msoflio finansuri garemo

1. saerTaSoriso savaluto sistema da misi evolucia

saerTaSoriso savaluto sistema (International monetary sistem) aris organizaciebis, wesebis,

molaparikebebis da instrumentebis erToblioba, romelTa mizania qveynebs Soris savaluto urTierTobaTa uzrunvelyofa.
igi rogorc sxvadasxva erovnuli valutebis gacvlis sistema aregulirebs im valdebulebebisa da davalianebebis dafarvis
wesebs, romelic warmoiSoba sagareo vaWrobisa da sxva saerTaSoriso finansuri operaciebis Sedegad.
saerTaSoriso savaluto sistemis arseboba ganpirobebulia imiT, rom qveyanaTa umravlesobaSi gamoiyeneba
sakuTari erovnuli valuta, romlebic saerTaSoriso doneze araa konventirebadi da, Sesabamisad, maTi saSualebiT
SeuZlebelia saerTaSoriso biznesis ganxorcieleba. ucxoeTis qveynebSi biznesis warmoebisaTvis saWiroa erovnuli
valutis gacvla sxva qveynis valutaze. saerTaSoriso savaluto sistema mowodebulia daadginos wesi, romlis Tanaxmadac
qveynebi Seafaseben erovnul valutas da gacvlian maT sxva qveynebis valutaze. amasTanave, saerTaSoriso savaluto
sistema iTvaliswinebs TiToeul qveyanaSi saerTaSoriso fulad Semosulobebsa da gadasaxdelebs Soris warmoqmnili
disproporciebis dabalansebis meqanizms.
mewarmeebma, romlebic ewevian komerciul saqmianobas saerTaSoriso bazrebze unda uzrunvelyon
saerTaSoriso savaluto sistemaSi saaRricxvo operaciebis sworad warmarTvis kontroli. saerTaSoriso operaciebis
aRricxvis sistema sagadasaxdelo balansis formiT (balans of payments accounting system) warmoadgens, Tavis
mxriv, yvela saerTaSoriso operaciebis aRricxvis sistemas, aseve Seicavs mniSvnelovan informacias qveynis
ekonomikis mdgomareobis Sesaxeb da mosalodnel cvlilebebs mis safinanso-sabiujeto da fulad-sakredito politikaSi.
sagadasaxdelo balansSi mocemuli statistikuri monacemebi SeiZleba gamoyenebul iqnas im problemebis warmoqmnis
niSnebis gamosavlenad, romlebmac saboloo jamSi qveynis mTavroba SeiZleba miiyvanos savaWro SezRudvebis
SemoRebamde, saprocento ganakveTebis amaRlebamde, inflaciis tempebis daCqarebamde, samomxmareblo
moTxovnis saerTo donis Semcirebamde an ama Tu im qveyanaSi biznes-saqmianobis danaxarjebis donis cvlilebamde.
saerTaSoriso savaluto sistemis istoria: Tanamedrove saerTaSoriso savaluto sistema saTaves iRebs uZvelesi
droidan, rodesac oqro da vercxli gamodiodnen sagadasaxado saSualebebis saxiT savaWro urTierTobebSi tomebs Soris,
mogvianebiT ki qalaq-saxelmwifoebs Soris. magaliTad, vecxli gamoiyeneboda rogorc mimoqcevis saSualeba indoeTs,
babilonsa da finikias Soris jer kidev Cv. w. aRr. VII saukuneSi. evropis teritoriaze erovnuli saxelmwifoebis
warmoSoba XXI-XVII ss. da maTi ganviTareba Tanamedrove saxelmwifoTa donemde mimdinareobda maT erovnul
monetebSi oqrosa da vercxlis SedarebiTi Semcvelobis safuZvelze.
oqros standarti. oqros monetebis gamoyenebam sagadasaxado saSualebebis formiT uZveles droSi gamoiwvia
saerTaSoriso savaluto sistemis warmoqmna, romelic cnobilia `oqros standartis~ saxelwodebiT. oqros standaris (gold
standart) Sesabamisad, qveynebi Tanxmdebian TavianTi qaRaldis fuli gayidon (gacvalon) oqroze nebismieri kerZo
piris an kompaniis moTxovnis Sesabamisad. didibritaneTi iyo pirveli qveyana, romelmac 1821 wels SemoiRo oqros
standarti. me-XIX saukunis ganmavlobaSi oqros standarti SemoiRes praqtikulad yvela msxvilma saxelmwifoebma,
romlebic axorcielebdnen vaWrobas, marT Soris, ruseTma, avstria-ungreTma, safrangeTma, germaniam, amerikis
SeerTebulma Statebma.
oqros standartis, rogorc msoflio savaluto sistemis funqcionireba emyareboda ramdenime princips, romelTa
Soris umniSvnelovanesia:
1. erovnuli valutis fiqsirebuli oqros Semcveloba. magaliTad, 1821 wlidan did britaneTSi funti-sterlingis
wminda oqros Semcveloba 7,322385 grams Seadgenda. 1873 wlidan erTi germanuli markisa 0,385422 grams, ruseTSi
1897 wlidan maneTi gauTanabres 0,774234 gram oqros.
2. qaRaldis fulis Tavisufali gacvla oqroze. qveynebis centraluri bankebi valdebulni iyvnen yovelgvari
SezRudvis gareSe, maT mier gamoSvebuli qaRaldis fuliT dadgenili fasiT Seesyidad da gaeyidad oqro.
3. monetaruli pariteti (mint parity). erovnuli valutebis kursebi ganisazRvreboda oqros Semcvelobis safuZvelze.
1837-dan 1934 wlamde (samoqalaqo omis wlebis gamoklebiT) amerikuli dolaris oqros Semcveloba oficialurad iyo _
20,672 dolari erT uncia (31,1 grami) oqroze. imavdroulad inglisis mTavrobis mier oficialurad gansazRvruli iyo 4,284
funti uncia oqroze. dolarebSi da funtebSi gamosaxuli oqros fasebis Tanafardoba ki iyo valutis kursi
20,672/4,248=4,866, anu erTi funti Rirda 4,866 dolari.
4. valutis kursebis meryeoba `oqros wertilebis~ (gold points) CarCoebSi. valutis kursebis meryeoba daSvebuli
iyo mxolod `oqros wertilebis~ sazRvrebSi. magaliTad, Tu funtis kursi dolarTan mimarTebiT gaizrdeboda monetaruli
paritetis zeviT (1 funti = 4,866 dol.), maSin momgebiani xdeboda dolarebiT oqros Sesyidva aSS-Si, inglisSi
gadagzavna, funtebze gayidva, romelic ufro meti raodenobis dolarebze gadaicvleboda. atlantikis okeaneze uncia oqros
transportirebis xarjebi im droisaTvis daaxloebiT 0,02 dolars Seadgenda. Sesabamisad oqros gagzavna mxolod im
SemTxvevaSi iqneboda xelsayreli, Tu funtis kursi 4,886 (4,866 + 0,02) dolarze zeviT aiwevda. analogiurad, Tu funtis
kursi daecemoda 4,846 (4,866 _ 0,02) momgebiani xdeboda inglisidan aSS-Si oqros gagzavna.
amitom kurss 1 funti = 4,89 dol. ewodeboda saeqsporto oqros wertili, xolo kurss 1 funti = 4,85 dol. _
saimporto oqros wertili.
oqros standartis sxecvlilebebs warmoadgens:
1. oqros monetebis standarti, romlis drosac bankebi anxorcielebdnen oqros monetebis moWras (arsebobda XX
saukunis dasawyisamde);
2. oqros zodebis standarti. qaRaldis fulis baknotebi icvleboda mxolod gansazRvruli wonis da sinjis oqros
zodebze. mag., did britaneTSi bankidan oqros Sesyidva SeiZleboda 12,4 kg-iani oqros zodebiT, rac 1700 funtis
eqvivalenti iyo.
3. oqrodevizuri standarti, am dros im qveynebis erovnuli valutebi, romlebsac ar gaaCnda saTanado oqros
maragebi (germania, avstria, dania, norvegia da a.S.), icvleboda sxva qveynebis valutebze, xolo es ukanaskneli
SeiZleboda gadacvliliyo oqroze.
amrigad oqros standarti aris fiqsirebuli savaluto kursebis sistema, razec erovnuli valutis mkacrad fiqsirebuli
oqros Semcveloba miuTiTebs. oqros standartis farglebSi SeiniSneboda valutis kursebis mcire meryeobebic, romlebic
oqros wertilebis CarCoebs ar gascdenia. fiqsirebuli savaluto kursebi praqtikulad gamoricxavda savaluto riskebis
arsebobas da uzrunvelyofda saerTaSoriso vaWrobis, Sesabamisad msoflio ekonomikis stabilur ganviTarebas. garda
amisa, es sistema moicavda qveynis Sida fasebis avtomaturi stabilizaciis meqanizmss. Tu fasebis done qveyanaSi
gaizrdeboda, iwyeboda oqros gadineba, rac iwvevda mimoqcevaSi fulis masis Semcirebas da inflaciis Sekavebas.
pirvel msoflio omamde inflaciis done msoflios wamyvan qveynebSi SedarebiT dabali iyo.
oqros standarti faqtobrivad warmoadgenda avtomaturi makroekonomikuri koreqtirebis meqanizmss (automatic
adjustment mechanism). sagadasaxdelo balanSi warmoiqmnili uaryofiTi saldos dafarva xdeboda centraluri bankis mier
oqros gayidviT da piriqiT. qveyanaSi bevri oqros Sedineba avtomaturad iwvevda fulad-sakredito eqspansias, xolo
oqros gadinrba fuladi-sakredito bazis SekumSvas. aseT situaciaSi Sida miwodebaze pirdapir gavlenas axdenda
sagadasaxdelo balansi.
oqros standartis am dadebiTi mxareebis miuxedamad, misTvis damaxasiaTebelia garkveuli naklovanebebi,
ramac saboloo angariSiT misi kraxi ganapiroba:
1. fulis masasa da oqros mopovebas Soris pirdapiri kavSiris Camoyalibeba. oqros axali sabadoebis aRmoCena
da misi warmoebis zrda iwvevda msoflio inflacias, xolo warmoebis Semcireba _ naRdi fulis deficits.
2. oqros standartis pirobebSi SeuZlebeli iyo damoukidebeli erovnuli fulad-sakredito politikis gatareba da,
Sesabamisad, qveynisSida ekonomikuri problemebis gadawyveta. es gansakuTrebiT TvalsaCino gaxda omis wlebSi,
rodesac aucilebeli iyo fulis miwodebis gazrda samxedro danaxarjebis dasafaravad. oqros standartis principebis dacvis
pirobebSi fuladi eqspansia iwvevda oqros rezervebis swraf amowurvas. swored amitom, evropis qveynebma pirveli
msoflio omis dros uaryve oqros standarti, romlis aRdgena, zogierTi qveynis mcdelobis miuxedavad aRar moxerxda.
breton-vudsis epoqa. jer kidev meore msoflio omis damTavrebamde 1944 wels, msoflios 44 qveynis
warmomadgenlebi Seikribnen sakurorto qalaq breton-vudsSi (aSS), raTa CamoeyalibebinaT iseTi omisSemdgomi
garemo, romelic xels Seuwyobda mSvidobas da ekonomikis aRmavlobas. konferenciis monawileebi SeTanxmdnen
principulad axal safuZvelze oqros standartis aRdgenis Sesaxeb. garda amisa, am konferenciaze miRweul iqna
SeTanxmeba ori axali saerTaSoriso organizaciis Seqmnis Sesaxeb, romelTa amocana iqneboda ekonomikisa da
saerTaSoriso savaluto sistemis aRdgenisadmi mxardaWera. axlad Seqmnil organizaciebs ewoda: rekonstruqciisa da
ganviTarebis saerTaSoriso banki da saerTaSoriso savaluto fondi.
axali saerTaSoriso savaluto sistemis ZiriTad amocanebs warmoadgenda:
 saerTaSoriso vaWrobis masStabebis aRdgena;
 saerTaSoriso angariSsworebaSi stabilurobis uzrunvelyofa;
 sagadasaxdelo balansis deficitTan dakavSirebuli ekonomikuri problemebis aRmosafxvrelad erovnuli
mTavrobebisaTvis resursebis gadacema.
ZiriTadi principebi, romelsac unda damyareboda omis Semdgomi savaluto sistema iyo:
1. monawile qveynebis valutebis kursis dafiqsireba wamyvani (sarezervo) valutis mimarT;
2. wamyvani valutis oqros Semcvelobis dafiqsireba;
3. centraluri bankebis valdebuleba savaluto intervenciebis meSveobiT erovnuli valutis kursi wamyvani valutis
mimarT SeinarCunon +-1% (mogvianebiT +-2,5%) farglebSi;
4. eqstremalur situaciebSi (sagadasaxdelo balansis fundamenturi destabilizacia) valutis kursebis paritetis
koreqtireba (devalvacia an revalvacia) moxdeba axal paritetze dauyovneblivi gadasvliT an mcurav kursebze droebiTi
gadasvlis gziT;

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 5. sistemaze zesaxelmwifoebriv zedamxedvelobas anxorcielebs saerTaSoriso savaluto fondi, romelic
mowodebulia xeli Seuwyos qveynebis savaluto TanamSromlobas da daexmaros sagadasaxdelo deficitis aRmofxvraSi.
sarezervo valutad Camoyalibda aSS dolari, ramdenadac im periodSi mxolod mis ukan idga oqros saTanado
maragi (aSS flobda oqros msoflio maragis 70%). ganisazRvra dolaris Tanafardoba oqros mimarT _ 35 dolari uncia
oqroze, xolo sxva qveynebma Tavisi valutis kursebi dolars miabes. Sedegad, dolari asrulebda msoflio fulis funqciebs:
saerTaSoriso gacvlis saSualeba, Rirebulebis sazomi saerTaSoriso erTeuli, saerTaSoriso sarezervo valuta da simdidris
Senaxvis saSualeba. aSS-s erovnuli valuta imavdroulad iyo msoflio fuli, amitom breton-vudsis saerTaSoriso savaluto
sistemas xSirad oqro-dolaruli standartis sistemasac uwodeben.
breton-vudsis sistemis amoqmedebis sawyis etapze adgili qonda msoflio ekonomikuri zrdis maral tempebs,
xolo inflacia iyo dabali _ saSualod 3%. es iyo ekonomikuri saswaulis wlebi: aRmoifxvra meore msoflio omis Sedegad
miyenebuli zarali, energomatareblebi mniSvnelovnad gaiafda, Semcirda umuSevroba, daiwyo saerTaSoriso vaWrobis
liberalizaciis procesi. Tumca es sistema mniSvnelovan safrTxeebs Seicavda.
rogorc wamyavani valutis qveyanas, aSS-s meore msoflio omis Semdeg gaaCnda sagadasaxdelo balansis
uaryofiTi saldo. deficiti saSualod 2 miliard dolars Seadgenda. Tumca es faqti aSS-is ekonomikaze uaryofiTad ar
aisaxeboda, piriqiT xels uwyobda amerikuli kapitalis eqspansias sxva qveynebSi. oqros gayidvis valdebulebis garda
breton-vudsis savaluto sistema ar Seicavda raime sxva meqanizms wamyavani qveynis inflaciuri pilitikis winaaRmdeg.
aSS-is sagadasaxdelo balansis deficiti iwvevda mxolod msoflio fuladi bazis gafarToebas da aqtiuri saldos mqone
qveynebis savaluto rezervebis zrdas, amasTan ar iwvevda raime uaryofiT efeqts aSS-is ekonomikisaTvis. aSS-s
gaaCnda erovnuli ekonomikis interesebis Sesabamisi fulad-sakredito politikis gatarebis SeuzRudavi SesaZleblobebi.
aseT viTarebaSi oqrodolarul saerTaSoriso savaluto sistemas arseboba SeeZlo, im momentamde, sanam aSS-is oqros
rezervebi ar amoiwureboda.
1970-ian wlebSi moxda oqros maragebis gadanawileba evropis sasargeblod. dolaris mimarT ndobam daiwyo
Semcireba. Camoyalibda axali finansuri centrebi (dasavleT evropa, iaponia), ramac gamoiwvia msoflioSi aSS-is
dominirebadi poziciis Sesusteba.
gaCnda seriozuli problemebi saerTaSoriso likvidurobasTan dakavSirebiTac, radgan saerTaSoriso vaWrobis
zrdasTan SedarebiT oqros mopoveba iyo umniSvnelo. 1948-1969 wlebSi oqros mopoveba gaizarda 50%, maSin
rodesac saerTaSoriso vaWroba 2,5-jer gaizarda. naTlad gamoCnda breton-vudsis sistemi paradoqsuloba, romelic
trifenis dilemis saxelwodebiTaa cnobili.
trifenis paradoqsis mixedviT, oqrodolaruli standarti unda aerTianebdes or urTierTsawinaaRmdego
moTxovnas:
1. sakvanZo valutis emisiis cvlileba pirdapir damokidebulebaSi unda iyos wamyavani qveynis oqros maragis
cvlilebasTan. sabazo valutis gadametebuli emisia gamoiwvevs mis mimarT ndobis Semcirebas.
2. sakvanZo valuta gamoSvebuli unda iyos im raodenobiT, romelic uzrunvelyobs mzardi saerTaSoriso
garigebebis normalur warmarTvas. amitom misi emisia unda sWarbobdes qveynis oqros marags.
breton-vudsis sistemis krizisi 10 weli grZeldeboda. misi gamovlenis formebi iyo: erovnuli valutebis masobrivi
revalvacia da devalvacia, panika safondo birJebze, centraluri bankebis oficialuri sarezervo operaciebis aqtivizacia da
a.S. 1971 wlis 15 agvistos prezidentma niqsonma ganacxada, rom aSS aRar gadacvlida oqros dolarebze, rasac moyva
dolaris 10%-iani devalvacia. TiTqos yvelaferi amiT unda dasrulebuliyo, magram 1973 wels dolaris krizisis
ganmeorebam, rasac sanavTobo krizisic daerTo, naTeli gaxada axal saerTaSoriso savaluto sistemaze gadasvlis
aucilebloba. 1973 wlis 16 marts parizis saerTaSoriso konferenciaze savaluto kursebi dauqvemdebares bazris kanonebs.
amgvarad, breton-vudsis saerTaSoriso savaluto sistemam Sewyvita arseboba.
iamaikis SeTanxmeba. Tanamedrove saerTaSoriso savaluto sistemis oficialuri SeTanxmeba moxda
saerTaSoriso savaluto fondis konferenciaze kingstonSi (iamaika) 1976 wlis ianvarSi. am sistemis safuZvels
warmoadgens mcuravi savaluto kursebi da mravali valutis standarti.
moqnil savaluto kursebze gadasvla miznad isaxavda:
 sxvadasxva qveynebSi inflaciis doneebis gaTanabrebas;
 sagadasaxdelo balansebis gawonasworebas;
 qveynis SigniT fulad-sakredito politikis gatarebis sferoSi centraluri bankebis SesaZleblobebis gafarToebas.
iamaikis saerTaSoriso savaluto sistemis ZiriTadi maxasiaTeblebia:
1. policentruli sistema, e.i. dafuZnebulia ara erT, aramed ramdenime sakvanZo valutaze;
2. uaryofilia oqros pariteti;
3. saerTaSoriso angariSsorebis ZiriTadi saSualebaa konvertirebadi valuta;
4. ar arsebobs savaluto kursebis meryeobis sazRvrebi;
5. centraluri bankebi sakuTari valutis fiqsirebuli kursis SesanarCuneblad ar arian valdebulni Caerion savaluto
bazris funqcionirebaSi, Tumca isini anxorcieleben savaluto intervenciebs valutis kursis stabilizaciisaTvis;

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 6. qveyana TviTon irCevs savaluto kursis reJims;
7. saerTaSoriso savaluto fondi anxorcielebs zedamxedvelobas wevri qveynebis makroekonomikur politikaze,
misma wevrma qveynebma Tavi unda aaridon savaluto kursebiT manipulirebas, romelic zians miayenebs partniori
qveynis interesebs.
iamaikis sistemis pirobebSi qveyanas Tavad SeuZlia airCios erovnuli ekonomikisaTvis misaRebi savaluto
kursis reJimi. imis mixedviT, Tu rogor formirdeba valutis kursi, SesaZlebelia ori ukiduresobis arseboba: 1. kursi
mkacrad dafiqsirebulia ucxouri valutis mimarT, 2. Tavisuflad curavs moTxovna miwodebis Tanafardobis
Sesabamisad. ra Tqma unda, am or ukiduresobas Soris SeiZleba arsebobdes fiqsirebuli da mcuravi reJimebis
kombinaciis uamravi Sualeduri varianti.
saerTaSoriso savaluto fondis klasifikaciiT misi wevri 185 qveynis valutebi kursebis cvlilebis Tavisuflebis
xarisxis mixedviT iyofa:
 fiqsirebuli kursis mqone valutebad (fixed rates) (48 qveyana);
 `mibmuli~ kursis mqone valutebad (pegged rates) (53 qveyana);
 mcuravi kursebis mqone valutebi (floating rates) (84 qveyana).
saqarTvelos savaluto kursis reJimi klasificirebulia, rogorc marTvadi curva anu valutis kursi ganisazRvreba
savaluto bazarze, magram aqtiuri savaluto intervenciebis meSveobiT qveynis monetaruli xelisufleba axdens masze
gavlenas, savaluto kursis cvlilebis mimarTulebis winaswari deklarirebis gareSe.
aRsaniSnavia, rom iamaikis SeTanxmebis Sedegad formirebuli saerTaSoriso savaluto sistema yovelTvis rodi
akmayofilebs yvela qveynis centralur bankebs, ris gamoc isini xSirad ikribebian maT Soris arsebuli uTanxmoebebis
dasaregulireblad. mag., aSS Cioda, rom dolaris maRali kursi amuxruWebs amerikuli saeqsporto saqonlis
konkurentunarianobas, aseve iaf ucxour saqonels aZlevs saSualebas miayenos zarali aSS sxvadasxva dargebs. es iyo
safuZveli 1985 wels niu-iorkis `plazas SeTanxmebisa~ (Plaza Accord), romlis Tanaxmadac dasavleTis 5 qveynis
centraluri bankebi SeTanxmdnen, rom aSS-s darTavs nebas Semcirdes dolaris kursi savaluto bazrebze. es praqtikulad
ganxorcielda kidevac da 1987 wels dolaris kursi swrafad daeca 46 procentiT germanuli markis mimarT da 41
procentiT iaponuri ienis mimarT. imis SiSiT, rom dolaris Semdgomi devalvacia msoflio vaWrobas krizisamde
miiyvans, 6 qveynis (kanada, safrangeTi, germania, iaponia, didibritaneTi, aSS) finansTa ministrebma 1987 wels
parizSi miiRes luvris SeTanxmeba (Louvre Accord), romlis Tanaxmad maT aiRes valdebuleba dolaris kursis
stabilizaciis Sesaxeb. miuxedavad amisa, 1990 wels savaluto bazarze kvlav iCina Tavi rigma problemebma sparseTis
yureSi saomari moqmedebebis Sedegad. wamyvani valutebis kursi dResac aqtiurad ganagrZobs ryevebs.
savaluto kursis ryeva did rols TamaSobs saerTaSoriso kompaniebis saqmianobaSi. rodesac samamulo valutis
kursi savaluto bazarze izrdeba, am kompaniebs uWirT TavianTi saqonlis eqsportireba, rTuldeba Sida bazris dacva
ucxoeTidan saqonlis importis muqarisagan; maTTvis xelsayrelia gaitanon warmoeba ucxoeTis qveynebSi. adgilobrivi
valutis kursis Semcireba iwvevs sawinaaRmdego Sedegebs.

2. sagadasaxdelo balansi
erovnuli Semosavlis angariSebis garda ekonomistebi da statistikosebi aseve awarmoeben sagadasaxdelo
balansis angariSebs. sagadasaxdelo balansi (sb _ balance of payments) warmoadgens erTi qveynis rezidentebsa da
danarCeni msoflios qveynebis rezidentebs Soris ganxorcielebuli yvela ekonomikuri garigebis sistematizebul Canawers
drois mocemuli periodis ganmavlobaSi (rogorc wesi erTi weli). Tu am termins inglisuridan sityvasityviT vTargmniT,
miviRebT balanss (saldos, sxvaobas) konkretul qveyanaSi ucxoeTidan Semosul da sazRvargareT gasul Tanxebs Soris.
qveynis sagareo ekonomikuri operaciebis Sejamebis pirvel mcdelobebs jer kidev Sua saukuneebSi hqonda
adgili. termini `sagadasaxdelo balansi~ pirvelma samecniero brunvaSi Semoitana XVIII saukunis ingliselma
ekonomistma j. stuartma. aqedan moyolebuli sb-is Sedgenis Teoria da praqtika araerTxel Seicvala, amasTan qveynebi
sb-is Sedgenisas gansxvavebul meTodebs mimarTavdnen. Sedegad, sxvadasxva qveynis sb-is monacemebi
araTavsebadi iyo, ramac dRiswesrigSi daayena sb-is Sedgenis meTodikis unifikacia. XX saukunis dasawyisSi am
problemis gadaWriT dakavebuli iyo erTa liga, SemdgomSi iniciativa saerTaSoriso savaluto fondma aiRo. fondis mier
SemuSavebulia sb-is Sedgenis unificirebuli sqema, rac uzrunvelyobs saerTaSoriso Tavsebadobas. 1993 wlidan ZalaSia
`sagadasaxdelo balansis xelmZRvanelobis~ mexuTe gamocema (Fifth Edition of Balance of Payments Manual,
BPM5), romelsac qveynebis umravlesoba, maT Soris saqarTveloc iyenebs. Tanamedrove etapze aqtiuri muSaoba
midis meeqvse gamocemaze, sadac mocemuli meTodika moyvanil unda iqnes erovnul angariSTa sistemasTan
SesabamisobaSi.

4
 sb-is arsi ufro gasagebi gaxdeba Tu ganvsazRvravT iseT cnebebs, rogoricaa rezidenti, ekonomikuri garigeba,
ekonomikuri interesebis centri da a.S.
sb-is farglebSi rezidentobis (residence) koncefcia araa dakavSirebuli rezidentobis gansazRvris iuridiul
kriteriumTan. ekonomikuri subieqti qveynis rezidentia, Tu misi ekonomikuri interesebis centri mocemuli qveynis
ekonomikuri teritoriaa. saerTaSoriso savaluto fondi ekonomikur subieqtebs (institutional units) or kategoriad yofs:
1. saojaxo meurneobebi da fizikuri pirebi;
2. nebismieri organizaciul-samarTlebrivi formis mqone, komerciuli da arakomerculi, kerZo da sajaro samarTlis
iuridiuli pirebi.
qveyana fizikuri da iuridiuli piris ekonomikuri interesebis centria (center of economic interest), Tu aranakleb
erTi wlis ganmavlobaSi misi adgilsamyofeli mocemuli qveynis ekonomikuri teritoriaa, eweva samewarmeo
saqmianobas da anxorcielebs ekonomikur garigebebs. sakuTrebis floba sakmarisi pirobaa imisaTvis, rom mocemuli
piris ekonomikuri interesebis centrad mocemuli qveyana CaiTvalos.
qveynis ekonomikuri teritoria (economic territory of country) _ qveynis xelisuflebis iurisdiqciis qveS myofi
teritoriaa, romlis farglebSic SesaZlebelia adamianebis, saqonlis, momsaxurebis da finansuri resursebis Tavisufali
gadaadgileba. es teritoria xSirad ar emTxveva qveynis geografiul sazRvrebs. Tu fizikuri piri erT welze meti droiT
imyofeba qveynis ekonomikuri teritoriis sazRvrebs gareT is aRar iTvleba rezidentad. turistebi, sezonurad miwveuli
momuSaveebi, saerTaSoriso organizaciebis personali, ucxouri saelCoebis adgilobrivi personali, gemebis da sahaero
xomaldebis ekipajebi rCebian im qveynis rezidentebad saidanac Camovidnen.
saerTaSoriso ekonomikuri garigeba (international transaction) _ faseulobaTa (saqoneli, momsaxureba, aqtivebi)
nebayoflobiTi gacvla, romlis drosac sakuTrebis ufleba erTi qveynis rezidentidan gadadis meore qveynis rezidentze.
ekonomikuri garigebis uamravi saxe arsebobs. magaliTad, aSS-is sb-Si 70 kategoriis garigeba figurirebs. Tumca,
sakiTxis Seswavlis gamartivebis mizniT saerTaSoriso ekonomikuri garigebebis klasifikaciis gamartivebul variants
ganvixilavT. kerZo pirebi da firmebi monawileoben saerTaSoriso garigebebSi, rodesac isini sazRvargareT yidian an
yiduloben saqonelsa da momsaxurebas, Senobebs, miwis nakveTebs, mowyobilobebs, sesxuloben an gaasesxeben fuls.
saxelmwifo organizaciebs aseve SeuZlia monawileoba miiRon msgavsi saxis saerTaSoriso garigebebSi da sxva tipis
opereciebSi, romelic kerZo seqtorisaTvis miuwvdomelia (egredwodebuli oficialuri garigebebi).
sb Sedgenisas gamoiyeneba ormagi Caweris meTodi (double-entry bookkeeping system), rac niSnavs, rom
nebismieri saerTaSoriso ekonomikuri garigeba qveynis sb-is muxlebSi orjer registrirdeba: erTxel _ rogorc aqtvis
modineba an gadineba da meored _ rogorc gadasaxdelis miReba an gacema, romelic Tan axlavs aqtivis gadaadgilebas.
am dros ekonomikuri garigebis Rirebuleba aisaxeba erTi angariSis kreditSi da imavdroulad sxva angariSis debetSi.
amasTan kreditSi aisaxeba garigebebi `plius~ niSniT, xolo debetSi `minusiT~. am gagebiT qveynis sb bankis balansis
analogiuria da ara sawarmosi.
rogor ganvsazRvroT garigeba kreditSi aisaxos Tu debetSi? istoriulad ise Camoyalibda, rom saerTaSoriso
garigebebi romlebic zrdida qveyanaSi oqros da ucxouri valutis modinebas ganixileboda aqtiur sakredito operaciebad,
xolo is saerTaSoriso garigebebi, romlis Sedegad xdeboda qveynidan oqros da valutis gadineba miekuTvneboda pasiur
sadebeto operaciebs. sb-is angariSebSi saerTaSoriso garigebebis kreditis da debetis mixedviT asaxvis gamartivebuli
zogadi sqema mocemulia cxrilSi. swori da sruli aRricxvis SemTxvevaSi unda miviRoT `balansi~ (debetis da kreditis
toloba).

krediti + debeti _
I mimdinare operaciebis angariSi
saqonlis eqsporti saqonlis importi
savaWro balansi
momsaxurebis eqsporti momsaxurebis importi
momsaxurebiT vaWrobis balansi
Semosavlebis investiciebidan da Sromis anazRaureba gadasaxdelebi investiciebze da Sromis anazRaureba
mimdinare trasfertebi ucxoeTidan mimdinare trasfertebi sazRvargareT
mimdinare balansi
II kapitalis da finansebis moZraobis angariSi
kapitaluri tranfertebi sazRvargareTidan kapitaluri tranfertebi sazRvargareT
investiciebi sazRvargareTidan investiciebi sazRvargareT
sesxebi sazRvargareTidan sesxebi sazRvargareT
kapitalis moZraobis balansi
statistikuri Seusabamoba
oficialuri sarezervo operaciebis balansi
5
 oficialuri rezervebis wminda Semcireba oficialuri rezervebis wminda zrda

is saerTaSoriso operaciebi, romelsac moyveba qveynidan aqtivebis (faseulobebis) gasvla da sanacvlod valutis
Semodineba asisaxeba sb-is kreditSi `plius~ niSniT. sakredito garigebebs miekuTvneba: rezidentebis mier saqonlis da
momsaxurebis eqsporti, aqciebis da obligaciebis gayidva ucxoelebze, sazRvargareTidan pensiis miReba, licenziebis
gayidva, sesxebis miReba da a.S.
operaciebi romelsac moyveba qveynaSi aqtivebis (faseulobebis) Semosvla da sanacvlod valutis gadineba
asisaxeba sb-is debetSi `minus~ niSniT. debetorul operaciebs miekuTvneba: saqonlisa da momsaxurebis importi,
licenziis SeZena, rezidentebis mier ucxouri aqciebis da obligaciebis SeZena, sesxebis gacema ucxoelebze.
moviyvanoT ramdenime magaliTi, romelic gviCvenebs Tu rogor moqmedebs ormagi Caweris principi sb-is
Sedgenisas.

1. saqarTvelo TurqeTSi anxorcielebs 10000 laris Rirebulebis saqonlis eqsports, TurqeTidan imave Rirebulebis
momsaxurebis importis sanacvlod.
saqarTvelos sb TurqeTis sb
mimdinare angariSi mimdinare angariSi
saqonlis eqsporti + 10000 lari momsaxurebis eqsporti + 850 lira
momsaxurebis importi _ 10000 lari saqonlis importi _ 850 lira
2. aSS saqarTvelos ugzavnis 1 mln dolaris Rirebulebis humanitaruli daxmarebis saqonels.
aSS-is sb saqarTvelos sb
mimdinare angariSi mimdinare angariSi
saqonlis eqsporti + 1 mln. dolari saqonlis importi _ 1.4 mln lari
trasfertebi ucxoeTSi _ 1 mln. dolari tranfertebi ucxoeTidan + 1.4 mln lari

standartuli sagadasaxdelo balansi Sedgeba ori ZiriTadi nawilisagan: I. mimdinare operaciebis angariSi da II.
kapitalis da finansebis moZraobis angariSi. dawvrilebiT ganvixiloT TiToeuli.
mimdinare operaciebis angariSi (current account) moicavs sasaqonlo operaciebs, momsaxurebiT vaWrobas,
Semosavlebs da trasfertebs.
saqoneli (goods) _ es aris mimdinare operaciebis angariSis muxlebis jgufi, sadac aisaxeba im saqonlis
Rirebuleba sabazro fasebiT, romelzec sakuTrebis ufleba rezidentidan ararezidentze gadavida (eqsporti) an
ararezidentidan rezidentze (importi).
momsaxureba (services) _ am jgufis angariSebSi registrirdeba, momsaxureba gaweuli rezidentebis mier
ararezidentebisaTvis (eqsporti) da ararezidentebis mier rezidentebisaTvis (importi). kerZod _ satransporto,
kavSirgabmulobis, samSeneblo da finansuri, sadazRvevo, kompiuteruli, informaciuli momsaxureba, salicenzio
gadasaxdelebi, roialtebi, operaciuli lizingi da a.S.
Semosavlebi (incomes) _ am jgufis angariSebSi aRiricxeba rezidentebis mier ararezidentebisaTvis (da piriqiT)
gadaxdili Sromis anazRaureba da operaciebi dakavSirebuli sainvesticio SemosavlebTan (magaliTad, procentebi,
dividendebi da a.S.).
mimdinare trasfertebi (current or unilateral transfers). transferts miekuTvneba ekonomikuri operaciebi,
romlis drosac erTi instituciuri erTeuli meores gadascems saqonels, momsaxurebas, aqtivs an sakuTrebis uflebas ise,
rom eqvivalentis saxiT arafers ar iTxovs. trasfertebi iyofa mimdinared da kapitalurad. kapitaluri trasfertebi
iTvaliswinebs ZiriTad saSualebebze sakuTrebis uflebis gadacemas an kreditoris mier valis Camoweras. danarCeni
tranfertebi miekuTvneba mimdinares.
kapitalis da finansebis moZraobis angariSi (capital and financial account) moicavs or ZiriTadi kategoriis
angariSs _ kapitalis moZraobis angariSss da finansur angariSss.
kapitalis moZraobis angariSi moicavs kapitalur transfertebs da arasawarmoo arasafinanso aqtivebis
Sesyidvas/gadacemas (acquisition/disposal of nonproduced, nonfinancial assets). es aris iseTi materialuri aqtivebi,
romelic ar warmoadgens sawarmoo procesis Sedegs (mag. miwa), aseve aramaterialuri aqtivebi (patentebi, saavtoro
uflebebi, savaWro niSnebi da a.S.).
finansuri angariSi asaxavs operaciebs aqtivebiT da valdebulebebiT rezidentebsa da ararezidentebs Soris.
aqtivebis da valdebulebebis klasifikacia xdeba funqciuri principiT. Sesabamisad, am angariSSi Tavmoyrilia pirdapir
investiciebi, portfeluri investicieb, sesxebi da sarezervo aqtivebi (monetaruli oqro, SDR, ucxouri valutebi).
statistikuri Seusabamoba. sb-Si asaxul operaciebTan dakavSirebuli informacia sxvadasxva wyarodan
miiReba. magaliTad, importis debetis Sesaxeb informacia SeiZleba modiodes sabaJo samsaxuridan, Sesabamisi
kapitalis moZraobis kreditis informacia bankidan. radgan sxvadasxva wyarodan miRebuli informacia SeiZleba

6
gansxvavdebodes erTmaneTisagan sizustiTa da droSi normirebiT, sb-is debeti da krediti iSviaTad wonaswordeba.
swored am problemis gadasaWrelad arsebobs muxli statistikuri Seusabamoba.
oficialuri sarezervo operaciebis balansi (official settlements balance). is asaxavs Tu ramdenad izrdeba an
mcirdeba qveynis oficialuri rezervebi. mimdinare operaciebis da kapitalis moZraobis angariSebisagan gansxvavebiT
oficialuri sarezervo operaciebis balansSi asaxuli yvela operacia xorcieldeba saxelmwifo organoebis, kerZod centraluri
erovnuli bankis mier. erovnuli bankis savaluto rezervebis zrda aisaxeba debetSi uaryofiTi niSniT, radgan warmoadgens
importis msgavs operacias _ qveyana yidulobs ucxour savalo valdebulebebs, xolo Semcireba kreditSi dadebiTi niSniT.
Tu mimdinare da kapitalis moZraobis kombinirebuli balansi deficituria (debeti>kreditze), maSin unda
arsebobdes makompensirebeli siWarbe oficialuri sarezervo operaciebis balansSi (krediti>debetze).
Sesabamisad SeiZleba CavweroT Semdegi toloba:
mimdinare operaciebis balansi + kapitalis moZraobis balansi + oficialuri sarezervo operaciebis balansi = 0
Tumca arsebobs statistikuri uzustobac, rac niSnavs, rom es toloba nulidan gadaixreba. amitom aucilebelia
CavweroT Semdegi wesi
mimdinare operaciebis balansi + kapitalis moZraobis balansi + oficialuri sarezervo operaciebis balansi +
statistikuri Seusabamoba = 0
SeiZleba gaCndes kiTxva _ Tu sb-is Semadgenlebi kjamSi yovelTvis nuls utoldeba, maSin ras vgulisxmobT,
rodesac vsaubrobT sb-is deficitze an dadebiT saldoze? am kiTxvaze pasuxis gasacemad, unda ganvasxvbaoT garigebis
ori tipi:
_ avtonomiuri (autonomous, independently motivated, transactions) _ kerZo pirebis, firmebis an saxelmwifo
organoebis mier gansazRvruli miznis misaRwevad ganxorcielebuli garigebebi, romlebic araa dakavSirebuli sb-is
stabilurobis uzrunvelyofasTan (aseT garigebebs miekuTvneba mimdinare balansis, kapitalis moZraobis angariSis
muxlebi da statistikuri Seusabamoba);
_ damabalansebeli an makompensirebeli (accommodating, compensatori transactions) _ saxelmwifos oficialuri
organoebis mier sb-is dasaregulireblad gatarebuli RonisZiebebi (isini Seesabameba oficialuri sarezervo operaciebis
balansis muxlebs, romlebic asaxavs centraluri erovnuli bankis rezervebis cvlilebebs).
sb-is avtonomiuri muxlebis jami (mimdinare balanss + kapitalis moZraobis balansi + statistikuri Seusabamoba)
aris swored is nawili, rasac gulisxmoben sb-is deficitze an nametze saubrisas. Tu yvela avtonomiuri sakredito angariSis
jami metia sadebeto adgili aqvs sb-is dadebiT saldos, Tu yvela avtonomiuri sadebeto angariSis jami metia sakreditoze
_ uaryofiT saldos. amitom:
mimdinare operaciebis balansi + kapitalis moZraobis balansi + statistikuri Seusabamoba = _ oficialuri sarezervo
operaciebis balansi
Sedegad miviRebT, rom:

sagadasaxdelo balansi = _ oficialuri sarezervo operaciebis balansi

avtonomiuri angariSebis balansi = _ makompensirebeli angariSebis balansi

3. globaluri savaluto bazari

ucxouri valutis ekonomikuri Sinaarsi. ucxouri valuta (foreign exchange) – aris saqoneli, romelic mimoiqceva
sxva qveyanaSi valutis saxiT. iseve rogorc sxva saxis saqonelze, ucxour valutaze fasi dgindeba bazarze formirebuli
miwodeba-moTxovnis Tanafardobis Sesabamisad. saerTaSoriso biznesi qveynis Sida saqmiani operaciebisagan
ZiriTadad gansxvavdeba imiT, rom igi komerciuli operaciebis ganxorcielebisas iyenebs erTze met valuttas. magaliTad,
inglisis erTi romelime univermaRi, rodesac Seisyidis macivrebs qveynis SigniT arsebuli sawarmodan, iyenebs inglisur
funt sterlings. magram Tu igi macivrebis SeZenas apirebs amerikaSi arsebuli sawarmodan, angariSsworeba unda
moaxdinos aSS dolarSi. amisaTvis ki inglisur univermaRs dasWirdeba funti sterlingis gacvla aSS dolarze. aseTi
gacvlisaTvis arsebobs savaluto bazari, sadac xdeba sxvadasxva qveynebis valutebis gacvla. aseTi savaluto bazari xels
uwyobs agreTve saerTaSoriso investiciur saqmianobas da kapitalis moZraobas. kompaniebs saSualeba aqvT
sxvadasxva qveynebSi arsebuli kapitalis bazrebidan dabal procentebSi aiRon krediti, ris Semdegac savaluto bazarze
gacvalon igi nebismier sxva saWiro valutaze.
valutebis gacvla xdeba savaluto kursis Sesabamisad, romelic warmoadgens valutebs Soris wonasworul fass,
anu erTi qveynis valutis fass gadaangariSebuls meore qveynis valutaze. valutebis kursi yoveldRiurad qveyndeba
msoflios sxvadasxva saxis gamocemebSi. valutis kursis kotireba xdeba ori xerxiT. valutis pirdapiri gacvliTi kursi

7
(direct exchange rate), anu pirdapiri kotireba (direct quote) – aris ucxouri valutis fasi, gamoxatuli erovnul valutaSi.
valutis iribi gacvliTi kursi (indirect quote) – aris erovnuli valutis fasi gamoxatuli ucxouri valutis erTeulSi.
maTematikurad pirdapiri da arapirdapiri kotireba urTierTSebrunebuli sidideebia. praqtikaSi zogierTi valutis kursi,
rogorc wesi, ganisazRvreba pirdapiri kotirebis principiT, xolo sxva valutebis _ iribi (arapirdapiri) kotirebis principiT.
magaliTad, aSS-Si miRebulia britanuli funtis pirdapiri kotirebis praqtika, maSin rodesac, iaponuri ienisaTvis
gamoiyeneba iribi kotireba.
imisaTvis, rom erTmaneTSi ar agverios valutis pirdapiri da iribi kursis cneba, saWiroa gvaxsovdes, rom
saqonlis SeZenisas Cveulebriv pirdapiri kotireba gamoiyeneba. magaliTad, rodesac viZenT Saqars, saqme gvaqvs
pirdapir kotirebasTan: 1 kg Saqari Rirs 2 dolari. iribi kotireba am SemTxvevaSi tolia 0,5 kg Saqari erT dolarad.
savaluto bazris struqtura. savaluto bazari moicavs msoflios sxvadasxva qveyanaSi brunvadi valutebis
myidvelebs da gamyidvelebs. am bazris monawilea nebismieri subieqti, romelsac gaaCnia erTi qveynis valuta da surs
gadacvalos igi sxva valutaze. Tanamedrove etapze valutebis gacvla masStabur saxes Rebulobs. msoflio vaWrobis
moculoba ucxour valutaSi daaxloebiT 1-1,5 trilion aSS dolars Seadgens. yvelaze msxvili savaluto bazari arsebobs
londonSi, Semdeg modis niu-iorki, tokio da singapuri. am oTx qalaqze modis ucxouri valutiT msoflio vaWrobis 70
procentamde. amasTan, savaWro operaciebis daaxloebiT 90 procentamde xorcieldeba aSS dolaris monawilebiT.
savaluto bazarze dolaris aseTi mdgomareoba ganapiroba misma rolma breton-vudsis sistemaSi. ramdenadac dolari
monawileobs yidva-gayidvis garigebebis umetes nawilSi, man savaluto bazarze miiRo ZiriTadi savaluto garigebebis
(transaction currency) – statusi. savaluto bazris struqtura SeiZleba Semdegnairad warmovadginoT 1:

msoflio savaluto bazris msxvili monawileebia safinanso centrebSi (sidnei, tokio, honkongi, singapuri, baxreini,
frankfurti, ciurixi, londoni, niu-iorki, Cikago, san-francisko) ganlagebuli bankebi. maT mogebaSi did adgils ikavebs
savaluto bazarze ganxorcielebuli operaciebidan miRebuli Semosavali, romelic miiReba sxvaobisagan myidvelis mier
ucxour valutaze SeTavazebul fassa da im fass Soris, romelic gamyodvelis mier iqna miRebuli.
zogierT SemTxvevaSi saerTaSoriso bankebis TanamSromlebi moqmedeben rogorc savaluto spekuliantebi.
kerZod, isini amtkiceben, rom maT SeuZliaT winaswar ganWvriton Tu romeli mimarTulebiT moxdeba valutis kursis
ryeva. aseT situacias ucxour valutaze bankebisTvis uzarmazari mogebis motanis SesaZlebloba aqvs, Tumca igi
yovelTvis dakavSirebulia maRal riskTan.
saerTaSoriso bankebi warmoadgenen mTavar moTamaSeebs sabiTumo savaluto bazarze. isini deben
garigebebs rogorc sakuTari saxeliT, aseve msxvili komerciuli klientebis saxeliT. bankTaSorisi garigebebi, romlebic,
rogorc wesi, 1 mln dolarze naklebi araa, Seadgenen yvela savaluto garigebebis umetes nawils. savaluto operaciis
ganxorcielebisas bankebs SeuZliaT gamoiyenon damoukidebeli savaluto brokerebis momsaxureba. brokerebi bankebs
awvdian informacias sxvadasxva valutebis fasebze, amyareben kontaqtebs ucxouri valutis myidvelebsa da

1
ramdenadac TiToeul operaciaSi monawileobs ori valuta, erToblivi procenti 200%-is tolia.
8
gamyidvelebs Soris. saerTaSoriso bankebi mniSvnelovan rols TamaSoben agreTve sacalo savaluto bazarze, deben
xelSekrulebebs kerZo klientebTan ucxo valutis yidva-gayidvaze.
savaluto operaciebTan dakavSirebuli bankis klientebi SeiZleba dajgufdes Semdegnairad:
 komerciuli klientebi – klientebi, romlebisTvisac savaluto operaciebi warmoadgenen maTi Cveulebrivi
komerciuli saqmianobis nawils, iseTebis rogoricaa saqonlis da momsaxurebis eqsporti an importi, ucxouri kapitalis da
aqtivebis Sesyidva an gayidva da a.S. komerciul klientebs SeuZliaT savaluto bazari gamoiyenon aseve riskis
hejirebisaTvis (SemcirebisaTvis), romelic gamowveulia im valutebis gacvliTi kursebis araxelsayreli cvlilebebiT,
romlebSic momavalSi unda iqnas gadaxdili anda miRebuli garkveuli Tanxa komerciuli garigebebis safuZvelze;
 savaluto spekuliantebi – fizikuri da iuridiuli pirebi, romlebic ewevian savaluto spekulaciebs im mizniT, rom
ucxouri valutiT vaWrobisas miiRon spekulaciuri mogeba savaluto kursebis sxvaobaTa safuZvelze. isini gaazrebulad
midian savaluto riskze im garantiiT, rom maT SeuZliaT sworad daaprognozon valutis sabazro kursis cvlilebebi. aseTi
spekulacia SeiZleba aRmoCndes Zalian xelsayreli, Tumca, am tipis operaciebi ucxour valutasTan xasiaTdeba Zalian
maRali riskiT.
 arbitrebi – fizikuri da iuridiuli pirebi, romelTa mizania mogebis miReba sxvadasxva bazrebze ucxouri
valutebis gacvliTi kursis umniSvnelo sxvaobebis Sedegad. arbitrebi cdiloben mogebis miRebas minimaluri riskiT,
rasac aRweven erT bazarze valutis dabal fasSi SeZeniT da sxva bazarze misi gayidviT ufro maRal fasSi.
saxelmwifo centraluri bankebi da finansTa saministroebi aseve warmoadgenen mniSvnelovan moTamaSeebs
savaluto bazarze. oqros standatisa da breton-vudsis sistemis pirobebSi centraluri bankebi axorcieleben intervenciebs
savaluto bazarze erovnuli valutis sabanko kursis nominaluri Rirebulebis siaxlovesTan SenarCunebis mizniT.
analogiurad moqmedeben is qveynebi, romlebmac TavianTi valuta miabes sxva qveynis valutas da isinic, romlebmac
SemoiRes mcuravi savaluto kursi.
qveynis Sida kanonmdeblobiT SeiZleba SeizRudos erovnuli valutiT vaWroba saerTaSoriso savaluto bazarze.
valutas, romelic Tavisuflad mimoiqceva savaluto bazarze, ewodeba Tavisuflad konvertirebadi (convertible
currency) anda myari valuta (hang currevcy). aseTebia evrokavSiris qveynebis valutebi, kanaduri dolari, Sveicaruli
franki, iaponuri iena da aSS dolari. valuta, romlis yidva da gayidva Znelia savaluto bazarze qveynis Sida
kanonmdeblobiT SezRudulobis gamo an kidev imis gamo, rom ucxoelebs ar surT TavianTi danazogebi Seinaxon am
valutaSi, ewodeba arakonvertirebadi valuta (inconvertible currency) anda aramdgradi valuta (soft currency). am
kategorias miekuTvneba mravali ganviTarebadi qveynebis erovnuli valuta.
spot-bazrebi da forvarduli bazrebi. mravali saerTaSoriso komerciuli operaciebi iTvaliswinebs gadaxdebs
(angariSsworebas) momavalSi. aseTebia magaliTad operaciebi dakreditebaze da Sesyidvebi kreditiT. cxadia, rom
breton-vudsis sistemaze uaris Tqmis Semdeg, savaluto kursebis ryevadoba tipiuri movlenaa, ris gamoc aseTi
saerTaSoriso operaciebi maRali riskis Semcvelia. dRevandel savaluto bazarze valutebiT vaWroba SeiZleba
ganxorcieldes dauyovneblivi miwodebiT, anda momavalSi dadgenil droSi miwodebiT. spot-bazari (spot market) –
anu sxvanairad naRdi operaciebis bazari – warmoadgens bazars, sadac xorcieldeba savaluto garigebebi, romlebic
dauyonebliv Sesrulebas eqvemdebareba (rogorc wesi, 2 dReSi). spot-operaciebze (naRd operaciebze) modis yvela
ucxouri savaluto operaciebis daaxloebiT 40 procenti.
forvarduli bazari (forvard market) – iseTi bazaria, sadac xorcieldeba savaluto operaciebi, romlebic unda
dasruldes momavalSi drois gansazRvruli momentisaTvis. savaluto bazrebze da presaSi, rogorc wesi, qveyndeba fasebi
ucxour valutaze, romelTa miwodeba ganxorcieldeba 30, 90 da 180 dRis Semdeg.
forvarduli bazris bevri monawile svopis tipis savaluto operaciebs axorcielebs. svop - operacia (swop
transaction) – aris iseTi operacia, romlis procesSic erTdroulad xorcieldeba erTi da imave valutis yidva-gayodva,
magram maTi miwodeba xdeba sxvadasxva dros. magaliTad, savaluto svop-operaciis procesSi amerikuli samrewvelo
kompania, romelic Rebulobs kredits erT-erTi britanuli bankidan 10 mln funti sterlingis moculobiT 30 dRis vadiT, yidis
10 mln funt sterlings spot-bazarze, raTa miiRos Tavis gankargulebaSi ekvivalenturi Tanxa aSS dolarebSi da
imavdroulad yidulobs 10 mln funt sterlings (plius im Tanxis funtebSi, romelic man unda daufaros banks procentis
saxiT) 30 dRian forvardul bazarze, raTa dafaros funtebSi demonirebuli Tavisi krediti.
savaluto bazarze arsebobs kidev ori meqanizmi kompaniebis mier momavalSi ucxouri valutis miRebisa. erT-
erTi aseTi meqanizmia savaluto fiuCersi (currency futures), romelic mudmivad kotirdeba mraval savaluto birJaze.
es garigeba Zalian waagavs forvardul kontraqts, magram misgan gansxvavdeba imiT, rom savaluto fiuCersi
gaTvaliswinebulia valutis standartul Tanxaze (magaliTad, 12,5 mln iaponuri iena, anda 125 aTasi Sveicaruli franki) da
aqvs miwodebis standartuli vada (mag., yoveli Tvis mesame samSabaTs garigebis meti vadis ganmavlobaSi). savaluto
fiuCersi naklebad gamoiyeneba savaluto bazarze (daaxloebiT erTi procenti yvela operaciebis).
savaluto bazris meore meqanizmia savaluto opcioni (currency option), romelic kompanias aZlevs uflebas
(magram ar avaldebulebs) iyidos an gayidos ucxouri valutis garkveuli raodenoba mocemul fasSi garkveuli drois
ganmavlobaSi. opcioni yidvaze (call option) – aris iseTi kontraqti, romelic mis mflobels aZlevs uflebas SeiZinos

9
ucxouri valuta. opcioni gayidvaze (put option) – aris iseTi kontraqti, romelic mis mflobels aZlevs uflebas gayidos
ucxouri valuta. savaluto opcionebi Tavisuflad kotirdeba msoflios yvela birJaze. magaliTad, opcionebi kanaduri dolaris
gayidvaze da yidvaze xelmisawvdomia Cikagos sasaqonlo birJaze (kontraqtis moculoba 100 000 kanaduri dolaris tolia)
da a.S. savaluto opcionebze modis savaluto bazrebze ganxorcielebuli yvela operaciebis daaxloebiT 5 procenti.
forvarduli bazari, savaluto opcionebi da savaluto fiuCersebi xels uwyoben saerTaSoriso savaWro-investiciur
procesebs imiT, rom kompaniebs aZleven saSualebas moaxdinon savaluto riskis hejireba (Semcireba), romelic Tan
axlavs saerTaSoriso garigebebs.
saerTaSoriso praqtikaSi farTod gamoiyeneba spot-kursis kategoria. spot-kursi (Spot rate) aris erTi
saxelmwifos valutis fasi, gamoxatuli meore saxelmwifos valutaSi, dadgenili garigebebis gaformebis dros, romelic
dauyonebliv unda iqnas miwodebuli (gadaxdili). igi gviCvenebs, ramdenad maRalia erovnuli valutis fasi qveynis gareT
operaciebis ganxorcielebis momentisaTvis.
ucxouri valutis forvarduli kursi metwilad gansxvavdeba misi spot-kursisagan. Tu forvarduli kursi
(warmodgenili pirdapiri kotirebis saxiT) naklebia spot-kursze, valuta iyideba forvarduli fasdaTmobiT, anu
forvarduli diskontiT (forvard discount). Tu forvarduli kursi aRemateba spot-kurss valuta iyideba forvarduli
danamatiT, anu forvarduli premiiT (forvard premium).
magaliTi: davuSvaT, rom britanuli funtis spot-kursi 2009 wlis 6 agvistosaTvis Seadgenda 1,6099 aSS dolars,
rac niSnavs funtis gayidvas forvarduli fasdaTmobiT. wliuri gaangariSebiT forvarduli danamati an daTmoba SeiZleba
gaangariSebul iqnas Semdegi formuliT:
Pi  Ps
Q xn , sadac,
Ps
Q-aris forvarduli danamati an fasdaTmoba wliuri gaangariSebiT;
Pi-samTviani forvarduli kursi (=$1,6004);
Ps- spot-kursi (=$1,6009);
n-wlis ganmavlobaSi forvarduli periodis raodenoba (3 Tvianis SemTxvevaSi igi 4-is tolia);
$1,6004 - $1,6009
Cveni magaliTis SemTxvevaSi Q  X 4  2,36%.
$1,6009
miRebuli uaryofiTi sidide (-2,36 %) gviCvenebs, rom funti iyideba forvarduli fasdaklebiT. Tu funtis forvarduli
kursi maRali iqneboda spot-kursze (pirdapiri kotirebisas), gaangariSebis Sedegi iqneboda dadebiTi, rac mianiSnebs
valutis yidvas forvarduli danamatiT.
forvarduli kursi warmoadgens valutis spot-kursis erTobliv sabazro prognozs momavlisaTvis. Sesabamisad,
forvarduli fasi exmareba saerTaSoriso mewarmeebs moaxdinon savaluto kursebis cvlilebis prognozireba. am
cvlilebebma SeiZleba gavlena iqonion produqciis warmoebisas gamoyenebuli importuli komponentebis fasze, agreTve
kompaniis konkurentunarianobaze da misi saeqsporto operaciebis momgebianobaze. im qveynis valuta, romlis
sagadasaxdelo balnsSi adgili aqvs deficits an inflaciis maRal dones, metwil SemTxvevaSi iyideba forvarduli
fasdaklebiT. piriqiT, Tu valuta iyideba forvarduli danamatiT, savaluto bazarze aris rwmena imisa, rom droTa
viTarebaSi am valutis gacvliTi kursi amaRldeba. aseT SemTxvevaSi kompaniebma SeiZleba gazardon TavianTi
aqtivebi anda Seamciron am valutaze TavianTi valdebulebebi. im qveynis valuta, romlis savaWro balansi dadebiTia,
anda inflaciis done dabalia, metwil SemTxvevaSi iyideba forvarduli danamatiT.
arbitraJi da savaluto bazari. arbitraJuli operaciebi savaluto bazris erT-erTi mniSvnelovani elementia.
arbitraJi (arbitrage) – aris iseTi urisko operacia, romelic dakavSirebulia erTdroulad romelime saqonlis erT bazarze
yidvasa da amave saqonlis sxva bazarze gayidvasTan am bazrebze am saqonlis fasTa sxvaobis Sedegad mogebis
miRebis mizniT. savaluto bazris mdgomareobaze gavlenas axdens ori tipis arbitraJuli operacia: sasaqonlo arbitraJi da
savaluto arbitraJi.
sasaqonlo arbitraJi – msyidvelobiTunarianobis prioriteti. sasaqonlo arbitraJis safuZvelia Zalian ubralo
koncefcia: Tu arsebobs erT saqonelze fasTa sxvaoba or bazarze, adamianebi am saqonels SeiZenen iq, sadac misi fasi
ufro dabalia (`iaf~ bazrze) da gayidian mas iq, sadac masze ufro met fass SesTavazeben (`Zvir~ bazarze). erTiani fasis
kanonis Sesabamisad aseTi arbitraJuli operaciebi gagrZeldeba manam, sanam saqonelze maTi fasi erTnairi ar gaxdeba
orive bazarze.
saerTaSoriso sasaqonlo arbitraJis koncefcia formulirebulia msyidvelobiTunarianobis paritetis TeoriaSi
(theory of purchasing power parity, ppp). am Teoriis Tanaxmad sxvadasxva qveyanaSi savaWro saqonelis fasi
xasiaTdeba gamoTanabrebis tendenciiT savaluto kursis ryevadobis Sedegad. msyidvelobiTunarianobis paritets adgili
aqvs im mizeziT, rom iaf bazarze saqonlis SeZenis da misi Zvir bazarze gayidvis procesi gavlenas axdens ucxouri
valutaze moTxovnis doneze (anu mis kurszec), iseve rogorc TviT saqonlis sabazro fasze or sasaqonlo bazarze.
magaliTi: davuSvaT, rom gacvliTi kursi aSS dolarsa da kanadur dolars Soris Seadgens US $0,80=Can $1. aseve
davuSvaT, rom sigareti `malboros~ bloki fasiT 24 aSS dolari iyideba amerikaSi da fasiT 30 kanaduri dolari –
10
kanadaSi. am SemTxvevaSi adgili aqvs msyidvelunarianobis paritets, ramdenadac arsebuli gacvliTi kursis
SemTxvevaSi:
US $0,80.
xCan $30  US $24.
Can $1.
amrigad, bloki `malboros~ aqvs erTi da igive fasi orive qveynis bazarze (Sesabamisad aSS da kanadur
dolarebSi). Sesabamisad, arc aSS da arc kanadis macxovreblebs ar dasWirdebaT sazRvris gadakveTa, raTa meore
qveyanaSi SeiZinon sigareti.
axla ki davuSvaT, rom garemoebaTa gamo kanadurma kompaniebma gazardes investiciebis moculoba
meqsikaSi. es niSnavs, rom kanadelebma unda gayidon TavianTi dolari da SeiZonon meqsikuri peso. amis Sedegad
savaluto bazarze gaizrdeba kanaduri dolaris raodenoba, rac gamoiwvevs misi kursis dacemas. vTqvaT, aSS dolarsa da
kanadur dolars Soris Camoyalibda axali gacvliTi kursi: 0,60 aSS dolari=1 kanadur dolars. am SemTxvevaSi
msyidveobiTunarianobis pariteti ar sruldeba. aseTi gacvlis pirobebSi aSS mcxovreblebma SeiZleba gadakveTon
kanadis sazRvari, gacvalon 18 aSS dolari 30 kanadur dolarze da SeiZinon 1 bloki sigareti `malbori~ da amiT gaakeTon
6 dolaris ekonomia. warmodgenili magaliTi Zalian martivia. 6 dolaris ekonomiisaTvis erTi qveynidan meoreSi
gadaadgileba uazroa, Tumca mosazRvre regionebSi esec dasaSvebia. amasTan, unda aRiniSnos, rom aSS dolarsa da
kanadur dolars Soris gacvliTi kursi ganisazRvreba ufro rTuli faqtorebiT, vidre am or qveyanaSi sigaretis fasi. Tumca,
Tu or qveyanas Soris araa msyidvelobiTunarianobis pariteti zogadad nebismier saqonelze, adamianebi Seecdebian
iyidon saqoneli iaf bazarze da gadaitanon igi Zvir bazarze. amiT isini zegavlenas axdenen rogorc am or bazarze arsebul
fasebze, aseve savaluto bazarze valutis miwodebisa da moTxovnis doneze. swored amitomaa, rom
msyidvelobiTunarianobis paritetis TeoriaSi aRiarebulia fasebis tendencia gamoTanabrebisaken.
msyidvelobiTunarianobis paritetis Teoria gamoiyeneba agreTve grZelvadian periodSi savaluto kursis
ryevadobis prognozirebisaTvis. sxvadasxva qveynebSi msyidvelobiTunarianobnaSi arsebuli gansxvavebebi iZleva
savaluto kursis cvlilebis signals.
savaluto arbitraJi. savaluto arbitraJi (arbitrage of exchange) aris savaluto operaciis erT-erTi saxe da
gulisxmobs valutis yidva-gayidvas Semdgomi kontrgarigebis (ukugarigebis) ganxorcielebiT, mogebis miRebis mizniT
sxvadasaxva savaluto bazrebze kursTasxvaobis (sivrciTi arbitraJi) anda drois garkveul periodSi kursTa ryevebis
Sedegad (droiTi arbitraJi). sasaqonlo arbitraJi ufro grZelvadiani xasiaTisaa savaluto arbitraJTan SedarebiT. amasTan,
am ukanasknelis gavlena savaluto bazarze ufro Zlieria. savaluto bazarze dRe-RameSi ganxorcielebuli garigebebi,
romlebic 1 trilion dolars aRemateba, aris savaluto arbitraJis Sedegi. bankebSi da sxva safinanso organizaciebSi
momuSave treiderebi, romlebic saqmianoben savaluto bazarze, cdiloben mogebis miRebas sxvadasxva bazrebze
valutebis kursTa sxvaobis bazaze. savaluto bazarze arbitraJuli garigebebi mniSvnelovnad CamorCeba sasaqonlo
garigebebs sasaqonlo birJebze, Tumca mas didi mniSvneloba aqvs saerTaSoriso vaWrobis ganviTarebisaTvis.
drois nebismier momentSi, rodesac adgili aqvs savaluto bazris wonasworobis ryevas, profesionali treiderebi
iReben mogebas savaluto arbitraJiT. arsebobs savaluto arbitraJis mravali forma, romelTa Soris unda aRiniSnos
Semdegi: ormxrivi arbitraJi; sammxrivi arbitraJi; saprocento arbitraJi.
ormxrivi arbitraJi (two-point arbitrage), romelsac aseve uwodeben geografiul arbitraJs (geographic
arbitrage), gulisxmobs mogebis miRebas teritoriulad gancalkavebul bazrebze erTi da igive valutis kursis sxvaobis
Sedegad. magaliTi: davuSvaT 1 funti sterlingi iyideba 2 dolarad niu-iorkSi da 1.80 dolarad londonSi. aseT situaciaSi
SeiZleba mogebis miReba. kerZod, bankis savaluto treiders SeuZlia 1.80 dolarad SeiZinos londonis bazarze funti
strlingi. Semdeg es nayidi fuli gayidos niu-iorkis savaluto bazarze 2 dolarad. treideris mier ganxorcielebuli am
geografiuli (ormxrivi) garigebiT TiTqmis uriskod banks SeuZlia mogebis miReba.
ra Tqma unda, sxva bankebis savaluto treiderebic SeamCneven mogebis swrafad miRebis SesaZleblobas. imis
da mixedviT arbitrebi Tu rogor gayidian dolarebs da iyidian funts londonSi, dolaris kursi funtTan mimarTebaSi
Semcirdeba londonis birJaze. meores mxriv, imis da mixedviT arbitrebi Tu rogor gayidian funts da iyidian dolars niu-
iorkSi, funtis kursi dolarTan mimarTebaSi daecema niu-iorkis birJaze. es procesi gagrZeldeba manam, sanam orive
birJaze dolarsa da funts Soris gacvliTi kursi ar gawonaswordeba. mas Semdeg, rac savaluto bazarze ar iqneba savaluto
kursebis sxvaobis Sedegad mogebis miRebis SesaZlobloba, savaluto bazarze wonasworoba damyardeba.
sammxrivi arbitraJi. ganvixiloT kidev erTi magaliTi: davuSvaT, rom 1 funtis SeZena 2 dolarad SesaZlebelia
niu-iorkSi, tokioSi da londonSi, xolo 1 dolarad SesaZlebelia 120 ienis SeZena am samive qalaqSi da 1 funtad – 200
ienis samive qalaqSi. ramdenadac gacvliTi kursi TiToeul wyvil valutebs Seoris erTnairia samive qalaqSi, ar arsebobs
ormxrivi arbitraJuli garigebebiT mogebis miRebis saSualeba. magram arsebobs mogebis miRebis SesaZlebloba
sammxrivi arbitraJis (three-point arbitrage) meSveobiT. sammxrivi arbitraJi aris sami sxvadasxva valutis yidva da
gayidva riskis gareSe mogebis miRebis mizniT. amisaTvis unda Catardes samsafexuriani operacia: 1. 1 funti gaicvalos
2 dolarze; 2. 2 dolari gaicvalos 240 ienaze; 3. 240 iena gaicvalos 1,2 dolarze. am operaciebis Sesrulebis Sedegad 1
funtis nacvlad miiReba 1,2 funti, anu yovelgvari riskis gareSe mogeba Seadgens 0,2 funts.

11
 saprocento arbitraJi (Convered-interest arbitrage) iseTi arbitraJia, romelsac adgili aqvs im SemTxvevaSi,
rodesac or qveyanaSi procentul ganakveTebs Soris sxvaoba araeqvivalenturia forvarduli fasdaTmobisa (danamatisa)
maTi erovnuli valutebis gacvliT kursTan mimarTebaSi. arbitraJis es forma yvelaze mniSvnelovania savaluto bazarze
arsebul sxva formebs Soris. saerTaSoriso bankebis, sadazRvevo kompaniebis da korporaciebis finansuri samsa xurebis
specialistebi mudmivad swavloben msoflioSi savaluto bazrebis mdgomareobas maqsimaluri mogebis miRebis mizniT,
moklevadian kreditebze, agreTve eZeben minimalur saprocento ganakveTebian moklevadian kreditebs. magram am
dros warmoiSveba savaluto riskisagan Tavis dazRvevis aucilebloba. aqedan warmoiSva `dafaruli saprocento
arbitraJis~ kategoria. misi moqmedebis meqanizmi SeiZleba demonstrirebul iqnas Semdegi magaliTiT:
davuSvaT, rom wliuri gaangariSebiT 90 dRiani depozitis saprocento ganakveTi londonSi Seadgens 12% (funt-
sterlingis depozitebze) da 8% niu-iorkSi (aSS dolaris depozitebze). aseT SemTxvevaSi investorebi niu-iorkidan
Seecdebian ufro maRali mogebis miRebas investiciur kapitalze, romelic xelmisawvdomia inglisSi. es rom gaakeTon,
maT unda gacvalon dolari funtze da moaxdinon funtis investireba londonSi. meore mxriv, investorebs niu-iorkidan
sWirdebaT dolari da ara funti, amitomac 90 dRiani periodis gavlis Semdeg maT unda moaxdinon funtis dolarSi
konvertireba. magram am periodSi funtis kursi SeiZleba daeces. aseT SemTxvevaSi damatebiTi procenti, romelsac
niu-iorkelebi miiReben londonSi, SeiZleba gaixarjois 90 dRis mere funtis dolarze gacvlisas danakargebis dasafaravad.
kiTxvaze – ratom arsebobs saprocento ganakveTebs Soris gansxvaveba sxvadasxva qveynebSi, pasuxi gasca
ielis universitetis profesorma irvin fiSerma 1931 wels. man daamtkica, rom qveyanaSi nominaluri saprocento
ganakveTi warmoadgens realur saprocento ganakveTs plius am qveyanaSi mosalodneli inflaciis done. amrigad,
gansxvaveba inflaciis mosalodnel tempebs Soris gansazRvraven gansxvavebebs saprocento ganakveTebs Soris
sxvadasxva qveyanaSi. es fenomeni cnobilia saxelwodebiT `fiSeris saerTaSoriso efeqti~ (International Fisher effect).
fiSeris saerTaSoriso efeqtis, aseve saprocento arbitraJis Sedegad ama Tu im qveyanaSi inflaciis mosalodneli donis
amaRleba iwvevs am qveyanaSi saprocento ganakveTebis zrdas. amas, Tavis mxriv, mivyavarT saerTaSoriso bazarze
an forvarduli damatebis SemcirebasTan, an forvarduli fasdaTmobis zrdasTan qveynis erovnul vaslutaze. iReben ra
mxedvelobaSi am kavSirs inflaciasa da savaluto kursis mosalodnel ryevadobas Soris, saerTaSoriso mewarmeebi da
savaluto treiderebi guldasmiT akvirdebian inflaciis dinamikas msoflios sxvadasxva qveynebSi. inflaciisa da savaluto
kursebs Soris kavSiri gavlenas axdens saerTaSoriso savaluto sistemaze.
bolos unda aRiniSnos ramdenime mizezi, romlebic gansazRvraven arbitraJis did mniSvnelobas. arbitraJul
operaciebze modis saerTaSoriso savaluto bazarze dRe-RameSi ganxorcielebuli vaWrobis moculobis umetesi nawili.
arbitraJuli operaciebi gavlenas axdenen yvela sakvanZo valutis miwodeba-moTxovnaze. garda amisa, arbitraJi
aerTianebs erTian struqturad sxvadasxva savaluto bazrebs, riTac xdeba teritoriul gansxvavebulobasTan (ormxrivi
arbitraJi), valutebis saxeebs Soris (sammxrivi arbitraJi), agreTve droiT gansxvavebulobasTan (saprocento arbitraJi)
arsebuli problemebis gadawyveta. arbitraJis meSveobiT xdeba savaluto bazris globalizacia.

4. saerTaSoriso bankebis operaciebi

kapitalis saerTaSoriso bazris formirebasa da funqcionirebaSi sakvanZo adgili ganekuTvnebaT saerTaSoriso

bankebs. maT sasicocxlo mniSvneloba gaaCniaT agreTve saerTaSoriso kompaniebis dafinansebaSi, sadac isini
asruleben rogorc komerciuli, aseve investiciuri sabanko dawesebulebebis funqciebs. komerciuli bankebis saxiT isini
uzrunvelyofen eqsport-importis operaciebis dafinansebas, Rebuloben depozitebs, gascemen kreditebs, agreTve
TavianT klientebs uweven kvalificiur momsaxurebas finansuri operaciebis regulirebis da kontrolis kuTxiT.
saerTaSoriso bankebi asruleben investiciuri dawesebulebebis funqciebs, gascemen adgilobriv, ucxour da saerTaSoriso
kreditebs anda qmnian sabanko konsorciumebs msxvili kreditebis miwodebisaTvis, agreTve uzrunvelyofen sabrokero
momsaxurebas, afinanseben erToblivi sawarmoebis Seqmnas da a.S.
ZiriTadi saerTaSoriso bankebi. saerTaSoriso sabanko sistemis birTvs warmoadgens msxvili bankebi,
romlebic daspecializebulni arian moklevadiani kapitalis bazris operaciebze. am bankebis Stab-binebi mdebareoben
msoflios iseT safinanso centrebSi, rogoricaa iaponia, aSS, didibritaneTi, germania, safrangeTi da a.S.
saerTaSoriso sabanko saqmianobis ramdenime forma arsebobs. Tavdapirvelad saerTaSoriso sabanko operaciebi
xorcieldeboda bankebs Soris, romlebic sxvadasxva qveynebSi mdebareobdnen. umeteswilad ormxrivi sakorespodento
urTierTobis formiT. sakorespondento urTierTobebi (correcpondent relationship) aris saagento urTierTobebi,
romlis drosac banki gamodis Tavis qveyanaSi rogorc korespodenti anda agenti meore (ucxouri) bankisaTvis.
magaliTad, amerikul banks SeuZlia iyos safrangeTis bankis korespodenti aSS-Si. aseve safrangeTis banks SeuZlia iyos
amerikuli bankis korespodenti safrangeTSi. korespodenti-bankebi asruleben iseT operaciebs, rogoricaa fuladi saxsrebis

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gacema ucxour kompaniebze anda maTgan gadasaxadebis miReba, informaciis miwodeba kompaniebis
kreditunarianobaze, agreTve akredituli werilebis ganaRdeba. am operaciebis uzrunvelsayofad TiToeul banks sxva
bankSi gaaCnia adgilobriv valutaSi deponirebuli angariSi.
ukanasknel periodSi msxvili bankebis saqmianobis internacionalizaciis kvaldakval farTovdeba maTi
sazRvargareTuli qvedanayofebis qseli. es niSnavs, rom msxvili bankebi upiratesobas aniWeben ara
makorespodentebeli bankebis momsaxurebas, aramed Tavad xsnian sakuTar qvedanayofebs sazRvargareT, riTac
qmnian optimalur garemos rogorc sakuTari, aseve sxva bankebis klientebisaTvis.
bankebis ucxouri qvedanayofebis ramdenime tipi arsebobs. bankis qvedanayofi, romelic daregistrirebulia rogorc
kompania damoukidebeli Tavisi saTao bankisagan, iwodeba Svilobil bankad (subsidiary bank); qvedanayofi, romelic
araa daregistrirebuli rogorc calkeuli damoukidebeli kompania, aris bakis filiali (branch bank). zogierT SemTxvevaSi
saerTaSoriso banki upiratesobas aniWebs asocirebuli (afilirebuli) struqturis Seqmnas. asocirebuli banki, anu afilianti
(affiliated bank) aris bankis ucxouri qvedanayofi, romlis Tanamflobelia mocemuli banki da misi samamulo an ucxouri
partniori.
bankebis komerciuli da investiciuri momsaxureba. saerTaSoriso bankebis da maTi qvedanayofebis erT-erTi
mTavari funqciaa komerciuli momsaxurebis gaweva. aseTi sabanko momsaxurebiT sargebloben saqonlis eqsportiorebi
da turistebi, rodesac TavianT erovnul valutas an samgzavro Ceks cvlian adgilsamyofeli qveynis adgilobriv valutaze.
swored, erTi qveynis fuladi erTeulis meore qveynis valutaze fizikuri gacvla warmoadgens saerTaSoriso bankebis
mniSvnelovan funqcias, magram ufro mniSvnelovania maTi saqmianoba yoveldRiuri komerciuli operaciebis
uzrunvelyofisa da dafinansebis mxriv. gansakuTrebiT didi nawili modis iseT operaciebze, rogoricaa: garigebebis
moklevadiani dafinanseba; gadasaxdelebis gagzavna saerTaSoriso eleqtronuli sistemebis gamoyenebiT; ucxouri valutis
forvarduli Sesyidva; klientebis kvalificiuri konsultireba saqonlis eqsport-importis dokumentaciis gaformebisa da
angariSsworebis sakiTxebze da sxv.
komerciul momsaxurebasTan erTad, saerTaSoriso bankebi TavianT klientebs uweven investiciur
momsaxurebas. bankebis investiciuri ganyofilebebis momsaxurebiT sargebloben korporaciuli klientebi dokumentebis
gaformebis da grZelvadiani savalo qaRaldebis da aqciebis ganTavsebis, kompaniaTa Serwymis, firmebis SeZenis da
sxva sferoebSi. gamwvavebuli konkurenciuli brZola aiZulebs saerTaSoriso bankebs uzrunvelyon maTi saqmianobis
globalizacia, raTa SeinarCunon da gaaZlieron TavianTi potencali kapitalis miwodebisa klientebisadmi minimalur
SesaZlo procentebSi.
evrovalutis bazari. evrovalutis bazari finansuri sistemis kidev erTi mniSvnelovani elementia. evrovalutis
bazari (Tavdapirvelad igi `evrodolaris bazrad~ iwodeboda) aRmocenda gasuli saukunis 50-ian wlebSi. misi
warmoSoba dakavSirebulia centralur da aRmosavleT evropis qveynebis komunisturi xelisuflebis moTxovnilebasTan
saerTaSoriso vaWroba daefinansebinaT dolarebSi. Tumca maT hqondaT SiSi, rom politikuri mizezebiT maT
angariSebs amerikul bankebSi aSS xelisufleba dablokavda. am problemis Tavidan acilebis mizniT gamoiyeneboda
evropuli bankebis momsaxureba, romlebic Tavisuflad xsnidnen angariSebs aSS dolarebSi. ase warmoiSva evrodolarebi
(eurodollars) – aSS dolarebi, deponirebuli evropis bankebis angariSze. garda evropulisa, msoflios sxva msxvilma
bankebma (kanada, iaponia) daiwyes dolarebSi deponirebuli depozituri Senatanebis miReba, ris gamoc terminma
`evrodolari~ moicva nebismieri sadolaro angariSi. meore msoflio omis Semdeg sxva valutebis mdgradobis da rolis
amaRlebis Sedegad evrovalutis bazari gafarTovda evroienis, evrofuntis da sxva valutebze. dRevandel etapze termini
“evrovaluta”(eurocurrency) niSnavs valutas im qveynis gareT demonirebul sabanko angariSs, sadac igi iqna
gamoSvebuli.
evrovalutis bazris ganviTarebis paralelurad mimdinareobda evrokreditebis bazris formireba. evrokreditis bazari
xasiaTdeba maRali konkurenciiT, amitomac kreditorebi Zalian dabali marJiT muSaoben, rac niSnavs mcire
gansxvavebas kreditebsa da depozitebis ganakveTebs Soris. evrokreditebze saprocento ganakveTebi xSirad
ganisazRvreba LIBOR ganakveTiT (LIBOR - London Interbank Offer Rate). LIBOR – aris saprocento ganakveTi,
romelsac londonis bankebi uniSnaven erTmaneTs evrovalutaSi miwodebul moklevadian kreditebze. evrokreditebis
bazari yvelaze xelsayreli kreditebis miRebis wyaroa msxvili mravalerovnuli korporaciebisa da samTavrobo
struqturebisaTvis. aseTi situaciis sami ZiriTadi mizezi arsebobs. pirveli, evrokreditebi ar aris damokidebuli
samTavrobo normatiul aqtebze, mag., sarezervo moTxovnaze, romelic aregulirebs bankebis saqmianobas. meore,
evrokreditebi gamoiyofa mxolod msxvil garigebebze, mesame, evrosesxebis bazris momsaxurebiT sargebloben msxvili
kreditunariani msesxeblebi. amitomac kreditorebi riskze ufro dabal premias aweseben.
gasuli saukunis 70-ian wlebSi amerikulma bankebma gamoxates ukmayofileba imazed, rom sarezervo
moTxovna da sxva regulaciuri wesebi dawesebuli federaluri sarezervo sammarTvelos mier, xels uSlidnen maT evropul
da aziur bankebTan konkurenciaSi. ucxouri bankebi, romlebic gascemdnen kreditebs evrodolarebSi, ar
emorCilebodnen am normatiul moTxovnebs. am problemis gadaWris mizniT aSS federaluri saamarTvelos mier gaica
nebarTva saerTaSoriso bankebTan saerTaSoriso qvedanayofis Camoyalibebis Sesaxeb, romlebic imuSavebda

13
SeRavaTiani reJimiT. SeRavaTian pirobebSi moqmedi bankis saerTaSoriso qvedanayofi (internacional banking
facility, IBF), wamoadgens amerikuli bankis qvedanayofs, romelic samarTlebrivad damokidebulia am bankisagan da
SeuZlia mxolo saerTaSoriso sabanko momsaxurebis gaweva. aseTi qvedanayofebi gaTavisuflebulia mravalricxovani
Sida sabanko regulaciis wesebis dacvisagan. amasTan, dadgenili wesebiT, maT ar SeuZliaT TavianT qveyanaSi
gaswion sabanko momsaxureba. aseT qvedanayofebs SeuZliaT miiRon depozitebi mxolos aSS ararezidentebisagan
anda miawodon kreditebi mxolod aSS ararezidentebs. SeRavaTiani reJimiT bankebis saerTaSoriso qvedanayofebis
sistemis Seqmnam amerikul bankebs misca saSualeba Tanabar pirobebSi gauwion konkurencia evrokreditebis bazarze
sxva saerTaSoriso bazrebs.

5. ფასიანი ქაღალდების საერთაშორისო ბაზარი

obligaciebis saerTaSoriso bazari. msxvili kompaniebis, saerTaSoriso organizaciebisa da sxvadasxva

qveynebis mTavrobebisaTvis obligaciebis bazari warmoadgens sasesxo (savalo) dafinansebis ZiriTad wyaros.
tradiciulad es bazari Sedgeba ori tipis fasiani qaRaldebisagan fiqsirebuli saprocento SemosavlebiT: ucxouri
obligaciebisa da evroobligacieisagan. ucxouri obligaciebi (foriegn bonds) – aris obligaciebi, romlebsac uSvebs A
qveynis rezidenti, xolo yidis B qveynis rezidenti amave qveynis valutaSi. mag., koka-kolas, aSS-s rezidents SeuZlia
gamouSvas ucxouri obligacia deemonirebuli funt sterlingSi da gayidos igi upirvelesad inglisis rezidentebze.
evroobligaciebi (eurobonds) – aris obligacia, romelic gamoiSveba A qveynis valutaSi, magram gaiyideba sxva
qveynis rezidentis mier. magaliTad, kompania `amerikis aviaxazebs~ SeuZlia moizidos nasesxobis kapitali 1 mlrd
dolaris moculobiT, gankuTvnili axali TviTmfrinavebis SesaZenad, daniis rezidentebis mier evrooblogaciebis gayidvis
gziT, romelic demonirebulia dolarebSi. obligaciebis saerTaSoriso bazris ZiriTad valutebs warmoadgenen aSS dolari da
evro.
kapitalis msoflio bazris ganviTarebasTan erTad obligaciebis saerTaSoriso bazari sul ufro rTuli xdeba.
investiciuri bankebis sindikatebi, kompaniebi, romlebic saqmianoben fasiani qaRaldebis operaciebiT, aerTianeben
saerTaSoriso obligaciebis kompleqsur paketebs gankuTvnils msxvili kreditunariani msesxeblis (transnacionaluri
kompaniebi, mTavrobebi, saerTaSoriso organizaciebi) moTxovnilebaTa dakmayofilebisaTvis. aseTi globaluri
obligaciebis gamoSveba gaxda erT-erTi mniSvnelovani axali finansuri instrumenti. globaluri obligacia (global
bonds) – aris msxvili likviduri finansuri aqtivi, romliTac vaWroba xdeba nebismier qveyanaSi nebismier dros. pirveli
globaluri obligacia gamoSvebul iqna msoflio bankis mier. am bankma gayida globaluri obligacia aSS dolarSi
denomirebuli 1,5 mlrd dolaris moculobiT erTdroulad CrdiloeT amerikaSi, evropasa da iaponiaSi. Semdeg aseTi
obloigaciebis gamoSveba daiwyes msoflios msxvilma bankebma.
obligaciebis bazarze arsebobs kidev sxva SesaZleblobani. mag., msesxebels aqvs ufleba obligaciaze procenti
gadaixados erT valutaSi, xolo ZiriTadi Tanxa – meore valutaSi. msesxebels SeuZlia aseve miaRwios ufro mcire
saprocento ganakveTs inflaciisagan Tavis dasaRwevad. amisaTvis saWiroa sesxis ZiriTadi Tanxis dafarva miabas
oqros fass an nasesxobis specialur uflebas.
iseve rogorc evrokreditebis, evroobligaciebis bazari xasiaTdeba konkurenciis maRali doniT, amitomac
msesxeblebs bevr SemTxvevaSi aqvT saSualeba miiRon saWiro saxsrebi sakmaod xelsayrel pirobebSi. garigebaTa
didi Tanxa, msesxebelTa kreditunarianoba, agreTve regulaciis wesebisagan damoukidebloba, romelic savaldebuloa
kapitalis Sida bazarze da romelTa Sesruleba dakavSirebulia did danaxarjebTan – xels uwyobs amgvar kreditebze
saprocento ganakveTebis Semcirebas.
aqciebis globaluri bazari. transnacionaluri kompaniebis rolis gaZlierebam da telesakomunikacio teqnologiebis
srulyofam gamoiwvia korporaciuli aqciebis bazrebis globalizacia. damwyebi kompaniebis SesaZleblobani kapitalis
mozidvaSi dReisaTvis mxolod sakuTari wyaroebiT ar SemoisazRvreba. daregistrirebul kompaniebsac SeuZliaT
moaxdinon fuladi saxsrebis mobilizacia aqciebis damatebiTi emisiis meSveobiT. kompaniebi SeaRweven ra
saerTaSoriso bazarSi, TavianTi Svilobili sawarmoebisaTvis kapitalis mozidvaSi upiratesobas aniWeben am bazars.
ukanasknel periodSi kapitalis mozidvis axali forma inergeba e.w. saqveyno fondis (country fund) saxiT, romelic aris
urTierTmxardaWeris fondi, daspecialebuli investiciebze mocemuli qveynis kompaniebSi.
aqciebis bazris globalizacia xels uwyobs finansuri momsaxurebis industriis globalizacias. mTeli rigi kompaniebi
specialdebian finansuri momsaxurebis miwodebaze, afarToeben TavianT saqmianobas Sida bazridan ZiriTad
saerTaSoriso finansuri centrebisaken. amgvari kompaniebi aqtiurad cdiloben TavianTi klientebi, ganTavsebuli

14
dedamiwis sxvadasxva wertilebSi, uzrunvelyon saTanado kapitaliT, rekomendaciebiT, finansuri bazrebis analizis
SedegebiT, saWiro finansuri operaciebiT da a.S.
finansuri bazrebis globalizaciaSi mniSvnelovan rols asruleben ofSoruli finansuri centrebi. aseTi centrebi
specialdebian klientebisaTvis, romlebic ar arian qveynis rezidentebi sabanko da sxva finansur momsaxurebaze. bevri
aseTi centri ganlagebulia kunZul-saxelmwifoTa teritoriaze: bahamis kunZulebi, bahreini, kaimanis kunZulebi,
bermundis kunZulebi, antiliis kunZulebi, singapuri. luqsemburgi da Sveicaria marTalia ar ganekuTvnebian
kunZulovan saxelmwifoebs, magram mniSvnelovan ofSorul finansur centrebs warmoadgenen.
transnacionaluri korporaciebi xSirad sargebloben ofSoruli centrebis momsaxurebiT, raTa miiRon kreditebi
evrovalutaSi xelsayreli pirobebiT. mravali transnacionaluri kompaniebi am centrebSi ganaTavseben TavianT Svilobil
kompaniebs, romlebic dasaqmebuli arian finansuri operaciebiT da aqvT SesaZlebloba gamoiyenon am zonebis
upiratesobebi.

6. ofSoruli biznesi
Tu Tqveni firma registrirebulia erT qveyanaSi, saqmianobas meore qveyanaSi axorcielebT, xarT mesame
qveynis moqalaqe, fizikurad meoTxe qveyanaSi imyofebiT, xolo qonebas mexuTeSi inaxavT _ Tqven xelSeuxebeli
brZandebiT. termini `ofSori~ (off shore – napirebs miRma) pirvelad gamoyenebul iqna erT-erT amerikul gazeTSi,
iseTi organizaciis mimarT, romelmac saxelmwifoebrivi kontrolisagan Tavis aridebis mizniT saqmianoba sagadasaxado
iurisdiqciis sazRvrebs gareT gadaitana. Tanamedrove pirobebSi es termini ufro farTo gagebiT gamoiyeneba da
aRniSnavs rogorc firmebs, romlebic iyeneben sxva qveynebs Tavisi safinanso saqmianobis dagegmvis dros, aseve
zonebs (saxelmwifo an teritoria), sadac ucxouri kompaniebisaTvis moqmedebs specialuri savaluto, sagadasaxado da
organizaciuli SeRavaTebi.
im saxelmwifos strategiuli interesebi, romelic uSvebs Tavis teritoriaze ofSoris arsebobas, Cveulebriv, sam
jgufad iyofa:
1. ekonomikuri miznebi: ucxouri investiciebis mozidva; mTeli qveynis ekonomikaSi an mis calkeul regionSi
savaluto Senatanebis zrda saregistracio mosakreblis xarjze.
2. socialuri miznebi: mTeli qveynis an mis SemadgenlobaSi myofi konkretuli teritoriis ganviTarebis daCqareba;
mosaxleobis dasaqmebisa da Semosavlis donis amaRleba; organizaciis, marTvis, finansuri sferos msoflio gamocdilebis
Seswavlisa da danergvis Sedegad maRalkvalificiuri samuSao Zalis fenis Seqmna.
3. samecniero-teqnikuri miznebi: mowinave ucxouri teqnologiebis danergva, upirvelesad, informaciuli,
Tanamedrove kavSirgabmulobisa da sabanko saqmis sferoSi.
bolo periodSi bevri qveyana _ ofSori saerTaSoriso organizaciebis zewoliT iZulebuli gaxda gadaesinja politika
ararezidentebis mimarT. mTeli rigi qveynebis kanonmdebloba, romlebic tradiciulad popularul ofSorul zonebad
iTvleboda, mniSvnelovnad gamkacrda. Sesabamisad bevri firma registrirebuli am qveynebSi iZulebuli gaxda Seecvala
bazirebis adgili. magaliTad, kviprosma imisaTvis, rom uproblemoT Sesuliyo evrokavSirSi miiRo kanonebi, romelTa
Sedegad saSemosavlo gadasaxadis ganakneTi mTeli rigi kompaniebisaTvis 4,25-dan 10%-mde gaizarda.
mniSvnelovnad gamkacrda iseTi tradiciuli ofSorebis kanonmdebloba rogoricaa bahamis, bermudis da kaimanis
kunZulebi. Tumca unda aRiniSnos, rom saerTaSoriso organizaciebis mxridan sanqciebis gamkacrebis miuxedavad,
ofSoruli zonebi mainc ganagrZoben funqcionirebas. uaris Tqma sagadasaxado oazisebze arc ise advilia.
ofSoruli firmebis gaxsnasTan dakavSirebuli momsaxurebis gawevis gancxadebebi SeiZleba bevr gazeTsa da
JurnalSi vixiloT, xolo fasebi aseT momsaxurebaze mniSvnelovnad Semcirda. ofSoruli firmis SeZena saSualod 500
aSS dolarad aris SesaZlebeli.
gavrcelebulia mosazreba, rom ofSoruli kompania mxolod qaRaldze arsebuli sawarmoa da igi warmoadgens
angariSss bankSi. am angariSss eleqtronuli saSualebebiT marTavs crumagieri piri, romlis saxelze registrirebuli
dokumentebi inaxeba sekretarul kompaniaSi. miuxedavad amisa, xSir SemTxvevaSi, ofSoruli kompaniebi Cveulebrivi
wesiT muSaoben da sxva firmebisagan mxolod dabegvris da komfidencialobis doniT gansxvavdebian. amasTan,
ofSorul kompanias SeiZleba hqondes filiali sxva qveyanaSi, romelSic igi ganaxorcielebs realur saqmianobas.
iuridiuli TvalsazrisiT ofSoruli kompania principulad arafriT gansxvavdeba sxva sawarmoebisagan. is
warmoadgens samewarmeo samarTlebrivi urTierTobebis sruluflebian subieqts da SeuZlia dados garigebebi sxva
iuridiuli pirebis Tanasworad. miuxedavad amisa, `ofSoruli kompania~ ar aris iuridiuli termini. kanonSi, romlis
safuZvelzec xdeba mocemuli tipis firmebis registracia, isini SeiZleba ganisazRvros, rogorc ararezidentebi (Non
Resident), gadasaxadebisagan ganTavisuflebuli (Exept) an saerTaSoriso biznesis kompaniebi (International Business
Company).

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 SeiZleba gamovyoT ofSoruli kompaniis Semdegi ZiriTadi Taviseburebebi:
 mflobelebi ar SeiZleba iyvnen mocemuli ofSoruli iurisdiqciis rezidentebi;
 nebismieri komerciuli operacia unda ganxorcieldes registraciis iurisdiqciis sazRvrebs gareT;
 kontrolisa da marTvis centri ganlagebulia sazRvargareT;
 sagadasaxado SeRavaTebi;
 yovelwliuri saregistracio mosakrebelis gadaxdis valdebuleba;
 registraciis proceduris da sawarmos marTvis simartive;
 wardgeniTi aqciebis, nominaluri mflobelebisa da direqtorebis gamoyenebis SesaZlebloba;
 saerTo krebisa da direqtorTa sabWoebis Catarebis Sesaxeb moTxovnebis formaluri xasiaTi;
 minimaluri moTxovnebi finansur angariSgebasa da auditoruli Semowmebis Catarebaze;
 savaluto kontrolis ar arseboba.
ofSoruli kompaniis mimarT wayenebuli moTxovnebi aseve damokidebulia konkretul qveyanaze. magaliTad,
aSS, germania da Sveicaria awesebs mkacr moTxovnebs ararezidenti kompaniebis mimarT (didi sadamfuZneblo
kapitali, gamkacrebuli angariSgeba, finansuri operaciebis gamWvirvaloba). hibraltarSi ofSoruli firmis gaxsnisaTvis
aucilebelia waradginoT bankSi angariSis damadasturebeli dokumentebi da bankis rekomendacia. bevri kunZulovani
ofSori, rogorc wesi, maqsimalurad liberaluria. isini ZiriTadad orientirebulni arian kompaniebidan yovelwliuri
Senatanebis miRebaze da xSirad buRaltruli aRricxvis warmoebasac ar iTxoven (bahamis, marSalis, kaimanis
kunZulebi). qveynebis did nawilSi arsebobs SezRudvebi ararezidenti kompaniebis saqmianobaze. Tu daculi ar iqneba
gansazRvruli pirobebi, maSin ofSorul firmebs mouwevT igive odenobis gadasaxadebis gadaxda rac rezident
kompaniebs.
ofSoruli kompaniebi sxvadasxva mizniT iqmneba, romelTagan aRsaniSnavia: dabegvris optimizacia;
saerTaSoriso imijis Seqmna; biznesis realuri mflobelis Sesaxeb informaciis dafarva; kapitalis sazRvargareT gatana da
masze sakuTrebis uflebis dacva. ganvixiloT am miznebis miRwevis meqanizmebi.
1. dabegvris optimizacia. globalizaciis epoqaSi firmebi aqtiurad anxorcieleben saerTaSoriso sagadasaxado
strategiebs, romelic praqtikaSi SeRavaTiani dabegvris reJimis mqone teritoriebis ZebnaSi gamoixateba. yvelaze xSirad
ofSoruli kompaniebi iqmneba rezidentobis principiT gadasaxdeli gadasaxadebis (ZiriTadad pirdapiri gadasaxadebi)
kanonieri gziT minimizaciisaTvis. am dros biznesmenis motivebi zedapirze imyofeba da SemdegSi mdgomareobs _
`ratom gadavixado zedmeti Tu SesaZlebelia saerTod ar gadavixado~. Tu gadasaxadebis minimizacia, magaliTad,
erTdRiani firmebis gaxsniT, kanondarRvevaa, ofSoruli kompaniebis gamoyenebiT es legaluri gziT miiRweva. aSS-is
uzenaesi sasamarTlos mosamarTle l. xendi aRniSvnavs, rom `yvelas aqvs ufleba ise moawyos Tavisi fuladi saqmeebi,
rom gadasaxdeli gadasaxadebi minimumamde Seamciros... aravinaa valdebuli ise dagegmos Semosavlebi da xarjebi,
rom asiamovnos finansTa saministros... moqalaqisaTvis ar arsebobs aranairi, maT Soris patriotuli valdebulebac ki,
gazardos gadasaxadebis gadaxda~.
dabegvris optimizaciis mizniT firmebi aqtiurad iyeneben egreTwodebul transfertul faswarmoqmnas (transfer
pricing). am dros ZiriTadi mwarmoebeli kompania bazirebuli maRali gadasaxadebis mqone qveyanaSi Tavis
produqcias dabal fasebSi miyidis ofSorul firmas, romelic produqcias ukve realur fasad gadayidis. amgvarad, mogeba
Tavs iyris ofSorul zonaSi, sadac minimaluri ganakveTiT ibegreba. Tu gvsurs ofSoruli firma (magaliTad, amerikuli
kompania delaveris Statidan) gamoviyenoT, rogorc gadasaxadebis optimizaciis sqemis rgoli, aucilebelia
davaregistriroT ucxouri SezRuduli pasuxismgeblobis sazogadoeba (Foreign Limited Liability Company (FLLC)). am
SemTxvevaSi Semosavlebi ar daibegreba aSS-is teritoriaze im pirobiT, Tu misi wyaro imyofeba qveynis iurisdiqciis
gareT. magaliTad, Tu Tqven yidulobT saqonels germaniaSi da yidiT saqarTveloSi, amerikaSi registrirebuli FLLC-is
germanuli firmis kontragentad gamoyenebis da Semdeg saqonlis saqarTveloSi gayidviT mTeli Semosavali Tavs
moiyris ofSorSi da ar daibegreba.
2. saerTaSoriso imijis Seqmna. bevr qveynebSi investiciebis misazidad Seqmnilia SeRavaTiani pirobebi,
romelic mxolod ucxour kompaniebze vrceldeba. meore mxriv, sagadasaxado samsaxurebi ofSoruli firmebis
kontraqtebs gansakuTrebulad amowmeben. rig qveynebSi moqmedebs antiofSoruli kanonmdeblobac. ekonomikuri
TanamSromlobisa da ganviTarebis organizacia awarmoebs im saxelmwifoebis da teritoriebis sias, romlebic ar
gascemen informacias sagadasaxado da finansur operaciebze. dRes am siaSi 7 qveyana Sedis: andora, liberia,
lixtenSteini, marSalis kunZulebi, monako, nauru da vanuatu. am saxelmwifoebis mimarT ekonomikuri
TanamSromlobisa da ganviTarebis organizaciis wevri saxelmwifoebi iyeneben finansur da ekonomikur sanqciebs. fulis
gaTeTrebis winaaRmdeg saerTaSoriso jgufs (Financial Action Task Force) Sav siaSi Seaqvs yvela is qveyana,
romelic ar anxorcielebs aqtiur brZolas fulis gaTeTrebis winaaRmdeg. didi Svideulis qveynebis mxardaWeriT Seqmnili
finansuri stabilurobis forumi sistematurad aqveynebs ofSoruli zonebis saimedoobis reitings. sadac mTavar kriteriums
gamWvirvalebis done warmoadgens, anu saimedod miiCneva ofSori, sadac ar arsebobs sabanko saidumloeba,
ganviTarebulia makontrolebeli organoebi da kanonmdebloba. aseve didi mniSvneloba eniWeba ofSoruli zonis politikur

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da ekonomikur saimedobas. Sesabamisad, gansakuTrebuli popularobiT gamoirCeva teritoriebi, romlebic ganviTarebuli
qveynebis gavlenis zonaSi imyofebian.
aseT viTarebaSi firmis saerTaSoriso imijis asamaRleblad SeiZleba martivi xerxis gamoyeneba. kompania
registrirdeba ofSorul iurisdiqciaSi (mag. virjiniis kunZulebze), ofisi ki (safosto yuTi) arsdeba londonSi, aqve ixsneba
sabanko angariSic. amis Semdeg firma garegnulad gamoiyureba rogorc britanuli.
arsebobs imijis amaRlebis sxva saSualebebic. magaliTad, Tanamedrove sqemebSi ofSoruli kompaniis
ganTavseba xdeba ara pirvel (xilul) doneze, aramed meore (SeniRbul) doneze. pirvel doneze unda figurirebdes
prezentabeluri, saimedo qveyanaSi (dania, espaneTi, inglisi, kanada da a.S.) registrirebuli firma. am prezentabeluri
firmis mflobelad gvevlineba ofSoruli kompania, romelic SeRavaTiani pirobebis mqone teritoriazea registrirebuli.
finansuri operaciebi aseTi prezentabeluri firmebis meSveobiT, rogorc wesi, xorcieldeba ofSorul kompaniasTan
saagento SeTanxmebis safuZvelze. miuxedavad mniSvnelovani Tanxisa, romelic am gziT saimedo firmaze gaivlis,
ukanaskneli gadasaxads ixdis sakomisiodan, rac mTliani brunvis mxolod ramdenime procents Seadgens.
3. biznesis realuri mflobelis Sesaxeb informaciis dafarva. ofSoruli kompaniebis gamoyeneba biznesmens
saSualebas aZlevs darCes inkognitod. ofSoruli firmebis gaxsna ZiriTadad iseT qveynebSi xdeba, sadac didia korufciis
done, adamianis usafrTxoeba naklebad daculia, sajaro moxeleebi aqtiurad monawileoben biznesSi da surT amis
damalva. saqarTveloSi aqtiurad mimdinare privatizebis programebSi monawile ofSoruli firmebis siuxvec albaT amiT
aixsneba. magaliTad, mesakuTre, romelsac ar surs Tavis afiSireba, ofSorul firmas gaxsnis kviprosSi an antiliis
kunZulebze (holandia), sadac daculia ofSoruli kompaniis mflobelis anonimuroba. Semdeg ofSoruli kompania yidulobs
qarTuli sawarmos aqciebs. imis garkveva, Tu vin flobs sinamdvileSi qarTul firmas praqtikulad SeuZlebeli xdeba, Tu
mflobeli Tavad ar isurvebs amas.
ofSorul kompaniasTan efeqtiani muSaobisaTvis zustad unda ganisazRvros mesakuTris Sesaxeb informaciis
komfidencialobis aucilebeli done. imisaTvis, rom daimalos informacia mflobelis Sesaxeb, ofSorul biznesSi iyeneben
marTvis iseT xerxebs, romelic SesaZlebels gaxdis mTlianad an TiTqmis mTlianad amoiZirkvos misi saxeli
sabuTebidan (magaliTad, aqciebi warmdgenze). xSirad amisaTvis iyeneben nominalur aqcionerebs (Tu amis
saSualebas iZleva ofSoruli teritoriis kanonmdebloba) da niSnaven nominalur direqtorebs (prezidentebs). nominaluri
aqcionerebi sabuTebiT gvevlinebian ofSoruli kompaniis damfuZneblebad, magram ar gaaCniaT aqciebis gankargvis
ufleba. imisaTvis, rom Tavidan iqnas acilebuli pretenziebi aseTi aqcionerebis mxridan, maT xeli unda moaweron
deklaracias aqciebis gankargvaze uaris Tqmis Sesaxeb damfuZneblis sasargeblod. amgvarad, ofSoruli teritoriis
kanonmdebloba daculi iqneba, xolo realuri mflobelis saxeli ar Seva reestrSi.
nominaluri direqtoris (prezidentis) Tanamdebobaze xSir SemTxvevaSi iniSneba im kompaniis TanamSromeli,
romelic ofSorul teritoriaze anxorcielebs saregistracio momsaxurebas. misive monacemebi miewodeba saregistracio
organos. nominaluri direqtoris (prezidentis) uflebebis SezRudvisaTvis, rogorc wesi, gamoiyeneba `uaris werili~ _ mis
mier xelmowerili gancxadeba ganTavisuflebis Sesaxeb TariRis dasmis gareSe, romelic mesakuTresTan inaxeba. Tu
mesakuTres surs kompania marTos Tavisi saxeliT, am SemTxvevaSi masze gamoweren mindobilobas.
aucileblobis SemTxvevaSi sekretarul kompanias SeuZlia uzrunvelyos sruli nominaluri momsaxureba (full-time
nominal service). es momsaxureba gulisxmobs, rom mis mier daqiravebuli ofSoruli firmis TanamSromlebi ara mxolod
nominalurad iricxebian, aramed realuradac muSaoben _ amzadeben dokumentebs, xels aweren kontraqtebs, xvdebian
kontragentebs da a.S.
4. kapitalis sazRvargareT gatana da masze sakuTrebis uflebis dacva. ofSoruli firmebis gamoyeneba
mniSvnelovnad amartivebs didi Tanxebis sazRvargareT gatanis process. magaliTad, qarTul sawarmos SeuZlia
Seqmnas ofSoruli kompania, gaaformos masTan momsaxurebis gawevis an sesxis xelSekruleba da regularulad
gadaricxos momsaxurebis Rirebuleba an sesxis procentebi.
amas garda, aqciebis da sxva aqtivebis ofSorul kompaniaze gaformeba warmoadgens sakuTrebis uflebis dacvis
instruments. ofSoruli firmisaTvis aqtivebis CamorTveva sasamarTlo gadawyvetilebiTac ki rTulia. amisaTvis saWiroa
misi mesakuTris dadgena (amis gakeTeba, rogorc ukve aRvniSneT sakmaod rTulia), ris Semdegac sasamarTlo
aRmasruleblebma unda moZebnon is da aiZulon aqtivebi gadasces axal mflobels. ofSorul kompaniebTan sasamarTlo
davebis warmoeba sazRvargareT aris saWiro, rac damatebiT bariers warmoadgens. aqtivebis dacvis mizniT xSirad
iqmneba ofSoruli kompaniebis mTeli jaWvi (erTi ofSoruli firma ekuTvnis meores, meore _ mesames da a.S.). Sedegad
aqtivebis realuri mflobelis dadgena da misTvis pretenziis wardgena SeuZlebeli xdeba.
daskvnis saxiT SeiZleba iTqvas, rom ofSoruli sqemebis dagegmvis procesi mTel rig safrTxeebTan erTad
dakavSirebulia firmis momgebianobis zrdasTan. ofSorul biznesSi realuri muSaoba ukve arsebuli meqanizmebis
mudmiv aprobaciasTan erTad moiTxovs axali gadawyvetilebebis dauRalav Ziebas. amitom, es procesi unda
ganvixiloT kompaniis saerTaSoriso saqmianobis optimizaciis erT-erT rTul da efeqtian saSualebad.

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