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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
4 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
5saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
6 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
7saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
8 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
9saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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-
10 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
11saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
12 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
13saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
14 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
15saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
16 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
17saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
18 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
19saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
„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.
20 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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.
21saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
22 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
4.0
2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
-08
-08
-08
-08
-08
-08
-08
-08
-08
-08
-08
-09
-09
-09
-09
-09
-09
-09
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-09
-09
-09
-09
-10
-10
-10
-10
-10
-10
-10
-10
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-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)
wyaro: saqarTvelos statistikis erovnuli samsaxuri
23saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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
24 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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%
wyaro: saqarTvelos statistikis erovnuli samsaxuri
25saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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
26 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
wyaro: saqarTvelos finansTa saministro
27saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
wyaro: saqarTvelos finansTa saministro
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.
wyaro: saqarTvelos finansTa saministro
28 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
wyaro: saqarTvelos finansTa saministro
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.
29saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
wyaro: saqarTvelos finansTa saministro
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
30 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
31saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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.
32 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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.
33saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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%
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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.
34 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
0
50
100
150
200
250
300
350
400
4502010 2011
diagrama 16saqarTvelos umsxvilesi savaWro partniori qveynebi eqsportis mixedviT
wyaro: saqarTvelos statistikis erovnuli samsaxuri
eqsportSi mesame poziciaze miner-
aluri sasu qebi iyo, romelic wina
welTan SedarebiT gaormagda, rac
gamowveuli iyo rogorc saqonlis
raodenobis, aseve fasis zrdiT.
35saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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.
36 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
0
200
400
600
800
1,000
1,200
1,400
2010 2011
diagrama 18saqarTvelos umsxvilesi savaWro partniori qveynebi importis mixedviT
wyaro: saqarTvelos statistikis erovnuli samsaxuri
37saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri
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.
38 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
39saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
40 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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-
41saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
42 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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 (%)
wyaro: saqarTvelos erovnuli banki
43saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
44 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
45saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
• 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
-04
-04
-04
-05
-05
-05
-05
-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 23 depozitebis dolarizacia 2004-2011 ww.18
wyaro: saqarTvelos erovnuli banki
46 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
0
50
100
150
200
250
300
350
400
450
500
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
wyaro: saqarTvelos erovnuli banki
47saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
0
10
20
30
40
50
60
70
80
0%
2%
4%
6%
8%
10%
12%
14%
-09
-09
-09
-09
-09
-09
-09
-09
-09
-09
-09
-09
-10
-10
-10
-10
-10
-10
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-10
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-11
-11
-11
-11
-11
-11
-11
-11
-11
-11
-11
-12
-12
-12
-12
TIBR1 ( ) TIBR1
diagrama 25 bankTaSorisi fuladi bazris dinamika
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
48 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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-
0
100
200
300
400
500
600
-99
-00
-00
-01
-01
-02
-02
-03
-03
-04
-04
-05
-05
-06
-06
-07
-07
-08
-08
-09
-09
-10
-10
-11
-11
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
( ) - (%)
diagrama 27 saxazino fasiani qaRaldebis naSTebis dinamika 1999-2011 wlebSi
wyaro: saqarTvelos erovnuli banki
0
100
200
300
400
500
600
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
09 09 10 10 10 10 11 11 11 11 12
diagrama 28 saxazino fasiani qaRaldebis naSTebi da saSualo vadianoba
wyaro: saqarTvelos erovnuli banki
49saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
50 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
10.0
15.0
20.0
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
wyaro: saqarTvelos erovnuli banki
51saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
52 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
50
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150
200
250
300
350
400
450
500
diagrama 31refinansirebis sesxebis moculoba 2011 wels (mln lari)
wyaro: saqarTvelos erovnuli banki
53saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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).
54 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
55saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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.
56 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
57saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
58 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
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diagrama 35 aSS dolari/laris gacvliTi kursis meryeoba19
wyaro: saqarTvelos erovnuli banki
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-11
-11
-11
-
diagrama 34 savaluto bazris dinamika 2006-2011 wlebSi
wyaro: saqarTvelos erovnuli banki
59saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
1.55
1.60
1.65
1.70
1.75
1.80
1.85
1.90
1.95
Jan10
Feb10
Mar
10
Apr
10
May
10
Jun10
Jul1
0
Aug
10
Sep10
Oct
10
Nov
10
Dec
10
Jan11
Feb11
Mar
11
Apr
11
May
11
Jun11
Jul1
1
Aug
11
Sep11
Oct
11
Nov
11
Dec
11
diagrama 36 laris oficialuri gacvliTi kursi aSS dolaris mimarT
wyaro: saqarTvelos erovnuli banki
ian-1
0
Teb-1
0
mar
-10
apr
-10
mai-1
0
ivn-1
0
ivl
-10
ag
v-1
0
seq-1
0
oqt
-10
no
e-1
0
dek-1
0
ian-1
1
Teb-1
1
mar
-11
apr
-11
mai-1
1
ivn-1
1
ivl
-11
ag
v-1
1
seq-1
1
oqt
-11
no
e-1
1
dek-1
1
60 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
61saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
62 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
63saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
64 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
65saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
66 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
67saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
68 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
69saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
segmentebis mixedviT, sakredito portfelSi yvelaze didi wiliT warmodgenilia kor-
poratiuli portfeli - 42 procenti. sacalo portfeli - 38 procents, xolo mcire da
70 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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%
wyaro: saqarTvelos erovnuli banki
71saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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.
72 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
73saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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%
wyaro: saqarTvelos erovnuli banki
74 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
75saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
76 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
77saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
78 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
79saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011
diagrama 53valdebulebebis struqtura46
wyaro: saqarTvelos erovnuli banki
80 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
81saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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%
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
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.
82 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
83saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
84 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
85saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
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 61 mokle da grZelvadiani sesxebis larizacia
wyaro: saqarTvelos erovnuli banki
86 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
87saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
43.2%
23.6%
33.6%
29.5%
56.4%
100%
50%
0%
50%
100%
150%
200%
diagrama 64 momgebianobis zrdis dekompozicia
wyaro: saqarTvelos erovnuli banki
88 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
89saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
wyaro: saqarTvelos erovnuli banki
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.
90 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
91saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
92 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
93saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
saoperacio riskebis movlenebis umravlesoba sacalo sabanko saqmianobis meore donis
biznes xazs ukavSirdeba.
94 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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-
95saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
96 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
97saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
-
50
100
150
200
250
300
350
400
2004 2005 2006 2007 2008 2009 2010 2011
diagrama 71 moziduli premiis odenobis dinamika wlebis mixedviT
wyaro: saqarTvelos erovnuli banki
98 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
99saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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.
100 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
101saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
102 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
103saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
I II III IV V VI VII VIII IX X XI XII
( ) ( )
diagrama 76 deponirebuli fuladi saxsrebi
wyaro: saqarTvelos erovnuli banki
104 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
1
2
3
4
5
6
7
8
9
10
5
10
15
20
25
30
35
40
45
50
I II III IV V VI VII VIII IX X XI XII
()
()
diagrama 78ZiriTadi maCveneblebi Tveebis mixedviT (2011)
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
105saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
106 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
107saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
108 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
-
200
400
600
800
1,000
1,200
0
2
4
6
8
10
12
( ) ( )
(
)
()
diagrama 84 RTGS sistemaSi ganxorcielebuli gadaricxvebi (2011 weli)
wyaro: saqarTvelos erovnuli banki
109saqarTvelos erovnuli banki / wliuri angariSi / 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.)
wyaro: saqarTvelos erovnuli banki
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.)
wyaro: saqarTvelos erovnuli banki
110 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
111saqarTvelos erovnuli banki / wliuri angariSi / 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.
wyaro: saqarTvelos erovnuli banki
112 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
0
1
2
3
4
2006 2007 2008 2009 2010 2011
diagrama 90saqarTveloSi gamoSvebuli baraTebis raodenoba wlebis mixedviT (2006-2011)
wyaro: saqarTvelos erovnuli banki
3% 6%
84%
7%
VISA MC AmEx Local
diagrama 91 gamoSvebuli baraTebi sabaraTe sistemebis mixedviT (2011)
wyaro: saqarTvelos erovnuli banki
113saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
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)
wyaro: saqarTvelos erovnuli banki
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.
114 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
115saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
116 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
117saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
- „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
wyaro: saqarTvelos erovnuli banki
118 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
119saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
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
wyaro: saqarTvelos erovnuli banki
50 თეთრი (1993 წ.) 1 ლარის მონეტა 10 ლარის მონეტა
120 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
wyaro: saqarTvelos erovnuli banki
121saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
122 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
123saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
124 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
125saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
46%
54%
(131 )
(155 )
diagrama 101 erovnuli bankis TanamSromlebis struqtura sqesis mixedviT
wyaro: saqarTvelos erovnuli banki
126 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos erovnuli banki
127saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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-
128 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
129saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
130 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
131saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
2. samomxmareblo fasebis indeqsis dinamika (wina wlis dekemberi=100)
2005 2006 2007 2008 2009 2010 2011
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
an
fas
eb
is
in
de
qs
i
pr
oc
en
tu
li
cv
li
le
ba
wi
na T
ve
sT
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri.
132 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
133saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
134 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
maT Soris sesxebi ucxouri valutiT 0 0 0 0 0
fizikuri pirebis davalianeba 2631 2471 2260 2046 2671
maT Soris sesxebi ucxouri valutiT 0 0 0 0 0
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
135saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
maT Soris sesxebi ucxouri valutiT 36948 42205 44599 42182 47597
sxva arasafinanso korporaciebis davalianeba 3984741 4053717 4347320 4574844 4706355
maT Soris sesxebi ucxouri valutiT 3113585 3139792 3399018 3476801 3575686
fizikuri pirebis davalianeba 2162760 2189534 2454586 2735555 2927889
maT Soris sesxebi ucxouri valutiT 1402551 1401549 1479862 1575138 1655058
kerZo seqtoris sxva davalianeba 447954 277356 297668 310967 318995
bankebis rezervebi 647900 1117914 1181737 1222939 1231738
lari salaroSi 245191 212118 218149 252568 314593
savaldebulo rezervebi 245132 771566 780526 720194 752712
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
136 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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 3984741 4053717 4347320 4574844 4706355
sxva arasafinanso korporaciebis davalianeba (seb) 0 0 0 0 0
sxva arasafinanso korporaciebis davalianeba (sdk) 3984741 4053717 4347320 4574844 4706355
fizikuri pirebis davalianeba 2165391 2192004 2456846 2737601 2930560
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 -1830035 -1837326 -1908677 -1977246 -1959293
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
savaldebulo rezervebi 245132 771566 780526 720194 752712
naSTebi sakorespondento angariSebze 157577 134230 183062 250176 164433
bankebis wminda davalianeba 230680 360679 300711 138753 670184
sxva muxlebi, wminda -1685457 -1722232 -1883687 -1997067 -2008846
monetaruli agregati (M3) 6199009 5899006 6164201 6558254 7097777
monetaruli agregati (M2) 2960254 2731566 2939244 3225245 3783180
monetaruli agregati (M1) 2509999 2276114 2418582 2713231 3137907
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
137saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
138 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
139saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
140 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
141saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
142 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
143saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
144 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
145saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
146 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
seqtemberi 1.6610 1.6619
oqtomberi 1.6592 1.6604
noemberi 1.6583 1.6587
dekemberi 1.6703 1.6603
147saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
seqtemberi 2.4585 2.3865
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
seqtemberi 2.2641 2.2970
oqtomberi 2.3491 2.2741
noemberi 2.2234 2.2533
dekemberi 2.1614 2.1911
148 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
149saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
150 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri.
151saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri.
152 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
wyaro: saqarTvelos statistikis erovnuli samsaxuri.
153saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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.
154 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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”
155saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
156 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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)
157saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
12. finansuri angariSgeba
saqarTvelos eerovnuli banki ffinansuri angariSgeba
2011 wlis 31 dekembriT dasrulebuli
wlisaTvis
158 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
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
159saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
160 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
161saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
162 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
167-226
163saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
167-226
164 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
167-226
165saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
167-226
166 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
167-226
167saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
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.
168 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
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.
169saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
170 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
171saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
172 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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).
173saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
174 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
175saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
176 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
177saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
178 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
179saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
180 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
181saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
182 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
183saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
184 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
185saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
186 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
187saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
188 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
189saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
moTxovnebi finansuri institutebis mimarT
uucxour valutaSi:
moTxovnebi ararezidenti finansuri
institutebis mimarT
depozitebi 1,214 7,674
sul moTxovnebi finansuri institutebis mimarT
uucxour valutaSi 1,214 7,674
moTxovnebi finansuri institutebis mimarT
eerovnul valutaSi:
moTxovnebi rezidenti finansuri institutebis
mimarT
refinansirebis sesxebi 13,505 190,039
sul moTxovnebi finansuri institutebis mimarT
eerovnul valutaSi 13,505 190,039
190 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
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 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.
191saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
192 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
193saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
194 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
195saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
196 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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:
saxelmwifo savalo fasiani
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
197saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
31 ddekemberi 22011
31 ddekemberi 22010
wliuri
ssaprocento
gganakveTi
daafarvis
vvada
wliuri
ssaprocento
gganakveTi
dafarvis
vvada
saxelmwifo savalo fasiani
qaRaldebi -
- 4.63% - 4.88%
2011
,,Supranational“ savalo fasiani
qaRaldebi 3.80%
2014 3.50% - 4.65%
2011-2014
saqarTvelos mTavrobis
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
198 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
199saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
31 ddekemberi 2011
31 ddekemberi 22010
wliuri
ssaprocento
gganakveTi
daafarvis
vvada
wliuri
ssaprocento
gganakveTi
dafarvis
vvada
saxelmwifo savalo fasiani
qaRaldebi -
- 4.63% - 4.88%
2011
,,Supranational“ savalo fasiani
qaRaldebi 3.80%
2014 3.50% - 4.65%
2011-2014
saqarTvelos mTavrobis
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
200 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
201saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
valdebulebebi rezidenti finansuri
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
valdebulebebi rezidenti finansuri
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
202 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
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 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
203saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
204 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
205saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
206 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
gasayidad arsebuli investiciebi
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
207saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
208 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
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.
209saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
210 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
211saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
212 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
213saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
214 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
215saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
216 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
2011 wlis 31 dekembris mdgomareobiT
AAA AA+ AA AA- A+ A B Seufase--
bbeli sul
fuli da fulis
eqvivalentebi (naRdi
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
2010 wlis 31 dekembris mdgomareobiT
AAA AA+ AA AA- A+ A B Seufase--
bbeli sul
fuli da fulis
eqvivalentebi (naRdi
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.
217saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
2011 wlis 31 dekembris mdgomareobiT
arc vadagadacilebuli da
aarc gaufasurebuli SeniSvnebi AAA rreitingi AA rreitingi B rreitingi sul
moTxovnebi finansuri
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
2010 wlis 31 dekembris mdgomareobiT
arc vadagadacilebuli da
aarc gaufasurebuli SeniSvnebi AAA rreitingi AA rreitingi B reitingi sul
moTxovnebi finansuri
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.
218 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
219saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
bankis finansuri aqtivebisa da valdebulebebis geografiuli koncentracia
Semdegia:
31 ddekemberi 2011 31 ddekemberi 2010
saqarTvelo egTo sul saqarTvelo egTo sul
finansuri aqtivebi: fuli da fulis
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
220 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
221saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
222 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
223saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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.
224 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
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
finansuri aqtivebi: fuli da fulis
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
225saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
31 ddekemberi 2010
lari aSS
ddolari evro SDR avstra--
liuri
ddolari
sxva sul
finansuri aqtivebi: fuli da fulis
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
226 saqarTvelos erovnuli banki / wliuri angariSi / 2011 weli
saqarTvelos erovnuli banki
finansur angariSgebasTan TandarTuli SeniSvnebi 2011 wlis 31 dekembriT dasrulebuli wlisaTvis (gagrZeleba) (aTasobiT larSi, Tu sxva ram ar aris miTiTebuli)
efeqti mogebaze 2011 wlis 31 dekembriT
dasrulebuli wlisaTvis
lari aSS
ddolari evro SDR avstra--
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
ddolari evro SDR avstra--
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.