Tema 10.

bankis likvidobis, rezervebis strategia

da politika sabanko menejmentis sistemaSi

Seswavlis mizania _ gavaanalizoT, Tu ratom warmoiSo-

ba advilad realizebad likvidur saxsrebze didi moTxovni-
leba da rogor SeuZlia banks daakmayofilos aucilebeli
sarezervo moTxovnebi.
menejmentis mizania _ ganvsazRvroT, ra saxis moTxovni-
lebaa likvidur saxsrebze da ganvixiloT saxsrebis alter-
natiuli wyaroebi, romlebic SeiZleba gamoiyenon bankis mene-
jerebma fulad saxsrebze gadaudebeli moTxovnilebis dakma-
yofilebis mizniT.

10.1. bankis likvidobisa da gadaxdis-

unarianobis cneba

bankis likvidoba aRniSnavs bankis SesaZleblobas _

droulad da srulad uzrunvelyos yvela kontragentis (de-
pozitori, msesxebeli) winaSe mTliani savalo da finansuri
valdebulebebis Sesruleba. es unda ganisazRvros balansis
aqtivebisa da pasivebis muxlebis mixedviT, saxsrebis optima-
luri ganlagebiTa da sididiT, bankis aqtiur-pasiuri opera-
ciebis marTvisa da operatiuli kontrolis, aseve Sesabamisi
vadebis gaTvaliswinebiT.
sxva sityvebiT, bankis likvidoba damyarebulia mozidul
da ganlagebul saxsrebs Soris obieqturad aucilebeli Ta-
nafardobis mudmiv SenarCunebaze, maTi struqturuli ele-
mentebis operatiuli marTvis safuZvelze.
likvidobisa da gadaxdisunarianobis cnebaTa msgavsebis
miuxedavad, aucilebelia maT Soris zRvaris gavleba. likvi-
doba _ aris valdebulebis drouli Sesrulebis SesaZleb-
loba. gadaxdisunarianoba ki _ valdebulebebis Sesrulebis
SesaZlebloba. e. i. Tu banks ar SeuZlia depozitis dRei-
saTvis gadaxda, likvidobis droebiTi uqonlobis gamo, ban-
kSi saxsrebis SemosavalTan dakavSirebiT mas SeuZlia gadai-

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xados fuli da aRadginos likvidoba. valdebulebis aradro-
uli Sesrulebis miuxedavad, bankis gadaxdisunarianoba aris
is SemTxveva, rodesac mas aqvs unari _ adre Tu gvian Seas-
rulos valdebuleba. bankis likvidoba gulisxmobs valdebu-
lebis droSi Sesrulebas.
amrigad, TiToeulma bankma damoukideblad unda uzrun-
velyos Tavisi likvidobis SenarCuneba mocemul doneze, ro-
gorc misi mdgomareobis analizis safuZvelze (drois kon-
kretuli periodisaTvis), aseve saqmianobis Sedegebis prog-
nozirebisa da SemdgomSi sawesdebo kapitlis, specialuri
daniSnulebis fondebisa da rezervebis, nasesxebis saSualebe-
bis mozidvas, aqtiuri operaciebis ganxorcielebis sferoSi
dasabuTebuli ekonomikuri politikis gatarebiT.
bankis likvidobis erT-erTi mxarea SesaZlebloba _ ga-
moiyenos misi aqtivebi fuladi saxsrebis saxiT an swrafad
gadaaqcios aseT formaSi.
amrigad, banki iTvleba likvidurad, Tu misi fuladi
saxsrebis jami, romelic sxvadasxva wyaroebidan swrafi mo-
bilizaciiT miiReba, saSualebas iZleva droulad Sesruldes
pasivis mixedviT valdebuleba. amis garda, likvidobis re-
zervi saWiroa faqtobrivad nebismieri finansuri saWiroebis
dakmayofilebisaTvis:
• kreditis mixedviT xelsayreli xelSekrulebis ga-
formeba;
• anabrebis moulodneli amoRebisas saxsrebis Sevseba;
• kreditze sezonuri da gauTvaliswinebeli moTxov-
nilebebis kompensireba da sxva.

bankis likvidobaze moqmedebs misi aqtivebis struq-

tura. rac ufro maRalia pirveli klasis likviduri aqtive-
bis wili aqtivebis saerToOTanxaSi, miT maRalia bankis lik-
viduroba. bankis aqtivi misi likvidobis mixedviT SeiZleba
daiyos sam jgufad:
1. likviduri saxsrebi, romlebic mudmiv mzadyofna-
Sia, anu pirveli klasis likviduri saxsrebi (salaro, sax-

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srebi sakorespondento angariSze, pirveli klasis aqtivebi,
saxelmwifo fasiani qaRaldebi);
2. bankis gankargulebaSi arsebuli likviduri saxsre-
bi, romlebic SeiZleba gadaiqces fulad saSualebebad _ ban-
kis sasargeblod kreditis an sxva gadasaxdelebis 30-dRiani
Sesrulebis vadiT, birJaze daregistrirebuli pirobiTad
realizebadi fasiani qaRaldebi;
3. aralikviduri aqtivebi _ es aris vadagadacilebu-
li krediti da arasaimedo valebi, bankis kuTvnili Senoba
da nagebobebi, rogorc ZiriTadi fondebi.

amis garda, bankis likvidoba damokidebulia calkeu-

li aqtiuri operaciebis riskis xarisxze: rac ufro metia
maRali sarisko aqtivebis wili, miT ufro naklebia misi
likvidoba. saimedo aqtivebs ganekuTvneba fuladi saxsrebi,
xolo maRalsariskos _ bankis grZelvadiani dabandeba.
likvidoba damokidebulia agreTve pasivebis struqtu-
raze. mokiTxvamde anabris mixedviT meanabres SeuZlia moiT-
xovos nebismier momentSi, xolo vadiani anabrebi bankis gan-
kargulebaSia ufro xangrZlivi droiT. depozitebisa da ses-
xebis saimedooba agreTve did zegavlenas axdens balansis
likvidurobis doneze.
bankis balansis likvidoba fasdeba specialuri maCve-
neblebis gaangariSebiT, romlebic asaxaven aqtivebisa da pa-
sivebis Tanafardobas, aqtivebis struqturas. saerTaSoriso
praqtikaSi am mizniT gamoiyeneba likvidobis koeficientebi,
romlebic warmoadgens balansis aqtivebis calkeuli muxle-
bisa da pasivebis gansazRvruli muxlebis Tanafardobas.

10.2. bankis likvidur saxsrebze moTxovna da

SeTavazeba

bankis moTxovnileba likvidur saxsrebze (swrafad

realizebad saxsrebze) SeiZleba ganxilul iqnas moTxovnisa

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da SeTavazebis TvalsazrisiT. romeli saqmianoba qmnis moT-
xovnilebas likvidur saxsrebze bankis mxridan? romeli wya-
roebi SeiZleba gamoiyenos bankma likviduri saxsrebis SeTa-
vazebisTvis, rodesac warmoiSoba aucilebloba swrafad rea-
lizebad saxsrebze?
bankebis umetesobisaTvis likvidur saxsrebze moTxov-
na warmoiSoba ori ZiriTadi mizeziT:
• klientebis mier angariSebidan fulis moxsniT;
• klientebisagan kreditebis miRebis SekveTis Sem-
TxvevaSi (romlis gacemac bankma gadawyvita).

likvidur saxsrebze moTxovnis warmoSobis kidev er-

Ti mizezia bankis sesxebis mixedviT valdebulebis dafarva,
romelic mas miRebuli hqonda sxva bankebidan an erovnuli
bankidan. aseve fulad saxsrebze moTxovnas swrafad zrdis
saSemosavlo gadasaxadebi da fuladi saxiT dividendebis ga-
daxda aqciebis mflobelebze.

likvidur saxsrebze moTxovnis dakmayofilebisaTvis

bankma SeiZleba moizidos is SeTavazebis potenciuri wyaroe-
bidan. rogorc wesi, metad mniSvnelovani wyaroa: klientebi-
sagan anabrebis Semosvla, adre aRebuli sesxis dafarva, Se-
mosavlebi arasadepozito sabanko momsaxurebidan, fulad
bazrebze aRebuli sesxebidan, bankis aqtivebis gayidva.
likviduri saxsrebis wyarosa da SeTavazebas Soris
sxvaoba saerTo jamSi gansazRvravs TiToeuli bankis neto-
likvidur pozicias drois nebismieri momentisaTvis.
rodesac erTobliv likvidur saxsrebze moTxovna
sWarbobs erTobliv SeTavazebas (e.i. Lt <0), maSin bankis
xelmZRvaneloba mzad unda iyos likviduri saxsrebis defi-
citisaTvis da amave dros gadawyvitos, rogor da ra vadeb-
Si miiRebs likviduri saxsrebis damatebiT raodenobas.
im dros, rodesac likvidur saxsrebze SeTavazeba
sWarbobs moTxovnas (e.i. Lt>0), maSin menejerebi mzad unda
iyvnen Warbi likviduri saxsrebisaTvis, amave dros gadaw-

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ydes, rogor da ra vadebSi SeiZleba am siWarbis investireba
momavalSi im momentamde, sanam ar gaCndeba aucilebloba
likvidur saxsrebze moTxovnis dafarvisaTvis.
bankebis likviduri saxsrebis marTvis problemis arsi
SeiZleba warmodgenili iqnas ori mokle mtkicebiT:
• banks mudam aqvs saqme an likviduri saxsrebis de-
ficitTan, an maT siWarbesTan;
• sabanko resursebis umetesi nawili daniSnulia
likvidur saxsrebze moTxovnis dakmayofilebisaT-
vis, naklebi nawili ki _ sasurveli mogebianobis
miRwevisaTvis (ucvleli faqtorebis pirobebSi).

amrigad, likvidobis optimaluri donis SenarCuneba

bankis marTvaSi mudmivi problemaa da yovelTvis mimarTu-
lia misi mogebianobis zrdisaken.
likvidobis gadawyvetis problema dakavSirebulia gan-
sazRvrul realur da potenciur xarjebTan, romlebic moi-
cavs sesxebisaTvis saprocento gadasaxadebs da fuls likvi-
duri saxsrebis moZiebis danaxarjebs.
unda aRiniSnos, rom bankis likvidobis marTva dakavSi-
rebulia saprocento riskebis arsebobasTan da bankisaTvis
aucilebeli moculobis likviduri saxsrebis miuRwevadobis
riskTan.

ratom awydebian bankebi likvidobis seriozul

problemebs?

bankebi mudmivad awydebian likvidobis problemebs.

isini msxvil Tanxebs Rebuloben moklevadiani depozitebis
saxiT mosaxleobisagan da sxva sakredito organizaciebisa-
gan, Semdgom ki _ uSveben mimoqcevaSi da klientebze gasce-
men grZelvadian kreditebs. amitomac, umetes SemTxvevaSi,
bankebs aqvT Seusabamoba aqtivebsa da pasivebs Soris dafar-
vis vadebis mixdviT.

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 vadebis daumTxvevlobis SemTxvevaSi warmoiSoba prob-
lema, romelic dakavSirebulia valdebulebebis metad did
wilTan, romelic moiTxovs dauyovnebliv Sesrulebas, rogo-
ricaa _ anabrebi mokiTxvamde, sesxebi fulad bazrebze.
likvidobis potenciuri problemis wyaroa saprocen-
to ganakveTis cvlilebisadmi bankebis mgrZnobiaroba. rode-
sac saprocento ganakveTebi izrdeba, maSin zogierT meanabres
gaaqvs anabari sxva sakredito organizaciebSi meti mogebis
miRebisaTvis.

10.3. likviduri saxsrebis marTvis strategia

menejerebma bankis likvidobis problemis gadawyveti-

saTvis, likvidobis marTvis procesSi dagrovili praqtikis
saSualebiT ramdenime saerTo midgoma SeimuSaves:
1. likvidobis uzrunvelyofa aqtivebis xarjze
(likvidobis marTva aqtivebis marTviT);
2. mniSvnelovanwilad nasesxebi likviduri saxsrebis
(pasivebis) gamoyeneba.
3. likvidobis balansirebuli (aqtivebis da pasivebis)
marTva.

 likvidobis marTvis strategia aqtivebis marTviT

likvidur saxsrebze bankis moTxovnilebis uzrunvel-
yofis SedarebiT Zvel meTods warmoadgens likvidobis mar-
Tva aqtivebis marTviT. es strategia iTvaliswinebs likvidu-
ri saxsrebis dagrovebas likviduri aqtivebis saxiT _ fu-
ladi saSualebebisa da swrafad realizebadi fasiani qaRal-
debis formiT. likvidobis marTvis am strategias xSirad
uwodebebn aqtivebis transformacias.
likviduri aqtivebi unda flobdes sam Tvisebas:
1. gaaCndes sakuTari bazari, maTi fuladi saxiT swra-
fad gadaqcevisaTvis;

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 2. gaaCndes sakmarisad stabiluri fasebi, e.i. bazars
unda gaaCndes unari miiRos yvela gayidvadi aqtivi
fasebis umniSvnelo SemcirebiT;
3. unda iyos dabrunebadi, e.i. gamyidvels unda hqondes
SesaZlebloba ganaTavsos pirveladi investiciebi mi-
nimaluri riskiT.

bankisaTvis SedarebiT gavrcelebul likvidur aqtivebs

warmoadgens saxazino Tamasuqebi, erovnuli bankis sesxebi,
sxva bankebSi depozitebi, bankis aqceptebi. banki aris likvi-
duri, rodesac mas SeuZlia miiRos likviduri saxsrebi mi-
saReb fasad, saWiro odenobiT, drois aucilebel momentSi.
aqtivebis gayidva gulisxmobs, rom banki kargavs Tavis
momaval Semosavlebs, romlebic SeiZleba miRebul iyo am aq-
tivebis saSualebiT, rom ar gayiduliyo. amrigad, arsebobs
likviduri saxsrebis aqtivebis saxiT Senaxvis alternatiu-
li Rirebuleba. aqtivebis gayidva likviduri saxsrebis miRe-
bisaTvis iwvevs bankis balansis mdgomareobis gauaresebas,
radgan xSirad iyideba aqtivebi riskis dabali xarisxiT, xo-
lo maTi arseboba mowmobs bankis finansur saimedoobaze (ma-
galiTad, saxelmwifo fasiani qaRaldebi).
xelmZRvanelobam unda uzrunvelyos, pirvel rigSi, aq-
tivebis gayidva mogebianobis minimaluri potencialiT, moma-
vali Semosavlebis alternatiuli Rirebulebis minimizacii-
saTvis.

 nasesxebi likviduri saxsrebis (pasivebis)

marTvis strategia
bankebis umetesoba, SedarebiT msxvili bankebis inicia-
tiviT, likviduri saxsrebis wyaros Seqmnis mizniT, iyenebs
safinanso bazrebidan aRebul sesxebs. am strategias xSirad
uwodeben nayidi likvidobis, anu pasivebis marTvas. is gu-
lisxmobs advilad realizebadi saSualebebis sesxebs im ra-
odenobiT, romelic sakmarisi iqneba likvidur saxsrebze yve-

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la mosalodneli moTxovnis dafarvisaTvis, magram sesxebs
mimarTaven mxolod maSin, roca amis aucilebloba warmoiq-
mneba, rom Tavi aaridon didi moculobis umoqmedo likvidu-
ri saxsrebis warmoSobas.
bankisaTvis sasesxo likviduri saSualebebis ZiriTad
wyaros warmoadgens msxvili sabrunavi depozituri sertifi-
kati, erovnuli bankis sesxebi.
pasivebis marTvas xSirad iyeneben msxvili bankebi,
romlebic am meTodis saSualebiT zogjer faraven maT lik-
vidur saxsrebze srul moTxovnilebas.
likviduri saxsrebis sesxeba warmoadgens ASedarebiT
sarisko saSualebas bankis mier likvidobis problemis ga-
dawyvetisaTvis (magram is iZleva SedarebiT maRal mogebas),
fulad bazrebze saprocento ganakveTis cvalebadobis gamo.
rodesac bankebi ganicdian finansur sirTuleebs, ro-
gorc wesi, saWiroa didi moculobiT likviduri saxsrebi,
am SemTxvevaSi meanabreebi iwyeben saxsrebis gatanas, amave
dros, sxva finansuri institutebi naklebad avlenen aseTi
bankebis dakreditebis interess, maTi SesaZlo riskis gamo.

 likvidobis balansirebuli (aqtivebis da pa-

sivebis) marTvis strategia
im riskis gamo, romelic damaxasiaTebelia sasesxo
likviduri saxsrebis marTvis strategiisaTvis da aqtivebSi
likviduri saxsrebis Senaxvis maRali likvidurobis gamo,
bankebis umetesoba irCevs likvidurobis marTvis kompromi-
sul strategias _ ufro zustad, aqtivebisa da pasivebis
marTvas. likvidobis marTvis balansirebuli meTodis Tanax-
mad, likvidur saSualebebze mosalodneli moTxovnilebis na-
wili grovdeba advilad realizebadi fasiani qaRaldebis
saxiT da sxva bankebis depozitebze, maSin, roca likvidur
saxsrebze sxva moTxovnilebebs uzrunvelyofen winaswari Se-
TanxmebiT _ sakredito xazis gaxsniT bank-korespondentebis
mier.

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 moulodneli moTxovnilebis warmoSoba likvidur sax-
srebze, Cveulebriv, ifareba moklevadiani sesxebiT. grZelva-
diani moTxovnilebebis sidide SeiZleba iyos prognozirebu-
li, xolo maTi dakmayofilebisaTvis saSualebebi SeiZleba
Senaxul iqnas moklevadian, aseve saSualovadian sesxebSi da
fasian qaRaldebSi, romlebic moTxovnilebis warmoSobisas
swrafad gadaiqceva naRd fulad.

 menejerebisaTvis likvidobis marTvis rekomendaciebi

menejerebma, mravalwliani praqtikidan gamomdinare,

bankis likvidobis marTvis gaumjobesebisaTvis SeimuSaves
rigi praqtikuli rekomendaciebi.
pirveli mdgomareobs imaSi, rom likvidobis marTvi-
saTvis menejerebma unda gaakontrolon bankis yvela ganyofi-
leba, romlebic pasuxismgeblebi arian saxsrebis gamoyenebasa
da mozidvaze. magaliTad, roca komerciuli kreditebis qve-
danayofi klientisaTvis xsnis axal sakredto xazs, likvi-
duri saxsrebis mmarTveli unda iyos mzad am kreditis mi-
xedviT saxsrebis moxsnisaTvis.
meore rekomendacia gamoixateba imaSi, rom likvido-
bis marTvisaTvis unda gansazRvron, rodis gegmaven yvelazi
msxvili meanabreebi da kreditebis momxmareblebi saxsre-
bis moxsnas angariSidan an anabrebis gazrdas. es exmareba
xelmZRvanels _ dagegmos likviduri saxsrebis deficitis an
siWarbis warmoqmnis dros Tavisi saqmianoba.
mesame rekomendaciis mixedviT, likvidobis marTvisaT-
vis menejerebi umaRlesi donis xelmZRvanelebTan erTad
darwmunebulni unda iyvnen, rom likviduri saxsrebis mar-
Tvis prioritetebi da miznebi naTelia.
meoTxe rekomendaciis arsia is, rom bankis moTxovni-
lebebi likvidur saxsrebze da maT ganTavsebaze gadawyveti-
leba mudmivad unda analizdebodes likviduri saxsrebis de-
ficitisa da siWarbisagan Tavis daRwevisaTvis. Warbi likvi-

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duri saxsrebi, romlebic ar reinvestirdeba imave dRes, iw-
vevs bankis Semosavlebis dakargvas, amave dros, maTi defici-
ti likvidirebul unda iqnas arasasurveli Sedegebis acile-
bisaTvis _ sesxebisa da aqtivebis daCqarebuli gayidvis
gziT.

10.4. likvidur saxsrebze bankis moTxovnilebis

Sefaseba

bankis likvidur saxsrebze moTxovnilebis Sefasebi-

saTvis SemuSavebulia ramdenime meTodi: wyaroebisa da sax-
srebis gamoyenebis meTodi, saxsrebis struqturis meTodi,
likvidobis maCveneblebis meTodi.

 wyaroebisa da saxsrebis gamoyenebis meTodi

wyaroebisa da saxsrebis gamoyenebis meTodi efuZneba

or ubralo faqts:
• bankis likviduri saxsrebi izrdeba, roca izrdeba
depozitebi da mcirdeba sesxebis moculoba;
• bankis likviduri saxsrebi mcirdeba, roca mcirde-
ba depozitebi da izrdeba sesxebis moculoba.
roca miwodebuli da gamoyenebuli likviduri saxsre-
bis moculoba ar emTxveva erTmaneTs, bankSi warmoiSoba lik-
vidobis garRveva. rodesac likviduri saxsrebis wyaro aWar-
bebs likviduri saxsrebis gamoyenebas, banks aqvs likvidobis
dadebiTi garRveva, likviduri saxsrebis siWarbe swrafad
unda iqnas investirebuli Semosavlebis momtan aqtivebSi.
magram, rodesac likviduri saxsrebis gamoyenebis moculoba
aWarbebs maTi wyaroebs sidides, banki awydeba likviduri
saxsrebis deficits, anu likvidobis uaryofiT garRvevas.
am meTodis ZiriTadi elementebia:

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 • likvidobis sagegmo periodisaTvis unda gakeTdes
kreditebisa da depozitebis sididis prognozi;
• imave sagegmo periodisaTvis unda ganisazRvros kre-
ditebisa da depozitebis sididis mosalodneli di-
namika;
• likvidobis marTvisaTvis menejerebma unda Seafason
bankis neto-likviduri pozicia (deficiti an dade-
biTi saldo) sagegmo periodisaTvis.

 saxsrebis struqturis meTodi

bankis likvidobis Sefasebis sxva saSualebas warmo-

adgens saxsrebis struqturis meTodi. pirvel etapze _ de-
pozitebisa da bankis sxva saxsrebis wyaroebi iyofa kate-
goriebad, romlis arsic maTi gaufasurebis SesaZleblobis
Sefasebaa. magaliTisaTvis, bankis depozitebisa da arasade-
pozito valdebulebebis dayofa SeiZleba 3 kategoriad:
1. valdebuleba ,,cxeli fulis” mixedviT _ miekuT-
vneba anabrebi da sxva fuladi saxsrebi, romlebic
advilad reagirebs saprocento ganakveTis cvlile-
baze, an saxsrebi, romelTa gaufasurebaSi xel-
mZRvaneloba darwmunebulia.
2. arasaimedo saxsrebi _ klientebis anabrebi, romel-
Ta mniSvnelovani nawili (SesaZlebelia, 25-30%)
SeiZleba amoRebul iqnas sabanko angariSidan nebis-
mier dros mimdinare periodis manZilze.
3. myari saxsrebi _ (xSirad uwodeben ZiriTad anab-
rebs an ZiriTad valdebulebebs) menejerebi nakle-
bad uSveben maTi amoRebis SesaZleblobas.

meore etapze _ likvidobis marTvisaTvis menejerebma

likviduri saxsrebi unda ganaTavson zemoT CamoTvlili de-
pozitebis yvela saxis gamoyenebis uflebiT.

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 arasaimedo anabrebis da arasadepozito valdebulebebis
gamoyenebis ZiriTadi wesia maTi Senaxva fiqsirebuli sidi-
diT (vTqvaT, saerTo Tanxis 30%), likviduri rezervebis sa-
xiT.
banki nebismier dros mzad unda iyos kargi kreditis
gacemisaTvis da kreditebze im klientebis kanonieri moT-
xovnis dakmayofilebisaTvis, romlebic sabanko standartebis
mixedviT kreditunarianobis pirobebs pasuxoben. banki unda
flobdes sakmarisi raodenobis likvidur rezervebs, radgan,
rodesac krediti gaicema, klienti-msesxebeli daiwyebs miRe-
buli saxsrebis xarjvas, rogorc wesi, ramdenime saaTis an
ramdenime dRis ganmavlobaSi da am saxsrebis gadadineba mox-
deba sxva bankebSi. magram klienti-msesxeblebi xsnian axal
anabrebs, rac bankis Semosavlebis ZiriTadi wyaroa.

 likvidobis maCveneblebis meTodi

bankebis umetesoba likvidur saxsrebze moTxovnis

gaTvlas axdens rigi Tanafardobebis mixedviT, sakuTari ga-
mocdilebidan gamomdinare, saSualo dargobrivi maCveneble-
bis safuZvelze. rogorc wesi, aseTi angariSi iTvaliswinebs
zogierTi mniSvnelovani finansuri koeficientis anu likvi-
dobis indikatorebis gamoyenebas. maT Soris:
1. fuladi poziciis maCvenebeli _ ,,fuladi saxsrebi da
anabrebi Semnaxveli dawesebulebebidan / erToblivi
aqtivebi” (fuladi saxsrebis didi wili gulisxmobs,
rom banki ikavebs saimedo mdgomareobas da SeuZlia
uzrunvelyos fulad saxsrebze gadaudebeli moTxov-
nileba);
2. likviduri fasiani qaRaldebis maCvenebeli _ ,,sa-
xelmwifos fasiani qaRaldebi / erToblivi aqtivebi”
(adarebs SedarebiT advilad realizebadi fasiani qa-
Raldebis sidides aqtivebis portfelis mTlian sidi-

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 desTan; rac metia saxelmwifo fasiani qaRaldebis wi-
li, miT likviduri xdeba bankis pozicia);
3. simZlavris gamoyenebis koeficienti _ ,,wminda kredi-
tebi da saijaro aqtivebi / erToblivi aqtivebi” (re-
alurad warmoadgens negatiur maCvenebels, radgan
kreditebi da saijaro aqtivebi xSirad miekuTvneba
bankis SedarebiT aralikviduri aqtivebs);
4. dagiravebuli fasiani qaRaldebis xvedriTi wili _
,,dagiravebuli fasiani qaRaldebi / bankis fasiani qa-
Raldebis portfeli”. es, agreTve, likvidobis nega-
tiuri maCvenebelia, radgan, rac metia dagiravebuli
fasiani qaRaldebis wili saxelmwifo anabrebSi, miT
naklebi fasiani qaRaldebi SeiZleba gaiyidos, roca
warmoiSoba likvidur saxsrebze moTxovna;
5. ,,cxeli fulis” xvedriTi wili _ ,,fuladi sabazro
aqtivebi / fuladi sabazro valdebulebebi”;
6. moklevadiani investiciebis damokidebuleba valdebu-
lebasTan, romelic icvleba saprocento ganakveTis
cvlilebisas _ ,,moklevadiani investiciebi / valde-
bulebis cvalebadoba saprocento ganakveTis cvlile-
bisas”. am Tanafardobis zrda gviCvenebs, rom banki am-
yarebs likvidobis pozicias;
7. sabrokero depozitebis maCvenebeli _ ,,sabrokero
depoziti /yvela depozitis sidide”, sadac sabrokero
depoziti warmoadgens fuladi saxsrebis pakets (Cve-
ulebriv 100 aTasi dolari), romelic Setanilia
brokeris mier maTi klientebisaTvis fasian qaRaldeb-
Tan dakavSirebuli operaciebisaTvis, romlisTvisac
banki ixdis maRal procents. sabrokero depoziti re-
agirebs saprocento ganakveTis cvlilebaze da swra-
fad brunvadia;
8. ZiriTadi depozitis wili _ ,,ZiriTadi depoziti /
erToblivi aqtivebi”. ZiriTadi anabrebi warmoadgens
adgilobrivi klientebis mcire angariSs, romlidanac

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 Tanxis moxsnis Setyobineba mokle vadaSi ganixileba
minimaluri albaTobiT;
9. anabrebis struqturuli Tanafardoba _ ,,moTxovnamde
depozitebi / vadiani depozitebi” (moTxovnamde depo-
zitebze Tanxebi moixsneba Cekis gamowerisas, maSin,
rodesac vadian depozitebs aqvs dadgenili dro da
iTvaliswinebs jarimas, vadamde angariSidan saxsrebis
gatanis SemTxvevaSi).

zemoT aRniSnuli pirveli xuTi maCvenebeli exeba aqti-

vebs, anu bankis dagrovil likvidobas. momdevno oTxi _ Zi-
riTadad exeba bankis valdebulebebs, anu nayid likvidobas.
es maCveneblebi mgrZnobiarea moTxovnisa da miwodebis
sezonur calebadobasTan da saqmiani aqtivobis ciklur cva-
lebadobasTan mimarTebaSi.
likvidobis maCvenebeli, rogorc wesi, mcirdeba ekono-
mikuri aRmavlobis periodSi kreditze didi moTxovnis Sede-
gad, magram isev izrdeba momdevno, ekonomikuri dacemis pe-
riodSi. amitom saSualo dargobriv maCveneblebs xSirad
SecdomaSi SevyavarT. amasTan kavSirSi bankis yoveli likvi-
duri pozicia unda ganvixiloT mxolod msgavsi likvido-
bis mqone bankis poziciis gaTvaliswinebiT. amas garda, bankis
menejerebi xSirad ganixlaven bankis TiToeuli likviduri
maCveneblis dinamikas. maT unda icodnen, izrdeba Tu mcir-
deba likvidobis done da ratom.

 likviduri saxsrebis marTvis Sefasebis ZiriTadi

kriteriumebi: bazris signali

finansebis sferos, eqspertTa umravlesoba Tvlis, rom

arsebobs bankis likvidur saxsrebze moTxovnilebis Sefase-
bis da maTi dakmayofilebis erTi ZiriTadi meTodi. es meTo-
di efuZneba finansuri bazris disciplinas. aqvs Tu ara
banks adekvaturi likviduri rezervebi? pasuxi am kiTxvaze

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damokidebulia imaze, Tu ra mdgomareoba aqvs banks bazarze.
arc erT banks ar SeuZlia darwmunebiT Tqvas, rom aqvs sak-
marisi raodenobis likviduri saxsrebi, vidre ar gaivlis
bazarze Semowmebas. menejerebma mTavari yuradReba unda da-
uTmon bazris Semdeg signalebs:
1. sazogadoebis ndoba. arsebobs Tu ara mtkicebuleba
bankis sakuTari depozitebis dakargvis Sesaxeb, ro-
desac moqalaqeebi da institutebi dauSveben SesaZ-
leblobas, rom banki aRmoCndeba naRdi saxsrebis ga-
reSe da ver SeZlebs valdebulebis dafarvas?
2. premia sesxebis riskebisaTvis. arsebobs Tu ara imis
mtkicebuleba, rom banki ixdis SedarebiT did pro-
cents anabrebze da fuladi bazrebis sesxebze, vid-
re sxva msgavsi sididis da adgilmdebareobis banki?
3. wagebiT aqtivebis gayidva. banki iZulebulia Tu ara
ukanasknel periodSi swrafad gayidos aqtivebi, ra-
Ta daikmayofilos likvidur saxsrebze moTxovna? es
iSviaTi SemTxveveaa, Tu xSirad xdeba?
4. kreditze klientebis dakveTis dakmayofileba. SeuZ-
lia Tu ara banks daakmayofilos yvela gonivruli
da potenciurad mogebiani moTxovna kreditze? Tu
likvidur saxsrebTan dakavSirebuli sirTule aiZu-
lebs menejerebs uari Tqvas zogierTi saxis kredi-
tis gacemaze?

Tu am kiTxvebidan erT-erTze pasuxi aris dadebiTi,

bankma unda miaqcios gansakuTrebuli yuradReba likviduri
saxsrebis marTvis politikas da praqtikas, rom gansazRvros
_ aris Tu ara aucilebeli maTi Secvala.

10.5. savaldebulo rezervebi da fuladi

poziciis marTva

likvidobis donis marTva moiTxovs gadawyvetilebis

swrafad miRebas, romelsac bankis mogebianobisaTvis grZel-

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vadiani Sedegi aqvs. es SedarebiT kargad vlindeba menejeris
saqmianobaSi, romelic marTavs fulad nakadebs. menejerma,
romelic gansazRvravs bankis fuladi resursebis mimarTule-
bebs, unda SeinarCunos rezervebis _ aqtivebis aucilebeli
done, romelic kanoniT bankebma unda uzrunvelyos.
ra raodenobis Tanxa unda darezervirdes kanonis
moTxovnebis Sesabamisad? es damokidebulia TiToeuli bankis
anabrebis sididesa da struqturaze. rac ufro msxvilia
banki, miT meti Tanxa unda daarezervos. sarezervo moTxov-
nis erToblivi sididis dasadgenad sarezervo valdebule-
bis yoveli muxli mravldeba savaldebulo rezervis procen-
tze, romelic dadgenilia maregulirebeli organoebis moT-
xovnis safuZvelze.
aucilebeli rezervis moculobis gansazRvris Semdeg,
banki adarebs maTi saSualo dRiuri aqtivebis sidides, ro-
melsac flobs kanoniT. Tu arsebuli erToblivi savaldebu-
lo rezervebi metia gaangariSebul rezervze, maSin banks
aqvs rezervebis siWarbe. am SemTxvevaSi menejmentma unda uz-
runvelyos saxsrebis Warbi raodenobis swrafad dabandeba,
radgan umoZrao Tanxebs ar moaqvs procenti. Warbi rezervis
alternatiuli Rirebuleba aris saprocento Semosavali,
romelic ar iqneba miRebuli Tanxebis dabandebis gareSe.
Tu savaldebulo aucilebeli rezervebis sidide
aWarbebs faqtobriv arsebuli resursebis sidides, maSin
banks aqvs rezervebis deficiti. kanoni moiTxovs, rom bankma
es deficiti dafaros damatebiTi rezervebis xarjze.

 bankis fulad poziciaze moqmedi faqtorebi

bankis fulad poziciaze, gansakuTrebiT, erovnul

bankSi misi rezervebis sidideze, moqmedebs didi raodenobis
faqtorebi. maT Soris: Cekebis raodenoba dReSi, romlis sa-
SualebiTac xorcieldeba kliringi; fasiani qaRaldebis yid-
va da gayidva, erovnuli bankis sesxebi, kreditebi bankTa-

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Soris bazarze. zogierTi faqtori garkveulwilad kon-
troldeba bankis xelmZRvanelebis mier, maSin, roca zogier-
Ti praqtikulad saerTod ar kontroldeba, magram meneje-
rebma unda gaiTvaliswinon aseTi faqtorebi da swrafad mo-
axdinon maTze reagireba.

kontrolirebadi faqtorebi, kontrolirebadi faqtorebi,

romlebic zrdis bankis savalde-
bulo rezervebs
- fasiani qaRaldebis gayidva
- fasian qaRaldebze procen-
tis miReba
- erovnul bankSi sarezervo
saSualebebis sesxeba
- fasiani qaRaldebis gayidva
maTi Semdgomi gamosyidvis
pirobiT
- erovnul bankSi im Tanxebis
dabruneba, romlebic aWar-
bebs naRdi fulis limits
arakontrolirebadi faqtorebi,
romlebic zrdis bankis savalde-
bulo rezervebs
romlebic amcirebs bankis savalde-
bulo rezervebs
- fasiani qaRaldebis yidva
- investorebisaTvis fasiani qa-
RaldebisaTvis procentis ga-
daxda
- erovnuli bankis kreditis da-
farva
- fasiani qaRaldebis gayidva
Semdgomi gamosyidvis pirobiT
arakontrolirebadi faqtorebi,
romlebic amcirebs bankis savalde-
bulo rezervebs

- msxvili depozituri - dadebiTi saldo kliringuli

angariSebidan saxsrebis operaciebidan
moxsna

aRniSnul SemTxvevaSi menejeris mTavari amocanaa _ kon-

trolirebadi faqtorebis daxmarebiT moaxdinos savaldebu-
lo rezervebis sidideze arakontrolirebadi faqtorebis
gavlenis kompensireba.

 rezervebis wyaros SerCevaze moqmedi faqtorebi

kanoniT gaTvaliswinebuli rezervebis SenarCunebisaTvis

bankma unda Seiswavlos likvidur saxsrebze moTxovnilebis
zogierTi aspeqti:

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 • bankis moTxovnilebis siswrafe;
• bankis moTxovnilebis xangrZlivoba;
• likviduri saxsrebis bazarze SeRwevadoba;
• saxsrebis alternatiuli wyaroebis SedarebiTi
Rirebuleba da riski;
• mosalodneli saprocento ganakveTebi;
• qveynis fulad-sakredito politikis perspeqtive-
bi;
• dazRvevis SesaZlebloba.

likvidobis marTvisaTvis menejerma yuradRebiT unda Se-

iswavlos TiToeuli faqtori da moaxdinos sarezervo sax-
srebis alternatiuli wyaroebis swori arCevani.

sakontrolo sakiTxebi

1. bankis likvidobisa da gadaxdisunarianobis cneba;

2. bankis likvidur saxsrebze moTxovna da SeTavazeba;
3. bankebisaTvis likvidur saxsrebze moTxovnis warmoi-
Sobis ori ZiriTadi mizezi;
4. neto-likviduri pozicia;
5. ratom awydebian bankebi likvidobis seriozul prob-
lemebs?
6. likviduri saxsrebis marTvis strategia;
7. likvidobis marTvis strategia aqtivebis marTviT;
8. likviduri aqtivebis sami Tviseba;
9. nasesxebi likviduri saxsrebis (pasivebis) marTvis
strategia;
10. likvidobis balansirebuli (aqtivebis da pasivebis)
marTvis strategia;
11. menejerebisaTvis likvidobis marTvis rekomendaciebi;

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 12. likvidur saxsrebze bankis moTxovnilebis Sefaseba;
13. wyaroebisa da saxsrebis gamoyenebis meTodi;
14. saxsrebis struqturis meTodi;
15. bankis depozitebisa da arasadepozito valdebulebe-
bis 3 kategoriad dayofa;
16. likvidobis maCveneblebis meTodi;
17. likviduri saxsrebis marTvis Sefasebis ZiriTadi kri-
teriumebi;
18. bazris signali;
19. savaldebulo rezervebi da fuladi poziciis marTva;
20. bankis fulad poziciaze moqmedi faqtorebi;
21. rezervebis wyaros SerCevaze moqmedi faqtorebi.

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