BNM 9-2008

Embed Size (px)

Citation preview

  • 7/23/2019 BNM 9-2008

    1/244

    FXXN =1:4)5::5

    OOFFOOLLFFKKDD__MM@@FFMMNNMMFFKKNNMMLL

    MMIIKKLLCCKKPPJJFF

    Nr 6?551

    HNHIHaffnz ?551

  • 7/23/2019 BNM 9-2008

    2/244

  • 7/23/2019 BNM 9-2008

    3/244

  • 7/23/2019 BNM 9-2008

    4/244

  • 7/23/2019 BNM 9-2008

    5/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    :

    H_KNFHM H_FF

    XJ JCFSJMW CFN MNZL =6:1

    OKKB MNNMLX

    UZOLFXAJC @_KI =6:1

    XJUSJIO_FJ?551N_6

    !=08:)=103XJUSJIOJ_

    5 DJNJ_MLFSF

    55OMWJLJ DJNJ_MLJ MLJ HZNKMSJ_FF F HZLSZ_FF

    55= sffn f hznkmsjrj n djnjrml

    =08:. /Xhfjnhj & Jczhmsfkn Uklfhfjx/, fnsjrn. hkn`. !?551 2 Haff)nz. Xhfjnhj & Jczhmsfkn Uklfhfjx 7 Fnsjrn. Hkn`. `kr saj Hjnsrml mnc JmxsjrnJzrkuj, Omlbmnx, Hmzhmxzx mnc Omlsfh Xsmsjx, Hafxfnmz, _ju. k` Iklckpm, =1)?=Xjus., ?551 7 Moxsrmhsx. Ha. 7 X. n., ?551 !Sfukdr. MI. 33 u. 2 85 hi.

    ?:5 jq.FXON 641)664:)0?)?80)8R?551)=418Y) ) =. /Xhfjnhj & Jczhmsfkn Uklfhfjx/ Fnsjrnmsfknml Hkn`jrjnhj.

    55="84.5!3!51? 9 55

    =080. mukh, PmxfljHjrhjsmrjm sffnf`fh 7 Imn. ujnsrz `mh. xkhfk)zimnfxsfhj + Pmxflj mukh,

    Pmljrfz Hafrf. Ha. 7 Mrh, ?551 [email protected].)U. /Sfukdr. Hjnsrml. 8=5, R=Y u. 2 ?5 hi. !Hkljhfm /Mlim Imsjr/.

    Ofolfkdr.7 u. ?1=)?1: !65 sfs. f n nksjlj cj xzoxkl. :55 jq.FXON 641)664:)0=)363)1

    R?551)=451Y) ) =. Hjrhjsmrj sffnf`fh.55=.16

    =084. , , . !Bnktljcdj Xkhfjsv 7

    R, ., , ., ., , =644)?550Y + 2 srmc. cfnlo. rki. 7 _kcfhm Hzgo. Ha. 7 .J.)U. /sffnm/, ?551 !Hkiofnmszl Uklfdr.. 858, R=Yu. 7 `fd., smo. 2 ?3 hi. !Xsrmsjdfm xhafiorff.

    Sjqs7 lo. jndl., rzx. :55 jq.

    FXON 641)664:)04)5=3)?R?551)=054Y

  • 7/23/2019 BNM 9-2008

    6/244

  • 7/23/2019 BNM 9-2008

    7/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    4

    =55 jq.FXON 641)664:)6601)=):R?551)=4?6Y

    ) ) =.Hklonjmh Mljqjf, =638), mrsfxs ulmxsfh Ofkofolfkdrm`fj.5=07R48+4:"6?6 HklonjmhY=03?. Ofolfkdrm`fm Nmfknml m Iklckpjf 9 Nmsfknml Ofolfkdrmuav k` Ikl)

    ckpm 7 Hrf. Mzskrj`jrmsj. Sjwj. Mrs. cfn rjp. f wfmrj. 7 Xj jc. cfn mnzl =6:1 7 Mumrjlznmr + Hmijrm Nm. m Hrff cfn _ju. Iklckpm 2 mlhs. 7 Pmljnsfnm Hafskrkmd,_jnmsm Hkwknmh, Kljxjm Wmofmhk Rjs ml.Y 2 rjc. rjxu. f hkkrc. 7 Pmljnsfnm Hafskrkmd2 cjxfdn 7 _jnmsm Hkwknmh. Ha. 7 Hmijrm Nm. m Hrff, ?551 !Sfukdr. /Pmlfnjq/XM. ?5 hi. FXXN =1:4)5::5.

    Nr :, ?551. ?551. ??8 u. Sjqsj7 lo. rki., rzx, mlsj lo. xsrfnj. :5

    jq. R?551)=068Y 5=:!341

    =038. Iklcurjxm 7 Moknmrjm lm wfmrj f rjpfxsj 7 Hmsmlkd. Ha. 7/Iklcurjxm/ XM, ?554 !Sfukdr. /Nfhm Drm`fh Urfns/. 85 hi. FXXN=1:4)=40.

    ?554. ?551. 15 u. 7 smo., R==Y u. `fd. hklkr Sjqs7 lo. rki., rzx, mlsj lo.xsrfnj. @. `. cj sfs. =555 jq. FXON 641)664:)66?5)?)?. R?551)=018Y

    ) ) =. Iklcurjxm, ?551 Hmsmlkmdj. ?. Moknmrj, ?551 Hmsmlkmdj. 8. Wfm)rj Moknmrj, ?551 Hmsmlkmdj. 3. _jpfxsj Moknmrj, ?551 Hmsmlkmdj.

    5=475:5

    5?OFOLFKSJHKNKIFJ

    =033. Hjrhjsmrj f cjwpklsmrj n Ofolfksjhflj Nmfknmlj mlj _kinfjf f_juzolfhff Iklckpm 7 pkl. cj lzhrrf s. + Ofol. Nm. m _ju. Iklckpm, Ofol. Nm. m _k)infjf 2 srmc. moxsrmhsj 7 Mnhm Ikrmrz, Cfnm Umlmcf, Nfhkljsm _maij. Ha. 7 ON_I2 Ozhzrjsf 7 ON_, ?551 !Sfukdr. Ofol. Nm. m _kinfjf. =4? u. 7 `ks. hklkr, smo. 2 ?3hi.

    _jw.7 lo. rki., jndl., `r., rzx. Ofolfkdr.7 u. =4=)=4? !88 sfs., lm x`rfszlmrs. f n nksjlj cj xzoxkl. =: jq.

    FXON 641)664:)6601)?)? !ON_I. FXON 641)648)1800)51)3 !ON_R?551)=485Y) ) =. Ofolfksjhm Nmfknml m _juzolfhff Iklckpm Hjrhjsmrjf cjwpklsmrj.

    ?. Ofolfksjhm Nmfknml m _kinfjf Hjrhjsmrjf cjwpklsmrj.5?4.:3!361"341!51?

    [email protected]__F HKLJHSFPJ

    =03:. /Fnsjdrmrjm jzrkujmn f npinszl znfpjrxfsmr7 mxujhsj `f)lkxk`fhk)ijskcklkdfhj/, hkn`. fnsjrn. !?551 2 Haffnz. Imsjrfmljlj hkn`jrfnjf

    fnsjrnmfknmlj /Fnsjdrmrjm jzrkujmn f npinszl znfpjrxfsmr7 mxujhsj `flkxk`fhk)

  • 7/23/2019 BNM 9-2008

    8/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    1

    ijskcklkdfhj/, ?8)?3 nkfjiorfj ?554 + hkkrc. 7 Pmxflj mukh, JzckhafmXmamrnjmnz. Ha. 7 HJU ZXI, ?551. 85: u. 7 `fd., smo. 2 ?= hi.

    Mnsjsfs.7 Znfp. cj Xsms cfn Iklckpm, @mh. Mxfxsjn Xkhfml, Xkhfklkdfj f

    @flkwk`fj, Fnxs. cj @flkwk`fj, Xkhfklkdfj f sffnj Uklfsfhj, MI, @mh. Cj @flkxk`fj mZnfp. /Ml. F. Hzwm/ cfn Fmf Rjs ml.Y. Sjqsj7 lo. rki., jndl., rzx. Ofolfkdr. lm x`rfszlmrs. 35 jq.

    FXON 641)664:)45)481)=R?551)=03?Y) ) =./Fnsjdrmrjm jzrkujmn f npinszl znfpjrxfsmr7 mxujhsj `flkxk`fhk)

    ijskcklkdfhj/ Hkn`jrfn fnsjrnmfknml. ?. npins znfpjrxfsmr Fnsjdrmrjjzrkujmn.

    51?7841 9 =8:.= 9 === 9 =0=.=

    =030. Xfiukwfknzl fnsjrnmfknml ml sfnjrflkr hjrhjsskrf !0 2 ?551 2Haffnz. Xfiukwfknzl fnsjrnmfknml ml sfnjrflkr hjrhjsskrf, Jc. m 0)m, !=1)=6 mur.?551 + hkl. rjc. 7 Pmcfi Hkgkhmrz !urj., Jzdjnfm @jzrm, _kcfhm Anhz Rjs ml.Y. Ha. 7 MXJI, ?551. ?1 hi. !?551 Mnzl Sfnjrjszlzf n _ju. Iklckpm. FXON641)664:)4:)3=3)6. Mnsjsfs. 7 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm, Mhmc.cj Xszcff Jhkn. cfn Iklckpm.

    Pkl. =. ?551. 8:0 u. 7 `fd., smo. Sjqsj7 lo. rki., rzx. Ofolfkdr. lmx`rfszl mrs. f n nksjlj cj xzoxkl. 35 jq. FXON 641)664:)4:)3=:)0. R?551)=44:Y

    51?"841.3!341!51? 9 =8:.= 9 =0=.==034. Pkl. ?. ?551. =30 u. 7 `fd., smo. Sjqsj7 lo. rki., jndl., rzx.

    Ofolfkdr. lm x`rfszl mrs. f n nksjlj cj xzoxkl. 35 jq. FXON 641)664:)4:)3=0)8!n hku. smrj. R?551)=440Y

    51?"841.3!341!51? 9 =8:.= 9 === 9 =0=.=

    =031. Znfpjrxfsmsjm cj Xsms cfn Iklckpm. Mnmljlj sffnf`fhj mlj Znfpjr)xfsff cj Xsms cfn Iklckpm + Znfp. cj Xsms cfn Iklckpm 2 hkl. rjc. 7 Ifamfl _jpjnhk!rjc. j`, Lmrfxm Cmrmdmnhjm !rjc. hkkrc., Smimrm @krnjm Rjs ml.Y. Ha. 7 HJUZXI, ?551. ?= hi. FXXN =1:4)?:11.

    Xjrfm /Lzhrrf Xszcjnjsf/7 sffnj xkhfk)zimnfxsfhj. ?551. 300 u. Sjqsj7 lo. rki., jndl., fs., rzx. Ofolfkdr. lm x`rfszl mrs. =?5 jq. FXON 641)664:)45)435)3. R?551)=000Y

    ) ) =. Znfpjrxfsmsjm cj Xsms cfn Iklckpm Mnmlj.51?"841.3!341 9 55

    514.: Uzolfhmff ujnsrz sfnjrff hfsfskrf

    =036. Omrsmlkwwf, DfzlfmHmrsjm cjxurj fnpjnff f cjxhkujrfrf + Dfzlfm Omrsmlkwwf 2 srmc. cfn fs. 7

    Dmorfjlm Cfim. Ha. 7 Mrh, ?551 !Fiurfims n Zndmrfm. :4, R3Y u. 7 fl. hklkr 2 ?3 hi.

  • 7/23/2019 BNM 9-2008

    9/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    6

    Sfs. krfd.7 Fl lfork Fnpjnwfknf j xhkujrsj. Mzs. uj hku. nz jxsj fncfhms. Fnc. cj hzpfnsj7 u. 05)0=. ?555 jq.

    FXON 641)664:)0=)365)5 !n hku. smrj

    R?551)=0:0Y) ) =. Fnpjnff Hmrsj ujnsrz hkuff.514.:755=.163

    =0:5. Hjirsmn)Xunz, ImrdmrjsmCrmdkxsj cj ukrziojf 7 Hmrsj cjxurj uxrf, kmijnf f mnfimlj + Imrdm)

    rjsm Hjirsmn)Xunz. Ha. 7 X. n., ?551 !Sfukdr. /_jhlmim/ XM. =35 u. 7 `ks. 2 ?5hi.

    =555 jq.FXON 641)664:)684)6?)3

    R?551)=4:1Y) ) =. Uxrf Hmrsj ujnsrz hkuff.514.:7:6

    =0:=. Dfrkifnf, ImrdajrfsmHmrsjm cj jndljw hz Cfhb _moofs 7 Rfxskrfj, lfio, hzrfkwfsfY +

    Imrdajrfsm Dfrkifnf, Mlojrsfnm Dzdlfjlijssf 2 srmc. cfn fs. 7 Dmorfjlm Cfim. Ha. 7 Mrh,?551 !Fiurfims n Zndmrfm. :6, R?Y u. 7 fl. hklkr 2 ?3 hi.

    Sfs. krfd.7 Fl lfork cf Fndljxj hkn Cfhb _moofs. Mzs. uj hku. nz xzns fncf)hmf. Fnc. cj hzpfnsj7 u. 05)0=. ?555 jq.

    FXON 641)664:)0=)368)= !n hku. smrjR?551)=0:6Y) ) =. Lfiom jndljw Hmrsj ujnsrz hkuff.

    514.:71==.===

    =0:?. Dkrf, HlmzcfmHmrsjm cjxurj oromf f `jijf n fxskrfj 7 Rcfn Mnsfhafsmsj un n wfljlj

    nkmxsrjY + Hlmzcfm Dkrf 2 srmc. cfn fs. 7 Dmorfjlm Cfim. Ha. 7 Mrh, ?551 !Fiurfims nZndmrfm. :6, R?Y u. 7 fl. hklkr 2 ?3 hi.

    Sfs. krfd.7 Fl lfork zkifnf j cknnj njllm Xskrfm. Mzs. uj hku. nz jxsj fn)cfhms. Fnc. cj nzij7 u. 05)0=. ?555 jq.

    FXON 641)664:)0=)36?)3 !n hku. smrjR?551)=0:1Y) ) =. Oromf n fxskrfj Hmrsj ujnsrz hkuff. ?. @jijf n fxskrfj Hmrsj

    ujnsrz hkuff.514.:763)5::.=+.?

    =0:8. Imlk`jjpm, N. N.Jnhfhlkujcfm urjhklmrzlzf + N. N. Imlk`jjpm 2 srmc. cfn lo. rzx 7 Pxjpklkc

    Hjrnjf. Ha. 7 XH /Ofolfkn/ X_L 2 Ujrjxlmplf !_zxfm 7 /Fnsjdrml/ X_L, ?554 !Hkiof)nmszl Uklfdr., kr. Spjrf, _zxfm. =66 u. 7 fl. hklkr 2 ?6 hi. !Ofllfkn.

  • 7/23/2019 BNM 9-2008

    10/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    =5

    Fnc.7 u.=61)=66. 8555 jq.FXON 641)664:)6486)1)3 !n hku. smrjR?551)=483Y

    ) ) =. Urjhklmrf Jnhfhlkujcfj. ?. Jnhfhlkujcff Urjhklmrf. 514.:7848.?

    =0:3. Urmsf, JlfxmHmrsjm cjxurj mnfimlj + Jlfxm Urmsf 2 srmc. cfn fs. 7 Dmorfjlm Cfim. Ha. 7

    Mrh, ?551 !Fiurfims n Zndmrfm. :6, R3Y u. 7 fl. hklkr 2 ?3 hi.Sfs. krfd.7 Fl lfork cjdlf mnfimlf. Mzs. uj hku. nz jxsj fncfhms. Fnc. cj

    nzij7 u. 05)0=. ?555 jq.FXON 641)664:)0=)36=)4 !n hku. smrjR?551)=0:4Y

    ) ) =. Mnfimlj Hmrsj ujnsrz hkuff. 514.:7:6

    =0::. lmumh, ImrfmnmHjsf cfn mrm Iklckpjf 7 Ifh jnhfhlkujcfj flzxsrms + Imrfmnm lmumh 2

    rjc. s. 7 Jzdjn Nfhklmj 2 fl. 7 Plmcfifr Ijlnfh 2 `ks. 7 Fzrfj @khm, Pfsmlfj _khm, MnmBkimrnfbmfm. Ha. 7 Mrh, ?551 !Fiurfims n Zndmrfm. ::, R=Y u. 7 fl., `ks. hklkr 2 ?6hi.

    8555 jq.FXON 641)664:)0=)360)? !n hku. smrj

    R?551)=005Y) ) =. _juzolfhm Iklckpm Fxskrfj Jnhfhlkujcff ujnsrz hkuff. ?. Jnhfhlk)

    ujcff ujnsrz hkuff Fxskrfj.514.:763!341!58=

    =0:0. 7 R 7 . uzwwljY 7 ?5 + . ) 7 2 . 7 . . 7 , ?551!Sfukdr. /Xfofx)Drm`fhm/ X_L. ==, R=Y u. 7 fl. hklkr 2 ?= hi. ! // ! uzwwlj 7 .

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)80)3 !hmrsknmsR?551)=014Y) ) =. Hmrsj uzwwlj !rzx.

    514.:7:6=.:

    =0:4. 7 R 7 . uzwwljY 7 ?5 + . 7 2 . 7 . . 7 , ?551 !Sfukdr./Xfofx)Drm`fhm/ X_L. ==, R=Y u. 7 fl. hklkr 2 ?= hi. ! / /! uzwwlj 7 .

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)84)= !hmrsknms

  • 7/23/2019 BNM 9-2008

    11/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    ==

    R?551)=011Y) ) =. Hmrsj uzwwlj !rzx.

    514.:7:6=.:

    =0:1. + . 7 . . 7 ,?551 !Sfukdr. /Xfofx)Drm`fhm/ X_L. R8=Y `. 7 fl., fl. hklkr 2 ?8 hi. !/ /.

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)88)8R?551)=013Y) ) =. Hmrsj gzhrfj !rzx.

    514.:7848.?

    =0:6. 7 R 7 . uzwwljY 7 ?5 + . 7 2 . 7 . . 7 , ?551 !/Xfofx)Drm`fhm/ X_L. ==, R=Y u. 7 fl. hklkr 2 ?= hi. ! / / !uzwwlj 7 .

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)86): !hmrsknmsR?551)=065Y) ) =. Hmrsj uzwwlj !rzx.

    514.:7:6=.:

    =005.

    7 R 7 . uzwwljY 7 ?5 + . 7 2 . 7 . . 7 , ?551 !/Xfofx)Drm`fhm/ X_L. ==, R=Y u. 7 fl. hklkr 2 ?= hi. ! / / !uzwwlj 7 .

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)81)1 !hmrsknmsR?551)=016Y) ) =. Hmrsj uzwwlj !rzx.

    514.:7:6=.:

    =00=. 7 R 7 . uzwwljY 7 ?5 +. 7 2 . 7 . . 7 ,?551 !Sfukdr. /Xfofx)Drm`fhm/ X_L. ==, R=Y u. 7 fl. hklkr 2 ?= hi. !/ / ! uzwwlj 7 .

    @. `. cj sfs. :555 jq.FXON 641)664:)=53)8:)4 !hmrsknmsR?551)=010Y) ) =. Hmrsj uzwwlj !rzx.

    514.:7:6=.:

  • 7/23/2019 BNM 9-2008

    12/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    =?

    8 SFFNJ XKHFMLJ

    8?UKLFSFH

    =00?. Ozrfmn, MljqmncrzDjkuklfsfhm lziff hknsjiukrmnj 7 Hzrx cj ljhff + Mljqmncrz Ozrfmn 2 Fnxs.cj Fxskrfj, Xsms f Crjus ml Mhmc. cj sffnj m Iklckpjf, Mxkh. cj Crjus Fnsjrn. cfn_ju. Iklckpm. Jc. m ?)m !rjp. f mczd.. Ha. 7 HJU ZXI, ?551. 356 u. 2 ?=hi. !Mlim imsjr.

    Ofolfkdr.7 u. 8::)356 !=5:0 sfs., lm x`rfszl hmu. f n nksjlj cj xzoxkl. =555 jq.

    FXON 641)664:)45)488)0R?551)=481Y

    ) ) =. Djkuklfsfhm lziff hknsjiukrmnj. 8?!54:.1

    8?= @krij cj krdmnfwmrj uklfsfh. Xsmsjlj hm uzsjrf uklfsfhj

    =008. Hamzcjs, CfcfjrFiujrfzl n kdlfnc 7 Xsrmsjdff cj imrj uzsjrj n Xsmsjlj Znfsj f n _zxfm +

    Cfcfjr Hamzcjs, @lkrjns Umrijnsfjr, Ojnks Ulkufcmx 2 srmc. cfn `r. cj Dmorfjlmfhlkpmn. Ha. 7 Hmrsfjr, ?551 !Hkiofnmszl Uklfdr.. 880 u. 2 ?5 hi. !Hkljhfm/Hmrsfjr fxskrfh/ + hkkrc. cj Xkrfnm Cnfl.

    Sfs. krfd.7 Ljiufrj mz ifrkfr. Xsrmsdfjx cj uzfxxmnhj mzq Jsmsx)Znfx js jn_zxxfj. Ofolfkdr. n nksjlj cj xzoxkl. 0=5 jq.

    FXON 641)664:)46):56)1 !n hku. smrjR?551)=084Y) ) =. Djkuklfsfh Xsmsjlj Znfsj mlj Mijrfhff _zxfm.

    8?=!48"345

    8?4 _jlmff fnsjrnmfknmlj. Uklfsfh fnsjrnmfknml. Uklfsfh jqsjrn

    =003. Ojnfzh, Pmljnsfn@mhskrzl hkn`jxfknml n rjlmfflj fnsjrnmfknmlj 7 Iknkdrm`fj + Pmljnsfn

    Ojnfzh, Pfhskr Gzh 2 Fnxs. cj _jlmff Fnsjrn. cfn Iklckpm. Ha. 7 HJU ZXI, ?551. ==0 u. 2 ?= hi.

    Ofolfkdr.7 u. ==5)==:. =:5 jq.FXON 641)664:)6403)8):R?551)=43=Y) ) =. _jlmff fnsjrnmfknmlj. ?. Hkn`jxfj.

    8?47?

    8?4!341 Uklfsfh jqsjrn m _juzolfhff Iklckpm

    =00:.

    Xszcff Fnsjrnmfknmlj. Pfwfznf cfn Iklckpm 9 Fnsjrnmsfknml xszcfjx.Pfjtx `rki Iklckpm 7 Uzol. ujrfkcfh s.)ijskcfh + Znfp. cj Xsms cfn Iklckpm 2 hkl.

  • 7/23/2019 BNM 9-2008

    13/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    =8

    rjc. 7 P. Sjkxm !rjc.)j`, J. Hfkoz, H. Jmnz Rjs ml.Y. Ha. 7 HJU ZXI, ?554. ?3hi. FXXN =1:4)=880. FXON 641)664:)45)5==):.

    Pkl. 8 7 Nr ?, ?554. ?554. ??5 u. 7 smo. Sjqsj7 lo. rki., jndl., rzx.

    Ofolfkdr. lm x`rfszl mrs. f n nksjlj cj xzoxkl. Mumrj hz xzukrszl Urkfjhszlzf Fnsjrn.FNSMX. ?55 jq. FXON 641)664:)45):?3)5. R?551)=480Y) ) =. _jlmff fnsjrnmfknmlj.

    8?4!341!51? 9 =8:.= 9 === 9 =0=.=

    =000. Pkl. : 7 Nr 3, ?554. ?554. ?51 u. 7 smo. Sjqsj7 lo. rki., jndl.,rzx. Ofolfkdr. lm x`rfszl mrs. f n nksjlj cj xzoxkl. Mumrj hz xzukrszl Hjnsrzlzfcj Fn`. f Ckh. Urfpfnc NMSK cfn Iklckpm. ?55 jq. FXON 641)664:)45):8?):. R?551)=484Y

    ) ) =. _jlmff fnsjrnmfknmlj.

    8?4!341"3!51? 9 =8:.= 9 === 9 =0=.=8?6 Umrsfcj f ifhrf uklfsfhj

    =004. Hjrsmn, FknXsndm uklfsfh n _juzolfhm Iklckpm, =616)?55= 7 Iknkdrm`fj + Fkn

    Hjrsmn 2 Znfp. cj Xsms /O. U. Amxcjz/ cfn Hmazl. Ha. 7 HJU ZXI, ?551. ?15, R=Yu. 7 `fd., smo. 2 ?= hi.

    _jw.7 lo. jndl., rzx. Ofolfkdr.7 u. ?=1)?8: f n nksj7 u. =16)?=4. Fnc.cj nzij7 u. ?43)?15. ?55 jq.

    FXON 641)664:)45)458)6R?551)=004Y) ) =. Umrsfcj uklfsfhj cj xsndm _juzolfhm Iklckpm.

    8?6!341

    88JHKNKIFJ.SFFNJ JHKNKIFHJ

    =001. Mhmcjifm cj Xszcff Jhknkifhj cfn Iklckpm. Mnmljlj Mhmcjif)jf cj Xszcff Jhknkifhj cfn Iklckpm 7 Jc. m 0)m + Mhmc. cj Xszcff Jhkn. cfn Iklckpm,Ifn. Jczhmfjf ml _ju. Iklckpm 2 hkl. rjc. 7 Drfdkrj Ojlkxsjhfnfh !urj., DajkrdajIfhkf, Fkn Ujsrjxhz Rjs ml.Y. Ha. 7 MXJI, ?551. 35= u. 7 `fd., drm`., smo. 2 ?6 hi. FXXN =1:4)=388.

    Sjqsj7 lo. rki., rzx. _jw.7 lo. jndl., `r. Ofolfkdr. lm x`rfszl mrs. f n nk)sjlj cj xzoxkl. :5 jq.

    FXON 641)664:)4:)35:)4R?551)=406Y) ) =. Jhknkifj. ?. Mhmcjifm cj Xszcff Jhknkifhj cfn Iklckpm Mnmlj.

    R88"841.0Y!341!51? 9 =8:.= 9 =0=.=

    =006. /Hrjsjrjm hkiujsfsfpfsff f cjwpklsmrjm jhknkifjf omwmsj ujhznkmsjrj/, hkn`. s. fnsjrn. !?554 2 Haffnz. Hkn`jrfnm sffnf`fh fnsjrnmfknm)l /Hrjsjrjm hkiujsfsfpfsff f cjwpklsmrjm jhknkifjf omwmsj uj hznkmsjrj/ !?1)?6

  • 7/23/2019 BNM 9-2008

    14/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    =3

    xjus. ?554 + hkl. rjc. 7 Pmcfi Hkgkhmrz !urj., Jzdjnfm @jzrm, Pmxflj Ozhzr Rjsml.Y. Ha. 7 MXJI, ?551. ?6 hi. FXON 641)664:)4:)866)6.

    Pkl. =. ?551. 3?5 u. 7 `fd., smo. Mnsjsfs.7 Mhmc. cj Xszcff Jhkn. cfn

    Iklckpm. Sjqsj7 lo. rki., jndl., rzx. _jw.7 lo. jndl. Ofolfkdr. lm x`rfszl mrs. fn nksjlj cj xzoxkl. :5 jq. FXON 641)664:)4:)355)?. R?551)=40:Y) ) =. Jhknkifj. ?. /Hrjsjrjm hkiujsfsfpfsff f cjwpklsmrjm jhknkifjf

    omwmsj uj hznkmsjrj/ Hkn`jrfn sffnf`fh fnsjrnmfknml.88!51? 9 =8:.= 9 === 9 =0=.=

    =045. Pkl. ?. ?551. 3?0 u. 7 `fd., drm`., smo. Mnsjsfs.7 Ifn. Jczhmfjf fSfnjrjszlzf ml _ju. Iklckpm, Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Sjqsj7 lo. rki.,jndl., rzx. _jw.7 lo. jndl. Ofolfkdr. lm x`rfszl mrs. f n nksjlj cj xzoxkl. :5 jq. FXON 641)664:)4:)35=)6. R?551)=400Y

    ) ) =. Jhknkifj. ?. /Hrjsjrjm hkiujsfsfpfsff f cjwpklsmrjm jhknkifjfomwmsj uj hznkmsjrj/ Hkn`jrfnm sffnf`fh fnsjrnmfknml.88!51? 9 =8:.= 9 === 9 =0=.=

    =04=. Umsrm, IfamfCfhfknmr jhknkifh f `fnmnhfmr)omnhmr 7 jndljw)rkin 9 Jhknkifh mnc

    `fnmnhfml)omnbfnd 7 jndlfxa)rkimnfmn cfhsfknmrv 7 ujxsj =85 555 cj hzp. f jqurjxff +Ifamf Umsrm, Hkrfnm Umsrm. RJc. m ?)mY. Ha. 7 Mrh 7 Dznfpmx, ?551 !HkiofnmszlUklfdr.. 441 u. 2 ?4 hi. !Cfhfknmrjlj Mrh, Dznfpmx.

    Sjqs umrml.7 lo. rki., jndl. Ofolfkdr.7 u. 444)441 !13 sfs.. =555 jq.

    FXON 641)664:)0=)36:): !Mrh. FXON 641)664:)651)4=)6 !Dznfpmx !nhku. smrj f xzurmhku.

    R?551)=056Y) ) =. Jhknkifj Cfhfknmrj. ?. @fnmnj Cfhfknmrj. 8. Cfhfknmrj Jhk)

    nkifj @fnmnj.88!581 9 =8:.= 9 ===

    88= Iznh. _jlmff cj iznh. Jhknkifm iznhff. Krdmnfwmrjm iznhff

    =04?. @krm cj iznh n _juzolfhm Iklckpm 7 khzumrj f kimg 9 Lmokzr`krhj fn saj _juzolfh k` Iklckpm 7 jiulkvijns mnc znjiulkvijns ?551 + OfrkzlNm. cj Xsmsfxsfh ml _ju. Iklckpm. Ha. 7 Xsmsfxsfhm, ?551 [email protected].)U. /Sfukdr. Hjnsrm)l/. ?3 hi. !Xsmsfxsfhm Iklckpjf.

    ?551. ?551. 8=4 u. 7 smo. Sjqs umrml.7 lo. rki., jndl. 855 jq. FXON 641)664:)6410)0)1. R?551)=4??Y

    ) ) =. Ufmm iznhff _juzolfhm Iklckpm Cmsj xsmsfxsfhj.88=.::+:4"8=0.3?!341!518.3= 9 =8:.= 9 ===

    =048. Ufmm `krjf cj iznh n _juzolfhm Iklckpm n 9 Lmokzr Imrbjsfn saj _juzolfh k` Iklckpm fn ?554 7 hzljd. xsmsfxsfh + Ofrkzl Nm. cj Xsmsfxsfh ml

  • 7/23/2019 BNM 9-2008

    15/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    =:

    _ju. Iklckpm. Ha. 7 Xsmsfxsfhm, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. ?3 hi. !Xsm)sfxsfhm Iklckpjf.

    ?554. ?551. =?3 u. 7 cfmdr. hklkr, smo. Sjqs umrml.7 lo. rki., jndl.

    855 jq. FXON 641)664:)6:63)1)8. R?551)=4=4Y) ) =. Ufmm `krjf cj iznh _juzolfhm Iklckpm Cmsj xsmsfxsfhj.88=.:!341!518.3= 9 =8:.= 9 ===

    883 @krij cj krdmnfwmrj f hkkujrmrj n mhsfpfsmsjm jhknkifh

    =043. /Cjwpklsmrjm m`mhjrflkr n Jzrkrjdfznjm Xfrjs Urzs Nfxsrz7rjmlfwrf f ujrxujhsfpj/, hkn`. s. fnsjrn. !?551 2 Haffnz. Hkn`jrfnm sffnf`fhFnsjrnmfknml /Cjwpklsmrjm m`mhjrflkr n Jzrkrjdfznjm Xfrjs Urzs Nfxsrz7 rjmlfwrff ujrxujhsfpj/, 8)3 khs. ?551, Haffnz + hkl. rjc.7 Xfifkn Hjrsmn !urj., ImrfmnGmljnhz, Pmljnsfnm Ukxsklmhaf Rjs ml.Y. Ha. 7 HJU ZXI, ?551. ?00 u. 7 `fd., xhaj)ij, smo. 2 85 hi.

    Mnsjsfs.7 Znfp. cj Xsms cfn Iklckpm, @mh. cj s. Jhkn., Hmsjcrm Imnmdj)ijns. Sjqsj7 lo. rki., rzx. Ofolfkdr. lm x`rfszl mrs. f n nksjlj cj xzoxkl. 4:jq.

    FXON 641)664:)45)4:5)8R?551)=435Y) ) =. M`mhjrf Jzrkum. ?. /Cjwpklsmrjm m`mhjrflkr fn Jzrkrjdfznjm Xfrjs

    Urzs Nfxsrz7 rjmlfwrf f ujrxujhsfpj/ Hkn`jrfnm sffnf`fh fnsjrnmfknml.883.4!3!51? 9 =8:.= 9 =0=.=

    =04:. Dkrkofjpxhaf, XpjslmnmHzi x rjzfi n m`mhjrf; 7 Dafc cfcmhsfhk)urmhsfh, ujnsrz sfnjrjszl xszcf)

    kx f nsrjurfnwskrff nhjuskrf + Xpjslmnm Dkrkofjpxhaf 2 rjxu. jc. 7 Frfnm Imrsnfzh 2Znfp. Lfojr Fnsjrn. cfn Iklckpm, Hjnsrzl Hklmokrmrj f Umrsjnjrfms. Ha. 7 Uknskx,?551 !Sfukdr. /_jhlmim/ XM. =80 u. 2 ?? hi.

    Ofolfkdr.7 u. =5:)=== !=85 sfs. f n nksjlj cj xzoxkl. Mumrj hz xurfgfnzl`fnmnh. ml Iznfhfumlfsff kr. Pfjnm !Hfsv k` Pfjnnm. 855 jq.

    FXON 641)664:)4?)=85)=R?551)=4:6Y) ) =. M`mhjrf Dafc. ?. Ozxfnjxx urkurfz Dafc.

    883.5=?.3!54:

    =040. _jdfxsrzl ijiorflkr Hmijrjf cj Hkijr f Fnczxsrfj m _juzolfhffIklckpm. Ha. 7 /Drm`jim Lforfx/ X_L, ?551. ?34, R?Y u. 2 ?= hi.

    @. `. cj sfs. =555 jq.FXON 641)664:)6015)3)=R?551)=088Y) ) =. Mnsrjurjnkrfms _juzolfhm Iklckpm nsrjurfncjrf. ?. Hmijrm cj

    Hkijr f Fnczxsrfj m _juzolfhff Iklckpm. 883.411!341!518

  • 7/23/2019 BNM 9-2008

    16/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    =0

    =044. , . . 7 ! + . . 2 .

    . . . 7 , ?551. 844 u. 7 `fd., xhajij, smo. 2 ?5 hi.

    Ofolfkdr. lm nhjuzszl hmu. ?55 jq.FXON 641)664:)4:)864):R?551)=403Y) ) =. Ulmnf`fhmrj Ozxfnjxx !rzx. ?. Ozxfnjxx Ulmnf`fhmrj !rzx.

    883.4.5?

    880 @fnmnj

    =041. Hkhfzd, PfhskrfmDjxsfznjm rfxhzrflkr omnhmrj 7 Hzrx znfp. + Pfhskrfm Hkhfzd, Lflfmnm Hfnfh 2

    Mhmc. cj Xszcff Jhkn. cfn Iklckpm, Hmsjcrm /Onhf f mhsfpfsmsjm omnhmr/. Ha. 7MXJI, ?551. ?=3 u. 7 `fd., smo. 2 ?1 hi.

    Ofolfkdr.7 u. ?=?)?=3 !:6 sfs. f lm x`rfszl hmu. =55 jq.FXON 641)664:)4:)860)1R?551)=408Y) ) =. _fxhzrf omnhmrj Djxsfznj.

    880.4!54:.1

    =046. @fnmnmrjm jczhmfjf urjznfpjrxfsmrj 7 hkxszrflj znjf imrf flzwff 7Uklfhvorfj` + FCFX /Pffskrzl/. Ha. 7 /Oknx K``fhjx/ X_L, ?551. 30 u. 7 smo., cfmdr. 2

    85 hi. Ofolfkdr. n nksjlj cj xzoxkl. 35 jq.FXON 641)664:)15)=4=)8R?551)=150Y) ) =. @fnmnj uzolfhj npins urjznfpjrxfsmr.

    880.=784.5

    =015. _jdljijnsmrjmgzrfcfh m iurzizszrflkr kolfdmskmrj iznfhfumlj cfrjhfj cj murk`zncmrj m cjxhjnsrmlfwrff `fxhmlj n _juzolfhm Iklckpm + KljdXsrmszlms, Pjmhjxlmp Dzzzf, Mljqmncrz Mrijmnfh Rjs ml.Y 2 hkkrc. s.7 Kljd Xsrmszlms 2

    Fnxs. cj rjwklpmrj m hkn`lfhsjlkr, @zncmfm Xkrkx Iklckpm, Mhmc. cj Xszcff Jhkn. cfnIklckpm. Ha. 7 /Hz Crmd/ X_L, ?551 !Sfukdr. /Oknx K``fhjx/ X_L. ==? u. 7 smo. 2?3 hi.

    Ofolfkdr.7 u. 16)6? !0= sfs.. Mumrj hz xurfgfnzl `fnmnh. ml Urkdr. Mcifnfxsrm)fj Uzolfh f Oznm Dzpjrnmrj, @zncmfm Xkrkx Iklckpm. ?55 jq.

    FXON 641)664:)60?4)4)8R?551)=466Y) ) =. iurzizs kolfdmskrfz iznfhfuml. ?. Cjxhjnsrmlfwmrj `fxhml.

    880.?4!341

    Pzluj, Mnm. Cfhfknmr cj sjrijnf hkijrhfmlf f `fnmnhfmrf. Pjwf Nr =013

  • 7/23/2019 BNM 9-2008

    17/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    =4

    =01=. , . )

    7 RY + . ) 2 . 7 . . . 7 . ., ?551 !Sfukdr. Cju. Jc.)uklfdr. ml MXJI. =10 u. 7 `fd., smo. 2 ?5 hi.

    Ofolfkdr.7 u. =41)=13 !=58 sfs.. :5 jq.FXON 641)664:)4:)3??)3R?551)=446Y) ) =. @fnmnjlj nsrjurfncjrff !rzx.

    880.03.003.=

    881 Xfszmfj jhknkifh. Uklfsfh jhknkifh. Hknczhjrjm jhknkifjf. Ulmnf`fhmrjm jhk)

    nkifjf. Urkczhfj. Xjrpfhff. Urjzrf

    881!341 Xfszmfm jhknkifh m _juzolfhff Iklckpm

    =01?. ) 7 + . 7 !, , R .Y 2 . .7 2 Jqujrs Drzu Hjnsrzl Mnmlfsfh fncjujncjns. Ha. 7 /Oknx K``fhjx/X_L, ?551. ?34 u. 7 `fd., smo. 2 ?? hi.

    Ofolfkdr.7 u. ?34 !=5 sfs.. ?55 jq.

    FXON 641)664:)15)=0=)3R?551)=15?Y) ) =. ) .

    881!341)?6!51?

    =018. , 7 !.

    + , 2 . . ., . /. . /. . 7 Cju. Jc.)uklfdr. ml MXJI, ?551. =40 u. 7 drm`.,xhajij, smo. 2 ?5 hi.

    Ofolfkdr.7 u. =4:)=40 !31 sfs.. n rjc. mzs. :5 jq.FXON 641)664:)4:)353)5R?551)=401Y) ) =. Jhknkifj cj ufm !rzx.

    881.?3?!341

    886 Hkijr. _jlmff jhknkifhj fnsjrnmfknmlj. Jhknkifj ikncfml

    =013. Pzluj, MnmCfhfknmr cj sjrijnf hkijrhfmlf f `fnmnhfmrf 7 Umrsjm = 7 rzx)rki.)jndl. 2

    Umrsjm m ?)m 7 rki.)rzx + Mnm Pzluj, Czifsrz Ukukpfhf 2 srmc. n jndl. 7 Pjrm Hmom. Jc. m ?)m. Ha. 7 HJU ZXI, ?551. ?51 u. 2 ?: hi.

  • 7/23/2019 BNM 9-2008

    18/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    =1

    Mumrj hz xurfgfnzl `fnmnh. ml XM /Iklcrjhlmim/FXON 664:)45)8?5)1 !jrknmsR?551)=038Y

    ) ) =. Hkijr Cfhfknmrj. ?. @fnmnj Cfhfknmrj. 8. Cfhfknmrj Hkijr.3. Cfhfknmrj @fnmnj.886"880!581 9 =8:.= 9 === 9 =0=.=

    886.= Urkoljij djnjrmlj. Ufm

    =01:. Ojlkxsjhfnfh, DrfdkrjIjskcj f sjanfhf cj xhmlmrj n hjrhjsrflj cj imrbjsfnd + Drfdkrj

    Ojlkxsjhfnfh 2 Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Ha. 7 MXJI, ?551. 11 u. 7 smo.2 ?5 hi.

    Ofolfkdr.7 u. 15)1= !=6 sfs.. =55 jq.FXON 641)664:)4:)350)3R?551)=445Y) ) =. Imrbjsfnd.

    886.=81

    886.6 Jhknkifj fnsjrnmfknml n djnjrml. _jlmff jhknkifhj fnsjrnmfknmlj. Jhknkifj

    ikncfml

    =010. Dmlmgz, FknKrdmnfwmff jhknkifhj fnsjrnmfknmlj + Fkn Dmlmgz 2 Mhmc. cj Xszcff Jhkn.

    cfn _ju. Iklckpm, Hmsjcrm /_jlmff Jhkn. Fnsjrn./. Ha. 7 @.J.)U. /Sfukdr. Hjnsrml/,?551. 8?? u. 7 smo. 2 ?5 hi.

    Ofolfkdr. lm x`rfszl hmu. =555 jq.FXON 641)664:)41)0:0)5R?551)=066Y) ) =. Krdmnfwmff jhknkifhj fnsjrnmfknmlj.

    886.6?8

    =014. Lkomnkp, NmsmlfmSrmnwmhfflj hkijrhfmlj fnsjrnmfknmlj n hkncffflj cj hknxsrzfrj m jhknk)

    ifjf dlkomlj ukxsfnczxsrfmlj 7 Riknkdrm`fjY + Nmsmlfm Lkomnkp 2 Mhmc. cj Xszcff Jhkn.cfn Iklckpm. Ha. 7 Cju. Jc.)uklfdr. ml MXJI, ?551. 8?: u. 7 cfmdr., `fd., smo. 2 ?5hi.

    Ofolfkdr.7 u. ?68)85? !=0= sfs. n nksjlj cj xzoxkl. :5 jq.FXON 641)664:)4:)358)8R?551)=404Y) ) =. Srmnwmhff hkijrhfmlj fnsjrnmfknmlj. ? Jhknkifj dlkoml.

    886.6

  • 7/23/2019 BNM 9-2008

    19/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    =6

    83 C_JUS. GZ_FXU_ZCJN

    835 Crjus n djnjrml. Urkujcjzsfh. Ijskcjlj crjuszlzf f sffnjlj mzqflfmrj

    =011. Lkwkpmnz, Hknxsmnsfn@flkxk`fm crjuszlzf 7 Hzrx cj urjljdjrf + Hknxsmnsfn Lkwkpmnz 2 Znfp. Sjan.m Iklckpjf, @mh. Hmcmxsrz, Djkcjwfj f Hknxsrzhff, Hmsjcrm Crjus Umsrfiknfml. Ha. 7 ZSI, ?551. =:3 u. 2 ?5 hi.

    Ofolfkdr.7 u. =:8)=:3 !86 sfs. f n nksjlj cj xzoxkl. 4: jq.FXON 641)664:)3:)56=)=R?551)=044Y) ) =. @flkxk`fm crjuszlzf.

    835.=?!54:.1

    =016. _ksmrz, IfamflFxskrfm crjuszlzf rkinjxh 7 Hzrx znfp. + Ifamfl _ksmrz 2 Mhmc. cj XszcffJhkn. cfn Iklckpm, @mh. Jhkn. Djn. f Crjus, Hmsjcrm Crjus Uzolfh. Ha. 7 MXJI,?551. 88= u. ?5 hi.

    Ofolfkdr.7 u. 8?1)88= !:8 sfs., lm x`rfszl sjijlkr f n nksjlj cj xzoxkl. 855 jq.

    FXON 641)664:)4:)354)=R?551)=44=Y) ) =. Crjus rkinjxh Fxskrfj.

    835!361!56=!54:.183? Crjus uzolfh. Crjus hknxsfszfknml. Crjus mcifnfxsrmsfp

    83?.:!341 Uzsjrjm cj xsms, xfxsjij f `znhff mlj krdmnjlkr cj xsms mlj _juzolfhff Ikl)

    ckpm

    =065. _juzolfhm Iklckpm. Hzrsjm Hknxsfszfknml.Hzljdjrjcj aksrrf f cjhfwff + Hzrsjm Hknxsfszfknml m _ju. Iklckpm

    2 rjxu. jc. 7 Czifsrz Uzlojrj, Nfnm Urmh. Ha. 7 /Hz Crmd/ X_L, ?551 !Sfukdr./Oknx K``fhjx/ X_L. ?0 hi. FXON 641)664:)60?4)?)1.

    ?554. ?551. ?15 u. Sjqs umrml.7 lo. rki., rzx. Ofolfkdr. n nksjljcj xzoxkl. Fncjq ml`. ml urfnhfumljlkr nkfznf, ml mrs. cfn Hknxsfszfj, ml srmsmsjlkrfnsjrn.7 u. ?40)?15. :55 jq. FXON 641)664:)60?4)8): !n hku. smrj. R?551)=155Y

    ) ) =. Hzrsjm Hknxsfszfknml _juzolfhm Iklckpm.83?.:0:.?!341!563.6

    838 Crjus ujnml. Urkhjczr ujnml. Hrfifnklkdfj. Hrfifnmlfxsfh

    =06=. Okrjpxbf, MncrjfOmwjlj cj hknsrmhmrmrj m hkrzufjf 9 7 _jhkimncrf ijskcfhj + Mncrjf Okrjpxbf, Mncrjf Fxsrmsf 2 hkkrc. jc. 7

  • 7/23/2019 BNM 9-2008

    20/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    ?5

    Xjrdajf Fmhafikp 2 Fnxs. ujnsrz Cjikhrmfj. Ha. 7 Uknskx, ?551 !Sfukdr. /_jhlmim/XM. =6= u. 2 ?5 hi.

    Sjqs umrml.7 lo. rki., rzx. Ofolfkdr.7 u. =41)=6= !=11 sfs. f lm x`rfszl

    sjijlkr. Mumrj hz xurfgfnzl `fnmnh. ml Mdjnfjf Xsmsjlkr Znfsj ujnsrz CjwpklsmrjFnsjrn. !ZXMFC, Mdjnfjf Xzjcjwj ujnsrz Hkkujrmrj f Cjwpklsmrj Fnsjrn.!Xfcm+Mxcf. =:55 jq.

    FXON 641)664:)4?)561)3R?551)=4::Y) ) =. Hkrzufj Hknsrmhmrmrj.

    838.8:?!536.8 9 =8:.= 9 =0=.=

    =06?. Ikcjlj cj mhsj gzcjhskrjsf n urkhjxzl ujnml 7 Xjnsfnj, cjhfwff,nhajfjrf + mzs. 7 _mfxm Oksjwmsz, Xjrdfz @zrczf, Hknxsmnsfn Dzrxhaf Rjs ml.Y 2 hklmo. 7

    Hrfxsfnm Imlmf, _jdfnm Drfhfzh, Nmsmlfm Plhz Rjs ml.Y 2 Ifljnfzi)FU8 Umrsnjrx, LLH,Mdjnfm Xsmsjlkr Znfsj ujnsrz Cjwpklsmrj Fnsjrn. !ZXMFC, Hknxflfzl Xzujrfkr ml Im)dfxsrmszrff cfn _ju. Iklckpm Rjs ml.Y. Ha. 7 X. n., ?551 !Sfukdr. /S)Umr/ X_L. 840u. 2 ?3 hi.

    Mumrj hz xurfgfnzl `fnmnh. ml Hkrukrmfjf /Iflljnnfzi HamlljndjHkrurkrmsfkn/ !IHH. ?555 jq.

    FXON 641)664:)66:6)5)5R?551)=41?Y) ) =. Urkhjxj ujnmlj Ikcjlj cj mhsj.

    838.=8!51?=068. Xlf, Pfsmlfj@fnmnmrjm sjrkrfxizlzf 7 mxujhsj urfpfnc umrsfhzlmrfsflj hknsrmhmrrff +

    Pfsmlfj Xlf, _zxlmnm Uljhm. Ha. 7 /Dmrmiknc)Xszcfk/ X_L, ?551. =?3 u. 2 ?= hi.Ofolfkdr.7 u. 83)84 !46 sfs. f n nksjlj cj xzoxkl. :5 jq.FXON 641)664:)660?)8):R?551)=488Y) ) =. Sjrkrfxi Hknsrmhmrmrj.

    838.8?0

    834 Crjus hfpfl

    =063. , . . 7 . + . . )

    2 . ) . , . . . . 7 /Pmlfnjq/ XM, ?551. ?5 hi. FXON 641)664:)01)51:)=.

    . =). ?551. ==? u. Ofolfkdr. lm x`rfszl sjijlkr. :5 jq. FXON641)664:)01)510)1. R?551)=0:=Y

    ) ) =. Crjus hfpfl !rzx.

    834!54:.1

  • 7/23/2019 BNM 9-2008

    21/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    ?=

    834.4 Crjus hkijrhfml

    =06:. Omwm ljdfxlmsfp f nkrimsfp m _juzolfhff Iklckpm n ckijnfzl sf)fnjf f fnkprff 9 Saj ljdml mnc nkrimsfpj omxfx k` _juzolfh k` Iklckpm fn xhfjnsf`fh

    mnc fnnkpmsfkn `fjlc 9 + Mhmc. cj s. ml _ju. Iklckpm. Ha. 7 X. n., ?551 !Sfukdr.MI. 888, R=Y u. 2 ?? hi.

    Sjqs umrml.7 lo. rki., jndl., rzx. 855 jq.FXON 641)664:)0?)?83)6R?551)=0=?Y) ) =. Hkczl hz urfpfrj lm sffn f fnkpmrj ml _juzolfhff Iklckpm.

    834.44755=.16!341!563.3 9 =8:.= 9 === 9 =0=.=

    80MXFXSJN XKHFML.MXFDZ__F XKHFMLJ

    803 Urkoljij xkhfmlj hmrj rjhlmi mgzskr f mxfxsjn. Sfuzrf cj mgzskmrj xkhfmlj

    =060. Hrjsji imrf n _juzolfhm Iklckpm 7 Rxfszmfm hkufflkr hz urkoljijxujhf`fhjY + hkkrc. 7 Mndjlm Iznsjmnz 2 @knczl Nmfznflkr Znfsj ujnsrz Hkuff!ZNFHJ@. Ha. 7 Hmrsfjr, ?551 !Sfukdr. /Oknx K``fhjx/ X_L. 31 u. 7 `ks., cfmdr.hklkr 2 85 hi.

    Ofolfkdr.7 u. 30)31 !38 sfs. f n nksjlj cj xzoxkl. 455 jq.FXON 641)664:)46):58)0R?551)=153Y

    ) ) =. Hkuff _juzolfhm Iklckpm Urkoljij xkhfmlj.803.?!341)5:8.?!534

    =064. Fcji n lo. jndl. 7 Drktfnd zu fn saj _juzolfh k` Iklckpm. Ha. 7Hmrsfjr, ?551 !Sfukdr. /Oknx K``fhjx/ X_L. 31 u. 7 `ks., cfmdr. hklkr 2 85 hi.

    Ofolfkdr.7 u. 30)31 !38 sfs. f n nksjlj cj xzoxkl. :55 jq.FXON 641)664:)46):53)8R?551)=15:Y) ) =. Hkuff _juzolfhm Iklckpm Urkoljij xkhfmlj !jndl..

    803.?!341)5:8.?!534

    84JCZHMFJ.NPINS.FNXS_ZF_J.SFIU LFOJ_

    84.5 Sfuzrf f urfnhfuff `zncmijnsmlj cj jczhmfj

    Xhfjnhj & Jczhmsfkn Uklfhfjx. Pjwf Nr =08:

    84.5=: @krimrjm fnsjlfdjnjf f m ujrxknmlfsff

    =061. Okrjpxbf, Mncrjf

  • 7/23/2019 BNM 9-2008

    22/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    ??

    Jczhmfm mnsfhkrzufj 9 7 _jhkimn)crf ijskcfhj + Mncrjf Okrjpxbf 2 Fnxs. ujnsrz Cjikhrmfj. Ha. 7 Uknskx, ?551!Sfukdr. /_jhlmim/ XM. =6= u. 2 ?5 hi.

    Sjqs umrml.7 lo. rki., rzx. Ofolfkdr.7 u. =41 !?5= sfs. f lm x`rfszl sjij)lkr. Mumrj hz xzukrszl Umrsnjrxafu `kr Srmnxumrjnhv @znc !U@S. ?:55 jq.FXON 641)664:)4?)=34)6R?551)=4:0Y) ) =. Mnsfhkrzufj. ?. Jczhmfm mnsfhkrzufj.

    84.5=:7838.8:?

    =066. @miflfm nkmxsr 7 Hmfjszl jljpzlzf + Gznfkr Mhafjpjijns Iklckpm 2hkkrc. jc. 7 Mcjlm Xhzsmrz)Dzz, Imrfmnm Xjpmhkp. Ha. 7 _zqmncm, ?551 !Sfukdr./_jhlmim/ XM. =0 u. 7 cjx. 2 ?6 hi. !MOH Jhknkifh.

    Mumrj hz xurfgfnzl `fnmnh. ml Iklckpm Mdrkfncomnb. ?555 jq.FXON 641)664:)4?)==4)?R?551)=4:3Y

    84.5=:!54:

    =455. Krmzl nkxsrz 7 Hmfjszl jljpzlzf + Gznfkr Mhafjpjijns Iklckpm 2hkkrc. jc. 7 Mcjlm Xhzsmrz)Dzz, Imrfmnm Xjpmhkp. Ha. 7 _zqmncm, ?551 !Sfukdr./_jhlmim/ XM. ?5 u. 7 `fd. 2 ?6 hi. !MOH Jhknkifh.

    Mumrj hz xurfgfnzl `fnmnh. ml Iklckpm Mdrkfncomnb. ?555 jq.FXON 641)664:)4?)=?1)1

    R?551)=4:8Y84.5=:!54:

    84.5=0 Mlsj kofjhsj cj xszcfz. Imsjrff cj npins xujhfmlj

    =45=. Ozldmh, JiflfmDzfcj ucmdkdf}zj 7 Lj `rmnmfx jn =5)j + Jiflfm Ozldmh, Fzlfm Msmnmxkp,

    Wfnmfcm Hfkomnz 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm. Ha. 7 Urzs Fnsjrnm)fknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 14, R6Y u. 7 smo. 2 ?0 hi.

    8555 jq.

    FXON 641)664:)06)613)0R?551)=4=8Y) ) =. Lfiom `rmnhjw Ijskcfhm urjcrff !`r..

    84.5=0.53071==.=88.=

    =45?. Kckljmnz, NmsmlfmDjkdrm`fm `fwfh m _juzolfhff Iklckpm 7 Hl. m 1)m 7 Dafczl urk`jxkrzlzf +

    Nmsmlfm Kckljmnz, Pfsmlfj Xkhafrh 2 hkifxfm cj jpmlzmrj 7 Ifamf Amhaf, NfnmIfamlmhaj, Fkrcmn Hmxmuz 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm. Ha. 7.J.)U. /sffnm/, ?551 !Hkiofnmszl Uklfdr.. 60 u. 7 smo. 2 ?3 hi.

    Ofolfkdr.7 u. 60 !?5 sfs.. =8?55 jq.

  • 7/23/2019 BNM 9-2008

    23/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    ?8

    FXON 641)664:)04):46)0R?551)=051Y) ) =. Djkdrm`fj `fwfh _juzolfhm Iklckpm Ijskcfhm urjcrff.

    84.5=0.53076==.?!341=458. _zxz, IfamfJifnjxhz fnsjrmhsfp 7 Xszcfz ijskcklkdfh. musj ijskcj fnsjrmhsfpj cj

    urjcmrj n hkml + Ifamf _zxz 2 hku. 7 _zqmncm _kimnhfzh. Ha. 7 Uknskx, [email protected].)U. /Sfukdr. Hjnsrml/. ?8? u. 7 `fd. 2 ?5 hi.

    Ofolfkdr. n nksjlj cj xzoxkl. =555 jq.FXON 641)664:)4?)==?)4R?551)=458Y) ) =. Lfsjrmszr rkin Hrfsfh f fnsjrurjsmrj Ijskcfhm urjcrff.

    84.5=0.530 7 1?=.=8:.=.56=453. sffnj 7 Hl. m 8)m 7 Dafc ujnsrz npskrf f urfnf + Wfnmfcm Dml)

    ojn)Umnhfzh, Xsjlm Cfmhknz, Fkn Oksdrkx Rjs ml.Y 2 hkifxfm cj jpmlzmrj 7 MndjlmHmrm, Imrfm Mprmi, Nfnm Omrmnhjmnz 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklck)pm. Ha. 7 Urzs Fnsjrnmfknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =0? u. 2 ?= hi.

    Ofolfkdr.7 u. =05)=0? !4= sfs.. 8555 jq.FXON 641)664:)06)641):R?551)=460Y) ) =. sffnjlj nmszrff Ijskcfhm urjcrff.

    84.5=0.5307:5?=45:. sffnj 7 Hl. m 3)m 7 Dafc ujnsrz npskrf f urfnf + Wfnmfcm Dml)

    ojn)Umnhfzh, Xsjlm Cfmhknz, Fkn Oksdrkx Rjs ml.Y 2 hkifxfm cj jpmlzmrj 7 MndjlmHmrm, Imrfm Mprmi, Nfnm Omrmnhjmnz 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklck)pm. Ha. 7 Urzs Fnsjrnmfknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =4=, R=Y u. 2 ?= hi.

    Ofolfkdr.7 u. =45)=4? !46 sfs.. 8555 jq.FXON 641)664:)06)61?)?R?551)=416Y) ) =. sffnjlj nmszrff Ijskcfhm urjcrff.

    84.5=0.5307:5?

    =450. Zrxz, LzciflmImsjimsfh 7 Dafc ujnsrz npskrf f urfnf 7 hl. m 3)m + Lzciflm Zrxz, Flfj

    Lzuz, Fzlfm Fmxfnxhaf 2 hkifxfm cj jpmlzmrj 7 Mndjlm Hmrm, Imrfm Mprmi, NfnmOmrmnhjmnz 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm. Ha. 7 Urzs Fnsjrnmfk)nml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =53 u. 2 ?= hi.

    FXON 641)664:)06)643)4R?551)=463Y

    ) ) =. Imsjimsfh Ijskcfhm urjcrff. 84.5=0.5307:=

  • 7/23/2019 BNM 9-2008

    24/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    ?3

    =454. Fcji n lo. rzx 7 7 3 . Ha. 7 Urzs Fnsjrnmfknml,?551 [email protected].)U. /Sfukdr. Hjnsrml/. =53 u. 2 ?= hi.

    FXON 641)664:)06)64:)3

    R?551)=46:Y) ) =. Imsjimsfh Ijskcfhm urjcrff !rzx.84.5=0.5307:=

    84.56= Krdmnfwmrjm xfxsjizlzf cj jczhmfj f npins. Krdmnfwmrj hklmr

    =451. Imwflz, Pmljnsfnm_xrfs hknsfnzz 7 Xhjnmrff !hmrsjm m umsrm ujnsrz mhsfpfsmsjm jczhmfknml

    jqsrmhklmr + Pmljnsfnm Imwflz. Ha. 7 Lmofrfns, ?551. =6: u. 7 n. izw. 2 ?5 hi.:55 jq.FXON 641)664:)638)45)8R?551)=433Y) ) =. Mhsfpfsf jqsrmhklmrj.

    84.56=71?=

    =456. _mfxhaf, SzckrfmImsjimsfh. Lfiom rkin, sffnj, fxskrfj 7 Hl. m 3)m 7 Sjxsj + Szckrfm

    _mfxhaf. RJc. m ?)mY. Ha. 7 Lvhjzi, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 04 u. 7`fd., smo. 2 ?3 hi.

    8555 jq.

    FXON 641)664:)6130)5)4R?551)=4=6Y84.56=7R:"1==.=8:.="63Y

    =4=5. _mfxhaf, SzckrfmImsjimsfh, lfiom rkin f sffnj 7 Hl. m 8)m 7 Sjxsj + Szckrfm _mfxhaf.

    RJc. m ?)mY. Ha. 7 Lvhjzi, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 6? u. 7 `fd., smo. 2?3 hi.

    FXON 664:)608:)1)4R?551)=4?:Y

    84.56=7R:"1?=.=8:.=Y=4==. , +

    2 . . . 7 . Ha. 7 Uknskx, ?551 !Sfukdr. /_jhlm)im/ XM. =8: u. 7 cfmdr., `fd. 2 ?3 hi.

    _jw.7 lo. jndl. Ofolfkdr.7 u. =5:)=8? f n nksjlj cj xzoxkl. . 7u.=88)=8:. 855 jq.

    FXON 641)664:)4?)=56)4R?551)=4:?Y

    ) ) =. Imnzmlj hklmrj Mlhszfrj !rzx.

  • 7/23/2019 BNM 9-2008

    25/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    ?:

    84.56=

    848 Djnzrf f hklf cj hzlszr djnjrml. npins cj hzlszr djnjrml

    =4=?. Dafczl hmcrjlkr cfcmhsfhj ujnsrz jczhmfm sfiuzrfj f urjhklmr +jqujrf nm. 7 Imrfm Omrmnkp, Pmljnsfnm Oksnmrf, Imrfm Prnhjmnz 2 jqujrf fnsjrn. 7Ifamjlm Fknjxhz 2 jc. s. 7 Plmcfifr Dzz. RHa. 7 X. n., ?551 !Sfukdr. /Jlmn Uklfdrm`/X_LY. ?31 u. 7 `fd. hklkr 2 ?= q 85 hi. !Mgzs)l x hrjmxh ki imrj.

    Ofolfkdr.7 u. ?83)?80. Mumrj hz xurfgfnzl `fnmnh. ml Ifn. Jczhmfjf f Sfnj)rjszlzf, Ofr. ZNFHJ@ cfn Iklckpm. ?4=? jq.

    FXON 641)664:)00)546)? !orkmsR?551)=0=:Y) ) =. Jczhmfj sfiuzrfj f urjhklmr Dafc.

    848.?!54?

    =4=8. Gjljxhz, UjsrzImsjimsfh 7 drzum urjdsfskmrj + Ujsrz Gjljxhz, _mfxm Gjljxhz, Fnjxm

    Szsz 2 fimdfnf 7 Sfizm Mlfknm. Ha. 7 /Uklfdrm`)Cjxfdn/ X_L, ?551. 15 u. 7 fl.hklkr 2 ?1 hi.

    =555 jq.FXON 641)664:)6:84)4)=R?551)=00:Y) ) =. Imsjimsfh ujnsrz urjhklmrf.

    848.?

    =4=3. Xzhjpjmnz, MrhmcfjMhmx 7 Rujnsrz urjhklmrfY + Mrhmcfj Xzhjpjmnz, Pmljnsfnm Lzndz 2 mz hk)

    lmokrms 7 Imrfm Omrmnkp, Smsfmnm Okxsmn, Nmsmlfm Hmrmojs Rjs ml.Y 2 ufhs. 7 Kldm Smrmn)hk. Ha. 7 X. n., ?551 !Sfukdr. /Omlmhrkn/ X_L. R?5Y u. 7 fl. hklkr 2 ?= q 85 hi. !Mgzs)l x hrjmxh ki imrj.

    @. `. cj sfs. Mumrj hz xurfgfnzl `fnmnh. ml Ifn. Jczhmfjf f Sfnjrjszlzf ml_ju. Iklckpm, ZNFHJ@. ?4=? jq.

    FXON 641)664:)=55)36)0 !hmrsknms

    Drmszfs. R?551)=0?4Y) ) =. npins urjhklmr.848.?

    =4=:. Fcji n lo. rzx 7 + . 7 . . 7 . ., ?551!Sfukdr. /Omlmhrkn/ X_L. R?5Y u. 7 fl. hklkr 2 ?= q 85 hi. !Mgzs)l x hrjmxh kiimrj.

    @. `. cj sfs. Mumrj hz xurfgfnzl `fnmnh. ml Ifn. Jczhmfjf f Sfnjrjszlzf ml_ju. Iklckpm, ZNFHJ@. =?11 jq.

    FXON 641)664:)=55):5)? !hmrsknms

    Drmszfs. R?551)=0?1Y

  • 7/23/2019 BNM 9-2008

    26/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    ?0

    ) ) =. npins urjhklmr !rzx.848.?

    =4=0. Xzhjpjmnz, MrhmcfjCjlfm ijrdj lm hkml + Mrhmcfj Xzhjpjmnz 2 hknxzlsmns7 Pmljnsfnm Lzndz

    2 hklmo.7 Imrfm Omrmnkp, Smsfmnm Okxsmn, Nmsmlfm Hmrmojs 2 ufhs. 7 Kldm Smrmnhk,Xjrdfz Incrz. Ha. 7 X. n., ?551 !Sfukdr. /Omlmhrkn/ X_L. R81Y u. 7 fl. hklkr 2 3? q05 hi. !Mgzs)l x hrjmxh ki imrj.

    Mumrj hz xurfgfnzl `fnmnh. ml Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm,ZNFHJ@. ?4=? jq.

    FXON 641)664:)=55)34)? !hmrsknmsDrmszfs. R?551)=0?:Y) ) =. npins urjhklmr.

    848.?=4=4. Fcji n lo. rzx 7 + . 7 . . 7

    . ., ?551 !Sfukdr. /Omlmhrkn/ X_L. R81Y u. 7 fl. hklkr 2 3? q 05 hi. !Mgzs)l xhrjmxh ki imrj.

    Mumrj hz xurfgfnzl `fnmnh. ml Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm,ZNFHJ@. =?11 jq.

    FXON 641)664:)=55)31)6 !hmrsknmsDrmszfs. R?551)=0?0Y) ) =. npins urjhklmr !rzx.

    848.?=4=1. 7 . .

    . . 7 , ?551 !Sfukdr. /Xfofx)Drm`fhm/ X_L. =0`. fl., fl. hklkr 2 ?8 q 8= hi. ! 2 =.

    Mumr nsr)k hzsfj hkizn. :555 jq.FXON 641)664:)=53)83)5R?551)=01:Y) ) =. npins urjhklmr !rzx.

    848.?

    =4=6. 7. + . 7 , , 2 . 7 2 . . 7 2 ) . . RHa. 7 X. n., ?551 !Sfukdr. /Jlmn Uklfdrm`/ X_LY. ?31u. 7 `fd. hklkr 2 ?= q 85 hi. !Mgzs)l x hrjmxh ki imrj.

    Ofolfkdr.7 u. ?83)?80. . ) . =?11 jq.

    FXON 641)664:)00)515)1 !orkms

    R?551)=0=0Y) ) =. Jczhmfj sfiuzrfj f urjhklmr Dafc !rzx.

  • 7/23/2019 BNM 9-2008

    27/244

  • 7/23/2019 BNM 9-2008

    28/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    ?1

    !rjc. j`, Smsfmnm Ozlfimdm !rjc. hkkrc., Cmnfjlm Hfzimh Rjs ml.Y. Ha. 7 HJU ZXI,?551. ?= hi. FXXN =1:4)?:11.

    Xjrfm /Lzhrrf xszcjnjsf/7 sffnj nmszrmlj f jqmhsj. ?551. =80 u.

    Sjqsj7 lo. rki., jndl., rzx. Ofolfkdr. lm x`rfszl mrs. 35 jq. FXON 641)664:)45)43=)=. R?551)=006Y) ) =. Znfpjrxfsmsjm cj Xsms cfn Iklckpm Mnmlj. ?. sffnjlj nmszrff. 8. sf)

    fnj jqmhsj.:"841.3!341!51? 9 =8:.= 9 === 9 =0=.=

    :5?+:53 Nmszrm. Xszcfzl f urksjhfm nmszrff. sffnm ijcfzlzf nhkngzrskr

    =4?8. Dmlojn)Umnhfzh, Wfnmfcmsffnj 7 Hmfjszl jljpzlzf 7 Hl. m ?)m + Wfnmfcm Dmlojn)Umnhfzh, Xsjlm

    Cfmhknz, Xpjslmnm Dmlojn. Jc. m 8)m, rjp. f hkiul. Ha. 7 Urzs Fnsjrnmfknml,?550 !Hkiofnmszl Uklfdr.. 08, R=Y u. 7 fl. 2 ?0 hi.

    FXON 641)664:)06)105)8 !jrknmsR?551)=086Y

    :5?!54:.?

    =4?3. Fcji n lo. rzx 7 + srmc. cfn rki. 7 Lkrm Ifsfsjlz. . 8, . . Ha. 7 Urzs Fnsjrnmfknml, ?550 !Hkiofnmszl Uklfdr.. 08, R=Y u.7 fl. 2 ?0 hi.

    FXON 641)664:)06)10=)5 !jrknms

    R?551)=035Y :5?!54:.?

    =4?:. 7 . 3 . + ), , R .Y 2 srmc. cfn lo. rki. 7 Cfmnm Hkhkcmn 2hkifxfm cj jpmlzmrj 7 Mndjlm Hmrm, Imrfm Mprmi, Nfnm Omrmnhjmnz 2 ) . . Ha. 7 Urzs Fnsjrnmfknml, ?551 !Sfukdr./Omlmhrkn/ X_L. =?5 u. 7 `fd. hklkr 2 ?0 hi.

    =?555 jq.FXON 641)664:)06)61=):

    R?551)=0?3Y) ) =. sffnjlj nmszrff !rzx.:5?!54:.?

    :=IMSJIMSFH

    =4?0. Ormdaf, ImrfmImsjimsfhm 7 hl. = 7 Sjxsj cj jpmlzmrj fnffml, `krimsfp, xzimsfp 7 Jqjr)

    hfff mulfhmsfpj + Imrfm Ormdaf, Mndjlm Hzsmxjpfhf. Ha. 7 Fnsjrurfns, ?551 !Sfukdr./Jlmn Uklfdrm`/ X_L. :? u. 7 `fd. 2 ?8 hi.

    3555 jq.FXON 641)664:)60=6)6)1

  • 7/23/2019 BNM 9-2008

    29/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    ?6

    R?551)=0=1Y) ) =. Imsjimsfh Sjxsj Jqjrhfff.

    :=!546

    =4?4. /Imsajimsfhx & Fn`krimsfkn Sjhanklkdfjx7 _jxjmrha mncJczhmsfkn/, hkn`. !?551 2 Haffnz. Hkn`jrjnhj /Imsajimsfhx & Fn`krimsfknSjhanklkdfjx7 rjxjmrha mnc jczhmsfkn/ !IFS_J)?551, Haffnz, Khskojr =)3, ?5517 Moxsrmhsx + krd. hki. 7 Hfkhmnz Dajkrdaj, Ujrgmn Mncrjf, Cmifmn @lkrfn Rjs ml.Y. Ha. 7 HJU ZXI, ?551. 65 u. 2 ?= hi.

    Mnsjsfs.7 Iklckpm Xsmsj Znfp., @mh. k` Imsajimsfhx mnc Hkiuzsjr Xhf)jnhj, Hjnsrj k` Jczhmsfkn mnc _jxjmrha fn Imsajimsfhx mnc Hkiuzsjr Xhfjnhj. Sjqsj7 lo. rki., jndl., rzx. Ofolfkdr. lm x`rfszl mrs. =85 jq.

    FXON 641)664:)45)4:8)3

    R?551)=486Y) ) =. Imsjimsfh !jndl.. ?. Sjanklkdff fn`krimfknmlj !jndl.. 8. /Imsaj)imsfhx & Fn`krimsfkn Sjhanklkdfjx7 _jxjmrha mnc Jczhmsfkn/ Hkn`jrjnhj.

    R:="553Y784.5!51? 9 =8:.= 9 === 9 =0=.=

    =4?1. Zrxz, LzciflmImsjimsfh 7 Hmfjszl jljpzlzf 7 Hl. m ?)m 7 Xjijxsrzl ? + Lzciflm Zrxz.

    Ha. 7 Urzs Fnsjrnmfknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. :0 u. 2 ?3 hi.FXON 641)664:)06)645)6R?551)=46=Y

    :=!54:.?=4?6. , 7 7 . = + , )

    . . 7 Fnsjrurfns, ?551 !Sfukdr. /Jlmn Uklfdrm`/ X_L. 86, R=Y u. 7 `fd. 2 ?8hi.

    ?555 jq.FXON 641)664:)6143)0)?R?551)=0=6Y) ) =. Imsjimsfh !rzx.

    :=!54:.?

    =485. , 7 7 ?) . 7 =) + )

    2 srmc. cfn lo. rki. 7 Smsfmnm _zxz. Ha. 7 Urzs Fnsjrnmfknml, ?551 [email protected].)U./Sfukdr. Hjnsrml/. 31 u. 2 ?3 hi.

    FXON 641)664:)06)606)8R?551)=46?Y

    :=!54:.?

  • 7/23/2019 BNM 9-2008

    30/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    85

    :=? Mldjor

    =48=. , 7 1 . + . Ha. 7

    /Lfsjrm MPN/ X_L, ?551 !Sfukdr. /_jhlmim/ XM. ?6=, R=Y u. 7 `fd. 2 ?3 hi. !Lfsjrmjczhmfknml.

    8555 jq.FXON 641)664:)653)45)3R?551)=40=Y

    :=?!54:.8

    :=3 Djkijsrfj

    =48?. , 7 1 . + . Ha.7 /Lfsjrm MPN/ X_L, ?551 !Sfukdr. /_jhlmim/ XM. ?8=, R=Y u. 7 `fd. 2 ?3 hi. !Lfsj)

    rm jczhmfknml.8555 jq.FXON 641)664:)653)03)8R?551)=405Y

    :=3.=!54:.8

    :=6.? Urkomoflfsmsj. Xsmsfxsfh imsjimsfh

    =488. Uksmrz, MncrjfSjkrfm urkomoflfsflkr 7 Rujnsrz zwzl xszcjnflkrY + Mncrjf Uksmrz 2 Znfp. cj

    Xsms cfn Iklckpm, Hjnsrzl cj Jczhmfj f Hjrhjsmrj n Imsjimsfh f Fn`krimsfh. Ha. 7 HJU ZXI, ?551. 800 u. 7 `fd. 2 ?: hi. !Xjrfm Imnzmlj f iknkdrm`ff 2 pkl.?.

    Ofolfkdr.7 u. 80? !=1 sfs.. 855 jq.FXON 641)664:)45)343)1R?551)=48:Y) ) =. Sjkrfm urkomoflfsflkr.

    :=6.?!54:.1

    :8@FWFH

    =483. Hklumgfz, Ifrhjm@fwfh 7 Imn. ujnsrz hl. m =5)m + Ifrhjm Hklumgfz, Dajkrdaj zrhmnz, Pfh)

    skr Udnz 2 rjc. j` 7 Jljnm Xsmsf 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml _ju. Iklckpm. Ha. 7 Znfpjrx Ujcmdkdfh, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =4: u. 7 `fd., smo. 2 ?3hi.

    :555 jq.FXON 641)664:)31)5:5):

    R?551)=4=5Y

  • 7/23/2019 BNM 9-2008

    31/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    8=

    ) ) =. @fwfh.:8!54:.8

    =48:. Sjxsj lm `fwfh. Ijhmnfhm 7 ujnsrz hl. m =5)m, urk`fl rjml + Dajkrdajzrhmnz, Sjkckr Ikrmrz, Pmljnsfnm Lzndz Rjs ml.Y 2 Ifn. Jczhmfjf f Sfnjrjszlzf ml_ju. Iklckpm. Ha. 7 Znfpjrx Ujcmdkdfh, ?551. =55 u. 7 `fd., smo. 2 ?3 hi.

    :555 jq.FXON 641)664:)31)5:8)0R?551)=0?5Y) ) =. @fwfh Sjxsj.

    :8!546

    =480. , 7 0) . + ,

    , 2 . . 7 . . . . ?), . . . 7 Fnsjdrfsmx, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 60 u. 7 `fd., smo. 2 ?3 hi.

    8555 jq.FXON 641)664:)66?1)1)0R?551)=4=1Y

    :8!54:.8

    ::DJKLKDFJ.SFFNJ DJKLKDFHJ F DJK@FWFHJ

    ::5 sffnj mzqflfmrj mlj djklkdfjf

    =484. Ijcfzl djkdrm`fh ml _juzolfhff Iklckpm 7 Rhkl. n 3 pkl.Y + Ifn. Jhk)lkdfjf f _jxzrxjlkr Nmszrmlj ml _ju. Iklckpm, Xjrpfhfzl Afcrkijsjkrklkdfh cj Xsms 2hki. nm. ujnsrz jc.7 Pfkljsm Fpmnkp !urj., Smsfmnm Hknxsmnsfnkp, Mncrjf Zrxz Rjsml.Y. Ha. 7 .J.)U. /sffnm/, ?551 !Hkiofnmszl Uklfdr.. ?4 hi. FXON 641)664:)04):1:)4.

    Pkl. 8 7 Amwmrczrflj nmszrmlj + mzs. hkkrc. 7 Pmljrfz Hmwmh, Flfj Okfmn, NfnmPklknsfr 2 hkkrc. rjxu. 7 Pmljrfz Hmwmh 2 rjc. s. hkkrc. 7 Flfj Okfmn. ?551. ?51 u. 7`fd., smo. hklkr. _jw.7 lo. jndl., rzx. Ofolfkdr. lm x`rfszl hmu. Mumrj hz xurfgfnzl`fnmnh. ml @knczlzf Jhklkdfh Nm. =555 jq. FXON 641)664:)04):0:)6 !n hku.smrj. R?551)=40?Y

    ) ) =. Amwmrczrf nmszrmlj _juzolfhm Iklckpm.::5+::="::0

    :4SFFNJ OFKLKDFHJ

    =481. Ojrnmw)Xfhkrxhaf, NfnmOfk"Lkdfhm 7 Hl. m 1)m 7 Xjs cfcmhsfh + Nfnm Ojrnmw)Xfhkrxhaf, Dajkrdaj

    _zcfh. Ha. 7 /Pjhskr P)N/ X_L, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =53 u. 7 `fd.,smo. 2 ?6 hi.

    Xzul.7 Sjxsj !=1 u.. ?555 jq.

  • 7/23/2019 BNM 9-2008

    32/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    8?

    FXON 641)664:)61:4):)1R?551)=4=0Y) ) =. Ofklkdfj.

    :4!54:.8:43 Jhklkdfj djnjrml. Afcrkofklkdfj. Ofkdjkdrm`fj

    =486. Ozioz, FmhkoJhklkdfm ifhrkkrdmnfxijlkr 7 !Hzrx cj urjljdjrf lm cfxhfulfnm /Ofklkdfj f

    ifhrkofklkdfj/ + Fmhko Ozioz 2 @mh. Zromnfxi f Mrafsjhszr, Hmsjcrm Jhksjanfj,Imnmdjijns Jhklkdfh f Fndfnjrfm Mujlkr, ZNJXHK+Hkzxsjmz. Ha. 7 ZSI, ?551. =86, R?Y u. 7 `fd., smo. 2 ?5 hi.

    Ofolfkdr.7 u. =84)=86 !85 sfs.. 855 jq.FXON 641)664:)3:)565)3R?551)=040Y) ) =. Jhklkdfj Ifhrkkrdmnfxij. ?. Ifhrkkrdmnfxij.

    :43":48.3!54:.1

    :6WKKLKDFJ

    =435. Hkwmrf, Szckr@lzszrff 7 Ifh jnhfhlkujcfj + Szckr Hkwmrf 2 rjc. 7 Mnm Hkrhkcjl, Jzdjn

    Lzndz 2 `ks. 7 Szckr Hkwmrf. Ha. 7 Mrh, ?551 !Fiurfims n Zndmrfm. =:1, R=Y u. 7`ks. hklkr 2 ?5 hi. !Jnhfhlkujcfflj Mrh.

    Fnc. n lo. rki., lms., jndl., rzx7 u. =:3)=:6. ?555 jq.FXON 641)664:)0=)31?): !n hku. smrjR?551)=0::Y) ) =. @lzszrf Jnhfhlkujcff.

    :6:.41!58=

    0 SFFNJ MULFHMSJ. IJCFHFN. SJANFH

    0=IJCFHFN

    =43=.

    Znfpjrxfsmsjm cj Xsms cj Ijcfhfn f @mrimhfj /NfhklmjSjxsjifmnz/ cfn _juzolfhm Iklckpm. Mnmlj sffnf`fhj 9 Xhfjnsf`fh Mnnmlx 7 WfljljZnfp., =:)=4 khs. ?551, Jc. m 6)m 7 Rn : pkl.Y + Znfp. cj Ijcfhfn f @mrimhfj /Nfhk)lmj Sjxsjifmnz/ cfn _juzolfhm Iklckpm 2 hkl. rjc. 7 Fkn Momoff !rjc.)j`, PfkrjlUrfxmhmrf, Pfhskr Ukujxhz Rjs ml.Y. Ha. 7 HJU /Ijcfhfnm/, ?551. ?: hi. FXXN=1:4)=4=6. FXON 641)664:)6=1)1=)4.

    Pkl. = 7 Urkoljij ijcfhk)ofklkdfhj f `mrimhjzsfhj 9 Ijcfhk)ofklkdfhmlmnc uamrimhjzsfhml urkoljix. ?551. 833 u. 7 `fd., smo. _jw.7 lo. jndl. Ofolfkdr.lm x`rfszl mrs. =55 jq. FXON 641)664:)6=1)1=)4 !jrknms. R?551)=0:3Y

  • 7/23/2019 BNM 9-2008

    33/244

  • 7/23/2019 BNM 9-2008

    34/244

  • 7/23/2019 BNM 9-2008

    35/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    8:

    ) ) =. Krskujcfj ujcfmsrfh. ?. Srmzimsklkdfj ujcfmsrfh. 8. Ikrkw, Ujsrz,=681), ijcfh krskujc Ofkdrm`fj.

    0=0)516.?8)55=)5:8.8!56?

    =4:5. Hkn`jrjnfmr znfpjrxfsmr sj`mn Ulzdmrz. Jnwfikfncfhmfm jnsjrk)omhsjrfflkr hz mgzskrzl znkr ijskcj f urkhjcjj rmufcj 7 45 Rmnf cj lm nmsjrjm ijcf)hzlzf fn`jhfknfxs, urk`. znfp. . UlzdmrzY + Znfp. cj Xsms cj Ijcfhfn f @mrimhfj/Nfhklmj Sjxsjifmnz/. Ha. 7 HJU /Ijcfhfnm/, ?551. 88, R=Y u. 2 ?= hi. !Xm)pmnf)ijcfhf flzsrf.

    Sfs. uj hku.7 sj`mn Ulzdmrz. Lfxsm lzhr. s. uzol. cj urk`jxkrzl znfp. sj)`mn Ulzdmrz7 u. 8?)83.

    R?551)=008Y) ) =. Ifhrkofklkdfj ijcfhml. ?. Ulzdmrz, sj`mn, =681), ijcfh fn`jhfk)

    nfxs Ofkdrm`fj. 0=0)5417:46.0=!56?

    0=0.? Umsklkdfm xfxsjizlzf rjxufrmskr. Oklf mlj krdmnjlkr cj rjxufrmfj

    =4:=. Mhszmlfsf n jsfklkdfm, umskdjnfm, urk`flmqfm, cfmdnkxsfhzl f srmsm)ijnszl szojrhzlkwjf f m`jhfznflkr uzliknmrj njxujhf`fhj 7 Rhzljd. cjY mrsfhklj + Ifn.Xnsff ml _ju. Iklckpm, Mhmc. cj sffnj m Iklckpjf, Fnxs. Ijcfhk)Xmnfsmr Uzolf)h Fnxs. cj @sfwfkunjziklkdfj /Hafrfl Crmdmnfzh/ 2 rjxu. jc. 7 Jljnm Szckr. Jc. s. Ha. 7 X. n., ?551 !Sfukdr. MI. ?81 u. 7 `fd., smo. 2 ?5 hi.

    Sjqsj7 lo. rki., rzx. _jw.7 lo rki., jndl. Ofolfkdr. lm x`rfszl mrs. =?5jq.FXON 641)664:)0?)?8:)0R?551)=0=8Y) ) =. Szojrhzlkw Cfmdnkxsfh Srmsmijns.

    0=0.?3)55?.:)54+51!51? 9 =8:.= 9 =0=.=

    0=0.1 Njzrkumsklkdfj. Njzrklkdfj

    =4:?. _jpjnhk, IfrhjmXsrmsjdff cj cfmdnkxsfh f srmsmijns n cjurjxff 7 !jlmo. ijskcfh 7

    =3.55.=1 uxfafmsrfj + Ifrhjm _jpjnhk, Fdkr Nmxsmx 2 Znfp. cj Xsms cj Ijcfhfn f@mrimhfj /Nfhklmj Sjxsjifmnz/, Hmsjcrm cj Uxfafmsrfj f Nmrhklkdfj, @mh. cj ujr)`jhfknmrj m ijcfhflkr. Ha. 7 X. n., ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 86, R=Y u. 7`fd., smo. 2 ?5 hi.

    Ofolfkdr.7 u. 84)86 !?8 sfs.. :55 jq.FXON 641)664:)41)0:4)4R?551)=061Y) )=. Cjurjxff Cfmdnkxsfh Srmsmijns.

    0=0.16:.3)54+)51!540.:

  • 7/23/2019 BNM 9-2008

    36/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    80

    0=0.6 Oklf srmnxifxfoflj. Oklf fn`jhfkmxj f hknsmdfkmxj

    =4:8. Urk`jxkrzl znfpjrxfsmr Ujsrz Dmljhaf. Umrsfhzlmrfsflj jpklzfjf njqujrfjn m urkhjxzlzf fn`jhfkx hmzwms cj xsm`flkhkhf mnsfofkrjwfxsjnf f fn`lzjnm lzf

    mxzurm ujnfhflfnksjrmufjf 7 45 Rmnf cj lm nmsjrjm ijcfhzlzf fn`jhfknfxs U. DmljhafY +Znfp. cj Xsms cj Ijcfhfn f @mrimhfj /Nfhklmj Sjxsjifmnz/. Ha. 7 HJU /Ijcfhf)nm/, ?551. 3: u. 2 ?= hi. !Xmpmnf)ijcfhf flzsrf.

    Sfs. uj hku.7 Ujsrz Dmljhaf. Lfxsm lzhr. s. cj xujhfmlfsmsj, orjpjsj cj fn)pjnff, umrsfhfurf lm jqukwfff fnsjrn. uzol. cj urk`jxkrzl znfp. Ujsrz Dmljhaf7 u. 85)3:.

    R?551)=00?Y) ) =. Umsklkdfj fn`jhfkmx. ?. Dmljhaf, Ujsrz, =681)?553, ijcfh fn`jhfk)

    nfxs Ofkdrm`fj.0=0.6)5??!56?

    =4:3. ndrfgfrjm umlfmsfp m umhfjnflkr hz AFP+XFCM 7 Xsmncmrc + sj`mnDajkrdaf, Xflpfm Xsrmszlms, Jljnm Xsjiukpxhaf Rjs ml.Y 2 Hjnsrzl Nm. s.)Urmhsfh cjIjcfhfn Urjpjnsfp, Hjnsrzl XFCM. Ha. 7 Lzifnm, ?551 !Sfukdr. /_jhlmim/ XM. =8: u. 7 smo. 2 ?3 hi.

    Sfs uj hku., sjqs umrml.7 lo. rki., rzx. Ofolfkdr.7 u. =83)=8:. Mumrj hzxurfgfnzl @zncmfjf Xkrkx Iklckpm. =:55 jq.

    FXON 641)664:)0:)516)?R?551)=4:=Y) ) =. Oklnmpf AFP+XFCM ndrfgfrj umlfmsfp. ?. AFP+XFCM.

    R0=0.617:41.1?1AFPY)51? 9 =8:.= 9 =0=.=0=4 Hafrzrdfj. Krskujcfj. K`smliklkdfj

    =4::. Xunz, MnmsknHafrzrdfj djnjrml f xjifklkdfj hafrzrdfhml 7 Rujnsrz zwzl xszcjnflkrY +

    Mnskn Xunz 2 n hklmo. 7 Fzrfj Mhmlkpxhaf, Nfhklmj Mndjljxhz, Jzdjn SrhkpjmnzRjs ml.Y 2 Ifn. Xnsff ml _ju. Iklckpm, Znfp. cj Xsms cj Ijcfhfn f @mrimhfj /Nf)hklmj Sjxsjifmnz/. Ha. 7 HJU /Ijcfhfnm/, ?551. :65 u. 7 `fd., smo. 2 ?: hi.

    Ofolfkdr.7 u. :1:):65 !=85 sfs.. :55 jq.

    FXON 641)664:)6=:)3:)1 !n hku. smrjR?551)=063Y) ) =. Hafrzrdfj djnjrml. ?. Xjifklkdfj hafrzrdfhml.

    0=4!54:.1

    0=4.4 K`smliklkdfj. Szlozrrf f srmsmijnsj lm khaf

    =4:0. Lzumn, CzifsrzK`smlikjnckhrfnklkdfj + Czifsrz Lzumn 2 Ifn. Xnsff ml _ju. Iklckpm,

    Znfp. cj Xsms cj Ijcfhfn f @mrimhfj /Nfhklmj Sjxsjifmnz/. Ha. 7 X. n., [email protected].)U. /Sfukdr. Hjnsrml/. 18, R=Y u. 7 `fd., smo. 2 ?5 hi.

    Ofolfkdr.7 u. 18)13 !?4 sfs.. :55 jq.

  • 7/23/2019 BNM 9-2008

    37/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    84

    FXON 641)664:)41)03=)0R?551)=4=:Y) ) =. K`smlikjnckhrfnklkdfj.

    0=4.470=0.3808MD_FHZLSZ_.SFFNJ F U_KHJCJJ N_ZCFSJ.XFLPFHZLSZ_.JQULKMS_F

    MD_FHKLJ F MLJ PFJFF XLOMSFHJ

    08=+081 Mdrfhzlszr

    08= Mdrfhzlszr n djnjrml

    =4:4. Mdrfhzlszrml Mslmx + mlhs. 7 Mzrjlfz Kpjrhjnhk. Ha. 7 X. n., ?550!Sfukdr. /Hkufsjh)Ulzx/. 34, R=Y u. 7 a. 2 85 hi.

    Ofolfkdr.7 u. 31. :5 jq.FXON 641)664:)61?:)8):R?551)=033Y) ) =. Mdrfhzlszr _juzolfhm Iklckpm Mslmxj !jndl..

    08=!341!513.3

    088+08: Akrsfhzlszr

    088 Hzlszrm ulmnsjlkr cj hiu

    088.4+.6 Ulmnsj hmrj urkczh xsfizljnsj. Ulmnsj mrkimsj. Hkncfijnsj. Mlsj ulmnsj hz

    zsflfwrf fnczxsrfmlj=4:1. Hmlhajf, JljnmSjanklkdfmcj hzlsfpmrj m szsznzlzf n _juzolfhm Iklckpm 7 !rjhkimncrf +

    Jljnm Hmlhajf 2 hkkrc. 7 Mnmskl Ijljhm 2 Ifn. Mdrfhzlszrff f Fnczxsrfjf Mlfijnsmrj ml_ju. Iklckpm, Fnxs. cj @fsksjanfj /Ukrziojnf/. Umhmnf 7 X. n., ?551 [email protected].)U./Sfukdr. Hjnsrml/. :=, R=Y u. 7 smo. 2 ?5 hi.

    ?55 jq.FXON 641)664:)41)0::)8R?551)=4=3Y) ) =. Szszn Hzlsfpmrj.

    088.4=!341!536.8

    03JHKNKIFJ HMXNFH.SFFNJ CKIJXSFHJ.NS_JFNJ_JM HMXJF

    03=+03? Mlfijnsj. Dsfs. Inhrzrf. Ijxj

    Fmrkpkf, Pmljnsfnm. Xroskrflj cj Umsf. Pjwf Nr =4?=

  • 7/23/2019 BNM 9-2008

    38/244

  • 7/23/2019 BNM 9-2008

    39/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    86

    =408. Hmrsj cj sjlj`kmnj. _mfknzl Krajf 7 lm cmsm cj ?1 fzlfj ?551 +Iklcsjljhki. Ha. 7 X. n., ?551 !Sfukdr. X. M. /Ifsrm)Drzu/ XM. 311 u., R=?Y u. `fd.hklkr 2 ?5 jq.

    :555 jq.FXON 641)664:)6:0:)6)1R?551)=03:Y) ) =. Lfnff sjlj`knfhj _mfknzl Krajf _juzolfhm Iklckpm Hmrsj cj sjlj)

    `kmnj. ?. _mfknzl Krajf _juzolfhm Iklckpm Hmrsj cj sjlj`kmnj.0:3.=:!341)?=+)??!5:1.4

    0:: Fnczxsrff uklfdrm`fhj. Sfukdrm`ff. Jcfszr. Lforrff

    =403. 7 + . ) ), . ., . . 2 . 7 . . 7 , ?551. ?= hi.

    . =). ?551. 15 u. 7 `fd., smo. Ofolfkdr.7 u. 15 !== sfs.. =55 jq. R?551)=015Y

    ) ) =. Sfurfrj k``xjs !rzx.0::.8.5??.0!540.:

    0:0 Srmnxukrs n djnjrml. Xjrpfhff uksmlj. Krdmnfwmrjm f hknsrklzl hfrhzlmfjf

    =40:. Sjwjh, F.Urkfjhsmrjm xfxsjijlkr cj srmnxukrs n srmnxukrszl cj imr` 7 Rujnsrz zwzl

    xszcjnflkrY + F. Sjwjh, X. Bmns, X. Irwm 2 Znfp. Sjan. m Iklckpjf, @mh. Fndfnjrfj fImnmdjijns n Ijhmnfh, Hmsjcrm Fndfnjrfj f Imnmdjijns n Srmnxukrs. Ha. 7ZSI, ?551. 31 u. 7 cjx., smo. 2 ?5 hi.

    Mzs. xzns fncfhmf uj px. `. cj sfs. Ofolfkdr.7 u. 34 !4 sfs.. =55 jq.R?551)=041Y) ) =. Srmnxukrs cj ir`zrf Xfxsjij Urkfjhsmrj.

    0:0.=?:.5?!540.:

    0:4 Hknsmoflfsmsj

    =400.zrhmnz, PfkrjlHknsmoflfsmsjm fnsjrnmfknml 7 Rujnsrz zwzl xszcjnflkrY + Pfkrjl zrhmnz,

    Frfnm Dklkhjmlkpm, Mcm Xsmakpxhaf 2 Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Ha. 7MXJI, ?551. ?43 u. 7 `fd., smo. 2 ?6 hi.

    Ofolfkdr.7 u. ?43 !4 sfs. f n nksjlj cj xzoxkl. :55 jq.FXON 641)664:)4:)3=1)4R?551)=441Y) ) =. Hknsmoflfsmsj fnsjrnmfknml.

    0:4!54:.1

    =404.,

  • 7/23/2019 BNM 9-2008

    40/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    35

    7 , , + , 2 . . ., . . , . . . . 7 .., ?551 !Sfukdr. Cju. Jc.)Uklfdr. ml MXJI. ==?, R?Y u. 7 smo. 2 ?5 hi.

    Ofolfkdr.7 u. ==8)==3 !?4 sfs.. 8:5 jq.FXON 641)664:)4:)356):R?551)=448Y) ) =. Mzcfs !rzx.

    0:4.5=!540.:

    =401. , + . . 7 . ., ?551 [email protected].)U. /Sfukdr. Hjnsrm)

    l/. ??= u. 7 smo. 2 ?5 hi.Ofolfkdr.7 u. ?55)?5= !3: sfs.. 355 jq.

    FXON 641)664:)41)036)?R?551)=453Y) ) =. Mzcfs !rzx.

    0:4.08

    0:1 Hknczhjrj f mcifnfxsrmrj n jqulkmsmrj. Krdmnfwmrj hkijrhfml

    =406. Kurjmn, HmijlfmSjncfnj mhszmlj n imnmdjijnszl hmufsmlzrflkr krdmnfwmfflkr ikcjrnj +

    Hmijlfm Kurjmn. Ha. 7 Cju. Jc.)uklfdr. ml MXJI, ?551. ?40 u. 7 `fd., smo. 2 ?:

    hi. Ofolfkdr.7 u. ?04)?4? f n nksjlj cj xzoxkl. n rjc. mzs. =85 jq.FXON 641)664:)4:)351)1R?551)=44?Y) ) =. Imnmdjijnszl hmufsmlzrflkr Krdmnfwmff. ?. Krdmnfwmff Hmufsml

    Imnmdjijns.0:1.=755:.=

    00SJANKLKDFJ HAFIFH.FNCZXS_FF HAFIFHJ F N_ZCFSJ

    008+003 Ifhrkofklkdfj fnczxsrfml. Fnczxsrff cj `jrijnsmrj

    =445. Omwjlj cj hmlhzl f cj urkfjhsmrj mlj zsflmgzlzf sjanklkdfh cfn fnczx)srfm mlfijnsmr 7 Rujnsrz zwzl xszcjnflkrY + Drfdkrj Dmnjm, Mnmsklff Mnsknkpfhf, IfrhjmOjrnfh Rjs ml.Y 2 Znfp. Sjan. m Iklckpjf, @mh. Fndfnjrfj f Imnmdjijns n Ijhmnfh,Hmsjcrm Zsflmg Sjanklkdfh Fnczxsrfml. Ha. 7 ZSI, ?551. ?5 hi.

    Umrsjm m ?)m 7 Urkoljij f ijskcj cj rjwklpmrj. ?551. 81 u. 7 `fd., smo. Ofolfkdr.7 u. 4: !: sfs.. =55 jq. R?551)=046Y

    ) ) =. Zsflmg sjanklkdfh fnczxsrfml Urkfjhsmrj.008+003!540.:

    003.1+.6 Sjanklkdfm hknxjrprff mlfijnsjlkr

  • 7/23/2019 BNM 9-2008

    41/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    3=

    =44=. fxlfnxhmfm, NmsmlfmIjskcj cj zxhmrj m ihjzlzf 7 Riknkdrm`fjY + Nmsmlfm fxlfnxhmfm 2 Fnxs.

    cj Sjan. Mlfijnsmrj. Ha. 7 FSM, ?554. 6? u. 7 `fd., `fd. hklkr, smo. 2 ?= hi.

    Ofolfkdr.7 u. 41)6? !=08 sfs.. =55 jq.FXON 641)664:)6645)=)5R?551)=48?Y) ) =. Ihj Ijskcj cj zxhmrj.

    003.1:37088.11

    01= Ijhmnfh cj urjhfwfj. Ijhmnfh `fn

    01=.: Sjanfhm rjdlrff f hkijnwff mzskimsj. Sjanfh hfojrnjsfh f mzskimsfh

    =44?. Okcjmn, DajnmcfjUrkfjhsmrjm mumrmsmgzlzf jljhsrknfh fiuljijnsms hz cfxukwfsfpj lkdfhj urk)drmimoflj 7 Rimn. ujnsrz zwzl xszcjnflkrY + Dajnmcfj Okcjmn. Ha. 7 ZSI, ?551.

    ??1 u. 7 `fd. 2 ?= hi.Ofolfkdr.7 u. ?=4 !=? sfs.. =55 jq.FXON 641)664:)3:)514)3R?551)=043Y) ) =. Mumrmsmg jljhsrknfh Urkfjhsmrj.

    01=.:7553.3=:.?!54:.1

    06LZH__F CJ HKNXS_ZHFF !CJ HMXJ N U_FNHFUML. IMSJ_FMLJ CJ HKN)

    XS_ZHFJ. SJANKLKDFF F U_KHJCJJ N HKNXS_ZHFF

    =448. & 7 , , . 7 . . + . 7 ) , , R .Y. Ha. 7 /Pfhskrfm Dkikn/ F,?551 !Sfukdr. /Jlmn Uklfdrm`/ X_L. 85 hi. FXXN =1:4)5=63. FXON 641)664:)6104)0)?.

    Nr ? 7 K ?551. ?551. ?6=, R=Y u. 7 fl., R41Y u. fl. hklkr. Sjqs7 lo.rki., rzx. @. `. cj sfs. ?:55 jq. FXON 641)664:)6104)4)6. R?551)=0?=Y

    ) ) =. Imsjrfmlj cj hknxsrzhfj _juzolfhm Iklckpm ncrzimrj !rzx.06!341!580

    068 Lzhrrf cj wfcrfj f ijxjrff nrzcfsj

    =443. Mncrfjpxhaf, XjrdajfFnsjnxf`fhmrjm urkhjxzlzf cj mijxsjhmrj n imlmqkmrjlj hz krdmnj cj lz)

    hrz n `kri cj omrj 7 Riknkdrm`fjY + Xjrdajf Mncrfjpxhaf 2 Znfp. Sjan. m Iklckpjf,@mh. Zromnfxi f Mrafsjhszr, Hmsjcrm Hf @jrmsj, Crzizrf f Ukczrf. Ha. 7 ZSI,?551. =4: u. 7 `fd., smo. 2 ?6 hi.

    Ofolfkdr.7 u. =4?)=43 !:1 sfs.. =55 jq.FXON 641)664:)3:)511)=

  • 7/23/2019 BNM 9-2008

    42/244

  • 7/23/2019 BNM 9-2008

    43/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    38

    41IZWFH

    =441. Olmgfnz, CzifsrzMlfn, ckrzlj, mlfn 7 Hnsfhj f ijlkcff ukuzlmrj cfn Iklckpm f Ozhkpfnm +

    mzs.)mlhs.7 Czifsrz Olmgfnz 2 urj`., ndrfgfrjm sjqsjlkr 7 M. Drmzr 2 nkskdrm`fj 7 Hrfxsfmnmromn 2 ufhs. 7 Pmxflj Ikpfljmnz 2 hku. 7 Pmxflj Ikpfljmnz 2 Ifn. Hzlszrff f Szrfxiz)lzf ml _ju. Iklckpm, Hjnsrzl Nm. cj Hrjmfj Ukuzlmr. Ha. 7 /Drm`jim Lforfx/ X_L,?551. 8?: u. 7 n. izw. 2 85 hi.

    Fnc. cj sfs. mlj hnsjhjlkr, ufjxjlkr fnxsrzijnsmlj, nzij, lkhmlfsf7 u. 886)8:5.

    FXON 641)664:):?)5?:)0FXIN I)8315)553:)6R?551)=085Y) ) =. Izwfh ukuzlmr _juzolfhm Iklckpm Ozhkpfnm.

    413.3!341"344.1

    =446. Hfzarff, XjrdajfIjlkcff cj uj hklfnj 7 Umrsfszrf ujnsrz krhajxsrj cj izwfh ukuzlmr +

    Xjrdajf Hfzarff 2 nkskdrm`fj 7 Hrfxsfmn mromn 2 hku. 7 Mljqmncrz Okxsmn. Ha. 7/Drm`jim Lforfx/ X_L, ?551. ?6 hi. FXON 641)664:)6015):)1. FXIN I)8315)55??)5.

    Pkl. ?. ?551. =:= u. 7 n. izw. :55 jq. FXON 641)664:)6015)0):.

    R?551)=083Y) ) =. Izwfh ujnsrz krhajxsr.41:.=

    =415. Hrjmnd, PfhskrJz i czh, hkcrzl rinj 7 Rufjxj hkrmljY + Pfhskr Hrjmnd 2 nkskdrm`fj

    7 Hrfxsfmn mromn 2 hku. 7 Mljqmncrz Okxsmn. Jc. m ?)m, rjp. f hkiul. Ha. 7/Drm`jim Lforfx/ X_L, ?551. =80 u. 7 `ks., n. izw. 2 ?6 hi.

    355 jq.FXON 641)664:):?)5?3)6

    FXIN I)8315)553?)1R?551)=0?6Y) ) =. Izwfh hkrml.

    418.1

    =41=. Fnpfs Imrfm Ofjz 7 @jxsfpml fnsjrn. ml pjcjsjlkr cj kujr f omljs,Haffnz, ?5)?1 xjus. ?551 + Ifn. Hzlszrff f Szrfxizlzf ml _ju. Iklckpm, ZnfznjmIzwfhfjnflkr, Sjmsrzl Nm. cj Kujr f Omljs. Ha. 7 X. n., ?551 !Hkiofnmszl Uklfdr.. 8?, R=Y u. 7 fl. hklkr. 2 85 hi.

  • 7/23/2019 BNM 9-2008

    44/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    33

    Sjqs umrml.7 lo. rki., jndl., rzx. @. `. cj sfs. Xuknxkrf7 OH XM IklckpmMdrkfncomnb, nsr. cj Xsms Hkiumnfm Mjrfmn MF_ Iklckpm, Iklcmpfmn Mfrlfnjx Rjsml.Y

    R?551)=0=5Y) ) =. @jxsfpmlzl fnsjrnmfknml ml pjcjsjlkrcj kujr f omljs, ?551 Haff)nz.

    41?.56=.3

    =41?. Imiks, Jzdjnfnj)i, ckrzlj, lfn 7 ufjxj hkrmlj + Jzdjn Imiks 2 nkskdrm`fj 7 Hrfxsfmn

    mromn 2 hku. 7 Mljqmncrz Okxsmn. Ha. 7 /Drm`jim Lforfx/ X_L, ?551. ==: u. 7 n.izw. 2 ?6 hi.

    :55 jq.

    FXON 641)664:):?)5?4)5FXIN I)8315)55?1)?R?551)=08?Y) ) =. Izwfh hkrml.

    418.1

    46CFPJ_SFXIJNS._JH_JJ_J.GKHZ_F.XUK_S

    46? Sjmsrz. Mrs xhjnfh

    =418. , , QQ + 2 . .7 )

    2 2 .). 2 . . , ) . . Ha. 7 Urzs Fnsjrnmfknml, ?551!Hkiofnmszl Uklfdr.. 346 u. 7 `ks. 2 ?4 hi.

    Ofolfkdr.7 u. 340)341 !13 sfs.. :55 jq.FXON 641)664:)06)=?=): !n hku. smrjR?551)=031Y) ) =. Kujrm _juzolfhm Iklckpm Fxskrfj !rzx.

    46?.:3!341)?:!56=

    460+466 Xukrs. Gkhzrf xukrsfpj. Jczhmfj `fwfh

    =413. Hklziomn, Jljnm ImrfmJqjrhffzl `fwfh f xnsmsjm + Jljnm Imrfm Hklziomn 2 hklmo. 7 Ujsrz @flfmn

    Hklziomn. Ha. 7 X. n., ?551 !Sfukdr. /Urmd)8/ X_L. =13 u. 7 `fd. 2 ?= hi.Ofolfkdr.7 u. =15)=1? !86 sfs.. ?555 jq.FXON 641)664:)44)565)8R?551)=045Y) ) =. Xukrs Xnsmsj.

    460.58:70=8.4=

  • 7/23/2019 BNM 9-2008

    45/244

  • 7/23/2019 BNM 9-2008

    46/244

  • 7/23/2019 BNM 9-2008

    47/244

  • 7/23/2019 BNM 9-2008

    48/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    31

    1==.=88.=!540.:

    1==.=8:.= Lfiom rkin

    =464. Hmwmhz, SmimrmHajfm hkiznfhrff7 Zsflfwmrjm pjrojlkr n pkrofrj7 8 555 cj pjroj + Smimrm

    Hmwmhz, Fzlfm Fkrchajxhz. Ha. 7 Fnsjdrfsmx, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. ?:0 u. 2 ?5 hi. !_kinm ujnsrz skf.

    Ofolfkdr.7 u. ?:0 !1 sfs.. ?555 jq.FXON 641)664:)66?1)4)6R?551)=4?=Y) ) =. Lfiom rkin Pjroj. ?. Pjroj Lfiom rkin.

    1==.=8:.=$804.0?:!54:

    =461.

    Imrfn, ImrfmnmLfiom rkin 7 Hl. m 3)m 7 Hmrsj cj ljhszr + Imrfmnm Imrfn, SmsfmnmNfhzlhjm. Ha. 7 Hmrsfjr, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =?3, R3Y u. 7 `fd., smo. 2?3 hi. !Hkljhfm /Hmrsfjr jczhmfknml/ + hkkrc. cj Lflfmnm Nfhklmjxhz)Knk`rjf.

    =4555 jq.FXON 641)664:)46):50)4R?551)=450Y) ) =. Lfiom rkin Sjqsj lfsjrmrj.

    1==.=8:.=71?=.56!54:.?

    =466. Imrfn, ImrfmnmLfiom rkin 7 Sjxsj cj jpmlzmrj 7 Hl. m 3)m + Imrfmnm Imrfn, SmsfmnmNfhzlhjm. Ha. 7 Hmrsfjr, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 80 u. 7 `fd. 2 ?3 hi. !Hkljhfm /Hmrsfjr jczhmfknml/ + hkkrc. cj Lflfmnm Nfhklmjxhz)Knk`rjf.

    =4555 jq.FXON 641)664:)46):54)3R?551)=454Y) ) =. Lfiom rkin Sjxsj.

    1==.=8:.=!546

    1==.=0=.= Lfiom rzx=155. , . . . 7 1 . 7 . .

    . . 7 3 + . . , . . , . . 2 . 7 , , 2) . . Ha. 7 /Pjhskr P)N/ X_L, [email protected].)U. /Sfukdr. Hjnsrml/. =1?, R=Y u. 7 `fd. 2 ?3 hi.

    :5?55 jq.FXON 641)664:)61==)5)=R?551)=08:Y

  • 7/23/2019 BNM 9-2008

    49/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    36

    ) ) =. Lfiom rzx. ?. Lfsjrmszr rzx Hrfsfh f fnsjrurjsmrj.1==.=0=.="1?=.=0=.=.56$?38!54:.8

    =15=. . + . . . , . . 2 . 7 . . , . . ,. . . . 7 , ?551 !. . . ?? hi. FXON 641)664:)0?)?84)5.

    . 3. ?551. 8=: u. 7 `fd., smo. Ofolfkdr. lm x`rfszl mrs. f n nksjlj cjxzoxkl. . . 7 . . . , . , ). //. :55 jq. FXON 641)664:)0?)?81)4. R?551)=413Y

    ) ) =. Lfiom rzx Xszcfjrj Ijskcfhm urjcrff.1==.=0=.=784.5=0!51?

    1?LFSJ_MSZ_1?+1?= Lfsjrmszr mrsfxsfh

    1?= Lfsjrmszrm lfioflkr fncfpfczmlj

    1?=.=8:.= Lfsjrmszr rkin

    =15?. Mdlmfm 7 _kimn mnknfi cfn xjhklzl ml QFQ)ljm + hkkrc., ndrfgfrjmsjqszlzf, nks mxzurm jc., dlkxmr 7 Umpjl Omliz 2 hku. 7 Ifamf Omhfnxhaf. Jc. m ?)m. Ha. 7 Mrh, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. ?5=, R?Y u. 2 ?5 hi.

    =555 jq.FXON 641)664:)0=)361)0R?551)=060Y) ) =. Lfsjrmszr rkin.

    1?=.=8:.=)8=

    1?=.=8:.=!341 Lfsjrmszr rkin cfn _juzolfhm Iklckpm

    =158. Omgmn, PmxfljLm imrdfnj cj prjif 7 Rpjrxzrf, kimdff fn ijikrfmi mrsfxszlzf Mncrjf

    XzrzhjmnzY + Pmxflj Omgmn 2 nkskdrm`fjrj 7 Dmorfjl Mncrknfh 2 hku. 7 _zqmncm_kimnhfzh. Ha. 7 Uknskx, ?551 !Sfukdr. /_jhlmim/ XM. :6, R=Y u. 7 `ks., n. izw. 2?5 hi.

    :55 jq.FXON 641)664:)4?)566)=FXIN I)8315)5530)0R?551)=436Y) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm.

    1?=.=8:.=!341)=6? Omgmn

    =153.

    Ojnjm, Imrhjlm

  • 7/23/2019 BNM 9-2008

    50/244

  • 7/23/2019 BNM 9-2008

    51/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    :=

    ) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm.1?=.=8:.=!341)3 Hfkomnz

    Cmnfl, Mzrjlfmn. _xhrzhjm nsiulrflkr urjcjxsfnmsj. Pjwf Nr =086

    =156. Cknfhf, FzrfjImrdfnmlff lm sfiu 7 pjrxzrf + Fzrfj Cknfhf. Ha. 7 /Fnpjrxfm)Czo/ F, ?551.

    =64, R?Y u. 2 ?= hi.?55 jq.FXON 641)664:)6661)?)8R?556)=41=Y) ) =. Lfsjrmszr rkin Ukjwfj.

    1?=.=8:.=!341)= Cknfhf

    =1=5. Lj `rmnmfx `ljzrfs Xfuksjnf 7 Rhzljd. cj pjrxzrfY + LvhjSakrf}zj /Ifamf Jifnjxhz/ pfllmdj Xfuksjnf cfxsrfhs Hlrmf, _u. cj Iklckpm 2hkkrc. ml jc. 7 Mnsknfnm Cfmhknz. Ha. 7 X. n., ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 13 u. 7 fl. 2 ?5 hi.

    Mumrj hz xurfgfnzl `fnmnh. ml mcifnfxsrmfjf uzolfhj lkhmlj m hkiznjfXfuksjnf, r)nzl Hlrmf, _ju. Iklckpm. =555 jq.

    FXON 641)664:)41)031):R?551)=4==Y) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm Ukjwfj !`r..

    1?=.=8:.=!341)= !51? 9 =88.==1==. Ikrmrz, MnmsklSzrnskrzl cj ijcmlff 7 RrkimnY + Mnmskl Ikrmrz 2 hku. 7 Mcrfmn Hfzoksmrz.

    Ha. 7 Urzs Fnsjrnmfknml, ?551 !Hkiofnmszl Uklfdr.. ?46, R?Y u. 2 ?= hi. !Xhrffskrfhknsjiukrmnf.

    :55 jq.FXON 641)664:)06)611)3 !n hku. smrjR?551)=081Y) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm _kimn.

    1?=.=8:.=!341)8= Ikrmrz

    =1=?. Ukukpfhf)Umrmxhafp, _mciflmIf)x 7 RpjrxzrfY + _mciflm Ukukpfhf)Umrmxhafp 2 hku. 7 _kcfhm Xmncz. Ha.

    7 Urzs Fnsjrnmfknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 6:, R3Y u. 2 ?5 hi. !Lmxsjmzm.

    :55 jq.FXON 641)664:)06)61:)8R?551)=06:Y

    ) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm Ukjwfj.1?=.=8:.=!341)= Ukukpfhf)Umrmxhafp

  • 7/23/2019 BNM 9-2008

    52/244

  • 7/23/2019 BNM 9-2008

    53/244

  • 7/23/2019 BNM 9-2008

    54/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    :3

    FXON 641)664:)06)685)8 !n hku. smrjR?551)=464Y) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm ujnsrz hkuff.

    1?=.=8:.=!341)?)68 _zxz=1??. zrhmnz, FmnkMl`mojszl pjxjl 7 Rukjwff ujnsrz hkuffY + Fmnk zrhmnz 2 cjx. 7 Pmxflj

    Ikpfljmnz. Ha. 7 /Drm`jim Lforfx/ X_L, ?551. R0?Y u. 7 fl. hklkr 2 =8 q =3 hi.@. `. cj sfs. =555 jq.FXON 641)664:):?)5?0)8 !orkmsR?551)=08=Y) ) =. Lfsjrmszr rkin cfn _juzolfhm Iklckpm ujnsrz hkuff.

    1?=.=8:.=!341)68 zrhmnz

    1?+1?=.5 Sjkrfm, xszcfzl f sjanfhm lfsjrmszrff1?=.=8:.=.56 Lfsjrmszr rkin

    =1?8. hafkuz, HknxsmnsfnLfsjrmszrm rkin 7 Imn. ujnsrz hl. m ==)m, lfhjz + Hknxsmnsfn hafkuz,

    Imrhjlm Plhz)hafkuz. Ha. 7 Lfsjrm !jczhmfknml, ?550 !Hkiofnmszl Uklfdr.. ?40 u. 7 fl. 2 ?0 hi.

    FXON 664:)43)034)5 !jrknmsR?551)=415Y

    ) ) =. Lfsjrmszrm rkin Hrfsfh lfsjrmr.1?=.=8:.=.56"1?=.=8:.=!341.56!54:.8

    1?=.=8:.=!341.56 Lfsjrmszr rkin cfn _juzolfhm Iklckpm

    =1?3. Cfifsrfj Hmnsjifr 7 Cfijnxfznf mlj znfpjrxmlfsff 7 Xszcff. Xfnsjwj.Jxjzrf + Mhmc. cj sffnj m Iklckpjf, Fnxs. cj @flklkdfj 2 hzp. nmfnsj 7 Ifamf Hfiukf 2hkkrc. s. 7 Umpjl Omliz, Xpjslmnm Bkrkljpxbf. Ha. 7 Dznfpmx, ?551. ?11 u. 7 `fd.2 ?5 hi.

    Ofolfkdr. lm x`rfszl mrs. :55 jq.FXON 641)664:)651)01)6R?551)=036Y) ) =. HmnsjifrCfifsrfj, ckinfskrzl Iklckpjf, =048)=4?8.

    1?=.=8:.=!341.56"63!341!51?

    1?=.=0=.=.56 Lfsjrmszr rzx

    =1?:. , / / 7 +

    . . 7 . ., ?551 !Sfukdr. /Jlmn Uklfdrm`/ X_L. ?51 u. 7 `ks. 2 == q =4 hi.Ofolfkdr. n nksjlj cj xzoxkl. 355 jq.

    FXON 641)664:)00)513)0

  • 7/23/2019 BNM 9-2008

    55/244

  • 7/23/2019 BNM 9-2008

    56/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    :0

    =1?6. 7 + : . + , , R .Y. . 7 ,?551. 31 u. 7 `fd., smo. 2 ?1 hi.

    :55 jq.FXON 641)664:)638)06)4R?551)=4?1Y

    6==.?!341!54:.8

    6?6 sffnj ofkdrm`fhj f nrzcfsj

    Mhmcjifhfmnzl Fkn Crz. Pjwf Nr =035

    Mljqjf Hklonjmh. Pjwf Nr =03=

    63FXSK_FJ DJNJ_ML.FXSK_FJ ZNFPJ_XML

    63!3=+66 Fxskrfm fncfpfczml m cf`jrfsjlkr rf

    63!341 Fxskrfm _juzolfhff Iklckpm

    =185. Mdmhaf, Mljqjfmrm Iklckpjf f mrm _kinjmxh xzo khzumfm iflfsmr rzx !=150)

    =1=? + Mljqjf Mdmhaf 2 urj`.7 Czifsrz Pfshz 2 Mhmc. cj s. m _ju. Iklckpm, Fnxs. cjFxskrfj, Xsms f Crjus. Jc. m ?)m, rjp. f hkiul. Ha. 7 Uknskx, ?551 [email protected].)U.

    /Sfukdr. Hjnsrml/. 810 u. 7 smo. 2 ?? hi._jw.7 lo. jndl., rzx. Ofolfkdr.7 u. 845)844 f n nksjlj cj xzoxkl. Xuknxkrf7 Pmxflj. P. jukrcjf, Pfhj Urjxfcjns Xhfjnsfx Jijrfszx Pfrdfnfm !ZXM,Gzxsfn U. Lfzom, urj. Ml @znc. /Fzlfz Imnfz/, Njt Vkrb !ZXM. :55 jq.

    FXON 641)664:)4?)514)1 !n hku. smrjR?551)=4?8Y) ) =. mrm Iklckpjf, =150)=1=? Fxskrfj. ?. mrm _kinjmxh Fxskrfj,

    =150)=1=?.63!341"361/=150+=1=?/

    =18=. Dklzo, PmljnsfnXzxljnf 7 @flj cj fxskrfj + Pmljnsfn Dklzo, Szckr Dklzo 2 `ks. 7 Ljknfc zlmn,Jpdajnf Bzlfbkpxbf. Ha. 7 X. n., ?551 [email protected].)U. /Sfukdr. Hjnsrml/. =43 u., R31Y u.`ks., `ks. hklkr 2 ?? hi.

    Sjqs umrfml f n lo. rzx. Ofolfkdr. n nksj lm x`rfszl hmu. Mumrj hzxurfgfnzl `fnmnh. ml xzxljnjmnzlzf Fzrfj Hafrskmh, cfr. djn. ml X_L /Cfsm Jxs`mri/,Haffnz. =555 jq.

    FXON 641)664:)41)0:?)? !n hku. smrjR?551)=45=Y

    ) ) =. Xzxljnf Xmsj _mfknzl Krajf _juzolfhm Iklckpm Fxskrfj.63!341)??

  • 7/23/2019 BNM 9-2008

    57/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    :4

    =18?. Nfhz, CmnHkufff pfsrjdf mf fxskrfjf, xmz Xj hmzs k rjpklzfj ujnsrz Omxmrmofm + Cmn

    Nfhz. Ha. 7 Urzs Fnsjrnmfknml, ?551 [email protected].)U. /Sfukdr. Hjnsrml/. 65, R?Y u. 2 ?5

    hi. !Lm xsjmzm.:55 jq.FXON 641)664:)06)614)4R?551)=465Y) ) =. _juzolfhm Iklckpm Fxskrfj.

    63!341

    =188. kum, SzckrAkrjsf uj Oksnm 7 !@flj cj fxskrfj + Szckr kum, Mljqmncrz Dmnjnhk 2

    hknxzlsmns sffnf`fh 7 Plmc Hfzozhhfz 2 `ks. 7 Szckr kum, Fmhko Fkpz, Ckrfn Hmwmhz.

    Ha. 7 @zncmfm /Crmdafsjm/, ?551. ?:=, R=Y u. 2 ?? hi.Urj`. umrml.7 lo. rki., jndl., `r., djri., rzx. =555 jq.FXON 641)664:)6610):)6 !n hku. smrjR?551)=158Y) ) =. Akrjsf Xmsj _mfknzl Fmlkpjnf Fxskrfj.

    63!341)??

    Mzskrj`jrmsj

    Ujnsrz sfslzl cj ckhskr amoflfsms

    =183. Hrkfskr, DajkrdajSrmsmijnszl hafrzrdfhml n hkiuljqzl cj rjhzujrmrj ml oklnmpflkr hz hkqmr)srkwj 7 =3.55.?? krskujcfj f srmzimsklkdfj 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms nijcfhfn + Dajkrdaj Hrkfskrz 2 Ifn. Xnsff ml _ju. Iklckpm, Znfp. cj Xsms cjIjcfhfn f @mrimhfj /Nfhklmj Sjxsjifmnz/. Ha. 7 X. n., ?551. :5 u. 7 `fd., smo. 2?= hi.

    Ofolfkdr.7 u. 3?)31 !08 sfs.R?551)=:1 SjwjY

    0=0.4=1)554)516!538.?

    =18:. Lkomnkp, NmsmlfmSrmnwmhfflj hkijrhfmlj fnsjrnmfknmlj n hkncffflj cj hknxsfszfrj m jhknk)

    ifjf dlkomlj ukxsfnczxsrfmlj 7 51.55.=3 Jhknkifj ikncfml 2 rjlmff jhkn. fnsjrn. 7Mzskrj`. ml sjwjf cj ckhskr amoflfsms n jhkn. + Nmsmlfm Lkomnkp 2 Mhmc. cj XszcffJhkn. cfn Iklckpm. Ha. 7 X. n., ?551. 38 u. 7 `fd., smo. 2 ?= hi.

    Ofolfkdr.7 u. 80)86 !30 sfs.R?551)=40 SjwjY

    886.:0!538.?

    =180.

    Imrcmrj, Fdkr

  • 7/23/2019 BNM 9-2008

    58/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    :1

    Hknhjufm hkdnfsfp)xsrzhszrml cj hrjmrj m xfxsjijlkr fnsjljhszmlj ujnsrzrjxsmoflfrjm fimdfnflkr 7 Xujh. 5:.=8.=8 Hmlhzlmskmrj, xfxsjij cj hmlhzl f rjjljfn`krimfknmlj 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms n sjan. + Fdkr Imrcmrj 2 Znfp.

    Sjan. m Iklckpjf. Ha. 7 ZSI, ?551. 84 u. 7 `fd. 2 ?= hi.Ofolfkdr.7 u. ?1)83 !40 sfs.R?551)=4= SjwjY

    553.16!538.?

    =184. Iklckpmnz, DajkrdajUklfsfh f ulmnf`fhmrj lfndpfxsfh 7 mokrcmrj sjkrjsfh f mulfhmsfp 7 !n omwm

    imsjrfmlzlzf cfn _ju. Iklckpm f cfn mlsj xsmsj 7 Xujh. =5.5?.=6 Lfndpfxsfh djn.!xkhfklkdfh 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms n `flklkdfj + Dajkrdaj Iklckpmnz2 Znfp. cj Xsms cfn Iklckpm. Ha. 7 X. n., ?551 !Sfukdr. Cju. Jc.)Uklfdr. ml MXJI.

    35 u. 2 ?= hi.Ofolfkdr.7 u. 8:)80 !?: sfs.R?551)=:3 SjwjY

    1=$?4?78=0.44!538.?

    =181. Ujrgmn, MncrjfUrkoljij lm lfifs xfndzlmr ujrszromlj ujnsrz jhzmff cf`jrjnfmlj cj jpklz)

    fj 7 5=.5=.5? Jhzmff cf`jrjnfmlj 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms n sffnj`fwfhk)imsjimsfhj + Mncrjf Ujrgmn 2 Znfp. cj Xsms cfn Iklckpm. Ha. 7 X. n., ?551. ?6 u. 2 ?= hi.

    Ofolfkdr.7 u. ?8)?0 !?: sfs.R?551)=44 SjwjY

    :=4.6:0!538.?

    =186. _kgnkpjmnz, DajkrdajSrmzimsfxijlj mockifnmlj n hmcrzl uklfsrmzimsfxijlkr7 umrsfhzlmrfsf

    jsfkumskdjnjsfhj, mldkrfsi cj cfmdnkxsfh f imnmdjijns ijcfhk)hafrzrdfhml 7=3.55.?4 hafrzrdfj 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms n ijcfhfn + Dajkrdaj_kgnkpjmnz 2 Ifn. Xnsff ml _ju. Iklckpm, Znfp. cj Xsms cj Ijcfhfn f @mrimhfj/Nfhklmj Sjxsjifmnz/. Ha. 7 X. n., ?551. :? u. 7 `fd., `fd. hklkr, smo. 2 ?= hi.

    Ofolfkdr.7 u. 3:)36 !:1 sfs.R?551)=:5 SjwjY

    0=4.::)55=)54)516!538.?

    =135. Xsjumnkp, PjmhjxlmpZhrmfnjnff cfn Iklckpm 7 cfnmifhm fcjnsfsflkr jsnfhj f hfpfhj !mnff =616)

    ?55: 7 Xujh. 7 54.55.54 Jsnklkdfj, mnsrkuklkdfj hzlszrml f fxskrfh CA??.54.55.54 5?' 7 Mzskrj`. ml sjwjf cj ckhskr amoflfsms n sffnj fxskrfhj + PjmhjxlmpXsjumnkp 2 Mhmc. cj sffnj m Iklckpjf, Fnxs. Umsrfiknfzlzf Hzlszrml. Ha. 7 X. n.,

    ?551. :6 u. 2 ?= hi.Ofolfkdr.7 u. :?):: !8? sfs.

  • 7/23/2019 BNM 9-2008

    59/244

  • 7/23/2019 BNM 9-2008

    60/244

  • 7/23/2019 BNM 9-2008

    61/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    0=

    Ofolfkdr.7 u. =1)?5 !=6 sfs.R?551)=06 SjwjY

    :34.:61.5:!538.?

    =1:=. Aizrmrz, ImrfmXujhf`fhzl mnsrjnrff _juzolfhff Iklckpm n urkhjxzl hrjrff nkff jhknkiff 7

    Xujh. 51.55.5= Jhkn. uklfsfh 2 ckhsrfnj jhkn. 7 Mzskrj`. ml sjwjf cj ckhskr n jhkn.+ Imrfm Aizrmrz 2 Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Ha. 7 X. n., ?551!UrjxxUrfns)XC. ?3 u. 7 `fd., smo. 2 ?= hi.

    Ofolfkdr.7 u. ?= !=3 sfs.R?551)=:6 SjwjY

    885.=5=!341!538.?

    =1:?. Flfmcf)Szlozrj, Hkrfnm_jsmrczl cj cjwpklsmrj fnsrmzsjrfn !_CFZ ml `szlzf7 mxujhsj hknsjiukrm)

    nj cj cfmdnkxsfh f ijskcm kusfi cj `fnmlfwmrj m xmrhfnff 7 =3.55.5= Koxsjsrfh fDfnjhklkdfj 7 Mzskrj`. ml sjwjf cj ckhskr n ijcfhfn + Hkrfnm Flfmcf)Szlozrj 2 FnxsfszfmIjcfhk)Xmnfsmr Uzolfh, Fnxs. cj Hjrhjs. s. n Ckijnfzl Khrksfrff Imijf f Hkuflz)lzf. Ha. 7 X. n., ?551. ?3 u. 7 `fd., smo. 2 ?= hi.

    Ofolfkdr.7 u. ?5)?= !=3 sfs.R?551)=48 SjwjY

    0=1.88)548"0=1.:)516.111.0=!538.?

    =1:8.

    Ljucms, Jljnm)CkfnmHmumhfsmsjm gzrfcfh n crjuszl urfpms rkinjxh 7 Mxujhsj fxskrfhk)gzrfcfhj,sjkrjsfhj f ljdfxlmsfpj 7 =?.55.5= Sjkrfm djnjrml m crjuszlzf 2 Fxskrfm xsmszlzf fcrjuszlzf 2 Fxskrfm ckhsrfnjlkr uklfsfhj f cj crjus 7 Mzskrj`. ml sjwjf cj ckhskr n crjus +Jljnm)Ckfnm Ljucms 2 Mhmc. cj sffnj m Iklckpjf, Fnxs. cj Fxskrfj, Xsms f Crjus. Ha. 7 X. n., ?551. ?8 u. 2 ?= hi.

    Ofolfkdr.7 u. ?= !== sfs.R?551)=41 SjwjY

    83=.6!361!538.? 9 =8:+=

    =1:3. Ikrmrf, DmlfnmHknsmoflfsmsjm hknxzizrflkr f hmlhzlmfm hkxszlzf n urkczhfj `mrimhjzsfh7 Xujh. 51.55.=? Hknsmoflfsmsj 2 mzcfs 2 mnmlfw jhknkifh 7 Mzskrj`. ml sjwjf cjckhskr n jhkn. + Dmlfnm Ikrmrf 2 Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Ha. 7 X. n.,?551. ?4 u. 7 smo. 2 ?= hi.

    Ofolfkdr.7 u. ?3 !=5 sfs.R?551)=08 SjwjY

    0:4.3470=:.=?!538.?

    =1::. Ikrkf, Smimrm

  • 7/23/2019 BNM 9-2008

    62/244

  • 7/23/2019 BNM 9-2008

    63/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    08

    =105. Xmgfn, FzrfjHknsmoflfsmsjm f mzcfszl cjhknsrflkr hkijrhfmlj 7 Xujh. 51.55.=? Hknsm)

    oflfsmsj 2 mzcfs 2 mnmlfw jhknkifh 7 Mzskrj`. ml sjwjf cj ckhskr n jhkn. + Fzrfj Xmgfn 2

    Mhmc. cj Xszcff Jhkn. cfn Iklckpm. Ha. 7 X. n., ?551 !Sfukdr. Cju. Jc.)Uklfdr. mlMXJI. ?8 u. 2 ?= hi.Ofolfkdr.7 u. ?5 !1 sfsR?551)=0? SjwjY

    0:4.?.5=0!538.?

    =10=. Xhlf`kx, MlfknmXszcfzl zsflfwrff fndrjcfjnsjlkr cfn mrjmlzl Iklckpjf lm `morfhmrjm ozszrflkr

    smrf 7 Xujh. 5:.=1.54 Sjanklkdfm ozszrflkr mlhkklfhj f njmlhkklfhj 7 Mzskrj`. mlsjwjf cj ckhskr n sjan. + Mlfknm Xhlf`kx 2 Fnxs. Nm. ujnsrz Pfsfhzlszr f Pfnf`fhmfj.

    Ha. 7 X. n., ?551. ?8 u. 7 `fd., smo. 2 ?= hi.Ofolfkdr.7 u. =6)?5 !=8 sfs.R?551)=:0 SjwjY

    008.184.=7088.11!341!538.?

    =10?. iomlfzh, NfnmXszcfzl urkhjxjlkr cj xkrofj m znkr xzoxsmnj nkhfpj f jlmokrmrjm xhaj)

    ijlkr sjanklkdfhj cj juzrmrj m mujlkr rjwfczmlj 7 ==.55.== urksjhfm ijcfzlzfmiofmns f `klkxfrjm rmfknml m rjxzrxjlkr nmszrmlj 7 Mzskrj`. ml sjwjf cj ckhskr nhafifj + Nfnm iomlfzh 2 Znfp. cj Xsms cfn Iklckpm. Ha. 7 X. n., ?551 !Sfukdr.

    /Jljnm)P.F./ X_L. ?3 u. 7 `fd., smo. 2 ?= hi.Ofolfkdr.7 u. ?5)?8 !8? sfs.R?551)=03 SjwjY

    00=.=18.?70?1.:!538.?

    =108. Zrxmhaf, JzdjnfzHjrhjsmrjm urkoljijlkr uklfsfhff jhknkifhj rjdfknmlj n _juzolfhm Iklck)

    pm 7 Xujh. 51.55.5= Jhknkifj uklfsfh 2 Ckhsrfnj jhknkifhj 7 Mzskrj`. ml sjwjf cjckhskr n jhkn. + Jzdjnfz Zrxmhaf 2 Znfp. cj Xsms cfn Iklckpm. Ha. 7 X. n., ?551!Sfukdr. /UrjurjxxUrfns)XC/. ?8 u. 2 ?= hi.

    Ofolfkdr.7 u. =6)?5 !== sfs.R?551)=:? SjwjY

    881.?8!341!538.?

    =103. Wdrhfomo, JljnmUrkoljim urjcfhmszlzf pjroml hkiuzx hz xjifmzqflfmrj ikcmlj n lfiom

    rkin mhszml 7 =5.5?.5= Lo. rki. 7 Mzskrj`. ml sjwjf cj ckhskr n `flklkdfj + JljnmWdrhfomo 2 Znfp. cj Xsms cfn Iklckpm, @mh. cj Lfsjrj. Ha. 7 X. n., ?551. ?8 u. 2?= hi.

    Ofolfkdr.7 u. ?5 !1 sfs.R?551)=46 SjwjY

  • 7/23/2019 BNM 9-2008

    64/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    03

    1==.=8:.=$804.88?.4!538.?

  • 7/23/2019 BNM 9-2008

    65/244

  • 7/23/2019 BNM 9-2008

    66/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    00

    Hfkhmnz, Ifamf !rjc. =430Hfkro, Hknxsmnsfn !rjc. =41:Hfzoksmrz, Mcrfmn !ufhs. =1==Hfzozhhfz, Plmc !hknxzlsmns =188Hfzarff, Xjrdajf =446Hfzimh, Cmnfjlm !rjc. =4??Hkhfzd, Pfhskrfm =041Hkcrjmnz, Fdkr =1?4Hkgkhmrz, Pmcfi !rjc. =030)34, =006)45Hklonjmh, Mljqjf !=03=2 !ufhs. =1=6Hklumgfz, Ifrhjm =483Hklziomn, Jljnm Imrfm =413Hklziomn, Ujsrz @flfmn !mlhs. =413Hknxsmnsfnkp, Smsfmnm !krdmnfwmskr =484

    Hkrhfnxhaf, Nfnm =13:Hkrhkcjl, Mnm !rjc. =435Hkrkomn, Pfsmlfj !hkl. xjr. =1=1Hkhkcmn, Cfmnm !srmc. =4?:Hkslz, Imrfm =46:Hkpmljnhk, Fkn =081Hkwmrf, Szckr =435Hkwknmh, _jnmsm !mlhs., cjxfdn =03?Hrjmnd, Fkn =1=6Hrjmnd, Pfhskr =415

    Hrkfskr, Dajkrdaj =183Hzgo, _kcfhm !srmc. =084Hzsmxjpfhf, Mndjlm =4?0

    C

    Cmifmn, @lkrfn !krdmnfwmskr =4?4Cmnmfl, Xjrdfz !rjc. =41:Cmrmczr, Nmsmlfm M`mnmxfj =130)34Cmrmdmnhjm, Lmrfxm !rjc. =031Cnfl, Fkmnm !srmc. =1=1

    Cnfl, Xkrfnm !hkkrc. =008Cnfl, Mzrjlfmn =086Cjxjmsnfhkpm, Kldm =43:Cfmhknz, Xsjlm =453)5:, =4?8)?3Cfmhknz, Mnsknfnm !ndrfgfrj jc. =1=5Cfim, Dmorfjlm !srmc. =036, =0:=):?,

    =0:3Ckldmn, Ifamfl !hkkrc., rjc. =035Cknfhf, Fzrfj =156Crz, Fkn !=035

    J

    J`sfifz, Pfhskr =1?5Jmnz, H. !rjc. =00:)00

    @

    @mofjnnj, Ikrjl =1=1@jzrm, Jzdjnfm !rjc. =030)34, =006)45@flfu, Fzlfmn =086@khm, Fzrfj !`ks. =086, =0::@khm, Lzciflm =414, =416@krnjm, Smimrm !rjc. =031@zrczf, Xjrdfz =06?

    D

    Dm`skn, Lkrjsm =463Dmlmgz, Fkn =010Dmlojn, Xpjslmnm =4?8)?3Dmlojn)Umnhfzh, Wfnmfcm =453)5:, =4?8)

    ?3Dmljhaf, Ujsrz !=4:8Dmnjm, Drfdkrj =445Dmnjnhk, Mljqmncrz =188Dajkrdaf, sj`mn =4:3

    Dfrkifnf, Imrdajrfsm =0:=Dxhm, N. =46?Dklkhjmlkpm, Frfnm =400Dklzo, Szckr =18=Dklzo, Pmljnsfn =18=Dkrf, Hlmzcfm =0:?Dkrkofjpxhaf, Xpjslmnm =04:Drmzr, M. !urj`. =441Drfhfzh, _jdfnm !mlhs. =06?Drfimlxhaf, Sjkckr !rjc. =41:

    Drfnfhk, Dmlfnm =131Drkxzl, Lzciflm =411Dzcfim, Mljqmncrz Umpjl =136):5Dzczimh, Pmljnsfn =43:Dzdlfjlijssf, Mlojrsfnm =0:=Dzrfjp, Pmljnsfnm !mlhs. =035Dzrxhaf, Hknxsmnsfn =06?Dzz, Plmcfifr !ndrfgfrj jc. =4=?Dzzzf, Pjmhjxlmp =015

    A

    Amhaf, Ifamf !jqujrs =45?

  • 7/23/2019 BNM 9-2008

    67/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    04

    Amndmnz, Mzrjlfm =468Amndmnz, Fkn !mlhs. =150Amrjl, iflfj !ufhs. =1=1Aizrmrz, Imrfm =1:=Anhz, _kcfhm !rjc. =030)34

    F

    Fmhafikp, Xjrdajf !hkkrc. =06=Fmrkpkf, Pmljnsfnm =4?=Fmxfnxhaf, Fzlfm =450)54Fmxsrjixhaf, Pfrdfnfm =465Fdnmsfzh, Fzlfm =414, =416Flfmcf)Szlozrj, Hkrfnm =1:?Fknjxhz, Ifamjlm !jqujrs =4=?Fkrchajxhz, Fzlfm =464Fkpz, Fmhko !`ks. =188Fxsrmsf, Mncrjf =06=Fpmnkp, Pfkljsm !krdmnfwmskr =484

    G

    Gmljnhz, Imrfmn !rjc. =043Gjljxhz, Ujsrz =4=8Gjljxhz, _mfxm =4=8Gzh, Pfhskr =003

    B

    Bmns, X. =40:Bkimrnfbmfm, Mnm !`ks. =0::Bkrkljpxbf, Xpjslmnm !hkkrc. =1?3Bzlfbkpxbf, Jpdajnf !`ks. =18=

    L

    Ljmnhm, F. =46?Ljucms, Jljnm)Ckfnm =1:8Lkomnkp, Nmsmlfm =014, =18:Lkwkpmnz, Hknxsmnsfn =011Lzndz, Jzdjn !rjc. =435Lzndz, Pmljnsfnm =4=3)=:2 !hknxzlsmns

    =4=0)=42 =48:Lzumn, Czifsrz =4:0Lzumhz, S. =433Lzuz, Flfj =450)54

    I

    Imlmf, Hrfxsfnm !mlhs. =06?Imlk`jjpm, N. N. =0:8

    Imiks, Jzdjn =41?Imrcmrj, Fdkr =180Imrfn, Imrfmnm =461)66Imrsnfzh, Frfnm !ndrfgfrj jc. =04:Imwflz, Pmljnsfnm =451Ishz, Imsjf !=1?1Ijljhm, Mnmskl !hkkrc. =4:1Ijlnfh, Plmcfifr !ufhs. =0::Ifamlmhaj, Nfnm !jqujrs =45?Ifrkn, Xpjslmnm !mlhs. =03=

    Ifhkf, Dajkrdaj !rjc. =001Ifsfsjlz, Lkrm !srmc. =4?3Incrz, Xjrdfz !ufhs. =4=0)=4Irwm, X. =40:Ikamnz)Lkpfsjmnz, Hknxsmnsfn !mlhs.

    =1?5Iklckpmnz, Dajkrdaj =184Ikrmrf, Dmlfnm =1:3Ikrmrz, Mnmskl =1==Ikrmrz, Mnhm !srmc. =033

    Ikrmrz, Sjkckr =48:Ikrkf, Smimrm =1::Ikrkw, Ujsrz !=436Ikpfljmnz, Pmxflj !ufhs. =441, =1??Iznsjmnz, Mndjlm !hkkrc. =060)64

    N

    Nmxsmx, Fdkr =4:?Nmpklkmh, Wfnmfcm =4?5Njhzlhj, Nfnm !rjc. =1?0

    Njckpm, Frfnm =1:0):4Nfhklmj, Jzdjn !rjc. =0::Nfhklmjxhz)Knk`rjf, Lflfmnm !hkkrc.

    =461)66Nfhz, Cmn =18?Nfhzlhjm, Smsfmnm =461)66Nfbklmjpm, Gmnnm !mlhs. =035

    K

    Kckljmnz, Nmsmlfm =45?

    Kfnjmdrm, Pmxflj =1:1Klffnb, Fmrkxlmp !ufhs. =153)5:

  • 7/23/2019 BNM 9-2008

    68/244

  • 7/23/2019 BNM 9-2008

    69/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    06

    iomlfzh, Nfnm =10?kum, Szckr =188zlmn, Ljknfc !`ks. =18=zrhmnz, Dajkrdaj =483)8:zrhmnz, Fmnk =1??zrhmnz, Pfkrjl =400

    Z

    Zrxmhaf, Jzdjnfz =108Zrxz, Mncrjf !krdmnfwmskr =484Zrxz, Lzciflm =450)54, =4?1

    P

    Plhz)hafkuz, Imrhjlm =1?8Pmrwmrf, Jljnm =468Pfshz, Czifsrz !urj`. =185Plhz, Nmsmlfm !mlhs. =06?Pkljnsfr, _. =46=Pklknsfr, Nfnm =484Prnhjmnz, Imrfm !jqujrs =4=?Pzluj, Mnm =013Pzluj, Xjrdfz Fzrfj =1=3

    W

    Wmofmhk, Kljxjm !mlhs. =03?Wdrhfomo, Jljnm =103Wijjp, Umpjl !ufhs. =1=6)?5

    , !. =418, 35

    , ! =4=6, !.=44:)40

    , !.=44:)40

    , . . =155, ! =4=6, !. =01?, =4?6, . . !. =15=

    , !. =0:0):4,=0:6)0=

    , !. =448, ! =4=6

    , . . !. =440, !.

    =44:)40, =4?:), =4?:, =1=:

    , =434, !. =1=4, !. =448, !. =4=:, =4=4, =418, =404, ! =4=6

    , =4?:, =404

    , !. =444, . . !. =15=, . . =155, =084, . . !. =15=, =418

    , ! =155, ! =4=6

    , =1?6, ! =155, =1=0, =434, !. =0:1, . !. =01=, =018

  • 7/23/2019 BNM 9-2008

    70/244

  • 7/23/2019 BNM 9-2008

    71/244

    Ofolfkdrm`fm Nmfknml m Iklckpjf Nmsfknml Ofolfkdrmuav k` Iklckpm

    4=

    Fncjq cj sfslzrf lm /Hrknfhm hrff/ Nr 6)?551

    Mhmcjifhfmnzl Fkn Crz =035Mhszmlfsf n jsfklkdfm, umskdjnfm, urk`flm)qfm, cfmdnkxsfhzl f srmsmijnszl szojr)hzlkwjf f m`jhfznflkr uzliknmrj njx)ujhf`fhj =4:=

    Mdlmfm 7 _kimn mnknfi cfn xjhklzl mlQFQ)ljm =15?

    Mdrfhzlszrml Mslmx =4:4Mljqjf Hklonjmh =03=Mnmlj sffnf`fhj =43=)38

    Mnmljlj Mhmcjifjf cj Xszcff Jhknkifhjcfn Iklckpm =001Mnmljlj sffnf`fhj mlj Znfpjrxfsff cj Xsms

    cfn Iklckpm =031Mnmljlj sffnf`fhj mlj Znfpjrxfsff cj Xsms

    cfn Iklckpm =4??Omwm ljdfxlmsfp f nkrimsfp m _juzolfhff

    Iklckpm n ckijnfzl sffnjf f fnkprff=06:

    Omwjlj cj hmlhzl f cj urkfjhsmrj mljzsflmgzlzf sjanklkdfh cfn fnczxsrfm mlf)ijnsmr =445

    Ofolfkdrm`fm Nmfknml m Iklckpjf =03?Hmrsj cj sjlj`kmnj.

    ) _mfknzl Omxmrmojmxhm =4:6) _mfknzl Hmnsjifr =405) _mfknzl Dlkcjnf =40=) _mfknzl Ljkpm =40?) _mfknzl Krajf =408

    Hjrhjsmrj f cjwpklsmrj n OfolfksjhfljNmfknmlj mlj _kinfjf f _juzolfhffIklckpm =033

    Hkn`jrjnhj /Imsajimsfhx & Fn`krimsfknSjhanklkdfjx7 rjxjmrha mncjczhmsfkn/ !IFS_J)?551, Haffnz,Khskojr =)3, ?551 =4?4

    Hkn`jrjnfmr znfpjrxfsmr sj`mn Ulzdmrz.Jnwfikfncfhmfm jnsjrkomhsjrfflkr hzmgzskrzl znkr ijskcj f urkhjcjj rm)ufcj =4:5

    Hkn`jrfnm sffnf`fh fnsjrnmfknml /Hrj)

    sjrjm hkiujsfsfpfsff f cjwpklsmrjm

    jhknkifjf omwmsj uj hznkmsjrj/ !?1)?6 xjus. ?554 =006)45Hkn`jrfnm sffnf`fh Fnsjrnmfknml /Cjw)

    pklsmrjm m`mhjrflkr n JzrkrjdfznjmXfrjs Urzs Nfxsrz7 rjmlfwrf f ujr)xujhsfpj/, 8)3 khs. ?551, Haffnz=043

    Hkndrjx sffnf`fh fnsjrnmfknml /Xsrmsjdffcj cjwpklsmrj m xukrszlzf ujnsrz skf fomwjlj ljdfxlmsfpj mlj ckijnfzlzf hzlsz)

    rff `fwfhj f xukrszlzf n rflj HXF/, ?3)?: xjus. ?551, Haffnz =41:Hrjsji imrf n _juzolfhm Iklckpm

    =060Hzljdjrj cj aksrrf f cjhfwff ?554 =065Cfifsrfj Hmnsjifr 7 Cfijnxfznf mlj znf)

    pjrxfsff =1?3Jndlfxa `kr vkz =414Jqukwffj Fnsjrnmfknml Xujhfmlfwms cj

    sjanfh ijcfhml, `mrimhjzsfh, xsk)imsklkdfj f zsflmgj ujnsrz fnxsfszffijcfhmlj /IklcNJCFWFN &IklcCJNS/, jc. m =3)m, 6)=?.56.?551,Haffnz =431

    @miflfm nkmxsr =066@fnmnmrjm jczhmfjf urjznfpjrxfsmrj 7

    hkxszrflj znjf imrf flzwff =046@krm cj iznh n _juzolfhm Iklckpm 7

    khzumrj f kimg ?551 =04?Dafczl hmcrjlkr cfcmhsfhj ujnsrz jczhmfm

    sfiuzrfj f urjhklmr =4=?Drktfnd zu fn saj _juzolfh k` Iklckpm

    =064Fn`krimsfhm =081Fnsjrnmsfknml xszcfjx. Pfjtx `rki Iklck)

    pm =00:)00Fnpfs Imrfm Ofjz =41=ndrfgfrjm umlfmsfp m umhfjnflkr hz

    AFP+XFCM =4:3Lmokzr `krhj fn saj _juzolfh k` Iklckpm 7

    jiulkvijns mnc znjiulkvijns ?551

    =04?

  • 7/23/2019 BNM 9-2008

    72/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    4?

    Lmokzr Imrbjs fn saj _juzolfh k` Iklck)pm fn ?554 =048

    Lj `rmnmfx `ljzrfs Xfuksjnf =1=5Lzhrrf urmhsfhj lm Mnmskifm Kizlzf

    =433Imdfh jndlfxa =416Imsjrfmljlj hkn`jrfnjf fnsjrnmfknmlj

    /Fnsjdrmrjm jzrkujmn f npinszlznfpjrxfsmr7 mxujhsj `flkxk`fhk)ijskcklkdfhj/, ?8)?3 nkfjiorfj ?554=03:

    Ijcfzl djkdrm`fh ml _juzolfhff Iklckpm=484

    Ikcjlj cj mhsj gzcjhskrjsf n urkhjxzl

    ujnml =06?Iklcurjxm =038Nmsfknml Ofolfkdrmuav k` Iklckpm =03?Krmzl nkxsrz =455Ujcmdkdzl f xmpmnszl Imsjf Ishz =1?1Ufmm `krjf cj iznh n _juzolfhm Ikl)

    ckpm n ?554 =048Ukpjsflj lzf Ski Cjdjjl fxskrfxfsj n

    lzijm nsrjmd =1=1Urk`jxkr znfpjrxfsmr Ujsrz Dmljhaf. Umr)

    sfhzlmrfsflj jpklzfjf n jqujrfjn murkhjxzlzf fn`jhfkx hmzwms cj xsm`flk)hkhf mnsfofkrjwfxsjnf f fn`lzjnm lzfmxzurm ujnfhflfnksjrmufjf =4:8

    Urk`jxkr znfpjrxfsmr Ujsrz Ikrkw. Urk`flm)qfm hafrzrdfhml n krskujcfm f srmzim)sklkdfm ujcfmsrfh =436

    _jdfxsrzl ijiorflkr Hmijrjf cj Hkijrf Fnczxsrfj m _juzolfhff Iklckpm =040

    _jdljijnsmrjm gzrfcfh m iurzizszrflkr

    kolfdmskmrj iznfhfumlj cfrjhfj cjmurk`zncmrj m cjxhjnsrmlfwrff `fxhmljn _juzolfhm Iklckpm =015

    Xnsmsjm uzolfh n Iklckpm, mnzl ?554=430

    Xhfjnhj & Jczhmsfkn Uklfhfjx =08:Xhfjnsf`fh Mnnmlx =43=)38

    Xfiukwfknzl fnsjrnmfknml ml sfnjrflkrhjrhjsskrf =030)34

    Xkrkhm =1?0Xszcff Fnsjrnmfknmlj. Pfwfznf cfn Iklckpm

    =00:)00sffnj =453)5:Sjxsj lm `fwfh. Ijhmnfhm =48:Saj ljdml mnc nkrimsfpj omxfx k` _juzo)

    lfh k` Iklckpm fn xhfjnsf`fh mnc fnnkpm)sfkn `fjlc =06:

    =0:0) )

    =01? =0:4

    =0:1 =0:6 =005 =44: )

    =440

    / ) )

    /, ?3)?: xjus. ?551, Haffnz=41:

    =434

    ) =06:

    =4?: =4=1

    =1?6

    =4=6 . ) 7 . 3 =15=

    =00= & =448 =403

  • 7/23/2019 BNM 9-2008

    73/244

  • 7/23/2019 BNM 9-2008

    74/244

    Hrknfhm hrff Nr 6)?551 Okkb mnnmlx Nr 6)?551

    43

    Jczhmfj sfiuzrfj f urjhklmr Dafc=4=?

    Jnhfhlkujcff Urjhklmrf =0:8Jnhfhlkujcff ujnsrz hkuff Fxskrfj =0::@mrimhjzsfh =43=@jijf n fxskrfj Hmrsj ujnsrz hkuff

    =0:?@jxsfpmlzl fnsjrnmfknml ml pjcjsjlkr cj

    kujr f omljs, ?551 Haffnz =41=@flkxk`fm crjuszlzf =011@fnmnj Cfhfknmrj =04=, =013@fnmnj nsrjurfncjrff !rzx =01=@fnmnj uzolfhj npins urjznfpjr)

    xfsmr =046

    @fwfh Sjxsj =48:@fwfh =483@lzszrf Jnhfhlkujcff =435Dmljhaf, Ujsrz, =681)?553, ijcfh fn`jh)

    fknfxs Ofkdrm`fj =4:8Djkdrm`fm ijcfzlzf =1?4Djkdrm`fj `fwfh _juzolfhm Iklckpm

    Ijskcfhm urjcrff =45?Djkuklfsfhm lziff hknsjiukrmnj =00?Djkuklfsfh Xsmsjlj Znfsj mlj Mijrfhff

    _zxfm =008Amwmrczrf nmszrmlj _juzolfhm Iklckpm

    =484AFP+XFCM =4:3Akrjsf Xmsj _mfknzl Fmlkpjnf Fxsk)

    rfj =188Fn`krimsfh =081Fnsjdrmrjm jzrkujmn f npinszl

    znfpjrxfsmr7 mxujhsj `flkxk`fhk)ijskcklkdfhj Hkn`jrfn fnsjrnmfk)

    nml =03:Fnpjnff Hmrsj ujnsrz hkuff =036iurzizszl kolfdmskrfz iznfhfuml =015npins urjhklmr !rzx =4=:, =4=4)

    =1npins urjhklmr =4=3, =4=0npins znfpjrxfsmr Fnsjdrmrj jzrk)

    ujmn =03:Lfiom jndljw Hmrsj ujnsrz hkuff =0:=Lfiom jndljw Cfhfknmrj =465

    Lfiom jndljw Drmimsfh =410Lfiom jndljw =114)16, =46?

    Lfiom jndljw ujnsrz hlmxjlj urfimrj=46=

    Lfiom `rmnhjw Ijskcfhm urjcrff !`r.=45=

    Lfiom `rmnhjw Xfnknfij Cfhfknmrj=463