Ditarkumner HH KB nakhagahi meknabanutyunneri kapakcutyamb

Fri, 19 Jun 2026 21:15:33 +0400

Skizb@՝ nakhord hamarum

«Khaghaghutyan orakarg@», petakan partq@ ev bankeri shahutaberutyun@
Sharunakelov HH KB nakhagah Martin Galstyani meknabanutyunneri verlutsutyun@` @ndgtsenq, vor bardzr varkayin tokvosadruyqneri harc@ chi kareli ditarkel miayn banki ev varkarui haraberutyan shrjanakum։ Ayn arnchvum e naev Hayastani tntesakan ev qaghaqakan mijavayri aveli layn gortsonneri het։ Drancic mek@ hrchakvats «khaghaghutyan orakargi» ev kapitali pastaci arzheqi shaghkapvatsutyunn e։

Hayastani karavarutyun@ «khaghaghutyan» orakarg@ ditarkum e naev vorpes ashkharhaqaghaqakan riski nvazecman gortson։ Usti, 2025t. ogostosi 8-in, ayspes kochvats, khaghaghutyan hamadzaynagri nakhastoragrumic hetvo kareli er aknkalel, vor dranic bkhogh qaghaqakan lavatesutyun@ kartacolvi finansakan spasumnerum՝ riski gnahatman ev varkavorman arzheqi mej։ Sakayn finansakan shukan pastaci chardzaganqec։

Sa, iharke, chi nshanakum, te vashingtonyan gortsarq@ petq e anmijapes hangecner tokvosadruyqneri nvazman։ Sakayn ete ashkharhaqaghaqakan riskn iskapes eapes nvazel e, apa inchvo՞ւ da chi artacolvum kapitali arzheqi mej։ Hnaravor e erku bacatrutyun։

Arajin@․ banker@, nerdroghner@ ev kargavorvogh@ nakhastoragrum@ chen @nkalum vorpes kayun khaghaghutyan bavarar erashkhiq։ Finansakan shukayi hamar karevor en voch aynqan divanagitakan dzevakerpumner@, vorqan paymanavorvatsutyunneri iragortsman herankar@, razmakan sparnaliqi veracum@, mijpetakan sahmanneri hstakecum@, haghordakcutyunneri apashrjapakum@, taratsashrjanayin gorts@ntacneri kankhateseliutyun@ ev khaghaghutyan institucional erashkhiqner@։

Erkrord bacatrutyunn ayn e, vor varki bardzr arzheq@ Hayastanum paymanavorvats e voch aynqan artaqin qaghaqakan riskov, vorqan nerqin sahmanapakumnerov, inchpisiq en՝ finansakan shukayi terzargacatsutyun@, arzhetghteri shukayi chapazanc catsr kapitalizacian, finansavorman ayl@ntranqayin gortsiqneri sahmanapakutyun@, erkarazhamket dramayin resursneri pakas@, gortsadir ishkhanutyan mijamtutyunn ardaradatutyan@, biznesi catsr tapancikutyun@ ev gravayin entakarucvatsqi vorak@։

Nerqin sahmanapakumneri sharqum karevor tegh uni naev petakan pokharutyunneri tsavali atch@։ Hayastanum finansakan shukan terzargacats e, isk erkarazhamket dramayin resursner@՝ sahmanapak։ Ayd paymannerum petakan partatomser@ bankeri hamar darnum en anhamemat apahov ev kayun ekamti aghbyur, ev finansakan karuycner@ hatchakh nakh@ntrum en mijocner@ teghabashkhel petakan partatomserum, qan aveli riskayin varker tramadrel poqr ev mijin biznesin։ Nman hangamanqnerum biznesi varkavorum@ pahanjum e lracucich riskayin havelavtchar։ Ardyunqum nerqin pokharutyunneri atch@ npastum e tokvosadruyqneri bardzr makardaki pahpanman@ ev masnavor hatvatsi dursmghman@ matcheli finansavorman shukayic։ Sa chi nshanakum, te petakan partatomsern inqnin ancankali gortsiq en։ Khndirn ayn e, vor terzargacats finansakan shukayum dranq karogh en veratsvel masnavor biznesi finansavorman ayl@ntranqi՝ nvazecnelov varkavorman khtanner@։

Hetevabar, bardzr tokvosadruyqner@ petq e ditarkel voch miayn riskaynutyan, aylev finansavarkayin karuycneri ekamtaberutyan tesankyunic։ Hayastani bankayin hamakarg@, hamematats tntesutyan ayl volortneri het, cucadrum e kayunutyun ev bardzr shahutaberutyun։ Hatkapes karevor e ayn, vor bankeri ekamutneri zgali mas@ dzevavorvum e tokvosayin ekamti hashvin։

Sa nshanakum e, vor varki bardzr arzheq@ miazhamanak irakanacnum e erku gortsaruyt. ayn pokhhatucum e KB nakhagahi hishatakats risker@ ev apahovum bankayin hatvatsi bardzr shahutaberutyun@։ Hetevabar, tokvosadruyqneri qnnarkum@ chpetq e shrjanci bankayin marzhayi karucvatsq@, petakan arzhetghteri ayl@ntranqayin ekamtaberutyun@ ev ayn harc@, te inchpes en bardzr tokvosayin mijavayri ogutner@ bashkhvum finansakan hatvatsi ev irakan tntesutyan mijev։

Ayspisov, bardzr tokvosadruyq@ lok tntesvaroghi kargapahutyan kam mijazgayin mijavayri ardyunq che, da mezanum hastatvats finansakan hamakargi karucvatsqi hetevanq e, dicuq` te inchpisi gortsiqner en hasaneli biznesin, vorqan khorn e kapitali shukan, inch khtanner unen banker@՝ irenc resursner@ depi irakan tntesutyun ughghelu hamar։

Kapitali bardzr arzheq@ ev anpataskhan harcer@

Kapitali bardzr arzheqi veraberyal KB nakhagahi meknabanutyunner@ mi sharq harcer en toghnum anpataskhan, hatkapes՝ ayn arumov, te inchu e Hayastanum varkavorman verjnakan tokvosadruyq@ sharunakum bardzr mnal։ Ayd khndirn aravel tesaneli e hamematutyan mej։ Belarusi, Ghazakhstani, Ghrghzstani ev Vrastani het hamematutyamb nerkayum henc Hayastanum e Kentronakan banki ev shukayakan varkayin tokvosadruyqneri mijev amenamets tarberutyun@։ Aysinqn՝ kapitali bardzr arzheq@ paymanavorvats che miayn bazayin tokvosadruyqov kam global dramavarkayin mitumnerov։
Verjnakan tokvosadruyq@ metsapes dzevavorvum e Hayastani finansakan hamakargi nersum՝ paymanavorvats bankayin riskayin havelavtcharov, shukayi karucvatsqov, erkarazhamket resursneri sahmanapakutyamb, datairavakan riskerov ev institucional mijavayri vorakov։ Ays amen@ karevor e, qani vor cuyc e talis՝ khndir@ chi sahmanapakvum KB-i tokvosadruyqayin qaghaqakanutyamb kam varkaruneri voraki masin datoghutyunnerov։

Ays tesankyunic lracucich parzabanman kariq uni naev KB nakhagahi hghum@ mijazgayin mitumnerin։ Ashkharhum tokvosadruyqneri atch@, anshusht, azdum e kapitali arzheqi vra, hatkapes՝ poqr ev bac tntesutyunnerum։ Sakayn da chi bacatrum, te inchu e ayd azdecutyun@ Hayastanum veratsvum bardzr ev kayun varkayin tokvosadruyqneri։ Dra hamar petq e parzel, te artaqin gortsonnern inchpes en pokhancvum nerqin shukayin՝ dramayin resursneri arzheqi, gnatchayin spasumneri, arzhutayin riskeri ev bankeri varkayin qaghaqakanutyan mijocvov։ Aranc bacatrutyan՝ mijazgayin mitumnerin hghum@ himnakhndir@ teghavorum e global hamateqstum, bayc chi bacahaytum Hayastanum varki bardzr arzheq@ dzevavorvogh himnakan pattcharner@։ Ayl kerp asats՝ global mijavayr@ karogh e bacatrel tchnshman mi mas@, bayc voch ayn amboghj mekhanizm@, vori mijocvov anardyunavet institutner@, bardzr gortsarqayin tsakhser@ (transaction cost), iravakan anorvoshutyun@ ev kargavorman risker@ hangum en kapitali bardzr arzheqi։
Mek ayl ditarkum veraberum e KB nakhagahi ayn motecman@, @st vori՝ bardzr tokvosadruyqneri pattcharneric mek@ paymanavorvats e biznesi finansakan kargapahutyamb։ Anshusht, Hayastanum shat dzernarkutyunner derevs unen hashvetvoghakanutyan ev finansakan tapancikutyan lurj bacer, inchpes naev՝ bankayin hamakargi pahanjnerin hamapataskhanogh nerdrumayin tsragrer kazmelu sahmanapak pordz։ Sakayn sa miayn dzernarkatereri pataskhanatvutyan harc che։

Nshvats bacern aveli khorqayin institucional terutyunneri hetevanq en՝ paymanavorvats harkayin varchararutyamb, biznes krtutyan vorakov, khorhrdatvakan tsarayutyunneri hasaneliutyamb, petutyan nkatmamb vstahutyamb, kargavorman kankhateseliutyamb ev sepakanutyan iravunqi pashtpanutyamb։ Ete hamakarg@ chi dzevavorel tapancik varqagtsi khtanner, apa bardzr tokvosadruyqner@ chi kareli bacatrel bacarapes varkaruneri kargapahutyamb։

Mek ayl karevoraguyn khndir e erkarazhamket dramayin resursneri pakas@, vor@ paymanavorvats e voch te khnayoghutyunneri tsavalov, ayl dranc karucvatsqov։ Hayastanum hamakharn nerqin khnayoghutyunner@ kazmum en HNA-i mot 20%-@, sakayn ayd mijocneri zgali mas@ pahvum e kartchazhamket ev iracveli dzevov։ Tntesakan ev qaghaqakan anorvoshutyun@, gnatchayin u arzhutayin risker@ tnayin tntesutyunnerin ev biznesin mghum en apahovel mijocneri arag hasaneliutyun@, isk kapitali shukayi terzargacatsutyun@, erkarazhamket gortsiqneri pakas@ ev institucional nerdroghneri sahmanapak der@ tuyl chen talis khnayoghutyunner@ veratsel erkarazhamket nerdrumayin kapitali։ Ardyunqum bankeri resursayin bazan himnakanum mnum e kartchazhamket, isk erkarazhamket varkavorum@՝ aveli riskayin ev tank։
Usti bardzr tokvosadruyqneri harcum aravel ardyunavet kliner, ete qnnarkumneri ararka darnar voch te «lav» ev «vat» varkaruneri tarberakum@, ayl aveli himnarar harc@՝ inchu e azgayin tntesutyun@ sharunakum @nkalvel vorpes bardzrriskayin։ Ete biznes@ stipvats e vtcharel dranov paymanavorvats havelavtchar, apa khndir@ voch aynqan varkaruneri vorakn e, vorqan qaghaqakan, tntesakan, datairavakan ev finansakan hamakargeri ayn karucvatsqayin arandznahatkutyunner@, voronq verartadrum en kapitali bardzr arzheq@։

Henc aystegh e KB nakhagahi meknabanutyunneri himnakan bactoghum@․ dranq chen bacahaytum bardzr tokvosadruyqneri hamakargayin pattcharner@։ Usti khndir@ pahanjum e aveli hamaparpak motecum, vorn ayn kditarki voch miayn dramavarkayin, aylev institucional, fiskal ev tntesakan qaghaqakanutyan hamateqstum։ KB-n pataskhanatu e nakhevaraj gneri kayunutyan hamar, minchder varkeri hasaneliutyun@, nerdrumneri khtanum@ ev kapitali arzheqi nvazecum@ pahanjum en shat aveli layn gortsiqakazm՝ zargacats arzhetghteri shuka, erkarazhamket dramayin resursner, ankakh ev vstaheli dataranner, kankhateseli kargavorum ev biznesi tapancikutyan bardzracum։ Ete KB nakhagah@ vordegrer havasarakshrvats dirqorvoshum, apa k@nduner, vor bardzr tokvosadruyqner@ Hayastanum paymanavorvats en hamakargayin sahmanapakumnerov։ Ayd depqum qnnarkman ararkan kliner voch miayn ayn, te inchu mek dzernarkater vark e stanum 11 tokvosov, isk myus@՝ 19 tokvosov, ayl՝ ayn, te inchu e Hayastani tntesutyun@ sharunakum @nkalvel vorpes bardzrriskayin։

Qani der ays harc@ chi qnnarkvum amboghj khorutyamb, bardzr tokvosadruyqneri bacatrutyun@ kmna hatvatsakan։ Hamakargayin khndir@ pahanjum e hamakargayin lutsum․ ayn petq e lini dramavarkayin, fiskal, institucional, iravakan ev tntesakan qaghaqakanutyunneri hamadrvats ardyunq։

Armen Martirosyan
HH GKh ev AZh patgamavor (1990-99 tt.)
HH artakarg ev liazor despan