aqtivebis gaufasureba ganisazRvreba rogorc sxvaoba sabalanso

Rirebulebasa da momavali fuladi nakadebis mimdinare Rirebulebas Soris,

garantiebidan da uzrunvelyofidan misaRebi Tanxebis gaTvaliswinebiT,

romlebic diskontirebulia finansuri aqtivis Tavdapirveli efeqturi

saprocento ganakveTiT, im finansuri aqtivebisaTvis, romelic

warmodgenilia amortizebuli RirebulebiT. im SemTxvevaSi, Tu momdevno

periodSi gaufasurebis rezervi Semcirdeba da es Semcireba SeiZleba

obieqturad miekuTvnos gaufasurebis rezervis aRiarebis Semdgom periodSi

momxdar movlenebs, Tavdapirvelad aRiarebuli gaufasurebis rezervi

koreqtirdeba gaufasurebis rezervis angariSis SemcirebiT.

TviTRirebulebiT asaxuli finansuri instrumentebis gaufasurebis rezervi

ganisazRvreba rogorc sxvaoba finansuri aqtivis sabalanso Rirebulebasa

da msgavsi finansuri aqtivebis ukugebis mimdinare sabazro ganakveTiT

diskontirebul momavalSi misaRebi fuladi nakadebis dRevandel

Rirebulebas Soris. aseTi gaufasurebis rezervi ar eqvemdebareba

koreqtirebas.

gaufasurebis rezervis gansazRvra efuZneba riskiani aqtivebis analizs da

asaxavs im Tanxas, romelic xelmZRvanelobis gansjiT faravs Sesabamis

danakargs. rezervebi ganisazRvreba riskiani aqtivebis individualuri

SefasebiT im finansuri aqtivebisaTvis, romlebic individualurad

arsebiTia, da individualuri an jgufuri SefasebiT im aqtivebisaTvis,

romlebic calke aRebuli ar aris arsebiTi.

gaufasurebis rezervis cvlileba aisaxeba mogebaze rezervis xarjis

angariSis saSualebiT (amortizebuli RirebulebiT asaxuli finansuri

aqtivebisaTvis), an pirdapiri CamoweriT (TviTRirebulebiT asaxuli

aqtivebisaTvis). finansuri mdgomareobis angariSgebaSi asaxul aqtivebs

akldeba gaufasurebis Tanxa. gaufasurebis rezervis obieqturi safuZvelis

gansazRvrisaTvis, banki ganixilavs iseT faqtorebs rogoricaa msesxeblis

an gamomSvebis likvidoba, gadaxdisunarianoba, biznesisa da finansuri

riskebi, msgavsi finansuri aqtivebisa da valdebulebebis gadauxdelobis

xarisxi da tendenciebi, adgilobrivi ekonomikis tendencia da mdgomareoba,

agreTve uzrunvelyofisa da garantiebis sabazro Rirebuleba. aRniSnuli da

sxva faqtorebi, individualurad an jgufurad, warmoadgenen finansuri

aqtivis an aqtivebis jgufis gaufasurebisaTvis sakmaris obieqtur

safuZvels. gasaTvaliswinebelia is faqtoric, rom danakargebis Sefaseba

moicavs subieqtur faqtorebs. bankis xelmZRvaneloba miiCnevs, rom

aRricxuli gaufasurebis Tanxa sakmarisia risks daqvemdebarebul aqtivebze

gaweuli danakargebis dasafarad angariSgebis TariRisaTvis, Tumca ar aris

gamoricxuli, rom garkveul periodSi bankma ganicados danakargebi,

romlebic aRemateba aRricxuli gaufasurebis rezervis odenobas.




gasayidad gankuTvnili grZelvadiani aqtivebi grZelvadiani aqtivebi klasificirdeba, rogorc gasayidad gankuTvnili im

SemTxvevaSi Tu arsebobs didi albaToba imisa, rom aqtivebis sabalanso

Rirebuleba aRdgeba gayidvis garigebis Sedegad da ara aqtivis gamoyenebis

gagrZelebis Sedegad, da Tu aqtivis (an sarealizacio jgufis) gayidva

SesaZlebelia dauyovnebliv mis arsebul mdgomareobaSi. xelmZRvanelobam

unda ganaxorcielos da dasrulebulad asaxos gayidva aqtivis gasayidad

gankuTvnilad aRiarebis TariRidan erT weliwadSi.

gasayidad gankuTvnili grZelvadiani aqtivebis Sefaseba xdeba sabalanso

Rirebulebasa da gayidvis xarjiT Semcirebul realur Rirebulebas Soris

umciresi TanxiT. im SemTxvevaSi, Tu gasayidad gankuTvnili aqtivebis

realuri Rirebuleba gayidvis xarjebis gamoklebiT naklebia sabalanso

Rirebulebaze, gaufasurebis danakargebi aisaxeba sruli Semosavlis

angariSgebaSi, rogorc zarali gasayidad gankuTvnil grZelvadian aqtivebze.

aqtivebis gayidvis xarjebis gamoklebiT realuri Rirebulebis Semdgomi

zrda aRiarebas eqvemdebareba dagrovili gaufasurebis danakargebis TanxiT,

romelic ukve aisaxa am konkretul aqtivTan mimarTebaSi. ZiriTadi saSualebebi

ZiriTadi saSualebebi warmodgenilia istoriuli RirebulebiT dagrovili

cveTisa da gaufasurebis gamoklebiT, aseTis arsebobis SemTxvevaSi.

ZiriTadi saSualebebis cveTa gamoiqviTeba maTi sabalanso Rirebulebidan da gamoiyeneba aqtivebis Camosawerad maTi eqspluataciis vadis amowurvamde.

cveTisa da amortizaciis gaangariSeba warmoebs wrfivi meTodiT Semdegi

wliuri ganakveTebis gamoyenebiT:

% Senobebi 2 kompiuterebi, saofise mowyobiloba da aveji 10-20 transporti 20 sxva 20

remontisa da gaumjobesebis xarjebi aisaxeba gawevisTanave da miekuTvneba

saoperacio xarjebs an eqvemdebareba kapitalizacias Tu arsebobs amis

sakmarisi safuZveli. ZiriTadi saSualebebis sabalanso Rirebulebis gadaxedva xdeba TiToeuli

saangariSgebo TariRisaTvis, raTa dadgindes aRemateba Tu ara maTi

sabalanso Rirebuleba maT aRdgeniT Rirebulebas. aRdgeniTi Rirebuleba

warmoadges udides gayidvis xarjebiT Semcirebul realur Rirebulebasa da

arsebul gamoyenebad Rirebulebas Soris. ZiriTadi saSualebebis sabalanso

Rirebulebis aRdgeniT Rirebulebaze gadametebis SemTxvevaSi, aqtivebi

eqvemdebareba Semcirebas maT aRdgeniT Rirebulebamde. gaufasurebiT

miRebuli danakargebis aRiareba xdeba Sesabamis saangariSgebo periodSi da

aisaxeba sruli Semosavlis angariSgebaSi. gaufasurebiT gamowveuli

danakargebis asaxvis Semdeg, xdeba ZiriTadi saSualebebis cveTis

koreqtireba Semdgom periodebSi, imisaTvis, rom gaangariSebuli aqtivebis

sabalanso Rirebuleba narCeni Rirebulebis gamoklebiT (Tu aseTi arsebobs)

sistematurad gadanawildes darCenil sasargeblo moxmarebis periodze.




aramaterialuri aqtivebi aramaterialuri aqtivebi moicavs kompiuterul programebs da licenziebs. calke Sesyiduli aramaterialuri aqtivebi individualurad aRiricxeba da

TviTRirebulebiT aisaxeba Tavdapirveli aRiarebisas. Tavdapirveli aRiarebis

Semdgom aRiricxeba TviTRirebulebiT, dagrovili amortizaciisa da

gaufasurebis gamoklebiT. aramaterialuri aqtivebis moxmarebis periodi

Sefasebulia rogorc gansazRvruli, an ganusazRvreli vadis mqone. vadiani

aramaterialuri aqtivebi amortizebulia 5 wliani sasargeblo moxmarebis

vadis ganmavlobaSi da maTi Sefaseba gaufasurebasTan mimarTebaSi xdeba

gaufasurebis obieqturi maCveneblis arsebobisas. vadiani aramaterialuri

aqtivebis amortizaciis periodisa da meTodebis gadaxedva xorcieldeba

yoveli finansuri wlis bolos.

sagadasaxado dabegvra bankis aqtivebi, qoneba da Semosavali, iseve rogorc misi saqmianoba da

operaciebi ar eqvemdebareba dabegvras da sxva mosakreblebis gadaxdas.

mimoqcevaSi gaSvebuli fuli mimoqcevaSi gaSvebuli fuli warmoadgens bankis mier kanonisa da

centraluri bankis funqciis farglebSi gamoSvebul banknotebsa da

monetebs. mimoqcevaSi gaSvebuli banknotebi da monetebi finansuri

mdgomareobis angariSgebaSi aisaxeba bankis salaroSi naRdi fulis

odenobiT Semcirebuli nominaluri RirebulebiT.

banknotebisa da monetebis damzadebis xarjebi aisaxeba xarjebSi maTi

gawevisTanave.

rodesac komerciuli bankebi ubruneben banks banknotebs, xdeba maTi

mimoqcevaSi arsebuli fuladi saxsrebidan amoReba da maTi mdgomareobidan

an statusidan gamomdinare, xdeba maTi an ganadgureba, an bankis sarezervo

fondebSi Senaxva.

valdebulebebi rezidenti finansuri institutebis, klientTa da finansTa

saministros mimarT da gamoSvebuli savalo fasiani qaRaldebi gamoSvebuli finansuri instrumentebi, an maTi ekonomikuri komponentebi

klasificirdeba rogorc valdebulebebi, rodesac kontraqtis pirobebis

safuZvelze banks gaaCnia valdebuleba mflobels gadasces fuladi saxsrebi,

an sxva finansuri aqtivi, an dafaros valdebuleba fuladi saxsrebis

fiqsirebul Tanxaze, an sxva finansuri aqtivi sakuTari kapitalis

instrumentebis fiqsirebul raodenobaze gacvlis saSualebiT. amgvari

instrumentebi moicavs valdebulebebs mTavrobis, rezidenti finansuri

institutebis, klientebis mimarT, gamoSvebul savalo fasian qaRaldebs da

valdebulebebs saerTaSoriso savaluto fondis mimarT. isini Tavdapirvelad

aRiarebas eqvemdebareba realuri RirebulebiT garigebis pirdapiri xarjebis

gamoklebiT. Tavdapirveli aRiarebis Semdeg es finansuri valdebulebebi

aisaxeba amortizebuli RirebulebiT efeqturi saprocento ganakveTis

gamoyenebiT.




anaricxebi

anaricxebis aRiareba xdeba maSin, rodesac banks aqvs mimdinare iuridiuli

an pirobiTi valdebulebebi, romlebic warmoiSva warsuli movlenebis

Sedegad da romelTa dafarvisaTvis SesaZlebelia saWiro gaxdes

ekonomikuri sargeblis matarebeli resursebis gadineba da aRniSnuli

valdebulebis Sefaseba SesaZlebelia sakmarisi sizustiT. pirobiTi aqtivebi da valdebulebebi

pirobiTi valdebulebebi ar aisaxeba finansuri mdgomareobis angariSgebaSi,

magram warmodgenilia finansur angariSgebaSi angariSsworebisas saxsrebis

nebismieri gadinebis SesaZleblobis arsebobamde. pirobiTi aqtivi finansuri

mdgomareobis angariSgebaSi ar aisaxeba, magram warmodgenilia im

SemTxvevaSi, Tu ekonomikuri mogebis miRebaa navaraudevi. sapensio da sxva valdebulebebi TanamSromelTa mimarT 2011 da 2010 wlebis 31 dekembris mdgomareobiT banks ar gaaCnda raime

moqmedi sapensio gegma, an pensiaze gasvlis Semdgomi kompensacia. 2011 da 2010

wlebis 31 dekembris mdgomareobiT banks Sesabamisad gaaCnda sapensio sqemis

mixedviT valdebulebebi 638 da 760 laris odenobiT (SeniSvna 16), rac

warmoadgens 2009 wlis 29 maiss gauqmebuli sapensio proeqtis mixedviT

gadasaxdel valdebulebebs. am sapensio proeqtis farglebSi banki sakuTari

TanamSromlebisagan iRebda sapensio Senatanebs da sapensio asakis miRwevis

Semdeg dagrovili Tanxidan uxdida TanamSromlebs pensias winaswar

SeTanxmebuli grafikis mixedviT. Semosavlebisa da xarjebis aRiareba Semosavali aRiarebas eqvemdebareba imdenad, ramdenadac mosalodnelia

ekonomikuri sargeblis miReba da Semosavlis Sefaseba SesaZlebelia

sakmarisi xarisxis sizustiT.

saprocento da msgavsi Semosavali da xarji amortizebuli RirebulebiT asaxuli yvela finansuri instrumentisa da

saprocento Semosavlebis mqone savaWro fasiani qaRaldebidan miRebuli

saprocento Semosavlebi da xarjebi aRiarebas eqvemdebareba efeqturi

saprocento ganakveTis meTodiT. efeqturi saprocento ganakveTiT aRricxva

warmoadgens meTods, romelic zustad axdens mosalodneli fuladi

saxsrebis gadaxdebis an Semodinebis diskontirebas finansuri aqtivis, an

finansuri valdebulebis wminda mimdinare Rirebulebamde finansuri

instrumentis mosalodneli vadis, an Tu misaRebia, ufro mokle periodis

ganmavlobaSi. gamoTvlisas gaTvaliswinebulia finansur instrumentTan

dakavSirebuli sakontraqto pirobebi (mag.: winaswari gadaxdis

SesaZlebloba) rac moicavs nebismier gasamrjelos, an damatebiT xarjebs,

romlebic pirdapir ganekuTvneba instruments, da warmoadgens efeqturi

saprocento ganakveTis ganuyofel nawils, magram ar moicavs momaval

sakredito danakargebs.




im SemTxvevaSi, Tu banki Secvlis gadaxdebisa da Semosavlebis Sefasebebs,

saWiro xdeba finansuri aqtivebisa da valdebulebebis sabalanso

Rirebulebis koreqtireba. koreqtirebuli sabalanso Rirebuleba

gamoiTvleba Tavdapirveli efeqturi saprocento ganakveTis gamoyenebiT da

cvlileba sabalanso RirebulebaSi aisaxeba rogorc saprocento

Semosavali an xarji.

mas Semdeg, rac finansuri aqtivi an msgavsi finansuri aqtivebis jgufi

Camoiwereba (nawilobriv Camoiwereba), gaufasurebis Sedegad miRebuli

danakargebis gamo, saprocento Semosavlis aRiareba Tavdapirveli

saprocento ganakveTiT grZeldeba axal sabalanso RirebulebasTan

mimarTebaSi.

gasamrjelo da sakomisio Semosavlebi da xarjebi banki iRebs sakomisio Semosavalebs kontragentebisaTvis sxvadasxva saxis

momsaxurebis gawevis safuZvelze. sakomisio Semosavlebi moicavs naRdi

fuliT ganxorcielebul operaciebsa da gadaricxvebis sakomisios, rac

aisaxeba rogorc momsaxurebis Sedegad miRebuli Semosavali. sakomisio

xarjebi moicavs saoperacio da angariSsworebis sakomisio xarjebs, da gare

xelmZRvanelisaTvis gadaxdil sakomisios.

ucxouri valutis gadafaseba finansuri angariSgeba warmodgenilia larSi, romelic bankis

funqcionaluri da saangariSgebo valutaa. garigebebi ucxour valutaSi

Tavdapirvelad aisaxeba funqcionalur valutaSi, garigebis TariRisaTvis

moqmedi gacvliTi kursis Sesabamisad. ucxour valutaSi denominirebuli

fuladi aqtivebisa da valdebulebebis erovnul valutaSi gadafaseba xdeba

angariSgebis TariRisaTvis dafiqsirebuli funqcionaluri valutis

gacvliTi kursiT. ucxour valutaSi istoriuli RirebulebiT

warmodgenili arafuladi erTeulebis gadafaseba xorcieldeba

Tavdapirveli garigebisaTvis arsebuli gacvliTi kursiT. ucxour valutaSi

realuri RirebulebiT warmodgenili arafuladi erTeulebis gadafaseba

xorcieldeba realuri Rirebulebis gansazRvris TariRisaTvis arsebuli

gacvliTi kursiT. ucxour valutaSi ganxorcielebuli operaciebis

gacvliT gamowveuli mogeba an zarali sruli Semosavlis angariSgebaSi

aisaxeba ucxouri valutiT ganxorcielebuli operaciebidan miRebul wminda

mogebaSi – sakurso sxvaobebSi, romelic banks gadaaqvs ucxouri valutis

gadafasebis rezervSi da romlis gamoyeneba SesaZlebelia mxolod

gadafasebis momavali wminda zaralis kompensirebis mizniT, rogorc

aRwerilia 22-e SeniSvnaSi.

sxvaoba kontraqtiT gaTvaliswinebul ucxour valutaSi denominirebuli

garigebebis gacvliT kursebsa da bankSi garigebis TariRisaTvis arsebul

kursebs Soris aisaxeba wminda mogebaSi ucxour valutaSi

ganxorcielebuli savaWro operaciebidan.




valutis gacvliTi kursi qvemoT mocemulia wlis bolosaTvis arsebuli gacvliTi kursebi, romlebic

bankma gamoiyena finansuri angariSgebis momzadebisas:

31 dekemberi

22011 31 dekemberi

22010

lari/1 aSS dolari 1.6703 1.7728 lari/1 evro 2.1614 2.3500 lari/1 avstraliuri dolari 1.6980 1.8028 lari/1 funti sterlingi 2.5776 2.7393 lari/1 SDR 2.5644 2.7302

finansuri aqtivebis da valdebulebebis gaqviTva finansuri aqtivebi da finansuri valdebulebebi iqviTeba da finansuri

mdgomareobis angariSgebaSi aisaxeba wminda TanxiT, im SemTxvevaSi Tu banks

aqvs iuridiuli ufleba ganaxorcielos aRiarebuli Tanxebis gaqviTva da

ganzraxuli aqvs moaxdinos aqtivis CaTvla wminda RirebulebiT an

erTdroulad moaxdinos aqtivis realizacia da valdebulebis dafarva.

banki valdebulebebTan ar qviTavs gadacemul finansur aqtivs da masTan

dakavSirebul valdebulebas, rodesac asaxavs im finansuri aqtivebis

gadacemas, romlebic ar eqvemdebareba aRiarebis Sewyvetas. finansuri aqtivebis reklasifikacia im SemTxvevaSi, Tu savaWrod gankuTvnil finansur aqtivebad

klasificirebuli arawarmoebuli finansuri aqtivebis gayidva axlo

momavalSi aRar igegmeba, SesaZlebelia maTi reklasifikacia mogeba-zaralSi

realuri RirebulebiT aRricxuli finansuri aqtivebis kategoriebidan

Semdeg kategoriebSi:

finansuri aqtivebi, romlebic akmayofileben zemoT mocemul sesxebisa

da moTxovnebis ganmartebas, SeiZleba reklasificirdes sesxebsa da

moTxovnebSi, Tu banks gaaCnia ganzraxva da unari flobdes am aqtivebs

axlo momavalSi an dafarvis vadamde; sxva finansuri aqtivebis reklasifikacia gasayidad arsebul, an

dafarvis vadamde flobili instrumentebis kategoriebSi SesaZlebelia

mxolod iSviaT SemTxvevebSi.

gasayidad arsebuli finansuri aqtivi, romelic akmayofilebs sesxebisa da

moTxovnebis ganmartebas, im SemTxvevaSi reklasificirdeba sesxebisa da

moTxovnebis kategoriaSi, Tu banks aqvs ganzraxva da unari flobdes mas

axlo momavalSi, an dafarvis vadamde.

finansuri aqtivebis reklasifikacia xorcieldeba maTi realuri

RirebulebiT reklasifikaciis TariRis mdgomareobiT. mogebasa Tu zaralSi

ukve aRiarebuli mogebisa da zaralis rezervis aRdgena ar xorcieldeba.

finansuri aqtivis reklasifikaciis TariRis mdgomareobiT realuri

Rirebuleba xdeba misi axali TviTRirebuleba, an Tu marTebulia misi

amortizebuli Rirebuleba.




xelmZRvanelobis gansjis sferoebi da Sefasebebis arasarwmunoobis wyaro

bankis finansuri angariSgebis momzadebis procesi moiTxovs

xelmZRvanelobis Sefasebebsa da daSvebebs, romlebsac gavlena aqvs

angariSgebis TariRisaTvis aqtivebisa da valdebulebebis warmodgenil

Tanxebze da aRiarebul mogebasa da zaralze periodis bolosaTvis.

daSvebebi da gansjiTi Sefasebebi mudmivad ganixileba xelmZRvanelobis

mier. xelmZRvanelobis Sefaseba efuZneba istoriul gamocdilebas da

mraval sxva faqtors, romlebic marTebulad iTvleba mocemul

garemoebebSi. bankis faqtiuri Sedegebi SeiZleba gansxvavdebodes am

daSvebebisagan sxvadasxva pirobebSi. bankis finansuri mdgomareobis

warmodgenisaTvis mniSvnelovnad iTvleba Semdegi daSvebebi da Sefasebebi.

finansuri instrumentebis Sefaseba

mogebasa da zaralSi realuri RirebulebiT asaxuli gasayidad arsebuli

finansuri instrumentebi da yvela warmoebuli finansuri instrumenti

asaxulia realuri RirebulebiT. am finansuri instrumentebis realuri

Rirebuleba warmoadgens dadgenil Tanxas, romliTac igi gaicvleba mosurve

mxareebs Soris garda iZulebiTi, an salikvidacio gayidvisa. Tu

kotirebuli instrumentis sabazro Rirebuleba arsebobs, realuri

Rirebuleba iangariSeba sabazro Rirebulebaze dayrdnobiT. rodesac

Sefasebis parametrebi ar Cans bazris monacemebidan, an maTi gansazRvra

SeuZlebelia sabazro fasebze dayrdnobiT, realuri Rirebuleba dgindeba

sxva arsebul sabazro monacemebze dayrdnobiT, romelic Seesabameba

TiToeuli produqtisa da fasis dadgenis models da iyenebs finansur

Teoriebze dafuZnebul maTematikur meTodologias. fasis dadgenis

modelebi iTvaliswinebs fasiani qaRaldebis kontraqtis pirobebs da

Sefasebis sabazro parametrebs, rogoricaa saprocento ganakveTebi,

cvalebadoba, gacvliTi kursebi da kontragentis sakredito reitingi. iq

sadac ar arsebobs bazarze dafuZnebuli parametrebi, xelmZRvaneloba

adgens am parametris Sefasebis saukeTeso Sedegs imis gaTvaliswinebiT, Tu

instrumentis ra fasi dadgindeboda bazarze. am midgomis ganxorcielebisas

gamoiyeneba sxvadasxva instrumentebi, romlebic moicavs: sarwmuno

gansaxilvel monacemebs, istoriul monacemebs da eqstrapolaciis

meTodebs. Tavdapirveli aRiarebisas finansuri instrumentebis realuri

Rirebulebis saukeTeso dasabuTeba aris garigebis fasi, Tu instrumenti

dasabuTebulia sabazro monacemebTan Sedarebis safuZvelze.

nebismieri sxvaoba garigebis fassa da Rirebulebas Soris, romelic

Sefasebis teqnikas efuZneba ar aisaxeba sruli Semosavlis angariSgebaSi

Tavdapirveli aRiarebisas.

Tavdapirveli aRiarebisas finansuri instrumentebis realuri Rirebulebis

saukeTeso dasabuTeba aris garigebis fasi, Tu instrumenti dasabuTebulia

sabazro monacemebTan Sedarebis safuZvelze.




banki miiCnevs, rom finansuri instrumentis SefasebasTan dakavSirebuli

buRaltruli daSveba, im SemTxvevaSi rodesac kotirebuli sabazro fasebi

ar aris xelmisawvdomi, warmoadgens Sefasebis arasawrmunoobis mTavar

wyaros, radgan (I) arsebobs didi albaToba misi perioduli cvlilebisa,

radganac igi saWiroebs xelmZRvanelobis Sefasebebs saprocento

ganakveTebTan, cvalebadobasTan, gacvliT kursebTan, kontragentis

sakredito reitingTan, Sefasebis koreqtirebasa da garigebis specifiur

maxasiaTeblebTan mimarTebaSi; da (II) Sefasebis cvlilebis aRiarebis efeqti

finansuri mdgomareobis angariSgebaSi warmodgenil aqtivebsa da aseve

mogebasa an zaralze, romelic SeiZleba arsebiTi aRmoCndes. xelmZRvanelobas rom gamoeyenebina sxva daSvebebi saprocento ganakveTebTan,

cvalebadobasTan, gacvliT kursebTan, kontragentis sakredito reitingTan

da Sefasebis koreqtirebasTan mimarTebaSi, im finansuri instrumentebis

Sefasebisas, romelTaTvisac ar arsebobs kotirebuli sabazro fasebi,

Sefasebis rogorc did aseve patara cvililebas arsebiTi gavlena eqneboda

bankis warmodgenil wminda mogebaze.

gaufasurebis danakargebis rezervi sesxebsa da avansebze banki gaufasurebis Sefasebis mizniT regularulad ganixilavs sakuTar

sesxebsa da avansebs. gaufasurebis danakargebis aRiarebis mizniT banki

sakuTari sesxebisa da avansebis portfelSi adgens sesxebis gaufasurebis

rezervs. banki sesxebis gaufasurebis rezervTan dakavSirebul buRaltrul

daSvebebs miiCnevs Sefasebis arasarwmunoobis mTavar wyarod, radgan (I)

arsebobs didi albaToba maTi perioduli cvlilebisa, radganac momavali

gadauxdelobis Sefaseba da gaufasurebul sesxebTan da avansebTan

dakavSirebuli danakargebis gansazRvra dafuZnebulia im periodisaTvis

arsebul informaciaze, da (II) bankis mier gansazRvrul danakargebsa da

realur danakargebs Soris nebismieri mniSvnelovani sxvaoba gamoiwvevs

bankis rezervebis iseT koreqtirebas, romelmac SeiZleba arsebiTi gavlena

iqonios mis finansur angariSgebaze momavalSi.

banki eyrdnoba xelmZRvanelobis profesiul gansjas nebismieri

gaufasurebis danakargebis dasadgenad im SemTxvevaSi, Tu msesxebeli

finansuri problemebis winaSe aRmoCnda da istoriuli gamocdilebis

monacemebi msgavsi msesxeblebis Sesaxeb mwiria. banki fuladi saxsrebis

moZraobaSi cvlilebebs gansazRvravs wina periodis gamocdilebaze da

xelmisawvdom monacemebze dayrdnobiT, romlebic miuTiTebs uaryofiT

cvlilebebze jgufSi Semavali msesxeblis gadaxdisunarianobis da

adgilobrivi ekonomikuri pirobebis TvalsazrisiT, rac ukavSirdeba bankis

aqtivebis amoRebis SesaZleblobis ar arsebobas. xelmZRvanebloba iyenebs

daSvebebs im aqtivebis istoriul danakargebze dayrdnobiT, romelTa

sakredito riskebis maxasiaTeblebi da gaufasurebis obieqturi maCveneblebi

msgavsia sesxebis mocemuli jgufisaTvis. banki mimarTavs xelmZRvanelobis

profesiul gansjas da akoreqtirebs sesxebis jgufis Sesaxeb arsebul

monacemebs mimdinare garemoebebis gaTvaliswinebiT, romlebic aqamde ar

asaxula istoriul monacemebSi.




finansuri aqtivebis gaufasurebis rezervi finansur angariSebSi

ganisazRvra arsebuli ekonomikuri da politikuri pirobebis

gaTvaliswinebis safuZvelze.

ZiriTadi saSualebebisa da aramaterialuri aqtivebis sasargeblo moxmarebis vada

ZiriTadi saSualebebi da aramaterialuri aqtivebi warmodgenilia

istoriuli RirebulebiT dagrovili cveTis/amortizaciis da dagrovili

gaufasurebis danakargebis gamoklebiT. ZiriTadi saSualebebisa da

aramaterialuri aqtivebis sasargeblo moxmarebis vadis dadgena

warmoadgens xelmZRvanelobis msjelobis sagans msgavs aqtivebTan arsebul

gamocdilebaze dayrdnobiT. aqtivebis sasargeblo moxmarebis vadis

dadgenisas xelmZRvaneloba iTvaliswinebs mosalodnel gamoyenebas,

teqnikur da iuridiul moZvelebas, fizikur moxmarebasa da cveTas da

aqtivis saoperacio garemos parametrebs. cvlilebam romelime erT pirobaSi

an SefasebaSi SeiZleba gamoiwvios momavalSi cveTisa da amortizaciis

ganakveTis koreqtireba.

axali da Sesworebuli finansuri angariSgebis saerTaSoriso standartebis

(fass) gamoyeneba bankma miiRo buRaltruli aRricxvis saerTaSoriso standartebis sabWosa

da finansuri aRricxvis interpretaciebis saerTaSoriso komitetis mier

gamoSvebuli axali da Sesworebuli standartebi da interpretaciebi,

romlebic Seesabameba mis operaciebs da ZalaSia 2011 wlis 31 dekembriT

dasrulebuli angariSgebis periodisaTvis. axali da Sesworebuli

standartebis da interpretaciebis miRebas ar gamouwvevia mniSvnelovani

cvlilebebi bankis buRaltrul politikebSi, rac gavlenas moaxdenda

mimdinare an wina wlebSi warmodgenil Tanxebze. bass 24 ,,dakavSirebuli

mxareebis wardgena”-s

cvlileba (2009 wels

gamoSvebuli fass-is

gaumjobesebis nawili)

2009 wels basss-m Secvala bass 24 (I) gaamartiva

dakavSirebuli mxareebis ganmarteba, daazusta misi

mniSvneloba da Seamcira ganmartebaSi arsebiTi

Seusabamobebi; da (II) nawilobriv gaaTavisufla

saxelmwifosTan dakavSirebuli sawarmoebi

wardgenis moTxovnebisgan (ZalaSia 2011 wlis 1

ianvriT dawyebuli wliuri periodisaTvis, adre

gamoyenebis daSvebiT). bankma miiRo Setanili

cvlileba 2010 wlis 31 dekembriT dasrulebuli

wliuri angariSgebis periodisaTvis da am

standarts iyenebs retrospeqtulad.




gamocemuli da jer ar miRebuli axali da Sesworebuli finansuri

aRricxvis saerTaSoriso standartebi

finansuri angariSgebis gamosaSvebad damtkicebis TariRisaTvis, gamocemul

iqna, Tumca ZalaSi ar iyo Sesuli, Semdegi standartebi da interpretaciebi,

romlebic bankma ar miiRo maTi ZalaSi Sesvlis TariRamde: fass 7 ,,finansuri instrumentebi: wardgena” — Sesworeba gulisxmobs

finansuri aqtivebis gadatanis wardgenas 1; fass 9 ,,finansuri instrumentebi”2;

fass 10 ,,konsolidirebuli finansuri angariSgeba”3;

fass 11 ,,erToblivi saqmianobis SeTanxmebebi”3;

fass 12 ,,sxva kompaniebSi monawileobis wardgena”3;

fass 13 ,,realuri Rirebulebis Sefaseba”2;

bass 1 ,,finansuri angariSgebis wardgena” — Sesworeba gulisxmobs sxva

sruli Semosavlis wardgenis Sesworebul meTodebs4;

bass 12 ,,mogebis gadasaxadebi” — Sesworebulia SezRudvebiT (ZiriTadi

aqtivebis aRdgena)5;

bass 27 - xelaxla gamoica, rogorc bass 27 ,,individualuri finansuri

angariSgeba” (Seicvala 2011 wlis maisSi)3;

bass 28 - xelaxla gamoica, rogorc bass 28 ,,investiciebi asocirebul da

erTobliv sawarmoebSi” (Seicvala 2011 wlis maisSi)3.

1 ZalaSia 2011 wlis 1 ivlisiT dawyebuli wliuri periodisTvis adre

gamoyenebis daSvebiT; 2 ZalaSia 2015 wlis 1 ianvriT dawyebuli wliuri periodisTvis adre

gamoyenebis daSvebiT; 3 am xuTi standartidan TiToeuli standarti ZalaSi Seva 2013 wlis 1

ianvriT dawyebuli wliuri periodisTvis da maTi adre gamoyeneba

daSvebuli iqneba im SemTxvevaSi, Tu moxdeba xuTive standartis adre

gamoyeneba (garda fass 12-isa, romlis adre gamoyeneba daSvebulia sxva

standartebisgan damoukideblad); 4 ZalaSia 2012 wlis 1 ivlisiT dawyebuli wliuri periodisTvis adre

gamoyenebis daSvebiT; 5 ZalaSia 2012 wlis 1 ianvriT dawyebuli wliuri periodisTvis adre

gamoyenebis daSvebiT.

fass 7-is cvlilebebi cvlilebebi moicavs wardgenas, romelic finansuri angariSgebis

momxmareblisTvis ukeTesad gasagebs xdis finansuri aqtivebis gadacemis

garigebebs (magaliTad, fasiani qaRaldebis gamoSveba) da aseve nebismieri im

riskis mosalodnel Sedegebs, romelic SeiZleba darCes kompaniaSi,

romelmac moaxdina aqtivebis gadacema. cvlilebebi aseve moiTxovs

damatebiT wardgenas, Tu angariSgebis periodis bolos ganxorcielda

araproporciulad didi odenobis gadacemis garigeba.




bass 8-is Tanaxmad retrospeqtiuli gamoyeneba aucilebelia, im

gamonaklisiT, rom gamoyenebis pirvel wels, kompanias SeuZlia ar

warmoadginos Sesadarisi informacia wardgenisTvis, romelic moiTxoveba

cvlilebebiT 2011 wlis 1 ianvriT dawyebuli periodisTvis. banki miiCnevs,

rom am cvlilebas ar eqneba mniSvnelovabi gavlena bankis finansur

mdgomareobasa da misi operaciis Sedegebze.

fass 9 fass 9, romelic gamoSvebul iqna 2009 wlis noemberSi da Seicvala 2010

wlis oqtomberSi, warmoadgens axal moTxovnebs finansuri aqtivebisa da

valdebulebebis klasifikaciasa da SefasebasTan da aRiarebis SewyvetasTan

mimarTebaSi.

fass 9 moiTxovs, rom yvela aRiarebuli finansuri aqtivi, romelsac exeba

bass 39 ,,finansuri instrumentebi: aRiareba da Sefaseba” aRiarebis Semdgomi

gansazRvra unda moxdes amortizebuli an realuri RirebulebiT. kerZod,

savalo investiciebi, romlebsac biznes modelis Sesabamisad iyeneben

kontraqtiT gaTvaliswinebuli fuladi saxsrebis miRebis mizniT, da

romelTac gaaCniaT kontraqtiT gaTvaliswinebuli fuladi nakadebi,

romlebic warmoadgens ZiriTadi Tanxisa da darCenil ZiriTad Tanxebze

daricxuli procentis gadaxdebs, zogadad aisaxeba amortizebuli

RirebulebiT angariSgebis Sesabamisi periodis bolos. yvela sxva savalo

investicia aisaxeba realuri RirebulebiT aRiarebis Semdgomi angariSgebis

periodis bolos.

fass 9-s yvelaze mniSvnelovani gavlena finansuri valdebulebebis

klasifikaciasa da SefasebasTan mimarTebaSi ukavSirdeba (mogebasa da

zaralSi realuri RirebulbiT asaxuli) finansuri valdebulebis realuri

Rirebulebis iseTi cvlilebis asaxvas, romelic gamowveulia am

valdebulebis sakredito riskis cvlilebiT. kerZod, fass 9-s

gaTvaliswinebisas, finansuri valdebulebebis SemTxvevaSi, romlebic

mogebasa da zaralSi realuri RirebulebiT aisaxeba, realuri Rirebulebis

cvlilebis Tanxa am valdebulebis sakredito riskis cvlilebis

SemTxvevaSi aisaxeba sxva srul mogeba-zaralSi, garda im SemTxvevebisa,

rodesac amgvari aRiareba gamoiwvevs, an gazrdis buRaltrul Seusabamobas

mogebasa da zaralSi. finansuri valdebulebis sakredito riskis cvlilebis

efeqti realur Rirebulebaze ar reklasificirdeba mogebasa da zaralSi.

wina periodebSi, bass 39-is safuZvelze mogebasa da zaralSi realuri

RirebulebiT asaxuli finansuri valdebulebis realuri Rirebulebis

cvlilebis erTiani Tanxa aRiarebas eqvemdebareboda mogebasa da zaralSi. bankis xelmZRvaneloba apirebs fass 9-s miRebas 2015 wlis 1 ianvriT

dawyebuli periodidan momzadebuli bankis finansuri angariSgebisTvis da

Tvlis, rom axali standartis gamoyenebas mniSvnelovani gavlena ar eqneba

bankis finansuri aqtivebisa da finansuri valdebulebebis amsaxvel

Tanxebze.




fass 13 “realuri Rirebulebis Sefaseba” fass 13 “realuri Rirebulebis Sefaseba” miznad isaxavs Sesabamisobis

gaumjobesebasa da sirTuleebis aRmofxvras imis saSualebiT, rom

uzrunvelyofs realuri Rirebulebis zust ganmartebas, realuri

Rirebulebis Sefasebis da wardgenis moTxovnebis erTian wyaros, rac

gamoyenebul iqneba fass-Si. standarti moicavs:

realuri Rirebulebis gansazRvras; calke fass-isTvis realuri Rirebulebis Sefasebis saSualebebs;

realuri Rirebulebis Sefasebis wardgenis aucileblobas.

fass 13 gamoiyeneba maSin, rodesac sxva fass-i saWiroebs an uSvebs realuri

Rirebulebis Sefasebas an realuri Rirebulebis Sefasebis wardgenas (da

Sefasebebs, rogoricaa realuri Rirebulebas gamoklebuli gayidvasTan

dakavSirebuli xarjebi, dafuZnebuli realur Rirebulebaze an am

Sefasebebis wardgenaze) garda fass 2-iT ,,wilobrivi gadaxda”

gaTvaliswinebuli wilobrivi gadaxdis garigebebis, bass 17-iT ,,ijara”

gaTvaliswinebuli ijaris garigebebisa, da Sefasebebisa, romelTac saerTo

aqvs realuri RirebulebasTan, magram ar aris realuri Rirebulebas,

rogoricaa bass 2-iT ,,sasaqonlo materialuri faseulobebi”

gaTvaliswinebuli wminda sarealizacio Rirebuleba an bass 36-iT ,,aqtivebis

gaufasureba” gaTvaliswinebuli gamoyenebiTi Rirebuleba.

bass 1-is cvlilebebi

bass 1 ,,finansuri angariSgebis wardgena”-is cvlileba iTvaliswinebs sxva

erTiani Semosavlis wardgenis cvlilebas. bass 1-is cvlileba moicavs: 2007 wlis bass 1-is cvlilebas, romelic moiTxovs mogeba-zaralis da

sxva sruli Semosavlis erTad wardgenas, an rogorc erTiani ,,mogeba-

zaralis da sruli Semosavlis angariSi” an cal-calke rogorc ,,mogeba-

zaralis angariSi” da ,,sruli Semosavlis angariSi” – vidre, rogorc

erTiani mTliani angariSi, rasac gvTavazobda angariSgebis samuSao

versia.

kompaniebis mier sxva srul SemosavalSi warmodgenili elementebis

dajgufebas imis mixedviT, SesaZlebelia Tu ara Sesabamisad maTi

potenciuri reklasifikacia mogeba-zaralSi (dajgufeba elementebad,

romelTa reklasifikacia SesaZlebelia da elementebad, romelTa

reklasifikacia SeuZlebelia);

dabegvramde warmodgenil elementebTan dakavSirebuli gadasaxadis cal-

calke warmodgenas sruli Semosavlis TiToeul jgufTan mimarTebaSi

(ise rom arCevani, Tu rogor iqnes warmodgenili sxva sruli Semosavali

– dabegvramde Tu dabegvris Semdeg – darCes ucvleli) .

banki miiCnevs, rom zemoTxsenebul cvlilebebs arsebiTi gavlena ar eqneba

mis finansur poziciaze an misi operaciebis Sedegebze.




4. gasamrjelo da sakomisio Semosavlebi da xarjebi gasamrjelo da sakomisio Semosavlebi da xarjebi moicavs:

2011 wlis 31

ddekembriT

dasrulebuli

wwlisaTvis

2010 wlis 31

ddekembriT

dasrulebuli

wwlisaTvis gasamrjelo da sakomisio Semosavlebi: fuladi saxsrebis gadaricxva 413 490 Sxva 22 6

sul gasamrjelo da sakomisio Semosavlebi 435 496

gasamrjelo da sakomisio xarjebi: valdebulebis sakomisio (892) - gare menejerisaTvis gadaxdili sakomisio (500) (538) angariSsworebis operaciebi (182) (169) naRd fulTan dakavSirebuli operaciebi (37) (25)

sul gasamrjelo da sakomisio xarjebi (1,611) (732)

5. sxva Semosavlebi

sxva Semosavlebi moicavs:

2011 wlis 31

ddekembriT

dasrulebuli

wwlisaTvis

2010 wlis 31

ddekembriT

dasrulebuli

wwlisaTvis

samaxsovro monetebis gayidvidan miRebuli mogeba 1,462 808

Semosavali miRebuli grantidan 590 -

Semosavali jarimebidan 433 28

sxva 904 401

sxva Semosavlebi 3,389 1,237




6. saoperacio xarjebi saoperacio xarjebi moicavs:

2011 wwlis 31

dekembriT

ddasrulebuli

wlisaTvis

2010 wlis 31

ddekembriT

dasrulebuli

wwlisaTvis

xelfasebi da premiebi 9,665 9,130

anazRaurebadi Svebuleba da biuleteni 597 465

sul TanamSromlebze gaweuli xarjebi 10,262 9,595

sajaro samarTlis iuridiuli pirebis

dafinansebasTan dakavSirebuli xarjebi

1,267 1,308

sainformacio momsaxureba 648 679

dacvis xarjebi 636 526

komunaluri xarjebi 421 431

TanamSromelTa dazRvevis xarji 359 296

personalis kvalifikaciis amaRleba 262 143

mivlinebis da sxva dakavSirebuli xarjebi 196 117

profesiuli momsaxureba 176 158

komunikaciis xarjebi 71 80

programuli uzrunvelyofis xarji 37 1

saofise xarji 23 27

remonti da SekeTeba 22 96

sxva 600 665

sul saerTo da aadministraciuli xarjebi 4,7188 4,527

zarali ZiriTadi saSualebebis gasxvisebidan 349 4,120

cveTis xarji (SeniSvna 14) 2,429 2,292

amortizaciis xarji (SeniSvna 15) 616 74

sul cveTa da amortizacia 3,045 2,366

bankis mier dafinansebuli sajaro samarTlis iuridiuli pirebis xarjebi

moicavs saqarTvelos finansuri monitoringis samsaxurTan dakavSirebul

xarjebs.

2011 da 2010 wlebis 31 dekembriT dasrulebuli wlisaTvis ZiriTadi

saSualebebis gasxvisebiT miRebuli zarali, Sesabamisad 273 da 3,670 laris

odenobiT, warmoiqmna saqarTvelos ekonomikisa da mdgradi ganviTarebis

saministrosTvis Senobis usasyidlod gadacemis Sedegad.




7. fuli da fulis eqvivalentebi

31 ddekemberi

22011

31 ddekemberi

22010

naRdi fuli ucxour valutaSi 147,917 157,398

mimdinare angariSebi 78,930 28,066

vadiani depozitebi finansur

institutebSi 90 dRemde vadiT 1,463,454 1,719,315

sul fuli da fulis eqvivalentebi 1,690,301 1,904,779

2011 da 2010 wlebis 31 dekembris mdgomareobiT, Sesabamisad 1,190,379 da

1,294,101 lari ganTavsebuli iyo saerTaSoriso aRiarebuli ekonomikuri

ganviTarebisa da TanamSromlobis organizaciis (egTo) xuT komerciul da

centralur bankSi mimdinare angariSebsa da oTxmocdaaT dRemde dafarvis

vadis mqone depozitebze.

2011 da 2010 wlebis 31 dekembris mdgomareobiT finansuri institutebis

oTxmocdaaT dRiani vadis mqone depozitebze wliuri saprocento ganakveTis

diapazoni Sesabamisad Seadgenda 0.06-4.4 da 0.22-4.65 procents.

8. moTxovnebi finansuri institutebis mimarT 2011 da 2010 wlebis 31 dekembris mdgomareobiT moTxovnebi finansuri

institutebis mimarT moicavs:

31 dekemberi

22011

31 dekemberi

22010


uucxour valutaSi:

moTxovnebi ararezidenti finansuri

institutebis mimarT

depozitebi 1,214 7,674

sul moTxovnebi finansuri institutebis mimarT

uucxour valutaSi 1,214 7,674


eerovnul valutaSi:

moTxovnebi rezidenti finansuri institutebis

mimarT

refinansirebis sesxebi 13,505 190,039

sul moTxovnebi finansuri institutebis mimarT

eerovnul valutaSi 13,505 190,039




2011 da 2010 wlebis 31 dekembris mdgomareobiT finansuri institutebis

oTxmocdaaT dReze meti vadis mqone depozitebze wliuri saprocento

ganakveTis diapazoni Seadgenda 0 da 0-0.24 procents.

2011 wlis 31 dekembris mdgomareobiT SezRuduli depozitebi gamoiyeneba

rogorc saxelmwifo kontraqtebze akreditivebis uzrunvelyofa, romelsac

ericxeba wliuri 0 procenti (2010: 0.24 procenti) evroSi denominirebul

depozitebze, da 0 procenti aSS dolarSi denominirebul depozitebze (2010:

0 procenti), dabali anazRaurebis maCveneblis gamo. SezRuduli depozitebi

xelmisawvdomi gaxdeba 2012 wlis 31 dekembrisTvis dakavSirebuli

akreditivebis dafarvis vadis dadgomisas. 2011 da 2010 wlebis 31 dekembris mdgomareobiT banks gaaCnda refinansirebis

sesxebi gacemuli or komerciul bankze 13,505 laris odenobiT da Svid

komerciul bankze 190,039 laris odenobiT, Sesabamisad 6.8-6.85 da 7.5-7.8 wliuri saprocento ganakveTis diapazoniT.

sesxis uzrunvelyofa sesxis uzrunvelyofis tipi da kriteriumebi TiToeuli uzrunvelyofis

tipisTvis ganisazRvreba bankis sabWos mier. uzrunvelyofisTvis miRebuli

tipebia a) saqarTvelos mTavrobasa da bankis mier gamoSvebuli fasiani

qaRaldebi, b) saerTaSoriso bankis garantiebi; g) komerciuli bankebisgan

sesxis aqtivebis moTxovna; bankis monetaruli politikis komiteti

periodulad gansazRvravs TiToeuli tipis uzrunvelyofis dasakavebel

Tanxas. kanoniT gansazRvrul gansakuTrebul SemTxvevebSi, bankis sabWo

uflebamosilia uzrunvelyofis gareSe gasces bolo instanciis sesxi.

kanonis Tanaxmad saqarTvelos erovnul banks gaaCnia msesxeblis aqtivebis

dayadaRebis ufleba.

refinansirebis sesxebze miRebuli uzrunvelyofis ZiriTadi tipebia bankis

mier gamoSvebuli savalo fasiani qaRaldebi an saxelmwifo fasiani

qaRaldebi.

bankis sabWo monitorings uwevs uzrunvelyofis sabazro Rirebulebas,

Sesabamisi xelSekrulebis Tanaxmad iTxovs damatebiT uzrunvelyofas da

ganixilavs uzrunvelyofis sabazro Rirebulebas sesxis gaufasurebis

rezervis adekvaturobis ganxilvisas.




9. SDR-is angariSi saerTaSoriso savaluto fondSi (“ssf”)

31 ddekemberi

2011

31 ddekemberi

2010

aqtivebi:

SDR-is angariSi saerTaSoriso savaluto fondSi 373,034 394,538

valdebulebebi:

saerTaSoriso savaluto fondis mimdinare angariSebi

mimdinare angariSi # 1 998 1,007

mimdinare angariSi # 2 27 27

1,025 1,034

saerTaSoriso savaluto fondisgan miRebuli saxsrebi:

“sTend-bai” SeTanxmeba (SBA) 759,349 865,498

siRaribis daZleva da ekonomikuri zrda (PRGF) 221,089 283,826

zogadi SDR-is saxsrebis ganawileba 285,873 304,451

specialuri SDR-is saxsrebis ganawileba 83,402 88,821

1,349,713 1,542,596

sul valdebulebebi ssaerTaSoriso savaluto fondis mimarT 1,350,738 1,543,630

gare--sabalanso naSTebi:

saerTaSoriso savaluto fondis kvota 398,944 401,619

saerTaSoriso savaluto fondis kvotisa da saerTaSoriso

savaluto fondisgan miRebuli saxsrebis uzrunvelsayofad

flobili fasiani qaRaldebi (1,877,565) (1,948,703)

SDR-is angariSi saerTaSoriso savaluto fondSi SDR-is angariSi warmoadgens bankis mimdinare angariSs saerTaSoriso savaluto fondSi, romelic gamoiyeneba sesxebTan dakavSirebuli

operaciebisa da saerTaSoriso savaluto fondTan angariSsworebisaTvis.

SDR-is angariSi ZiriTadad Seadgens saerTaSoriso savaluto fondisgan

xelSekrulebis Tanaxmad miRebul SDR saxsrebis zogad da specialur

ganawilebas. SDR-is angariSze daricxuli procentis gaangariSeba xdeba

saerTaSoriso savaluto fondis mier yovelkvireulad dadgenili

ganakveTiT, romelic efuZneba ZiriTad fulad bazrebze arsebul

moklevadian sabazro ganakveTebs. 2011 da 2010 wlebis ganmavlobaSi saSualo

wliurma saprocento ganakveTma Sesabamisad Seadgina 0.40 da 0.29 procenti.




saerTaSoriso savaluto fondis mimdinare angariSebi banks moeTxoveba saerTaSoriso savaluto fondis ori angariSis floba:

mimdinare angariSi #1 da mimdinare angariSi #2. saerTaSoriso savaluto

fondis angariSi #1 gamoiyeneba saerTaSoriso savaluto fondis mier

saoperacio angariSsworebisaTvis, xolo mimdinare angariSi #2

gankuTvnilia saerTaSoriso savaluto fondis mier larSi warmoSobili

saoperacio xarjebis dasafarad. saerTaSoriso savaluto fondisgan miRebuli saxsrebi saerTaSoriso savaluto fondisgan miRebuli saxsrebi warmoadgens 0.5

wliuri saprocento ganakveTis mqone aT wlian PRGF sesxs, romelic

miRebul iqna siRaribis daZlevisa da makroekonomikuri stabilurobis

xelSewyobisaTvis. PRGF-ECF (“Extended Credit Facility”) trasti saxsrebs centraluri bankebisagan, samTavrobo da sxva oficialuri

dawesebulebebisgan sesxulobs ZiriTadad sabazro saprocento ganakveTiT

da gascems PRGF-ze uflebis mqone qveynebs. saerTaSoriso savaluto

fondisgan miRebuli sxva saxsrebisaTvis amgvari trasti ar arsebobs. 2010

wlis 7 ianvridan procenti PRGF-ECF sesxebze droebiT gauqmda 2011 wlis 31

dekembramde. 2011 wlis 1 dekembers saerTaSoriso savaluto fondis sabWom

2013 wlis 31 dekembramde gadaavada 2010 wlis 7 ianvars SemoRebuli

procentis gauqmeba PRGF sesxze. 2013 wlis bolos saerTaSoriso savaluto

fondi gadaxedavs saprocento ganakveTebs PRGF-ECF saxsrebisTvis da am TariRidan yovel or weliwadSi ganixilavs maT. 2013 wlis Semdeg PRGF-ECF sesxebze mosalodneli wliuri saprocento ganakveTi Seadgens 0.25

procents. xuT wliani dafarvis vadisa da cvalebadi saprocento ganakveTis mqone SBA

saxsrebi gacemul iqna erTiani saerTaSoriso rezervebisa da investorebis

ndobis aRdgenis mizniT. 2011 da 2010 wlebis ganmavlobaSi wliuri

saprocento ganakveTis diapazoni SBA saxsrebze Sesabamisad Seadgins 1.11-1.6 da 1.22-1.41 procents. SBA sesxis dafarva daiwyo 2011 wels. saerTaSoriso savaluto fondisgan miRebuli saxsrebi mTlianad

denominirebulia SDR-Si. PRGF sesxis srulad dafarva mosalodnelia 2017

wels, xolo SBA sesxis – 2014 wels. SDR saxsrebis ganawileba SDR saxsrebis ganawileba warmoadgens saerTaSoriso savaluto fondis mier

uzrunvelyofis gareSe, saprocento ganakveTis mqone SDR saxsrebis ganawilebas zogadi da specialuri saxsrebis saxiT. saxsrebis zogadi

ganawileba saerTaSoriso savaluto fondis mier xelSekrulebis Tanaxmad

xorcieldeba SDR ganyofilebis yvela wevrisaTvis kvotis proporciulad.




2009 wlis 10 agvistoTi daTariRebuli saerTaSoriso savaluto fondis

xelSekrulebis meoTxe cvlileba, romelic gansazRvravs SDR saxsrebis specialur, erTjerad ganawilebas, ukavSirdeba globaluri likvidobis

xelSewyobas. cvlilebis Tanaxmad saxsrebis specialuri ganawileba Seexo

saerTaSoriso savaluto fondis wevrebs, maT Soris saqarTvelos, 2009 wlis

9 seqtembers. wevrebi da gansazRvruli mflobelebi uflebamosilni arian

SDR saxsrebi gamoiyenon saerTaSoriso savaluto fondTan operaciebis

gansaxorcieleblad. banki saxsrebis ganawilebas miiCnevs saerTaSoriso

savaluto fondis winaSe ucxour valutaSi arsebul valdebulebad.

saqarTvelo, rogorc saerTaSoriso savaluto fondis wevri da saxsrebis

mimRebi qveyana, valdebulia saerTaSoriso savaluto fondis winaSe im

TanxiT, romelic utoldeba masze ganawilebul wminda akumulirebul

saxsrebs da nebismier sxva Tanxas, romelic eqvemdebareba gadaxdas wevrobis

Sewyvetis, an saerTaSoriso savaluto fondis SDR ganyofilebis gauqmebis

SemTxvevaSi.

SDR saxsrebis ganawilebis saprocento ganakveTis diapazoni 2011 da 2010

wlebSi Sesabamisad Seadgenda wliur 0.11-0.59 da 0.22-0.40 procents. saerTaSoriso savaluto fondis kvota

saerTaSoriso savaluto fondis kvota 150.3 milioni SDR-is odenobiT

warmoadgens saqarTvelos sawevro Senatans saerTaSoriso savaluto

fondSi, romelsac ar ericxeba saprocento ganakveTi.

saerTaSoriso savaluto fondis kvotisa da saerTaSoriso savaluto

fondisgan miRebuli saxsrebis uzrunvelsayofad flobili fasiani

qaRaldebi

fasiani qaRaldi Sedgeba saerTaSoriso savaluto fondis kvotis

uzrunvelsayofad flobili 398,944 larisa da saerTaSoriso savaluto

fondisgan miRebuli saxsrebis uzrunvelsayofad flobili 1,877,565 larisagan. fasiani qaRaldi saqarTvelos mTavrobis mier gamoSvebul iqna

1992 wels saerTaSoriso savaluto fondis kvotasTan mimarTebaSi.

uzrunvelyofis saxiT arsebuli fasiani qaRaldi moicavs saerTaSoriso

savaluto fondisgan saqarTvelos mTavrobisa da bankis mier miRebuli

saxsrebis mTlian nominalur Rirebulebas. fasiani qaRaldis nominaluri

Rirebuleba icvleba yovelwliuri gadafasebisas da bankis mier

saerTaSoriso savaluto fondis saerTo resursebis angariSidan saxsrebis

miRebisas. fasian qaRalds banki flobs Senaxvis mizniT, Sedegad misi

aRricxva xdeba gare-sabalanso angariSze da warmodgenilia nominaluri

RirebulebiT.




10. savaWro fasiani qaRaldebi savaWro fasiani qaRaldebi moicavs: 31 ddekemberi 2011 31 ddekemberi 2010

saxelmwifo savalo fasiani qaRaldebi::

aSS saxazino obligaciebi 108,646 107,891

aSS saxazino Tamasuqebi - 35,594

108,646 143,485 ,,Supranational’’ savalo fasiani qaRaldebi:: afrikis ganviTarebis banki 8,358 8,877

evropis sainvesticio banki - 3,646

8,358 12,523 saagentos savalo fasiani qaRaldebi::

KFW saerTaSoriso finansebi 16,703 1,975 ,,Norway Sovereign Agency’’ 7,539 - federaluri Sida sesxi 5,006 8,893

kanadis adgilobrivi xelisufleba 3,348 -

federaluri Sida ipoTekuri sesxi 1,669 -

nordik sainvesticio banki - 5,398

Fannie Mae - 5,357 34,265 21,623 sul savaWro fasiani qaRaldebi 151,269 177,631

31 ddekemberi 2011

31 ddekemberi 2010

wwliuri

saprocento

ganakveTi

dafarvis

vvada

wlliuri

ssaprocento

gganakveTi

dafarvis

vvada

saxelmwifo savalo fasiani

qaRaldebi 0.375%-1.375% 2012-2013 0.75%-1.13% 2011-2012

,,Supranational” saxelmwifo

savalo fasiani qaRaldebi 0.54% 2012 0.41%-3.25% 2011-2012 saagentos savalo fasiani

qaRaldebi 0.38%-0.66% 2012-2014 0.80%-3.13% 2011-2012




11. gasayidad arsebuli investiciebi

31 ddekemberi 2011

31 ddekemberi 2010

gasayidad arsebuli investiciebi ucxour valutaSi: saxelmwifo savalo fasiani qaRaldebi

aSS saxazino obligaciebi 1,293,568 505,140 safrangeTis saxazino Tamasuqebi 208,545 438,932 safrangeTis saxazino obligaciebi 191,068 33,244 avstraliis mTavrobis obligaciebi 110,092 - germaniis mTavrobis obligaciebi 105,904 - avstraliis saxazino Tamasuqebi 100,183 - niderlandebis mTavrobis obligaciebi 68,586 - avstriis mTavrobis obligaciebi 32,494 - fineTis mTavrobis obligaciebi 28,431 - niderlandebis saxazino Tamasuqebi 8,645 46,907 luqsemburgis mTavrobis obligaciebi 2,734 - belgiis saxazino Tamasuqebi - 154,949 aSS saxazino Tamasuqebi - 8,847

2,150,250 1,188,019 ,,Supranational “ savalo fasiani qaRaldebi

evropis sainvesticio banki 240,496 170,370 saerTaSoriso angariSsworebis banki 90,473 98,174

330,969 268,544 sul gasayidad arsebuli investiciebi ucxour valutaSi 2,481,219 1,456,563 gasayidad arsebuli investiciebi erovnul valutaSi: saxelmwifo savalo fasiani qaRaldebi

saqarTvelos mTavrobis obligaciebi 124,997 113,855 kapitalis investiciebi

Tbilisis bankTaSorisi savaluto birJis wili - 40 sul gasayidad aarsebuli investiciebi erovnul valutaSi 124,997 113,895




31 ddekemberi 2011 31 ddekemberi 2010 wliuri

saprocento

ganakveTi

daafarvis

vvada wlliuri

ssaprocento

gganakveTi

dafarvis

vvada

aSS saxazino obligaciebi 0.375%-3.625% 2012-2014 0.75%-4.88% 2011-2014 safrangeTis saxazino

Tamasuqebi 0.83475%-1.48% 2012

0.55%-0.93% 2011 safrangeTis saxazino

obligaciebi 0.75%-4.50% 2012-2013

- - avstraliis mTavrobis

obligaciebi 4.5%-6.50% 2012-2014

- - germaniis mTavrobis

obligaciebi 0.75%-4.25% 2012-2013

- - avstraliis saxazino

Tamasuqebi 3.85%-4.34% 2012

- - niderlandebis mTavrobis

obligaciebi 1.75%-5.00% 2012-2013

- - sxva ucxouri saxelmwifo

savalo fasiani qaRaldebi

/Tamasuqebi 1.215%%-5.375% 2012-2013

0.23%-1.50% 2011 evropis sainvesticio banki 1.25%-5.375% 2012-2014 2.50%-5.76% 2011-2013 saerTaSoriso

angariSsworebis banki 3.00%-4.00% 2012-2014

3.00%-4.00% 2012-2014 saqarTvelos mTavrobis

obligaciebi 12.00%-13.00% 2012-2016

12.00%-13.00% 2011-2015

12. dafarvis vadamde flobili investiciebi

31 ddekemberi 2011 31 ddekemberi 2010 sabalanso

RRirebuleba nominaluri

RRirebuleba sabalanso

RRirebuleba nominaluri

RRirebuleba

dafarvis vadamde flobili

iinvesticiebi ucxour

valutaSi:


qaRaldebi

aSS saxazino obligaciebi - - 18,444 17,728 ,,Supranational “ savalo fasiani

qaRaldebi

saerTaSoriso

angariSsworebis banki 11,493

10,807

61,516

58,750

sul dafarvis vadamde

fflobili investiciebi ucxour

valutaSi 11,493

10,807

79,960

76,478

dafarvis vadamde flobili

iinvesticiebi erovnul

valutaSi:

saqarTvelos mTavrobis

obligaciebi 562,361

560,846

602,547

600,846

sul dafarvis vadamde

fflobili investiciebi

erovnul valutaSi 562,361

560,846

602,547

600,846




31 ddekemberi 22011

31 ddekemberi 22010

wliuri

ssaprocento

gganakveTi

daafarvis

vvada

wliuri

ssaprocento

gganakveTi

dafarvis

vvada


qaRaldebi -

- 4.63% - 4.88%

2011

,,Supranational“ savalo fasiani

qaRaldebi 3.80%

2014 3.50% - 4.65%

2011-2014


obligaciebi 6.00%

2012 6.00%

2011

saqarTvelos mTavrobis obligaciebi erovnul valutaSi warmoadgens

saqarTvelos mTavrobasa da banks Soris 2006 wlis martSi gaformebuli

xelSekrulebis Tanaxmad samTavrobo sesxis savalo fasian qaRaldebad

gardaqmnis Sedegad saqarTvelos finansTa saministros mier gamoSvebul

fiqsirebuli saprocento ganakveTis mqone fasian qaRaldebs. saprocento

ganakveTi eqvemdebareba yovelwliur gadaxedvas arsebuli sabazro

ganakveTebis gaTvaliswinebiT.

13. gasayidad gankuTvnili ZiriTadi saSualebebi

31 ddekemberi 2011

31 ddekemberi 2010

sawyisi naSTi 329 - zrda 2,831 329

saboloo naSTi 3,160 329




14. ZiriTadi saSualebebi

miwa da

SSenoba-

nnagebobebi

kompiuterebi,

ssaofise

mowyobiloba

da aveji

daumTavre--

beli

mmSenebloba

satrans--

porto

ssaSualebebi

da sxva

ssul

Tavdapirveli RirebulebiT: 31 ddekemberi 2009 25,240 6,108 498 15,182 47,028 Sesyidva - 571 3,697 2,762 7,030 gasvla (4,123) (1,592) (127) (2,550) (8,392) gadatana gasayidad

klasificirebul aqtivebSi

(SeniSvna 13) (334) - - - (334) 31 ddekemberi 2010 20,783 5,087 4,068 15,394 45,332 Sesyidva 507 687 9,880 211 11,285 gasvla (276) (372) (6,710) (233) (7,591) gadatana gasayidad

klasificirebul aqtivebSi (SeniSvna 13) (3,269) (134) - (533) (3,936)

31 ddekemberi 2011 17,745 5,268 7,238 14,839 45,090 dagrovili cveTa:

31 ddekemberi 2009 (3,470) (4,506) - (11,204) (19,180) cveTis daricxva (449) (488) - (1,355) (2,292) Semcireba 115 1,541 - 2,522 4,178 31 ddekemberi 2010 (3,804) (3,453) - (10,037) (17,294) cveTis daricxva (419) (505) - (1,505) (2,429) Semcireba 503 429 - 720 1,652 31 ddekemberi 2011 (3,720) (3,529) - (10,822) (18,071) narCeni sabalanso Rirebuleba: 2011 wwlis 31 dekemberi 14,025 1,739 7,238 4,017 27,019

2010 wwlis 31 dekemberi 16,979 1,634 4,068 5,357 28,038




31 ddekemberi 2011

31 ddekemberi 22010

wliuri

ssaprocento

gganakveTi

daafarvis

vvada

wliuri

ssaprocento

gganakveTi

dafarvis

vvada


qaRaldebi -

- 4.63% - 4.88%

2011

,,Supranational“ savalo fasiani

qaRaldebi 3.80%

2014 3.50% - 4.65%

2011-2014


obligaciebi 6.00%

2012 6.00%

2011

saqarTvelos mTavrobis obligaciebi erovnul valutaSi warmoadgens

saqarTvelos mTavrobasa da banks Soris 2006 wlis martSi gaformebuli

xelSekrulebis Tanaxmad samTavrobo sesxis savalo fasian qaRaldebad

gardaqmnis Sedegad saqarTvelos finansTa saministros mier gamoSvebul

fiqsirebuli saprocento ganakveTis mqone fasian qaRaldebs. saprocento

ganakveTi eqvemdebareba yovelwliur gadaxedvas arsebuli sabazro

ganakveTebis gaTvaliswinebiT.

13. gasayidad gankuTvnili ZiriTadi saSualebebi

31 ddekemberi 2011

31 ddekemberi 2010

sawyisi naSTi 329 - zrda 2,831 329

saboloo naSTi 3,160 329




16. sxva aqtivebi da valdebulebebi sxva aqtivebi moicavs:

31 ddekemberi 2011

31 ddekemberi 2010

sxva aqtivebi ucxour valutaSi: winaswari gadaxdebi 2,630 949 sxva moTxovnebi 112 5

sul sxva aqtivebi ucxour valutaSi 2,742 954

sxva aqtivebi erovnul valutaSi:

winaswari gadaxdebi 39,073 4,882 TanamSromlebze gacemuli sesxebi 2,670 2,631 samaxsovro oqros monetebi 1,421 2,173 sasaqonlo-materialuri faseulobebi 516 530 sxva moTxovnebi 1,157 672

44,837 10,888 sxva aqtivebis gaufasurebis rezervi (1,492) (1,816)

sul sxva aqtivebi erovnul valutaSi 43,345 9,072

2011 da 2010 wlebis 31 dekembris mdgomareobiT sxva finansuri aqtivebi

Sesabamisad Seadgens 2,419 da 1,492 lars.

sxva valdebulebebi moicavs:

31 ddekemberi

2011 31 ddekemberi

2010

sxva valdebulebebi uucxour valutaSi: valdebulebebi mwarmoeblebis mimarT 1,499 1,369

sul sxva valdebulebebi ucxour valutaSi 1,499 1,369

sxva valdebulebebi erovnul valutaSi: gadavadebuli Semosavlebi grantidan 5,002 1,731 valdebulebebi mwarmoeblebis mimarT 1,553 1,271 valdebuleba realizebul banknotebsa da

monetebze 1,303 1,219 sapensio sqemis valdebulebebi 638 760 sxva valdebulebebi 122 10

sxva valdebulebebi erovnul valutaSi 8,618 4,991

2011 da 2010 wlebis 31 dekembris mdgomareobiT sxva finansuri

valdebulebebi Sesabamisad Seadgens 5,115 da 4,629 lars.




sxva aqtivebis gaufasurebis danakargebis rezervis moZraoba moicavs:

sxva aqtivebis

ggaufasurebis

rezervi

31 ddekemberi 2009 (2,024) gaufasurebis aRdgena 197 Camowera 11

31 ddekemberi 2010 (1,816) gaufasurebis aRdgena 320 Camowera 4

31 ddekemberi 2011 (1,492) sxva aqtivebis gaufasurebis danakargebis rezervi warmoadgens

TanamSromlebze gacemuli sesxebis gaufasurebis danakargebis rezervs.

17. valdebulebebi rezidenti finansuri institutebis mimarT valdebulebebi rezidenti finansuri institutebis mimarT moicavs:

31 ddekemberi 2011

31 ddekemberi 2010


iinstitutebis mimarT ucxour valutaSi: sakorespondento angariSebi 9,304 13,946 minimaluri sarezervo moTxovnebi 752,332 244,750

sul valdebulebebi rezidenti finansuri

iinstitutebis mimarT ucxour valutaSi 761,636 258,696


iinstitutebis mimarT erovnul valutaSi: sakorespondento angariSebi 155,369 144,102 erTdRiani depozitebi 230,483 60,150

sul valdebulebebi rezidenti finansuri

iinstitutebis mimarT erovnul valutaSi 385,852 204,252




2011 da 2010 wlebis 31 dekembris mdgomareobiT rezidenti finansuri

institutebis mimarT valdebulebebSi Sedis 817,024 laris da 293,963 laris

odenobis sami umsxvilesi rezidenti komerciuli bankis naSTebi, romlebic

aRemateba finansuri institutebis mimarT mTliani valdebulebis 15

procents.

rezident komerciul bankebs moeTxovebaT saqarTvelos erovnul bankSi

ganaTavson minimaluri sarezervo naSTebi. 2011 wlis 31 dekembris

mdgomareobiT savaldebulo rezervebi warmoadgens rezidenti finansuri

institutebis mier erovnul valutaSi denominirebuli moziduli saxsrebis

10 procents da ucxour valutaSi denominirebuli moziduli saxsrebis 15

procents. savaldebulo rezervebze 2011 da 2010 wlebis 31 dekembris

mdgomareobiT wliuri saprocento ganakveTi larSi da evroSi

denominirebul minimalur sarezervo moTxovnebze Sesabamisad Seadgens 6.75

da 7.5, xolo aSS dolarSi da evroSi denominirebul minimalur sarezervo

moTxovnebze 0 da 0.5 procents.

18. valdebulebebi finansTa saministros mimarT

31 ddekemberi 2011

31 ddekemberi 2010

valdebulebebi finansTa saministros mimarT

ucxour valutaSi: mimdinare angariSebi 183,938 89,446 SezRuduli depozitebi akreditivebis

dasafarad 995 7,043

sul valdebulebebi finansTa saministros

mmimarT uucxour valutaSi 184,933 96,489

valdebulebebi finansTa saministros mimarT

erovnul valutaSi: mimdinare angariSebi 573,629 712,072 SezRuduli depozitebi akreditivebis

dasafarad 189 588

sul valdebulebebi finansTa saministros

mmimarT eerovnul valutaSi 573,818 712,660




19. mimoqcevaSi gaSvebuli fuli mimoqcevaSi gaSvebuli fuli warmoadgens bankis mier gamoSvebul

saqarTvelos erovnul valutas. 2011 da 2010 wlebis 31 dekembriT

dasrulebuli wlisaTvis mimoqcevaSi gaSvebuli fulis angariSze moZraoba

aris Semdegi:

31 ddekemberi 2011

31 ddekemberi 2010

naSTi 1 iianvris mdgomareobiT 1,618,180 1,457,938 mimoqcevaSi gaSvebuli banknotebi 1,252,682 991,765 mimoqcevaSi gaSvebuli monetebi 13,053 7,162 gamoklebuli: naRdi fuli salaroSi erovnul

valutaSi (12,193) (14,071) mimoqcevidan amoRebuli banknotebi (1,111,819) (822,577) mimoqcevidan amoRebuli monetebi (6,319) (2,037)

naSTi 31 dekembris mdgomareobiT 1,753,584 1,618,180

20. valdebulebebi klientebis mimarT klientebis mimarT valdebulebebi moicavs:

31 ddekemberi 2011

31 ddekemberi 2010

saerTaSoriso finansuri institutebi 618 267 sxva 3 13

sul vvaldebulebebi klientebis mimarT 621 280

21. gamoSvebuli savalo fasiani qaRaldebi

wliuri

ssaprocento

ganakveTi

dafarvis

vada nominaluri

RRirebuleba sabalanso

RRirebuleba

sadepozito

serTifikatebi 2011

wlis 31 dekembris

mdgomareobiT 6.95% - 8.85% 5 ianvari - 28

ivnisi 2012 450,000 442,128 sadepozito

serTifikatebi 2010

wlis 31 dekembris

mdgomareobiT 8.49% - 9.95% 6 ianvari - 31

marti 2011 360,000 355,119




22. kapitali kanonis Sesabamisad, bankis kapitali Seicavs bankis sawesdebo kapitalsa da

sarezervo fonds.

sawesdebo kapitali 2011 da 2010 wlebis 31 dekembris mdgomareobiT bankis sawesdebo kapitali

srulad aris Setanili da Seadgens 15,000 lars.

sarezervo fondi

,,saqarTvelos erovnuli bankis Sesaxeb” saqarTvelos organul kanonSi 2009

wlis 1 dekembers Setanili cvlilebis Tanaxmad (#2186) erovnuli bankis

saerTo sarezervo fondma unda Seadginos sarezervo fulis (bankis mier

mimoqcevaSi gaSvebuli naRdi fuli erovnul valutaSi da komerciuli

bankebis sakorespondento angariSebi erovnul valutaSi) 15 procenti.

erovnuli bankis saerTo sarezervo fondi iqmneba wlis realizebuli

mogebidan, romelic warmoadgens wlis wminda mogebas gadafasebiT

gamowveuli ararealizebuli wminda mogebis gamoklebiT. sabWo

uflebamosilia miiRos gadawyvetileba wminda mogebis darCenili TanxiT

saerTo sarezervo fondis moculobis Sesabamisi finansuri wlis bolos

arsebuli sarezervo fulis odenobis 15 procentze naklebi odenobiT

Sevsebis Sesaxeb. saerTo sarezervo fondi gamoiyeneba mxolod bankis

zaralis sakompensaciod. qveynis finansuri sistemis stabilurobis

SenarCunebisa da mdgradi ekonomikuri zrdis xelSewyobis mizniT, sabWo

uflebamosilia miiRos gadawyvetileba sarezervo fondis ganawilebaze.

sarezervo fondis Seqmnis Semdgom, bankis realizebuli mogebis narCeni

naSTi unda gadairicxos saqarTvelos saxelmwifo biujetSi. 2011 wlis 31

dekembris mdgomareobiT sarezervo fondi 60,692 laris odenobiT

gamoyenebulia bankis dagrovili zaralis sakompensaciod. ucxouri valutis gadafasebis rezervi kanonis Tanaxmad, gadafasebiT gamowveuli ararealizebuli wminda mogeba

miemarTeba gadafasebis Sesabamis specialur rezervSi, romelic gamoiyeneba

mxolod momavali gadafasebis wminda zaralis sakompensaciod.

2011 wlis 31 dekembris mdgomareobiT bankma gadaitana 59,659 laris odenobis

wminda zarali ucxouri valutis gadafasebidan ucxouri valutis

gadafasebis rezervSi.

gasayidad arsebuli investiciebis gadafasebis rezervi aRniSnuli rezervi warmoadgens gasayidad arsebuli investiciebis realuri

Rirebulebis cvlilebas.




23. garantiebi da pirobiTi valdebulebebi banki Tavisi Cveuli saqmianobis procesSi iyenebs finansur instrumentebs

garesabalanso valdebulebebiT. banki garesabalanso valdebulebebTan

mimarTebaSi xelmZRvanelobs riskebis marTvis imave politikiT, romelsac

iyenebs sabalanso operaciebSi. valdebulebebi kapitalur danaxarjebze 2011 da 2010 wlebis 31 dekembris mdgomareobiT axali sakaso centris

mSeneblobasTan dakavSirebiT banks gaaCnia valdebulebebi kapitalur

danaxarjebze Sesabamisad 593 da 137 laris odenobiT. saoperacio garemo rogorc ganviTarebad bazars, saqarTvelos ar gaaCnia maRalganviTarebuli

infrastruqtura, romelic, rogorc wesi, axasiaTebs ufro momwifebul

sabazro ekonomikas. saqarTveloSi saqmianoba dakavSirebulia iseT

riskebTan, romlebic, rogorc wesi, ar arsebobs ganviTarebul bazarze.

bolo ramdenime wlis ganmavlobaSi, saqarTvelos mTavrobam mniSvnelovani

nabijebi gadadga, ramac dadebiTi gavlena iqonia qveynis sainvesticio

garemoze. gansakuTrebiT aRsaniSnavia reformebi sabanko, iuridiul,

sagadasaxado da maregulirebeli sistemis efeqtianobis gazrdis

mimarTulebiT. yovelive aman xeli Seuwyo makroekonomikur stabilurobas,

ekonomikuri zrdis maRal tempebs da ucxouri investiciebis Semodinebas.

xelmZRvanelobis azriT, aRniSnuli nabijebi amcirebs biznesis warmoebis

riskebs saqarTveloSi.

mosalodnelia rom biznes garemos gaumjobesebis aRniSnuli tendencia

kvlavac gagrZeldeba. saqarTvelos ekonomikis samomavlo ganviTareba

mniSvnelovnad aris damokidebuli zemoTxsenebul reformebze da

saqarTvelos mTavrobisa da saqarTvelos erovnuli bankis mier miRebuli

finansuri Tu ekonomikuri zomebis efeqturobaze. valdebulebebi saoperacio lizingze 2011 da 2010 wlebis 31 dekembris mdgomareobiT banks ar gaaCnda arsebiTi

salizingo valdebulebebi.

sasamarTlo davebi bankis mimdinare sasamarTlo procesebTan da saCivrebTan mimarTebaSi

xelmZRvanelobas miaCnia, rom amgvari sasamarTlo procesebidan

warmoSobili valdebuleba, Tu aseTs adgili eqneba, ar iqoniebs arsebiT

gavlenas bankis finansur mdgomareobaze an misi saqmianobis Sedegebze.

xelmZRvanelobis azriT, ar arsebobs raime arsebiTi dauricxavi zarali da

Sesabamisad finansur angariSgebaSi ar aris gaTvaliswinebuli danakargebis

anaricxebi.




sakredito da pirobiTi valdebulebebi 2011 da 2010 wlebis 31 dekembris mdgomareobiT bankis sakredito da pirobi-

Ti valdebulebebi Sesabamisad Sedgeboda gamoSvebuli akreditivebisgan

1,184 da 7,631 laris odenobiT.

dazRveva banks amJamad ar gaaCnia daudevrobiT an SecdomiT gamowveuli valdebule-

bebis dazRvevis sqema.

24. garigebebi dakavSirebul mxareebTan dakavSirebul mxareebs warmoadgenen aqcionerebi, filialebi, bankTan

saerTo mflobelobis da kontrolis qveS arsebuli sawarmoebi da umaRlesi

rangis xelmZRvaneloba.

TiToeuli dakavSirebuli mxaris urTierTobis tipis ganxilvisas, yuradReba

eTmoba kavSiris arss da ara mxolod iuridiul formas. bankis garigebebi

dakavSirebul mxareebTan warmodgenilia qvemoT:

31 ddekemberi 2011 31 ddekemberi 2010 dakavSire--

buli

mmxareebis

naSTebi

sul finansuri

aangariSgebis

muxlis

mmixedviT

dakavSire--

buli

mmxareebis

naSTebi

sul

ffinansuri

angariSgebis

mmuxlis

mixedviT finansuri mdgomareobis angariSgeba

aqqtivebi


erovnul valutaSi saqarTvelos mTavroba 124,997 124,997 113,855 113,895

dafarvis vadamde flobili investiciebi

erovnul valutaSi saqarTvelos mTavroba 562,361 562,361 602,547 602,547

TanamSromlebze gacemuli sesxebi

erovnul valutaSi umaRlesi rangis xelmZRvaneloba 422 2,670 429 2,631

valdebulebebi

valdebulebebi finansTa saministros

mimarT ucxour valutaSi saqarTvelos mTavroba 184,933 184,933 96,489 96,489

valdebulebebi finansTa saministros

mimarT erovnul valutaSi saqarTvelos mTavroba 573,818 573,818 712,660 712,660

sakredito da pirobiTi valdebulebebi saqarTvelos mTavroba 1,184 1,184 7,631 7,631




2011 wlis 31 dekembriT

ddasrulebuli wlisaTvis 2010 wlis 31 dekembriT

ddasrulebuli wlisaTvis garigebebi

ddakavSire-

bbul

mxareebTan

sul

ffinansuri

angariSgebis

mmuxlis

mixedviT

garigebebi

ddakavSire-

bbul

mxareebTan

sul

ffinansuri

angariSgebis

mmuxlis

mixedviT

umaRlesi rangis xxelmZRvanelobis

anazRaureba: - TanamSromlebis moklevadiani

anazRaureba 1,872 10,262 1,877 9,595

suul 1,872 10,262 1,877 9,595

2011 wlis 31 dekembriT

ddasrulebuli wlisaTvis 2010 wlis 31 dekembriT

ddasrulebuli wlisaTvis garigebebi

ddakavSire-

bbul

mxareebTan

sul

ffinansuri

angariSgebis

mmuxlis

mixedviT

garigebebi

ddakavSire-

bbul

mxareebTan

sul

ffinansuri

angariSgebis

mmuxlis

mixedviT sruli Semosavlebis angariSgeba

saprocento Semosavali investiciebidan saqarTvelos mTavroba 50,242 74,623 52,043 68,872

saprocento Semosavali sxva

operaciebidan

umaRlesi rangis xelmZRvaneloba 37 1,780 39 1,352

zarali ZiriTadi saSualebebis

gasxvisebidan saqarTvelos mTavroba 273 349 3,670 4,120

sajaro samarTlis iuridiuli pirebis

dafinansebasTan dakavSirebuli xarjebi saqarTvelos mTavroba 1,267 1,267 1,308 1,308

25. finansuri instrumentebis realuri Rirebuleba

realuri Rirebuleba warmoadgens Tanxas, romelzec instrumenti SeiZleba

gaicvalos komerciuli operaciis Sedegad garigebis mosurne

gaTviTcnobierebul mxareebs Soris da ara likvidaciis Sedegad an

iZulebiT. warmodgenili daSvebebi SesaZlebelia ar asaxavdes im Tanxebs,

romelsac banki miiRebda misi finansuri instrumentebis realizaciis

SemTxvevaSi.

qvemoT moyvanilia bankis finansuri mdgomareobis angariSgebaSi asaxuli

finansuri instrumentebis SedarebiTi analizi sabalanso da realuri

Rirebulebebis mixedviT.




31 ddekemberi 11 31 ddekemberi 10 sabalanso

RRirebuleba

realuri

RRirebuleba

sabalanso

RRirebuleba

realuri

RRirebuleba

finansuri aqtivebi: fuli da fulis eqvivalentebi 1,690,301 1,690,301 1,904,779 1,904,779 moTxovnebi finansuri

institutebis mimarT 14,719 14,719 197,713 197,713 SDR-is angariSi saerTaSoriso

savaluto fondSi 373,034 373,034 394,538 394,538 dafarvis vadamde flobili

investiciebi 573,854 450,275 682,507 494,908 sxva finansuri aqtivebi 2,419 2,419 1,492 1,492 finansuri valdebulebebi:

valdebulebebi rezidenti

finansuri institutebis mimarT 1,147,488 1,147,488 462,948 462,948 valdebulebebi finansTa

saministros mimarT 758,751 758,751 809,149 809,149 valdebulebebi saerTaSoriso

savaluto fondis mimarT 1,350,738 1,350,738 1,543,630 1,543,630 valdebulebebi klientebis

mimarT 621 621 280 280 gamoSvebuli savalo fasiani

qaRaldebi 442,128 442,128 355,119 355,119 sxva finansuri valdebulebebi 5,115 5,115 4,629 4,629

aqtivebi romelTa realuri Rirebuleba utoldeba sabalanso Rirebulebas

finansuri aqtivebisa da valdebulebebis sabalanso Rirebuleba utoldeba

realur Rirebulebas, im SemTxvevaSi Tu maT gaaCniaT xanmokle dafarvis

vada (3 Tveze naklebi). es daSveba aseve exeba moTxovnamde depozitebs da

Semnaxvel angariSebs, romlebsac ar gaaCniaT dafarvis vada.


gasayidad arsebuli investiciebi moicavs saqarTvelos finansTa

saministros mier adgilobriv valutaSi gamoSvebul saxelmwifo savalo

fasian qaRaldebs. vinaidan 2011 da 2010 wlebSi ar ganxorcielebula

garigeba, romelic iqneboda saxelmwifo savalo fasiani qaRaldebis

realuri Rirebulebis amsaxveli, realuri Rirebulebis Sesafaseblad

gamoyenebul iqna mosalodneli fuladi saxsrebis diskontirebis meTodi.

arakotirebuli, gasayidad arsebuli investiciebis realuri Rirebulebis

Sesafaseblad gamoyenebul iqna saqarTvelos mTavrobis mier gamoSvebul

obligaciebze arsebuli saSualo saprocento ganakveTi, romelic 2011 da

2010 wlebis 31 dekembris mdgomareobiT, Seadgens Sesabamisad 9.14 da 13.82 procents.




fiqsirebuli saprocento ganakveTis mqone finansuri instrumentebi

amortizebuli RirebulebiT asaxuli fiqsirebuli saprocento ganakveTis

mqone finansuri aqtivebisa da valdebulebebis realuri Rirebuleba

gamoiTvleba Tavdapirveli aRiarebisas msgavsi finansuri instrumentebis

sabazro saprocento ganakveTebis SedarebiT maT mimdinare sabazro

saprocento ganakveTebTan. fiqsirebuli saprocento ganakveTis mqone

depozitebis mimdinare realuri Rirebuleba efuZneba diskontirebul

fulad nakadebs, moqmedi fuladi bazris saprocento ganakveTis gamoyenebiT

sesxebisaTvis, romelTac gaaCniaT msgavsi sakredito riskebi da vadianoba.

kotirebuli savalo fasiani qaRaldebisaTvis realuri Rirebuleba

gamoiTvleba kotirebuli sabazro fasiT. rodesac kotirebuli sabazro

fasis gansazRvra ver xerxdeba, gamoiyeneba diskontirebuli fuladi

nakadebis meTodi, romelic efuZneba mimdinare saprocento ganakveTis

grafiks darCenili vadis Sesabamisad.

realuri RirebulebiT aRricxuli finansuri instrumentebi

wardgenis mizniT, realuri RirebulebiT aRricxuli finansuri

instrumentebi dayofilia realuri Rirebulebis ierarqiis sami donis

mixedviT, rac dafuZnebulia realuri Rirebulebis dasadgenad

gaTvaliswinebuli Semavali monacemebis dakvirvebadobis xarisxze: aqtiur bazarze kotirebuli fasebi (done 1) – Sefaseba dafuZnebulia

aqtiur bazrebze msgavsi aqtivebisa Tu valdebulebebis kotirebul

fasebze, bankis wvdomis SesaZleblobis Sesabamisad. am saxis finansur

instrumentebze Sefasebis koreqtirebebi ar vrceldeba, radgan Sefaseba

dafuZnebulia kotirebul fasebze, romlebic mza saxiT da sakmarisi

sixSiriT gvxvdeba aqtiur bazarze. am produqtebis Sefaseba ar

warmoadgens mniSvnelovani gansjis sagans.

teqnika, romlis yvela Semavali monacemi aris miRebuli sabazro

monacemebidan (done 2) – Sefaseba dafuZnebulia yvela im Semaval

monacemze dayrdnobiT, romlebic aris xelmisawvdomi, pirdapir an

arapirdapir, da bazari saidanac mopovebulia dakvirvebadi monacemebi ar

aris miCneuli aqtiurad;

teqnika, romlis Semavali monacemebi ar efuZneba sabazro monacemebs

(done 3) – Sefaseba dafuZnebulia yvela im Semaval monacemze, romelic

mniSvnelovan gavlenas axdens realur Rirebulebaze da ar efuZneba

dakvirvebad sabazro monacemebs.




winamdebare cxrili asaxavs bankis Sefasebis midgomas da realuri

Rirebulebis ierarqiis doneebs realuri RirebulebiT asaxuli finansuri

instrumentebis garkveuli arsebiTi jgufebisTvis:

31 ddekemberi 2011

aqtiur

bazarze kkotirebuli

fasebi ((done 1)

Sefasebis

teqnika

arsebul

sabazro

mmonacemebze

dayrdnobiT

(done 2)

Sefasebis

tteqnika,

romelic

ssabazro

monacemebis

ggarda sxva

informacias

iiyenebs

(done 3)

sul

savaWro fasiani qaraldebi 151,269 - - 151,269 gasayidad arsebuli

investiciebi 2,481,218 124,997 - 2,606,215

31 ddekemberi 2010

aqtiur

bazarze kkotirebuli

fasebi ((done 1)

Sefasebis

teqnika

arsebul

sabazro

mmonacemebze

dayrdnobiT

(done 2)

Sefasebis

tteqnika,

romelic

ssabazro

monacemebis

ggarda sxva

informacias

iiyenebs

(done 3)

sul

savaWro fasiani qaRaldebi 177,631 - - 177,631 gasayidad arsebuli

investiciebi 1,456,563 113,895 - 1,570,458

qvemoT warmodgenilia im finansuri instrumentebis realuri Rirebulebis

gamoTvlis aRwera, romlebic aRricxulia realuri Rirebulebis Sefasebis

teqnikis gamoyenebiT. es gulisxmobs bankis mier im daSvebebis Sefasebas,

romelsac sabazro garigebis monawile gaakeTebs instrumentebis

Sefasebisas.

savaWro fasiani qaRaldebi da gasayidad arsebuli investiciebi savaWro fasiani qaRaldebi da gasayidad arsebuli investiciebi Sefasebuli

Sefasebis teqnikisa da safaso modelis gamoyenebiT ZiriTadad Sedgeba

arakotirebuli kapitalisa da savalo fasiani qaRaldebisgan. aRniSnuli

fasiani qaRaldebi aris Sefasebuli iseTi modelebis gamoyenebiT,

romlebSic gamoiyeneba an mxolod bazarze xelmisawvdomi monacemebi, an

rogorc bazarze arsebuli ise ararsebuli monacemebi. aradakvirvebadi

monacemebi Seicavs daSvebebs momavali finansuri mdgomareobisa an riskis

Sesaxeb, da ekonomikur daSvebebs industriisa da geografiuli

iurisdiqciis Sesaxeb.




qvemoT mocemuli cxrili warmoadgens finansuri aqtivebisa da

valdebulebebis analizs imis mixedviT, Tu rodis aris mosalodneli maTi

amoReba an dafarva.

31 ddekemberi 2011 31 ddekemberi 2010

erTii

wlis

mmanZilze

erT

wwelze

meti

sul erTii

wlis

mmanZilze

erT

wwelze

meti

sul

finansuri aqtivebi: fuli da fulis

eqvivalentebi 1,690,301 - 1,690,301 1,904,779 - 1,904,779 moTxovnebi finansuri

institutebis mimarT 14,719 - 14,719 197,713 - 197,713 SDR-is angariSi saerTaSoriso

savaluto fondSi 373,034 - 373,034 394,538 - 394,538 savaWro fasiani

qaRaldebi 151,269 - 151,269 177,631 - 177,631 gasayidad arsebuli

investiciebi 1,981,820 624,396 2,606,216 1,010,348 560,110 1,570,458 dafarvis vadamde

flobili investiciebi 562,361 11,493 573,854 669,839 12,668 682,507 sxva finansuri aqtivebi 2,148 271 2,419 846 646 1,492

sul finansuri aqtivebi 4,775,652 636,160 5,411,812 4,355,694 573,424 4,929,118

finansuri

vvaldebulebebi: valdebulebebi

rezidenti finansuri

institutebis mimarT 1,147,488 - 1,147,488 462,948 - 462,948 valdebulebebi finansTa

saministros mimarT 758,751 - 758,751 809,149 - 809,149 valdebulebebi

saerTaSoriso

savaluto fondis

mimarT 698,589 652,149 1,350,738 497,313 1,046,317 1,543,630 valdebulebebi

klientebis mimarT 621 - 621 280 - 280 gamoSvebuli savalo

fasiani qaRaldebi 442,128 - 442,128 355,119 - 355,119 sxva finansuri

valdebulebebi 4,481 634 5,115 3,869 760 4,629

sul finansuri

vvaldebulebebi 3,052,058 652,783 3,704,841 2,128,678 1,047,077 3,175,755

wminda finansuri ppozicia 1,723,594 (16,623) 1,706,971 2,227,016 (473,653) 1,753,363

sxva srul SemosavalSi warmodgenili mogeba da zarali miRebulia

gasayidad arsebuli investiciebidan da asaxulia rogorc gasayidad

arsebuli investiciebis gadafasebis Sedegad miRebuli rezervis sxvaoba.




26. riskis marTva

Sesavali

riski bankis saqmianobis ganuyofeli nawilia. Sesabamisad, riskebis marTva

warmoadgens bankis saqmianobis arsebiT komponents. riskis marTva

SesaZlebelia mudmivi identificirebis, Sefasebisa da yoveldRiuri

monitoringis gziT. bankis TiToeuli TanamSromeli pasuxismgebelia

sakuTar saqmianobasTan dakavSirebuli riskis gamJRavnebaze. bankis

operaciebisTvis damaxasiaTebeli ZiriTadi riskebia sakredito, likvidobisa

da sabazro riskebi. banki agreTve dgas saoperacio riskis winaSe.

bankis sabWo maqsimalurad aris pasuxismgebeli riskebis identificirebasa

da kontrolze, Tumca arsebobs calkeuli biznes erTeulebi, romlebic

pasuxs ageben sxvadasxva riskebis marTvasa da monitoringze.

sabWo

bankis sabWos gaaCnia mTliani pasuxismgebloba zedamxedveloba gauwios

riskebis marTvis struqturas, akontrolos ZiriTadi riskebis marTva da

gadaxedos riskebis marTvis politikasa da procedurebs.

rezervebis marTvis komiteti

bankis rezervebis marTvis komiteti (SemdgomSi ,,komiteti”) pasuxismgebelia

riskebis SemcirebisaTvis ganxorcielebuli zomebisa da Sesabamisobis

monitoringis ganxorcielebaze. komitetma agreTve unda miiRos rwmuneba

imisa, rom mTlianad bankis saqmianoba xdeba riskebis dadgenili

parametrebis farglebSi. komitetis Cveulebrivi saqmianoba moicavs

yovelTviuri angariSebis mimoxilvas, kontragentebis siis damowmebas,

strategiuli cvlilebebis sabWoSi wardgenamde damowmebas da aqtivebis

gadanawilebasTan dakavSirebuli mniSvnelovani taqtikuri

gadawyvetilebebis miRebas.

riskebis marTvisa da kontrolis ganyofileba

bankis riskebis marTvisa da kontrolis ganyofileba (SemdgomSi

,,ganyofileba’’) pasuxismgebelia saerTo riskebis marTvasa da dadgenil

parametrebTan Sesabamisobaze. ganyofilebam unda uzrunvelyos riskebis

amocnobis, Sefasebis, marTvisa da angariSgebisaTvis saWiro saerTo

principebisa da meTodebis SemuSaveba. ganyofilebis ZiriTad funqcias

warmoadgens bankis winaSe mudmivi riskebis amocnoba, analizi da marTva,

Sesabamisi riskis zRvarisa da kontrolis meqanizmebis dadgena da riskebis

donisa da limitebis mudmivi monitoringi. ganyofileba agreTve atarebs

“benCmarkingsa” da “stres tests”. ganyofileba yovelTviurad

angariSvaldebulia rezervebis marTvis komitetis winaSe.




Sida auditi

Sida auditis mier yovelwliurad xdeba bankis riskebis marTvis procesebis

auditi. Sedegad Sida auditi amowmebs rogorc procedurebis

adekvaturobas, aseve bankis saqmianobis Sesabamisobas aRniSnul

procedurebTan. Sida auditi xelmZRvanelobasTan ganixilavs Sefasebis

Sedegebs da sabWos Tavmjdomares warudgens mis aRmoCenebsa da

rekomendaciebs.

riskebis Sefasebisa da angariSgebis sistemebi

operaciebis struqturidan gamomdinare, bankSi riskebis marTva xorcieldeba

centralizebuli da aracentralizebuli meTodiT. finansuri riskis marTva

xorcieldeba centralizebulad, maSin rodesac saoperacio riskis marTvis

procesi ar aris centralizebuli.

riskebis marTva pirdapir xorcieldeba sxvadasxva ganyofilebebis mier.

bankSi arsebobs aseve specialuri komitetebi da komisiebi operaciebisa da

kontrolis ganxorcielebisaTvis, rogorebicaa rezervebis marTvis

komiteti, sakredito komiteti, da a.S.

mniSvnelovania bankis riski ucxour valutaSi arsebul aqtivebTan

mimarTebaSi. riskis marTvasTan dakavSirebuli procedurebis, movaleobebisa

da angariSvaldebulebis ganawilebas aregulirebs ,,saqarTvelos erovnuli

bankis saerTaSoriso rezervebis marTvis principebi da strategia”.

Warbi riskis koncentracia riskis koncentracias adgili aqvs maSin, rodesac kontragentebi CarTulni

arian msgavs biznes saqmianobaSi, saqmianobas ewevian erTsadaimave

geografiul regionSi, an aqvT msgavsi ekonomikuri mdgomareoba da

ekonomikuri, politikuri da sxva cvlilebebi Tanabrad uaryofiT gavlenas

axdens saxelSekrulebo valdebulebebis Sesrulebis unarze. koncentracia

miuTiTebs imaze, rom banki SedarebiT mgrZnobiare iqneba konkretul

sferosa Tu geografiul nawilSi mimdinare cvlilebebis mimarT.

Warbi riskis koncentraciis Tavidan acilebis mizniT bankis politika da

procedurebi moicavs diversificirebuli portfelis Seqmnisa da

SenarCunebis specialur instruqciebs.




sakredito riski

sakredito riski aris danakargi, romelic SesaZlebelia warmoiSvas

kontragentis mier nakisri valdebulebebis Seusruleblobis SemTxvevaSi.

banki marTavs da akontrolebs sakredito riskebs sainvesticio aqtivebis

saTanadod SerCeviT, amave aqtivebis sakredito xarisxiT da sainvesticio

aqtivze investiciis moculobis limitebis dawesebiT. bankSi SemuSavebulia

sakredito riskis marTvis politika da procedurebi portfelis

koncentraciis instruqciebis CaTvliT. rezervebis marTvis komiteti

axorcielebs bankis sakredito riskis mudmiv monitorings. bankis sakredito

politikis mimoxilva da damtkiceba xdeba erovnuli bankis sabWos mier.

imisaTvis, rom SeizRudos sakredito riskis mimarT daucveloba ucxour

valutaSi, riskebis marTvis ganyofilebis mier Sedgenil iqna sando

partniorTa sia, romelTac aqvT saerTaSoriso sareitingo saagentoebis

(Standard & Poor’s, Moody’s and Fitch) mier dadgenili maRali grZelvadiani

sakredito reitingi. aRniSnuli sia damowmebul iqna rezervebis marTvis

komitetis mier.

partnioris SerCevisas mxedvelobaSi miiReba misi sakredito reitingi,

qveyana sadac partniori organizacia mdebareobs, misi aqtivebisa da

kapitalis moculoba, saerTaSoriso bazrebze da korporatiul klientebTan

muSaobis gamocdileba da momxmarebelTaTvis SeTavazebuli momsaxurebis

speqtri. bankis kontragentisaTvis miniWebul saagentoTa mier grZelvadiani

sakredito reitingis CamoqveiTebis SemTxvevaSi, kontragenti amoRebul

iqneba siidan. sakredito reitingi unda iyos sul mcire:

1 kategoria: sakredito reitingi unda iyos sul mcire AA da unda iyos

miniWebuli samidan sul mcire ori sakredito saagentos mier. 2 kategoria: sakredito reitingi unda iyos sul mcire AA da unda iyos

miniWebuli samidan sul mcire erTi sakredito saagentos mier, da A

miniWebuli danarCeni oris mier. 3 kategoria: sakredito reitingi unda iyos sul mcire A da unda iyos

miniWebuli samive sakredito saagentos mier. mimdinare angariSebTan da komerciul miznebTan mimarTebaSi bankis

sakredito riski SedarebiT dabalia da Sesabamisad, minimaluri moTxovna

aris grZelvadiani reitingi A da umaRlesi moklevadiani reitingi, romelic

miniWebuli unda iyos samidan sul mcire ori sakredito sareitingo

saagentos mier. banks gaaCnia limitebi individualuri kontragentebisaTvis, kontragenti

riskis jgufebisaTvis (1, 2 da 3 kategoriebi) da agreTve suverenuli

limitebi.

qvemoT moyvanili cxrili aRwers finansuri mdgomareobis angariSgebis

komponentebis maqsimalur sakredito risks. maqsimaluri sakredito riski

naCvenebia gaufasurebis rezervis Seqmnamde da urTierTCaTvlisa da

uzrunvelyofis gaTvaliswinebamde.




Mmaqsimaluri

riski Mmaqssimaluri

rriski SeniSvnebi 31 ddekemberi 2011 31 ddekemberi 2010

fuli da fulis

eqvivalentebi (naRdi

fulis gamoklebiT) 7 1,542,384 1,747,381

moTxovnebi finansuri

institutebis mimarT 8 14,719 197,713

SDR-is angariSi saerTaSoriso savaluto

fondSi 9 373,034 394,538

savaWro fasiani qaRaldebi 10 151,269 177,631

gasayidad arsebuli

investiciebi 11 2,606,216 1,570,458 dafarvis vadamde flobili

investiciebi 12 573,854 682,507 sxva finansuri aqtivebi 16 2,419 1,492

5,263,895 4,771,720

sakredito da pirobiTi

valdebulebebi 23 1,184 7,631

sul sakredito riski 5,265,079 4,779,351

rodesac finansuri instrumentebi aRricxulia realuri RirebulebiT,

zemoT naCvenebi Tanxa warmoadgens mindinare sakredito risks, magram es ar

aris maqsimaluri riski, romelic SesaZloa warmoiSvas samomavlod

Rirebulebis cvlilebebis Sedegad. finansuri instrumentis TiToeuli

tipisaTvis maqsimaluri sakredito riskis Taobaze miTiTebebi

warmodgenilia zemoT aRniSnul konkretul SeniSvnebSi. qvemoT

warmodgenilia bankis mier ucxour valutaSi flobili finansuri

instrumentebis emitenti organizaciebis sakredito reitingis cxrili.

cxrili moicavs iseTi saerTaSoriso saagentoebis sakredito reitings

rogorebicaa: Standard & Poors, Fitch and Moody’s. rodesac saagentoebis mier aqtivisTvis xdeba gansxvavebuli sakredito reitingis miniWeba, aRniSnuli

aqtivis warmodgenisTvis gamoiyeneba umciresi sakredito reitingi.




2011 wlis 31 dekembris mdgomareobiT

AAA AA+ AA AA- A+ A B Seufase--

bbeli sul

fuli da fulis


fulis gamoklebiT) 265,702 471,025 21,620 234,507 282,720 266,810 - - 1,542,384 moTxovnebi finansuri

institutebis mimarT - - - - 1,025 189 5,502 8,003 14,719 SDR-is angariSi saerTaSoriso

savaluto fondSi 373,034 - - - - - - - 373,034 savaWro fasiani

qaRaldebi 151,269 - - - - - - - 151,269 gasayidad arsebuli

investiciebi 1,187,651 1,293,568 - - - - 124,997 - 2,606,216 dafarvis vadamde

flobili

investiciebi 11,493 - - - - - 562,361 - 573,854 sxva finansuri

aqtivebi - - - - - - - 2,419 2,419


AAA AA+ AA AA- A+ A B Seufase--

bbeli sul

fuli da fulis


fulis gamoklebiT) 835,541 236 16 746,611 164,918 59 - - 1,747,381 moTxovnebi finansuri

institutebis mimarT - - - - 7,674 - 121,325 68,714 197,713 SDR-is angariSi saerTaSoriso

savaluto fondSi 394,538 - - - - - - - 394,538 savaWro fasiani

qaRaldebi 177,631 - - - - - - - 177,631 gasayidad arsebuli

investiciebi 1,301,614

154,949 - - - - 113,895 - 1,570,458 dafarvis vadamde

flobili

investiciebi 79,960 - - - - - 602,547 - 682,507 sxva finansuri

aqtivebi - - - - - - - 1,492 1,492

sakredito xarisxi finansuri aqtivebis tipis mixedviT rogorc centraluri banki, banki uzrunvelyofs qveynis finansuri sistemis

stabilurobas likvidobis problemis mqone bankebisaTvis moklevadiani

sesxebis gacemiT. qvemoT moyvanilia bankis sakredito reitingis sistemaze

dayrdnobiT Sedgenili sasesxo aqtivebis sakredito xarisxi.





arc vadagadacilebuli da

aarc gaufasurebuli SeniSvnebi AAA rreitingi AA rreitingi B rreitingi sul


institutebis mimarT 8 1,214 13,505 - 14,719 gasayidad arsebuli

investiciebi 11 2,481,219 124,997 - 2,606,216 dafarvis vadamde

flobili investiciebi 12 11,493 562,361 - 573,854 TanamSromlebze

gacemuli sesxebi 16 - - 2,670 2,670

sul 2,493,926 700,863 2,670 3,197,459


arc vadagadacilebuli da

aarc gaufasurebuli SeniSvnebi AAA rreitingi AA rreitingi B reitingi sul


institutebis mimarT 8 7,674 190,039 - 197,713 gasayidad arsebuli

investiciebi 11 1,456,563 113,895 - 1,570,458 dafarvis vadamde

flobili investiciebi 12 79,960 602,547 - 682,507 TanamSromlebze

gacemuli sesxebi 16 - - 2,631 2,631

suul 1,544,197 906,481 2,631 2,453,309

bankis mier misi sasesxo aqtivebis klasificireba xdeba Semdegnairad:

AAA reitingi – kargi finansuri maCveneblebis mqone msesxeblebisTvis

gacemuli sesxebi, romelTa sesxis xelSekrulebis pirobebSi ar Sesula

cvlilebebi da romelTa ZiriTadi Tanxa da procenti ar aris

vadagadacilebuli.

AA reitingi – stabiluri finansuri maCveneblis mqone msesxeblebisTvis

gacemuli sesxebi, romelTa sesxis xelSekrulebebis pirobebSi ar Sesula

cvlilebebi da romelTa ZiriTadi Tanxa da procenti ar aris

vadagadacilebuli.

A reitingi – damakmayofilebeli finansuri maCveneblis mqone

msesxeblebisTvis gacemuli sesxebi, romelTa sesxis xelSekrulebebis

pirobebSi Sesulia cvlilebebi da romelTa ZiriTadi Tanxa da procenti ar

aris vadagadacilebuli.




B reitingi – damakmayofilebeli finansuri maCveneblebis mqone

msesxeblebisTvis gacemuli sesxebi, romelTa sesxis xelSekrulebebis

pirobebSi Sesulia cvlilebebi da romelTa ZiriTadi Tanxa da procenti

vadagadacilebulia.

politikis Sesabamisad, bankma sakredito portfelis miznebisaTvis

saTanadod unda awarmoos riskis reitingebi. dakavSirebuli riskebis

reitingebis Sefaseba da ganaxleba xdeba regularulad.

gaufasurebis Sefaseba

sesxis gaufasurebis Sefasebisas iTvaliswineben ZiriTadi Tanxis an

procentis oTxmocdaaT dReze metad vadagadacilebas, kontragentis fulad

nakadebTan dakavSirebul problemebs, sakredito reitingis Semcirebas da

xelSekrulebis Tavdapirveli pirobebis darRvevas. banki gaufasurebis

Sefasebas axdens individualurad da jgufurad.

individualurad Sefasebuli rezervebi

banki TiToeuli sesxisaTvis individualurad gansazRvravs rezervs.

rezervis Tanxis gansazRvrisas mxedvelobaSi miiReba kontragentis biznes

gegma, misi unari gaumklavdes finansur sirTuleebs aseTis warmoSobis

SemTxvevaSi, gakotrebis SemTxvevaSi dagegmili qmedebebi, sxva finansuri

sesxebis arseboba, uzrunvelyofis sarealizacio Rirebuleba da

mosalodneli fuladi nakadebis perioduloba. gaufasurebis zaralis

Sefaseba xdeba saangariSgebo TariRiT, Tu gauTvaliswinebeli movlenebi

sxvagvarad ar moiTxovs.

jgufurad Sefasebuli rezervebi

rezervebis jgufurad Sefaseba xdeba im sesxebidan warmoSobili

danakargebisaTvis, romlebic individualurad ar aris arsebiTi, da im

sesxebisaTvis, romlebic individualurad arsebiTia, magram romelTaTvisac

ar arsebobs individualuri gaufasurebis obieqturi safuZveli. rezervebis

Sefaseba xdeba saangariSgebo TariRiT yvela calkeuli portfelisaTvis.

TanamSromlebze gacemuli sesxebi bankis TanamSromlebs ufleba aqvT bankSi muSaobis periodSi aiRon sesxi

bankidan. TanamSromlis gaTavisuflebis SemTxvevaSi dasafari sesxisaTvis

iqmneba 100 procentiani rezervi. sesxis Camowera xdeba bankis

xelmZRvanelobis gadawyvetilebiT.

komerciul bankebze gacemuli sesxebi im SemTxvevaSi, Tu komerciuli banki droulad ver dafaravs sesxs,

organuli kanonis 64-e muxlis Tanaxmad banks ufleba aqvs amoiRos

dasafari Tanxa sesxis uzrunvelyofis realizaciidan, xolo arasakmarisi

Tanxis SemTxvevaSi komerciuli bankis nebismieri aqtividan.




bankis finansuri aqtivebisa da valdebulebebis geografiuli koncentracia

Semdegia:

31 ddekemberi 2011 31 ddekemberi 2010

saqarTvelo egTo sul saqarTvelo egTo sul


eqvivalentebi 147,917 1,542,384 1,690,301 157,398 1,747,381 1,904,779 moTxovnebi finansuri

institutebis mimarT 13,505 1,214 14,719 190,039 7,674 197,713 SDR-is angariSi saerTaSoriso

savaluto fondSi - 373,034 373,034 - 394,538 394,538 savaWro fasiani

qaRaldebi - 151,269 151,269 - 177,631 177,631 gasayidad arsebuli

investiciebi 124,997 2,481,219 2,606,216 113,895 1,456,563 1,570,458 dafarvis vadamde

flobili investiciebi 562,361 11,493 573,854 602,547 79,960 682,507 sxva finansuri aqtivebi 2,313 106 2,419 1,492 - 1,492

sul finansuri aqtivebi 851,093 4,560,719 5,411,812 1,065,371 3,863,747 4,929,118

finansuri

vvaldebulebebi: valdebulebebi

rezidenti finansuri

institutebis mimarT 1,147,488 - 1,147,488 462,948 - 462,948 valdebulebebi

finansTa saministros

mimarT 758,751 - 758,751 809,149 - 809,149 valdebulebebi

saerTaSoriso

savaluto fondis

mimarT - 1,350,738 1,350,738 - 1,543,630 1,543,630 valdebulebebi

klientebis mimarT 2 619 621 12 268 280 gamoSvebuli savalo

fasiani qaRaldebi 442,128 - 442,128 355,119 - 355,119 sxva finansuri

valdebulebebi 3,785 1,330 5,115 4,629 - 4,629

sul finansuri

valdebulebebi 2,352,154 1,352,687 3,704,841 1,631,857 1,543,898 3,175,755

wminda finansuri

ppozicia (1,501,061) 3,208,032 1,706,971 (566,486) 2,319,849 1,753,363




likvidobis riski likvidobis riski warmoadgens risks imisa, rom banki ver dafaravs nakisr

finansur valdebulebebs vadis dadgomidan Cveulebriv Tu rTul

viTarebaSi. bankis mier likvidobis riskis marTva efuZneba likvidobis

saWiro donis uzrunvelyofas bankis mimarT arsebuli moTxovnebis nebismier

viTarebaSi dakmayofilebis mizniT.

fasebis stabilurobasTan da savaluto politikis kontrolTan

dakavSirebuli ZiriTadi miznebis misaRwevad, banki flobs saoperacio

aqtivebs ucxour valutaSi, romlebic warmoadgens likviduri aqtivebis

jgufs da romelTa gamoyenebac moxdeba saWiroebis SemTxvevaSi. likvidobis

riskis marTva moicavs likviduri aqtivebis amocnobasa da minimaluri

likvidobis limitebis dadgenas ucxour valutaSi arsebuli aqtivebisaTvis.

bankis fulad-sakredito da saerTaSoriso rezervebis marTvis komitetebi

adgens im vadadamdgari saxsrebis minimaluri proporciis zRvrebs,

romlebic gamoiyeneba fuladi saxsrebis gadinebis dasafarad. bankis

likvidobis marTvis politika moiTxovs:

ZiriTad valutebSi fuladi nakadebis prognozirebas likviduri

aqtivebis donis gaTvaliswinebiT;

dafinansebis diversificirebuli wyaros arsebobas;

sesxebis koncentraciisa da parametrebis marTvas;

portfelis maRal likvidur aqtivebSi ganTavsebas, romlebic advilad

iqnebian likvidirebulni, rogorc dacvis meqanizmi nebismieri fuladi

nakadis Sewyvetisas;

likvidobisa da gauTvaliswinebeli dafinansebis gegmis arsebobas.

finansuri bazrebis departamenti iRebs informacias biznes erTeulebidan

finansuri aqtivebisa da valdebulebebis likvidobis WrilSi da sxva

detalebs prognozirebuli fuladi nakadebis Sesaxeb. Semdgom, departamenti

uzrunvelyofs adekvaturi portfelis moklevadiani likviduri aqtivebis

arsebobas, met-wilad gamoxatuls moklevadian finansur fasian qaRaldebSi,

bankebze gacemul sesxebsa da sxva bankTaSoris operaciebSi.

yoveldRiurad likvidobis poziciis monitoringi xorcieldeba finansuri

bazrebis departamentis mier sxvadasxva scenarebis ,,stress testing’’-iT,

romelic moicavs normaluri da sxva ufro mkacri sabazro pirobebis

gaTvaliswinebas. normaluri sabazro pirobebis gaTvaliswinebiT

momzadebuli likvidobis moxsenebebi yovelkvireulad waredgineba

xelmZRvanelobas. bankis likvidobis marTvis Sesaxeb gadawyvetilebebs iRebs

monetaruli politikis komiteti da nergavs finansuri bazrebis

departamenti.




finansuri valdebulebebis analizi narCeni sakontraqto vadebis mixedviT qvemoT mocemul cxrilSi naCvenebia aradiskontirebuli fuladi nakadebi

dafuZnebuli savaraudo saxelSekrulebo vadianobaze 2011 da 2010 wlis 31

dekembris mdgomareobiT. dafarvebisaTvis, romlebic eqvemdebareba nebismier

dros moTxovnas, igulisxmeba dafarvis moTxovnis myisieri miReba. Tumca,

bankis varaudiT am raodenobis kontragentebi ar moiTxoven valdebulebebis

dafarvas yvelaze adreuli SesaZlo TariRiT da Sedegad cxrili ar asaxavs

mosalodnel fulad nakadebs.

3 Tveze

nnaklebi 3 Tvidan

112 Tvemde 1 wlidan

55 wlamde 5 welze

mmeti sul

31 ddekemberi 2011 valdebulebebi

rezidenti finansuri

institutebis mimarT 1,147,488 - - - 1,147,488 valdebulebebi finansTa

saministros mimarT 757,757 527 467 - 758,751 valdebulebebi

klientebis mimarT 621 - - - 621 gamoSvebuli savalo

fasiani qaRaldebi 275,000 175,000 - - 450,000 valdebulebebi

saerTaSoriso savaluto

fondis mimarT 381,869 328,559 641,379 10,770 1,362,577 sxva finansuri

valdebulebebi 4,477 4 385 249 5,115

sul aradiskontirebuli

ffinansuri valdebulebebi 2,567,212 504,090 642,231 11,019 3,724,552

31 ddekemberi 2010 valdebulebebi

rezidenti finansuri

institutebis mimarT 462,948 - - - 462,948 valdebulebebi finansTa

saministros mimarT 805,988 3,161 - - 809,149 valdebulebebi

klientebis mimarT 280 - - - 280 gamoSvebuli savalo

fasiani qaRaldebi 360,000 - - - 360,000 valdebulebebi

saerTaSoriso savaluto

fondis mimarT 415,652 85,352 1,042,616 11,467 1,555,087 sxva finansuri

valdebulebebi 3,869 - 148 612 4,629

sul aradiskontirebuli

ffinansuri valdebulebebi 2,048,737 88,513 1,042,764 12,079 3,192,093




qvemoT mocemul cxrilSi naCvenebia bankis sakredito da pirobiTi

valdebulebebi saxelSekrulebo vadianobis mixedviT.

3 Tveze

nnaklebi 3 Tvidan

112 Tvemde 1 wlidan

55 wlamde 5 welze

mmeti Suul

31 ddekemberi 2011 189 995 - - 1,184 31 ddekemberi 2010 3,883 3160 588 - 7,631

sabazro riski sabazro riski warmoiSoba finansuri instrumentebis Rirebulebis

cvlilebis Sedegad, rac gamowveulia saprocento ganakveTisa da savaluto

kursis cvalebadobiT. sabazro riskebi moicavs savaluto risks, saprocento

ganakveTebisa da sxva fasebis cvlilebis riskebs. sabazro riski warmoiSoba

saprocento ganakveTis, savaluto da kapitalis finansuri instrumentebis

Ria poziciidan, romlebic ar aris daculi zogadi da specifikuri

ryevebisa da sabazro fasebis cvlilebebisagan.

saprocento ganakveTis riski saprocento ganakveTis riski warmoiSoba albaTobiT, rom saprocento

ganakveTis cvlileba gavlenas moaxdens momaval fulad nakadebze an

finansuri instrumentebis realur Rirebulebaze. winamdebare cxrili

aRwers saprocento ganakveTis 1 procentiani cvlilebis gavlenas, sxva

Tanabar pirobebSi, bankis sruli Semosavlis angariSgebaze.

sruli Semosavlis angariSgebis mgrZnobelobis analizi aRwers saprocento

ganakveTis savaraudo cvlilebis efeqts wminda saprocento Semosavalze

erTi wlis ganmavlobaSi, rac efuZneba saangariSgebo periodis bolos

arsebul cvalebad ganakveTian arasavaWro finansur aqtivebsa da finansur

valdebulebebs.

2011 2010 valuta saprocento

gganakveTis

zrda

wminda

ssaprocento

Semosavlis

mmgrZnobeloba

saprocento

gganakveTis

zrda

wminda

ssaprocento

Semosavlis

mmgrZnobeloba

aSS dolari 1% 22,162 1% 20,181 SDR 1% (9,863) 1% (11,569) evro 1% 9,551 1% 10,646 avstraliuri

dolari 1%

2,165

1%

703 sxva 1% 42 1% 452




2011 2010 valuta saprocento

gganakveTis

Semcireba

wminda

ssaprocento

Semosavlis

mmgrZnobeloba

saprocento

gganakveTis

Semcireba

wminda

ssaprocento

Semosavlis

mmgrZnobeloba

aSS dolari (1%) (22,162) (1%) (20,181) SDR (1%) 9,863 (1%) 11,569 evro (1%) (9,551) (1%) (10,646)

avstraliuri

dolari (1%)

(2,165)

(1%)

(703) sxva (1%) (42) (1%) (452)

kapitalis mgrZnobeloba gamoTvlilia 2011 da 2010 wlebis 31 dekembrisaTvis

gasayidad arsebuli finansuri aqtivebis gadafasebiT miRebuli saprocento

ganakveTis 0.1 procentiani cvlilebis gaTvaliswinebiT.

2011 2010

valuta saprocento

gganakveTis

zrda

kapitalis

mmgrZnobeloba saprocento

gganakveTis

zrda

kapitalis

mmgrZnobeloba

aSS dolari 0.10% 1,474 0.10% 585 evro 0.10% 758 0.10% 850 lari 0.10% 117 0.10% 112 avstraliuri

dolari 0.10%

208

0.10%

-

2011 2010 valuta

saprocento

gganakveTis

Semcireba

kapitalis

mmgrZnobeloba saprocento

gganakveTis

Semcireba

kapitalis

mmgrZnobeloba

aSS dolari (0.10%) (1,474) (0.10%) (585) evro (0.10%) (758) (0.10%) (850) lari (0.10%) (117) (0.10%) (112) avstraliuri

dolari (0.10%) (208)

(0.10%)

-

savaluto riski savaluto riski warmoadgens savaluto kursebis cvlilebis gamo finansuri

instrumentis Rirebulebis cvalebadobis risks. aqtivebis savaluto

struqturidan gamomdinare bankis aqtivebis RirebulebisTvis

damaxasiaTebelia ZiriTadi valutebis kursebis cvlilebebis riski.




Semdegi cxrili gviCvenebs bankis ZiriTad valutebs 2011 da 2010 wlebis 31

dekembris mdgomareobiT, mis arasavaWro finansur aqtivebTan da

valdebulebebTan da saprognozo fulad nakadebTan mimarTebaSi. analizis

Sedegad gamoiTvleba larTan mimarTebaSi savaluto kursebis dasaSvebi

cvlilebebis gavlena sruli Semosavlis angariSgebaze, sxva Tanabar

pirobebSi. uaryofiTi naSTebi cxrilSi asaxavs sruli Semosavlis

angariSgebaSi potenciur wminda klebas, xolo dadebiTi naSTebi asaxavs

potenciur wminda matebas.

31 ddekemberi 2011 lari aSS

ddolari evro SDR avstra--

liuri

ddolari

sxva sul


eqvivalentebi - 1,329,186 348,363 - 8,576 4,176 1,690,301 moTxovnebi finansuri

institutebis mimarT 13,505 990 189 - - 35 14,719 SDR-is angariSi saerTaSoriso

savaluto fondSi - - - 373,034 - - 373,034 savaWro fasiani

qaRaldebi - 151,269 - - - - 151,269 gasayidad arsebuli

investiciebi 124,997 1,486,537 784,407 - 210,275 - 2,606,216 dafarvis vadamde

flobili

investiciebi 562,361 - 11,493 - - - 573,854 sxva finansuri

aqtivebi 2,313 - 106 - - - 2,419

sul finansuri

aaqtivebi 703,176 2,967,982 1,144,558 373,034 218,851 4,211 5,411,812

finansuri

vvaldebulebebi:: valdebulebebi

rezidenti finansuri

institutebis mimarT 385,852

636,288 125,314 - - 34 1,147,488 valdebulebebi

finansTa

saministros mimarT 573,818 82,509 101,910 - - 514 758,751 valdebulebebi

saerTaSoriso

savaluto fondis

mimarT - - - 1,350,738 - - 1,350,738 valdebulebebi

klientebis mimarT 621 - - - - 621 gamoSvebuli savalo

fasiani qaRaldebi 442,128 - - - - - 442,128 sxva finansuri

valdebulebebi 3,615 298 1,202 - - - 5,115

sul finansuri

vvaldebulebebi 1,406,034 719,095 228,426 1,350,738 - 548 3,704,841

wminda finansuri ppozicia (702,858) 2,248,887 916,132 (977,704) 218,851 3,663 1,706,971




31 ddekemberi 2010

lari aSS


liuri

ddolari

sxva sul


eqvivalentebi - 1,554,311 234,772 - 70,000 45,696 1,904,779 moTxovnebi finansuri

institutebis mimarT 190,039 6,834 731 - - 109 197,713 SDR-is angariSi saerTaSoriso

savaluto fondSi - - - 394,538 - - 394,538 savaWro fasiani

qaRaldebi - 177,631 - - - - 177,631 gasayidad arsebuli

investiciebi 113,895 599,485 857,078 - - - 1,570,458 dafarvis vadamde

flobili

investiciebi 602,547 18,444 61,516 - - - 682,507 sxva finansuri

aqtivebi 1,487 5 - - - - 1,492

sul finansuri

aaqtivebi 907,968 2,356,710 1,154,097 394,538 70,000 45,805 4,929,118

finansuri

vvaldebulebebi:: valdebulebebi

rezidenti finansuri

institutebis mimarT 204,252

217,770 40,894 - - 32 462,948 valdebulebebi

finansTa

saministros mimarT 712,660 95,506 791 - - 192 809,149 valdebulebebi

saerTaSoriso

savaluto fondis

mimarT - - - 1,543,630 - - 1,543,630 valdebulebebi

klientebis mimarT 280 - - - - - 280 gamoSvebuli savalo

fasiani qaRaldebi 355,119 - - - - - 355,119 sxva finansuri

valdebulebebi 3,259 692 678 - - - 4,629

sul finansuri

vvaldebulebebi 1,275,570 313,968 42,363 1,543,630 - 224 3,175,755

wminda finansuri ppozicia (367,602) 2,042,742 1,111,734 (1,149,092) 70,000 45,581 1,753,363




efeqti mogebaze 2011 wlis 31 dekembriT

dasrulebuli wlisaTvis

lari aSS


liuri

ddolari

sxva sul

savaluto kursis zrda 1% 22,489 9,161 (9,777) 2,189 37 24,099 savaluto kursis zrda 5% 112,444 45,807 (48,885) 10,943 183 120,492 savaluto kursis zrda 10% 224,889 91,613 (97,770) 21,885 366 240,983

savaluto kursis kleba 1% (22,489) (9,161) 9,777 (2,189) (37) (24,099) savaluto kursis kleba 5% (112,444) (45,807) 48,885 (10,943) (183) (120,492) savaluto kursis kleba 10% (224,889) (91,613) 97,770 (21,885) (366) (240,983)

efeqti mogebaze 20100 wwlis 31 dekembriT

ddasrulebuli wlisaTvis

lari aSS


liuri

ddolari

sxva sul

savaluto kursis zrda 1% 20,427 11,117 (11,491) 700 456 21,209 savaluto kursis zrda 5% 102,137 55,587 (57,455) 3,500 2,279 106,048 savaluto kursis zrda 10% 204,274 111,174 (114,909) 7,000 4,558 212,097

savaluto kursis kleba 1% (20,427) (11,117) 11,491 (700) (456) (21,209) savaluto kursis kleba 5% (102,137) (55,587) 57,455 (3,500) (2,279) (106,048) savaluto kursis kleba 10% (204,274) (111,174) 114,909 (7,000) (4,558) (212,097)

saoperacio riski

saoperacio riski warmoadgens iseTi zaralis risks, romelic gamowveulia

sistemebis mwyobridan gamosvliT, SecdomebiT, TaRliTobiT Tu sxva gare

movlenebiT. rodesac kontrolebi arasaTanadod funqcionirebs, saoperacio

riskma SesaZloa uaryofiTi gavlena moaxdinos reputaciaze, gamoiwvios

sakanonmdeblo darRvevebi an finansuri zarali. SeuZlebelia bankis mier

yvela saoperacio riskis aRmofxvra, Tumca banki marTavs am riskebs

kontrolis sistemis, potenciuri riskebis monitoringisa da maTze

reagirebis meSveobiT. kontrolebi moicavs movaleobaTa saTanadod

ganawilebas, wvdomis, avtorizaciisa da gadamowmebis procedurebs,

TanamSromelTa swavlebisa da Sefasebis procesebs, amasTanave Sida auditis

gamoyenebas.

Documents

saqarTvelos erovnuli banki · saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli 5 diagrama N 39 saxelmwifo savalo instrumentebze sargeblis ganakveTi da 2012 wlis martis mdgomareobiT