aprili 2009 #4

safondo birJa
aprili - #4 2009
aq ti ve bi, mi Tu me tes, sa qar T velo
Si jer ki dev ar ar se bobs
kul tu ra ,,Su a ma val Ta in s titu
tis~ Se sa xeb. me o rec, sa in tere
soa vin akon t ro lebs ara sabir
Jo ga ri ge be bis mo cu lo bas
da Ri re bu le bas? yo vel T vis
100 lar ze nak le bi Ri re bu lebis
ga ri ge ba ide ba, Tu me tis?
sa qar T ve los sa fon do bir­
Jis fun q ci o ni re ba ze uar yo fi­
Ti ze gav le na iqo nia Sem degma:
sabazro ekonomikaze gadasvlisas
birJebis qa o su rad
formirebam; sa ka non m deb lo baza
Si cvli le beb ma; qvey nis da­
Za bul ma po li ti kur ma vi Ta rebam;
glo ba lur ma eko no mi kur ma
kri zis ma; 2008 wlis ag vis tos
mov le neb ma.
aqe dan ga mom di na re, safon
do bir Jis gan vi Ta re bis
erT­erT um niS v ne lo va nes faq­
The ma in pla ce among mar ket eco no mic in f ras t ruc tru
es oc cu pi es the stock ex c han ge, which in its form repre
sents the pla ce and ru le of ho mo ge ne o us go ods/ma teri
als’ tra ding, ac cor ding to the con tent – it rep re sents the
or ga ni zed in for ma ti o nal mar ket. Stock ex c han ge is one
of the ma in gu a ran te es of stab le mar ket in the co untry
and the exis ten ce of stab le eco nomy, as well as it is
one of the ac ti ve spa ces of smart and ener ge tic in di vi duals
ac ting on fi nan ci al and con su mer mar ket. Economic
ori en ta ti on of the co untry and so ci al con di ti ons of the
po pu la ti on de pends on the ir ac ti vi ti es.
Formation of stock ex c han ge in Georgia de als with
the tur ning pro cess to mar ket eco nomy, which had begun
in a cha os way, but with the help of Eurasia Fund
“Georgian Stock Exchange” was fo un ded in 1999 in Janu
ary. Unfortunately, the Georgian Stock Exchange is in
its ini ti al sta ge of de ve lop ment, the re are ob ser ved lots
of re a sons: first of all, not stab le po li ti cal si tu a ti on in the
co untry, in for ma ti o nal va cu um for po pu la ti on abo ut the
stock ex c han ge and the ro le of stock ex c han ge sha res,
the de fi cit of stock ac ti ves and ot hers.
Global eco no mic cri sis and Rus si an-Georgian war
mo re or less to uc hed the stock ex c han ge of Georgia, as
no ne of emi tents of bonds rep re sen ted in stock ex c han ge
ope ra ti o nal hall we re not ban k rup ted, in 2008 in compa
ri son with the pre vi o us ye ar one emi nent less bonds
56
to rad mi maC nia ga ri ge bis piro
ba Ta sul uf ro me ti standar
ti zi re ba da Se sa ba mi sad
xel Sek ru le ba Ta ti pi zi re ba.
ris T vi sac auci le be lia:
• qvey nis po li ti ku ri si tua
ci is sta bi li ze ba;
• sa qar T ve los mTav ro bis
mi er gar k ve u li pri o ri te tis
da sax va glo ba lu ri fi nan suri
kri zi sis da saZ le vad;
• qvey nis eko no mi kis re a luri
seq to ris ga mo cocx le ba
ucxo u ri in ves ti ci e bis mozid
viT;
• sa fon do aq ti ve bis mraval
fe rov ne ba;
• mi moq ce va Si va di a ni kon traq
te bis dam k vid re ba;
• eg reT wo de bu li ,,fiq singis”
ga uq me ba;
• ssb­is ka pi ta lis zrda
ucxo u ri in ves ti ci e biT;
annotation
• sa qar T ve los sa ga da sa xa do
ko deq s Si cvli le bis Se ta na.
mxo lod ze moT Ca moT vli
lis Sem deg iq ne ba Se saZle
be li ssb­is gan vi Ta re ba,
ro gorc sa ses xo ka pi ta lis
baz ris erT­er Ti seg men tis.
Zi ri Ta di sa bir Jo ga ri ge be bis
ga mo ye ne bis ga re Se Se uZ le belia
mra va li fi nan sur­eko nomi
ku ri amo ca ne bis Ses ru le ba
da me tad rTu li stra te gi ebis
ga mo ye ne ba sa in ves ti cio
saq mi a no ba Si, fi nan su ri riskis
mar T va Si da a.S. swo red
sa fon do bir Ja aris ise Ti
ba za ri, ro mel sac Za luZs Seas
ru los mi si sak van ZoO daniS
nu le ba ­ ucxo u ri da Si da
sa in ves ti cio re sur se bis maqsi
ma lu ri mo zid va erov nul
eko no mi ka Si da efeq tu ri gada
na wi le ba seq to rebs So ris.
fUnd ExChangE fUn C ti o ning mEC ha niSm of gEoRgia
whi lE glo bal ECo no mi Cal CRi SES
nana Sho nia, akaki tse re te li Sta te University associated Professor
we re rep re sen ted for re a li za ti on, in the sa me ye ar 3180
ar ran ge ments on 83 150 154 ac ti ons we re fi xed and the
to tal cost was 256 565 287 79 GEL, in com pa ri son with
2007 ye ar, the num ber of ar ran ge ments is less 2,4 ti mes,
the num ber of sha res is al so less ne arly abo ut 7 mil lion
sha res, but the to tal cost is in c re a sed by 159 524 153
GEL, which ac cor ding to ex perts is re sul ted by fi xing.
one of the ma in im por tant po si ti ve fac tors of stock
ex c han ge is mo re stan dar di za ti on of con di ti ons of arran
ge ments and ac cor dingly, set ting the types of ag re ements,
the re fo re the fol lo wing me a su res ought to be taken
in to con si de ra ti on:
• Sta bi li zing po li ti cal si tu a ti on of the co untry
• Overcoming glo bal fi nan ci al cri sis pri o ri ti es by the
go ver n ment
• Activating re al sec tor of the eco nomy of the country
by ga i ning fo re ign in ves t ments
• Investing fo re ign ga ins in the ca pi tal of stock exc
han ge
• The va ri ety of stock ac ti ves, ma in ta i ning va lid
con t racts in flows among them
• Annulations of so cal led “Fixing” or mo re preci
sely to for bid non stock ex c han ge mar ket ac cor ding
to the law of Georgian le gis la ti on” About mar ket of
bonds”.