Sisitemu yo kugenzura inyungu za Banki nkuru yigihugu (Igice cya mbere)

Ku masoko y’imari ku isi, FederalIkigega'Igipimo cyinyungu igenzura sisitemu yamye yibanze kumurongo. Kugira ngo twumve neza sisitemu, ni ngombwa kutibanda gusa ku mikorere ikora muri iki gihe ahubwo tunasuzume ubwihindurize bwamateka. Igice cya mbere cyiyi ngingo kizasesengura gahunda y’inyungu za Banki nkuru y’igihugu mbere y’ihungabana ry’imari ryo mu 2008, rishyiraho urufatiro rwo gusesengura nyuma.

Incamake yinyungu Igipimo cya Koridor

Mbere y’ikibazo cy’amafaranga cyo mu 2008 gitangiye, banki nkuru zo mu bihugu byateye imbere cyane cyane mu Burayi no muri Amerika, zakunze gukoresha uburyo bwo koroshya inyungu kugira ngo igabanye ibiciro by’isoko. Intandaro yubu buryo ni ugushiraho urugero rwo hejuru kandi ruto ku gipimo cy’inyungu, kwemeza ko ibiciro by’isoko bihindagurika muri uru rwego. Inzira ya koridor yinyungu ntabwo ihindura gusa ibyateganijwe ku isoko ahubwo inazamuraIYIgukorera mu mucyo no guhanura politiki y’ifaranga, bityo bikongera imikorere yayo.

Ikizamini kirambuye cya sisitemu yo kugenzura inyungu za Banki nkuru yigihugu (Igice cya mbere)

By'umwihariko, imipaka ntarengwa ya koridoro y’inyungu isanzwe igenwa n’igipimo kinini banki nkuru iguriza amabanki, akenshi kigaragaza ikiguzi cy’amabanki yo kuguza muri banki nkuru. Umupaka wo hasi ugenwa ninyungu banki nkuru yishyura kubigega birenze amafaranga yabikijwe na banki. Ibi biciro byombi bigize urwego igipimo cyinyungu zisoko gihindagurika, bigatuma bigora ibiciro byisoko kurenga iyi ntera.

Dufashe nk'urugero rwa Banki Nkuru y’Uburayi (ECB), gahunda y’inyungu ya koridoro y’inyungu irasanzwe, aho igipimo cyo hejuru ari igipimo cy’inguzanyo ntarengwa naho igipimo cyo hasi kikaba igipimo cyo kubitsa. Iyo igipimo cy’isoko cyegereye urwego rwo hejuru, amabanki aba akunda kuguza muri banki nkuru; ku rundi ruhande, iyo ibiciro by'isoko bigeze ku gipimo cyo hasi, amabanki ahitamo kubitsa muri banki nkuru. Iyi gahunda ituma ibiciro byisoko bigabanuka, bikagabanya inshuro nuburemere bwibikorwa bya banki nkuru.

Sisitemu yo kugenzura inyungu za Banki nkuru yigihugu mbere ya 2008

Mbere y’ihungabana ry’imari ryo mu 2008, igipimo cy’amafaranga ya federasiyo cyari igikoresho cy’ibanze cyakoreshejwe na Banki nkuru y’igihugu mu kugenzura isoko. Igipimo cy’amafaranga ya federasiyo kigaragaza ikiguzi cyo kuguza ijoro ryose hagati yamabanki kandi nikimenyetso cyingenzi cyimikorere ya banki. Muguhindura iki gipimo, Banki nkuru yigihugu ishobora kugira ingaruka kumafaranga yatanzwe kumabanki, bityo bikagira ingaruka kuburyo butaziguye mubikorwa byubukungu muri rusange nko gukoresha,ishoramari, no kuzamuka mu bukungu.

Twabibutsa ko muri kiriya gihe gahunda ya koridoro y’inyungu ya Banki nkuru y’igihugu yari ifite ibintu byihariye ugereranije n’ibindi bihugu. Igipimo cyo hejuru ntarengwa cyari igipimo cyo kugabanya idirishya, nicyo gipimo Banki nkuru yigihugu iguriza amabanki. Ariko, bitandukanye na sisitemu isanzwe yinyungu yinyungu, Banki nkuru yigihugu ntabwo yashyizeho igipimo ntarengwa cyo hasi kuko itishyuye inyungu kubigega bya banki. Ibi bivuze ko igipimo cyo hasi cyari hafi ya zeru.

N'ubwo bimeze bityo ariko, Banki nkuru y’igihugu yari igishoboye kugena igipimo cy’isoko binyuze mu bikorwa by’isoko ryuguruye, nko kugura no kugurisha impapuro za Leta, kugira ngo ibiciro by’isoko bihindagurika ku gipimo cy’imari ya leta. Imikorere y’ibikorwa byafunguye isoko yari mu kigero gito ugereranije n’imigabane ya banki yari ifite muri Banki nkuru y’igihugu muri kiriya gihe, bigatuma amabanki ashobora kwitabaza Banki nkuru y’igihugu mu gihe cy’imikoreshereze ikabije, bityo bigatuma igipimo cy’ikirenga kiri hejuru.

Impinduka Nyuma yubukungu bwi 2008

Ikibazo cy’amafaranga yo mu 2008 cyagize ingaruka zikomeye kuri gahunda y’imari ku isi, bituma habaho impinduka zikomeye muri gahunda yo kugenzura inyungu z’ikigega cya Leta. Kugira ngo iki kibazo gikemuke, Banki nkuru y’igihugu ntabwo yashyize mu bikorwa politiki nini yo korohereza umubare munini gusa ahubwo yanashyizeho inyungu ku bubiko burenze (IOER). Iki gikoresho gishya cyahinduye imiterere nubunini bwibigega bifitwe na banki muri Banki nkuru yigihugu.

Mbere y’ihungabana ry’amafaranga, ububiko bwa banki muri Banki nkuru y’igihugu bwari hafi miliyari 10 z'amadolari, ariko mu ntangiriro za 2009, iki gipimo cyariyongereye kigera kuri miliyari 800. Ndetse nyuma yimyaka ibiri Banki nkuru yigihugu itangiye kuzamura igipimo cyinyungu no kugabanya urupapuro rwabigenewe, amafaranga asigaranye yagumye hejuru kuri tiriyari 3. Iri hinduka ntabwo ryongereye ubushobozi bwa Banki nkuru y’ubushobozi bwo kugenzura ibiciro by’isoko ahubwo ryanahinduye cyane imikorere yaryo.

Mugutangiza IOER, Banki nkuru yigihugu irashobora kugenzura neza ibiciro byisoko hatabayeho ibikorwa byisoko rifunguye. Ubu buryo bushya bwinyungu ya koridor yarimo igipimo cyo kugabanya idirishya nkigipimo cyo hejuru na IOER nkurwego rwo hasi, bikora urwego rushimishije rwinyungu.

Umwanzuro

Muri make, gahunda ya koridoro y’inyungu ya Banki nkuru y’igihugu mbere y’ihungabana ry’imari ryo mu 2008, nubwo ryoroheje, ryagize ingaruka nziza mu bihe by’isoko ryicyo gihe. Igihe ikibazo cy’amafaranga cyatangiye, Banki nkuru y’igihugu yahatiwe guhindura ibikoresho byayo ikora, ishyiraho ibikoresho bishya by’inyungu kugira ngo bihangane n’isoko rihora rihinduka. Gusobanukirwa nihindagurika ryiyi sisitemu ntibidufasha gusa gusobanukirwa neza na politiki y’ifaranga rya Banki nkuru y’igihugu ahubwo binatanga ibitekerezo byingenzi byo gusesengura icyerekezo cya politiki y’ubukungu.