{"id":180303,"date":"2026-05-01T17:22:16","date_gmt":"2026-05-01T13:22:16","guid":{"rendered":"https:\/\/newspress.ge\/?p=180303"},"modified":"2026-05-01T17:22:16","modified_gmt":"2026-05-01T13:22:16","slug":"%e1%83%97%e1%83%98%e1%83%91%e1%83%98%e1%83%a1%e1%83%98-%e1%83%99%e1%83%90%e1%83%9e%e1%83%98%e1%83%a2%e1%83%90%e1%83%9a%e1%83%9b%e1%83%90-%e1%83%a3%e1%83%96%e1%83%91%e1%83%94%e1%83%99%e1%83%94%e1%83%97","status":"publish","type":"post","link":"https:\/\/newspress.ge\/?p=180303","title":{"rendered":"\u10d7\u10d8\u10d1\u10d8\u10e1\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10db\u10d0 \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10d8\u10e1 \u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10d2\u10d0\u10e0\u10d4\u10db\u10dd\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10db\u10d0\u10d9\u10e0\u10dd\u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10ee\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10d0\u10e5\u10d5\u10d4\u10e7\u10dc\u10d0"},"content":{"rendered":"<p style=\"font-weight: 400\"><strong>\u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d0 \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10e8\u10d8 &#8211; \u10db\u10d0\u10d9\u10e0\u10dd \u10db\u10d8\u10db\u10dd\u10ee\u10d8\u10da\u10d5\u10d0<\/strong><\/p>\n<p style=\"font-weight: 400\"><strong>\u00a0<\/strong>\u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 50 \u10d3\u10e6\u10d4 \u10d2\u10d0\u10d5\u10d8\u10d3\u10d0 \u10db\u10d0\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10e0\u10d0\u10ea \u10d7\u10d8\u10d1\u10d8\u10e1\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10db\u10d0 \u10d0\u10ee\u10da\u10dd \u10d0\u10e6\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d7\u10e8\u10d8 \u10d9\u10dd\u10dc\u10e4\u10da\u10d8\u10e5\u10e2\u10d8\u10e1 \u10d3\u10d0\u10ec\u10e7\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10ec\u10e7\u10d8\u10e1 \u10d3\u10e6\u10d4\u10d4\u10d1\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10d0\u10e5\u10d5\u10d4\u10e7\u10dc\u10d0 \u10de\u10e3\u10d1\u10da\u10d8\u10d9\u10d0\u10ea\u10d8\u10d0 \u10e1\u10d0\u10ee\u10d4\u10da\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10d7 \u201e<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30007415-the-uzs-how-exaggerated-to-call-it-a-safe-haven\">\u10e3\u10d6\u10d1\u10d4\u10d9\u10e3\u10e0\u10d8 \u10e1\u10e3\u10db\u10d8 &#8211; \u10e3\u10e1\u10d0\u10e4\u10e0\u10d7\u10ee\u10dd \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8?<\/a>&#8221; \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d2\u10d0\u10e1\u10e3\u10da \u10dd\u10e0 \u10d7\u10d5\u10d4\u10e8\u10d8 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10e3\u10da\u10db\u10d0 \u10db\u10dd\u10d5\u10da\u10d4\u10dc\u10d4\u10d1\u10db\u10d0 \u10d0\u10e9\u10d5\u10d4\u10dc\u10d0, \u10db\u10d0\u10e0\u10d7\u10da\u10d0\u10ea, \u10e1\u10e3\u10db\u10d8 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\u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7, 1.5%-\u10d8\u10d7\u10d0\u10ea \u10d0\u10e6\u10d4\u10db\u10d0\u10e2\u10d4\u10d1\u10d0.<\/p>\n<p style=\"font-weight: 400\">\u10e0\u10d8\u10d7 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10dc\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10e3\u10db\u10d8\u10e1 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d0? \u10e0\u10d0\u10e1\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10da\u10d8\u10d0, \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0\u00a0<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30006549-leveraging-macro-locking-in-the-uzs-long-end\">\u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10db\u10d3\u10d2\u10e0\u10d0\u10d3\u10dd\u10d1\u10d0<\/a>, \u10e0\u10d0\u10ea \u10e1\u10d0\u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10dd \u10d1\u10d0\u10d6\u10d8\u10e1 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href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30007460-macro-update-georgia\">\u10e0\u10d4\u10d9\u10dd\u10e0\u10d3\u10e3\u10da\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da \u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8\u10d0<\/a>, \u10d7\u10d0\u10d5\u10d0\u10d3 \u10d0\u10e8\u10e8 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8 \u10d9\u10d8, \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10ea\u10d4\u10ea\u10ee\u10da\u10d8\u10e1 \u10e8\u10d4\u10ec\u10e7\u10d5\u10d4\u10e2\u10d8\u10e1 \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e4\u10dd\u10e0\u10db\u10d4\u10d1\u10d0\u10db\u10d3\u10d4, \u10db\u10e1\u10dd\u10e4\u10da\u10d8\u10dd \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d0\u10d3 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\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d7\u10d0\u10e0\u10d2\u10d4\u10d7\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d4\u10df\u10d8\u10db\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d4\u10e0\u10d2\u10d5\u10d0\u10e1\u10d0 \u10d3\u10d0 \u10ea\u10d4\u10dc\u10e2\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10e1\u10d0\u10dc\u10d3\u10dd\u10dd\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0\u10e1 \u10e3\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0.<\/p>\n<p style=\"font-weight: 400\">\u10e1\u10ee\u10d5\u10d0 \u10e1\u10d8\u10e2\u10e7\u10d5\u10d4\u10d1\u10d8\u10d7 \u10e0\u10dd\u10db \u10d5\u10d7\u10e5\u10d5\u10d0\u10d7, \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10d8\u10e1 \u10ea\u10d4\u10dc\u10e2\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d4\u10d1\u10d8 \u10d7\u10d0\u10e0\u10d2\u10d4\u10d7\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d4\u10df\u10d8\u10db\u10d8\u10e1 \u10e1\u10e0\u10e3\u10da\u10d8 \u10d8\u10db\u10de\u10da\u10d4\u10db\u10d4\u10dc\u10e2\u10d0\u10ea\u10d8\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e3\u10d9\u10d5\u10d4 \u10d2\u10d0\u10dc\u10ee\u10dd\u10e0\u10ea\u10d8\u10d4\u10da\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d0 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10e0\u10d4\u10e4\u10dd\u10e0\u10db\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10dc\u10d6\u10d4, \u10e1\u10d0\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10da\u10d0\u10d3 \u10d2\u10d0\u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d4\u10d1\u10e3\u10da\u10d8\u10d0.\u00a0<a href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/04\/13\/mcs041326-uzbekistan\">\u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e1 \u10d8\u10d6\u10d8\u10d0\u10e0\u10d4\u10d1\u10e1 \u10e1\u10d0\u10d4\u10e0\u10d7\u10d0\u10e8\u10dd\u10e0\u10d8\u10e1\u10dd \u10e1\u10d0\u10d5\u10d0\u10da\u10e3\u10e2\u10dd \u10e4\u10dd\u10dc\u10d3\u10d8<\/a>, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10ec\u10da\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 5%-\u10d8\u10d0\u10dc \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d0\u10db\u10d3\u10d4 \u10e8\u10d4\u10dc\u10d4\u10da\u10d4\u10d1\u10d0\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10e1, \u10d0\u10ee\u10da\u10dd \u10d0\u10e6\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d7\u10d8\u10e1 \u10d9\u10dd\u10dc\u10e4\u10da\u10d8\u10e5\u10e2\u10d8\u10e1 \u10db\u10d8\u10e3\u10ee\u10d4\u10d3\u10d0\u10d5\u10d0\u10d3. \u10d7\u10d8\u10d1\u10d8\u10e1\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10db\u10d9\u10d8\u10d7\u10ee\u10d5\u10d4\u10da\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10ea\u10dc\u10dd\u10d1\u10d8\u10da\u10d8\u10d0, \u10e0\u10dd\u10db \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10e8\u10d8 \u10d3\u10d8\u10d6\u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0 \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e3\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d4\u10e1\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8\u10d0 \u10d3\u10d0 &#8211; \u10de\u10d8\u10e0\u10d8\u10e5\u10d8\u10d7. \u10e1\u10ec\u10dd\u10e0\u10d4\u10d3 \u10d0\u10db \u10d7\u10d4\u10d6\u10d8\u10e1\u10e1 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10dd\u10d3\u10d0 \u10e9\u10d5\u10d4\u10dc\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10e1\u10e3\u10db\u10d8\u10e1 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d2\u10d0\u10db\u10e7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d7\u10d0\u10dd\u10d1\u10d0\u10d6\u10d4\u00a0<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30006549-leveraging-macro-locking-in-the-uzs-long-end\">\u10ef\u10d4\u10e0 \u10d9\u10d8\u10d3\u10d4\u10d5 2024 \u10ec\u10d4\u10da\u10e1<\/a>, \u10e0\u10d0\u10ea \u10db\u10d0\u10e8\u10d8\u10dc \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10d9\u10dd\u10dc\u10e1\u10d4\u10dc\u10e1\u10e3\u10e1\u10e1 \u10d0\u10e0 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10d3\u10d0. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d7\u10d0\u10dc \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8 \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d0\u10e1\u10d0\u10ea \u10db\u10dd\u10d8\u10d0\u10d6\u10e0\u10d4\u10d1\u10e1.<\/p>\n<p style=\"font-weight: 400\">\u10e3\u10d0\u10ee\u10da\u10d4\u10e1\u10d8 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d8\u10e1 \u10d9\u10e3\u10d7\u10ee\u10d8\u10d7, \u10db\u10d0\u10e0\u10e2\u10e8\u10d8 \u10ec\u10da\u10d8\u10e3\u10e0\u10db\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10db 7.1% \u10e8\u10d4\u10d0\u10d3\u10d2\u10d8\u10dc\u10d0, \u10ee\u10dd\u10da\u10dd \u10d2\u10d0\u10ec\u10da\u10d8\u10e3\u10e0\u10d4\u10d1\u10e3\u10da\u10db\u10d0 \u10d7\u10d5\u10d8\u10e3\u10e0\u10db\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10db, \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e0\u10d8\u10ea\u10ee\u10d5\u10d8\u10d7 &#8211; 5.9%. \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db 2025 \u10ec\u10da\u10d8\u10e1 \u10e1\u10d4\u10e5\u10e2\u10d4\u10db\u10d1\u10d4\u10e0\u10e8\u10d8 \u10d2\u10d0\u10ec\u10da\u10d8\u10e3\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d7\u10d5\u10d8\u10e3\u10e0\u10d8 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d0\u10d3 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10e1\u10d0\u10ea \u10e9\u10d0\u10db\u10dd\u10e1\u10ea\u10d3\u10d0 \u10d3\u10d0 4.1%-\u10db\u10d3\u10d4 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d0. \u10d2\u10d0\u10e0\u10d3\u10d0 \u10d8\u10db\u10d8\u10e1\u10d0, \u10e0\u10dd\u10db \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d0 \u10d8\u10db\u10de\u10dd\u10e0\u10e2\u10e3\u10da\u10d8 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e0\u10ee\u10d8\u10d7 \u10d3\u10d8\u10d6\u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10e1 \u10e3\u10ec\u10e7\u10dd\u10d1\u10e1 \u10ee\u10d4\u10da\u10e1, \u10eb\u10d0\u10da\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10e3\u10e0 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d6\u10d4\u10ea. \u10d0\u10db \u10db\u10ee\u10e0\u10d8\u10d5, \u10ea\u10d4\u10dc\u10e2\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10d9\u10d8\u10d7\u10ee\u10d5\u10d0\u10e8\u10d8 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4 \u10d8\u10db \u10e0\u10d4\u10e1\u10de\u10dd\u10dc\u10d3\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8\u10e1 \u10ec\u10d8\u10da\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10db\u10d4\u10e0\u10e7\u10d4\u10dd\u10d1\u10d0\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10e3\u10e0\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10ec\u10d0\u10db\u10e7\u10d5\u10d0\u10dc \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d0\u10d3 \u10db\u10d8\u10e3\u10d7\u10d8\u10d7\u10d4\u10d1\u10d4\u10dc, 2025 \u10ec\u10da\u10d8\u10e1 \u10d3\u10d4\u10d9\u10d4\u10db\u10d1\u10e0\u10d8\u10e1 \u10db\u10d3\u10d2\u10dd\u10db\u10d0\u10e0\u10d4\u10dd\u10d1\u10d8\u10d7 \u10d8\u10e1\u10e2\u10dd\u10e0\u10d8\u10e3\u10da \u10db\u10d8\u10dc\u10d8\u10db\u10e3\u10db\u10d6\u10d4\u10d0.<\/p>\n<p style=\"font-weight: 400\">\u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e3\u10e4\u10d0\u10e1\u10e3\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d8, \u10d7\u10d0\u10d5\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5, \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d9\u10da\u10d4\u10d1\u10d0\u10e1\u10d0\u10ea \u10db\u10dd\u10d8\u10d0\u10d6\u10e0\u10d4\u10d1\u10e1. \u10d0\u10db \u10d9\u10e3\u10d7\u10ee\u10d8\u10d7, \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db \u10d0\u10de\u10e0\u10d8\u10da\u10e8\u10d8 \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10db\u10d0 \u10d0\u10d3\u10d2\u10d8\u10da\u10dd\u10d1\u10e0\u10d8\u10d5 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d3\u10d4\u10dc\u10dd\u10db\u10d8\u10dc\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 3-\u10ec\u10da\u10d8\u10d0\u10dc\u10d8 \u10e1\u10e3\u10d5\u10d4\u10e0\u10d4\u10dc\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 \u10d1\u10d8\u10e0\u10df\u10d0\u10d6\u10d4 12.25%-\u10d8\u10d0\u10dc\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10d7 \u10d2\u10d0\u10dc\u10d0\u10d7\u10d0\u10d5\u10e1\u10d0. \u10d8\u10db\u10d8\u10e1 \u10e4\u10dd\u10dc\u10d6\u10d4, \u10e0\u10dd\u10db \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 14%-\u10d8\u10d0, \u10d4\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d9\u10da\u10d4\u10d1\u10d8\u10e1\u00a0\u00a0\u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d6\u10d4 \u10db\u10d8\u10e3\u10d7\u10d8\u10d7\u10d4\u10d1\u10e1,\u00a0<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30006891-locking-in-the-uzs-long-end-now-with-even-more-evidence\">\u10e0\u10d0\u10ea \u10e9\u10d5\u10d4\u10dc\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d7\u10d0\u10dc \u10d7\u10d0\u10dc\u10ee\u10d5\u10d4\u10d3\u10e0\u10d0\u10e8\u10d8\u10d0<\/a>. \u10e1\u10d0\u10e7\u10e3\u10e0\u10d0\u10d3\u10e6\u10d4\u10d1\u10dd\u10d0 \u10d8\u10e1\u10d8\u10ea, \u10e0\u10dd\u10db \u10e1\u10d0\u10d4\u10e0\u10d7\u10d0\u10e8\u10dd\u10e0\u10d8\u10e1\u10dd \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10e1\u10e3\u10db\u10d8\u10e1 \u10f0\u10d4\u10ef\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10da\u10d0\u10d3 \u10d0\u10e0\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8. \u10db\u10d8\u10e3\u10ee\u10d4\u10d3\u10d0\u10d5\u10d0\u10d3 \u10d0\u10db\u10d8\u10e1\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d4\u10e1 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8, \u10d0\u10e1\u10d4\u10d5\u10d4 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d3\u10d0 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8, \u10db\u10d0\u10d7 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d9\u10d4\u10e0\u10eb\u10dd \u10e1\u10d0\u10d1\u10d0\u10dc\u10d9\u10dd \u10d3\u10d4\u10de\u10dd\u10d6\u10d8\u10e2\u10d4\u10d1\u10d8\u10e1, \u10e9\u10d5\u10d4\u10dc\u10d8 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10d7, \u10ef\u10d4\u10e0 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10d6\u10d4\u10d3\u10db\u10d4\u10e2\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10e0\u10e9\u10d4\u10d1\u10d0. \u10d0\u10db\u10d3\u10d4\u10dc\u10d0\u10d3, \u10d9\u10d5\u10da\u10d0\u10d5 \u10db\u10d8\u10db\u10d6\u10d8\u10d3\u10d5\u10d4\u10da\u10d8\u10d0 \u10d0\u10d3\u10d2\u10d8\u10da\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d4\u10d1\u10d8, \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d2\u10d0\u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10d8\u10d7.<\/p>\n<p style=\"font-weight: 400\">\u10d2\u10d0\u10e0\u10d3\u10d0 \u10d0\u10db\u10d8\u10e1\u10d0, \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10dc\u10dd\u10e0\u10db\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0, \u10e0\u10d0\u10e1\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10da\u10d8\u10d0, \u10de\u10dd\u10d6\u10d8\u10e2\u10d8\u10e3\u10e0\u10d0\u10d3 \u10d8\u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10e1 \u10d0\u10d3\u10d2\u10d8\u10da\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4\u10ea. \u10d9\u10d4\u10e0\u10eb\u10dd\u10d3, \u10ea\u10dc\u10dd\u10d1\u10d8\u10da\u10d8\u10d0, \u10e0\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e4\u10d0\u10e1\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1. \u10d0\u10dc\u10d0\u10da\u10dd\u10d2\u10d8\u10e3\u10e0\u10d0\u10d3, \u10e1\u10e3\u10db\u10d8\u10e1 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8 \u10d2\u10d0\u10e3\u10e4\u10d0\u10e1\u10e3\u10e0\u10d4\u10d1\u10d0 \u10d3\u10d0, \u10db\u10d8\u10d7 \u10e3\u10db\u10d4\u10e2\u10d4\u10e1, \u10d2\u10d0\u10db\u10e7\u10d0\u10e0\u10d4\u10d1\u10d0, \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10e8\u10d8 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10e8\u10d8 \u10e1\u10d0\u10e5\u10db\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10d3\u10d0\u10dc \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10e2 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10e1 \u10d4\u10d9\u10d5\u10d8\u10d5\u10d0\u10da\u10d4\u10dc\u10e2\u10e1 \u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1.<\/p>\n<p style=\"font-weight: 400\">\u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5, \u10ec\u10d0\u10db\u10e7\u10d5\u10d0\u10dc \u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d0\u10d6\u10d4 \u10d9\u10d5\u10da\u10d0\u10d5 \u10d2\u10d4\u10dd\u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10db\u10dd\u10d5\u10da\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0. \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1, \u10d0\u10e6\u10d5\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d7, \u10e0\u10dd\u10db \u10eb\u10d0\u10da\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0, \u10d7\u10e3 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10e8\u10d4\u10d8\u10ea\u10d5\u10da\u10d4\u10d1\u10d0 \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10d8\u10e1 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10de\u10d0\u10e0\u10e2\u10dc\u10d8\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 &#8211; \u10e9\u10d8\u10dc\u10d4\u10d7\u10d8\u10e1, \u10e0\u10e3\u10e1\u10d4\u10d7\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d4\u10d5\u10e0\u10dd\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d8\u10e1 &#8211; \u10d5\u10d0\u10da\u10e3\u10e2\u10d4\u10d1\u10d8. \u10d8\u10e3\u10d0\u10dc\u10d8\u10e1, \u10e0\u10e3\u10d1\u10da\u10d8\u10e1 \u10d0\u10dc\/\u10d3\u10d0 \u10d4\u10d5\u10e0\u10dd\u10e1 \u10db\u10d0\u10e2\u10d4\u10e0\u10d8\u10d0\u10da\u10e3\u10e0\u10d8 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\u10d8\u10db\u10e1\u10d0\u10ee\u10e3\u10e0\u10d4\u10d1\u10e1 \u10d8\u10e1 \u10e4\u10d0\u10e5\u10e2\u10d8, \u10e0\u10dd\u10db \u10d0\u10db\u10df\u10d0\u10db\u10d0\u10d3 \u10e1\u10e3\u10db\u10d8 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d0\u10e1 \u10d8\u10dc\u10d0\u10e0\u10e9\u10e3\u10dc\u10d4\u10d1\u10e1 &#8211; \u10d3\u10d0 \u10db\u10e7\u10d0\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d9\u10d8\u10d3\u10d4\u10ea &#8211; \u10dd\u10e5\u10e0\u10dd\u10d6\u10d4 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d9\u10da\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d0\u10e8\u10e8 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10e1 \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d2\u10d0\u10db\u10e7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10dc\u10d6\u10d4, \u10e0\u10d0\u10ea, \u10e1\u10ee\u10d5\u10d0 \u10d7\u10d0\u10dc\u10d0\u10d1\u10d0\u10e0 \u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e8\u10d8, \u10e3\u10d6\u10d1\u10d4\u10d9\u10d4\u10d7\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10de\u10dd\u10e2\u10d4\u10dc\u10ea\u10d8\u10e3\u10e0\u10d8 \u10e1\u10e2\u10e0\u10d4\u10e1\u10e3\u10da\u10d8 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d8\u10d0. \u10d4\u10e1 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10d4\u10e0\u10d7\u10ee\u10d4\u10da \u10d0\u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d4\u10d1\u10e1\u00a0<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30006549-leveraging-macro-locking-in-the-uzs-long-end\">\u10e9\u10d5\u10d4\u10dc\u10e1 \u10d0\u10e0\u10d2\u10e3\u10db\u10d4\u10dc\u10e2\u10e1<\/a>, \u10e0\u10dd\u10db \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10dd\u10e5\u10e0\u10dd\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8 \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d0\u10d3 \u10e1\u10e3\u10db\u10d8\u10e1 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\u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd\u10d0 \u10d7\u10d8\u10d1\u10d8\u10e1\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 2 \u10d0\u10de\u10e0\u10d8\u10da\u10d8\u10e1 \u10de\u10e3\u10d1\u10da\u10d8\u10d9\u10d0\u10ea\u10d8\u10d0 \u201e<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30007460-macro-update-georgia\">\u10dd\u10e5\u10e0\u10dd\u10e1\u10d0 \u10d3\u10d0 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10e1 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10db\u10d4\u10e0\u10e7\u10d4\u10dd\u10d1\u10d0 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10d5\u10d0\u10da\u10e3\u10e2\u10dd \u10e1\u10e2\u10e0\u10d0\u10e2\u10d4\u10d2\u10d8\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d2\u10da\u10d4\u10d1\u10e8\u10d8<\/a>&#8220;.<\/p>\n<p style=\"font-weight: 400\">\u10e0\u10d0\u10ea \u10e8\u10d4\u10d4\u10ee\u10d4\u10d1\u10d0 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\u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10d0 \u10de\u10e3\u10d1\u10da\u10d8\u10d9\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10e0\u10e3\u10da \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0\u10e8\u10d8\u10d0 \u10ec\u10d0\u10e0\u10db\u10dd\u10d3\u10d2\u10d4\u10dc\u10d8\u10da\u10d8.<\/p>\n<p style=\"font-weight: 400\">\u10d8\u10ee\u10d8\u10da\u10d4\u10d7 \u10de\u10e3\u10d1\u10da\u10d8\u10d9\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10e0\u10e3\u10da\u10d8 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d1\u10db\u10e3\u10da\u10d6\u10d4:\u00a0<a href=\"https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30007496-the-uzs-yes-its-all-about-inflation-targeting\">https:\/\/tbccapital.ge\/ge\/publications\/all-publications\/singleview\/30007496-the-uzs-yes-its-all-about-inflation-targeting<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd 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