[GK\A@F 8 > HYY]@KEG \EÁ@]AXWG

A- Lába
Lábafa
fata
ta`f
`f gt `mng
`mngkt
ktaabs l‑uf
l‑ufgg hfhd
hfhdys
ysgg strh
strhtá
tája
jaqu
qugg

\`utg lákasa`f l‑afvgstassgcgft rhas`ffhmdg rgp`sg sur ufg átulg práhdhmdg l‑gfvar`ffgcgft
aftgrfg gt gxtgrfg l‑gftrgprasg p`ur rgss`rtar lgs rásudthts
r ásudthts qua v`ft îtrg uf sajfhd kdhar lg d‑átht
hktugddg gt buturg l‑uf sgktgur, kgttg láchrkeg `f d‑hppgddg d‑hfhdysg sgkt`ragddg, gddg pgrcgt lg
ráp`flrg é ufg qugsta`f b`flhcgfthdg > k`ccgft uf sgktgur gst ráhdasá , gt p`ur sg bharg `f sg
mhsg sur lgs afb`rchta`fs pumdaqugs qu‑`f pgut dgs tr`uvgr s`at lhfs ufg hjgfkg
j`uvgrfgcgfthdg,
j`uvgrfgcgfthdg, s`at lhfs lgs hss`kahta`
hss`kahta`fs
fs pr`bgssa`ffgddgs `u gfk
gfk`rg
`rg lhfs lgs pdhtgb`rcgs
pdhtgb`rcgs
lg rgkegrkegs
rgkegrkegs hkhlácaqu
hkhlácaqugs,
gs, p`ur hrravgr é átulagr dgs jrhflgs tg
tgflhfkgs
flhfkgs lg
lg sgktgur qua s`ft
dh kr`asshfkg gt aftgfsatá k`fkurrgftagddgs, d‑áv`duta`f gt ehmatulgs lg k`fs`cchta`f gt
gbbakagfkg l‑uf sgktgur, gf baf `f vh hrravgr l‑hv`ar uf `pafa`f lg sg dhfkgr `u f`f lhfs uf
tgd sgktgur

D‑aftárît lg kgttg hfhdysg sgkt`ragddg gst prgcaårgcgft lg lák`uvrar dh ráhdatá lg tgrrhaf, lg

lájhjgr dgs prafkaphdgs khrhktárastaqugs qua k`cp`sgft uf sgktgur gt lg prgflrg dh cgaddgurg
lákasa`f

Yhrca dgs kádåmrgs cáte`lgs qu‑`f utadasg p`ur hfhdysgr uf sgktgur `f h dg c`lådg lg 7 b`rkgs
k`fkurrgftagddgs lg Y`rtgr gt k‑gst dh cáte`lg kdhssaqug qua pgrcgt lg látgrcafgr dh strukturg
k`fkurrgftagddg gf sg mhshft sur d‑átulg lgs cgfhkgs qua pguvgft k`fbr`ftgr ufg gftrgprasg
lhfs uf sgktgur, gt p`ur hv`ar ufg vasa`f jd`mhdg qua fg dhassg pdus lg pdhkg hu ehshrl y h dg
c`lådg YG[\GD qua prgfls gf k`fsalárhta`f dg chkr` gfvar`ffgcgft lu sgktgur

Dg mut lg f`trg trhvhad gst l‑hfhdysgr dh satuhta`f lg sgktgur hut`c`madg, f`thccgft dg jr`upg
]GFHWD\ qua gst phrca dgs gftrgprasgs átrhfjårgs qua s`ft prásgfts hu Chr`k kg ke`ax vagft
lu bhat qug d‑aflustrag hut`c`madg chr`khafg h k`ffu uf gss`r trås rgchrquhmdg, surt`ut kgs
lgrfaårgs hffágs, gddg rgprásgftg d‑uf lgs sgktgurs dgs pdus lyfhcaqugs lu tassu ák`f`caqug
chr`khaf, dg Chr`k gst dg lguxaåcg pr`luktgur lg váeakudg gf Hbraqug hprås d‑Hbraqug lg [ul

8
 AA
AA-- Yrás
Yrásgf
gfth
thta
ta`f
`f lu
lu sgk
sgktg
tgur
ur hut`
hut`c`
c`ma
madg
dg hu Chr
Chr`k
`k

D‑aflustrag hut`c`madg rgprásgftg prås lg 7% lu YAM aflustragd, hssurg 8<% lgs gxp`rthta`fs
af
aflu
lust
strag
ragdd
ddgs
gs qua
qua k`cp
k`cp`s
`sgf
gftt uf
ufgg jrhf
jrhflg
lg ph
phrt
rtag
ag lg d‑
d‑ák
ák`f
`f`c
`cag
ag chr`
chr`kh
khaf
afg.
g. Dg sg
sgkt
ktgu
gurr
l‑hut`c`madg k`cp`rtg 85; ufatás aflustragddgs ráphrtags gftrg \hfjgr (<;%), Khshmdhfkh
(;1%) gt Ogfatrh (:%) hvgk 8<7 gftrgprasgs s`ft láné `párhta`ffgddgs gt ;5 gf k`urs lg
láchrrhjg `kkuphft prås lg 8;9 999 pgrs`ffgs gf gcpd`as. D‑aflustrag hut` sg k`fsalårg
k`ccg dg 8gr k`fstruktgur gf Hbraqug lu F`rl, dg sgktgur hut`c`madg gst lgvgfu dg prgcagr
sgktgur gxp`rthtgur hu Chr`k lgvhft dg sgktgur cafagr (gxp`rthta`fs lg pe`spehtg).

D‑hktavatá lg c`fthjg lgs váeakudgs phrtakudagrs gt utadathargs dájgrs s‑algftabag prhtaqugcgft é

Dh [@CHKH (`u s`kaátá chr`khafg lg k`fstrukta`f hut`c`madg > gst ufg s`kaátá hf`fycg
látgfug é prît lg 59% phr ]gfhudt ― l`ft prås lg :=% phr ]gfhudt shs gt 5% phr ]gfhudt
Chr`k‑ gt =9% phr Y[H 8) qua hssurg rákgccgft, hprås d‑ákeáhfkg lg dh k`fvgfta`f lg dh
v`aturg ák`f`caqug hvgk Baht, dg c`fthjg lgs chrqugs Katr`ïf gt ]gfhudt p`ur dgs váeakudgs
utadatharg dájgrs. Kgttg s`kaátá hssurgrh ájhdgcgft d‑hssgcmdhjg lg dh chrqug ]gfhudt p`ur dgs
váeakudgs, phrtakudagr é phrtar lg d‑hffág =997, lhtg lg casg gf vajugur lg dh k`fvgfta`f
p`rthft sur dh f`uvgddg
f`uvgddg v`aturg ák`f`caqug
ák`f`caqug D19.

Dg c`fthjg lgs váeakudgs lu p`als d`url gst hssurá phr dgs ufatás l‑hssgcmdhjg lg chrqugs
`párhft lhfs dg Chr`k. Yhr kgs bhmrakhta`fs, dh chn`ratá lgs chrqugs aftgrfhta`fhdgs s`ft láné
prásgftg, t`us kgs váeakudgs s`ft acp`rtás gf oat gt dg thux l‑aftájrhta`f lg paåkgs bhmraquás
d`khdg
d`khdgcgf
cgftt gst rgd
rgdhta
htavgc
vgcgft
gft bhamdg
bhamdg.. Ad s‑h
s‑hjat
jat pra
prafka
fkaph
phdgc
dgcgf
gftt lg pfgus,
pfgus, mhttgr
mhttgrags
ags gt hutrgs
hutrgs
hkkgss`ar
hkkgss `args.
gs. Dg
Dgss paå
paåkgs
kgs lg rgk
rgkehf
ehfjgs
jgs s`f
s`ftt ájh
ájhdgc
dgcgft
gft acp`rt
acp`rtág
ágss gt lastra
lastramuá
muágs
gs phr dgs
lastramutgurs `bbakagds. D‑hktavatá lg khrr`sshjg gst hssurág phr dgs khrr`ssagrs fhta`fhux, gf
hss`kahta`f hvgk lgs phrtgfhargs aftgrfhta`fhux.

Y[H Dg jr`
jr`upg
upg Y[H (sa
(sajdg
jdg lg Ygujg`
Ygujg`tt s`k
s`kaát
aátá
á hf`
hf`fyc
fycg)g) áth
áthat
at uf k`f
k`fstr
strukt
uktgur
gur hut`c`
hut`c`madg
madg brhfêhas
brhfêhas qua
k`cprgfhat dgs chrqugs hut`c`madgs Ygujg`t, Katr`ïf, hafsa qu'@pgd gt Rhuxehdd lgpuas dg rhkeht lg dh lavasa`f
gur`págffg lg Jgfgrhd C`t`rs gf chrs =98:. Y[H Ygujg`t Katr`ïf
Ka tr`ïf gst lgvgfu dg jr`upg Y[H dg 7 hvrad =982.

=
 AAA-- K`flat
AAA K`flata`f
a`fss l
lgg mhsg
mhsg lu sgk
sgktgu
tgurr hhut`
ut`c`m
c`madg
adg hu Chr`k
Chr`k

Dg Chr`k gst dg prgcagr eum lg k`fstrukta`f sur dg k`ftafgft Hbrakhaf. D‑aflustrag hut`c`madg
hu Chr`k h k`ffu lgs lávgd`ppgcgfts p`satabs lgpuas dh kráhta`f lg dh prgcaårg s`kaátá
l‑hssgcmdhjg gt lg k`fstrukta`f hut`c`madg [@CHKH gf 8129. D‑hktavatá prafkaphdg sg
rásuchat hu c`fthjg gt é d‑hssgcmdhjg lg váeakudgs é phrtar lg paåkgs hut`c`madgs acp`rtágs
lgpu
lgpuas
as d‑át
d‑átrh
rhfj
fjgr
gr.. Hu cada
cadagu
gu lgs
lgs hffá
hffágs
gs 8119
8119,, dg Chr`
Chr`kk h lá lávg
vgd`
d`pp
ppáá uf
ufgg st
strh
rhtá
tája
jagg
l‑aftájrhta`f d`khdg gf bhmrakhft lgs k`cp`shfts gt hkkgss`args hut`c`madgs. H kgttg pára`lg,
dg v`ducg lg pr`lukta`f rgprásgfthat gfvar`f ;9.999 váeakudgs phr hf. H phrtar lg =98=, dg
sgktgur h k`ffu uf f`uvghu s`ubbdg gt dh khphkatá lg pr`lukta`f h httgaft <9=.957 váeakudg gf
=985 jríkg f`thccgft hux usafgs
usafgs lg ]gfhudt é \hfjgr gt é Khshmdhfkh. Kgs lgux usafgs `ft
pgrcas lg k`fs`dalgr dg rytecg lg pr`lukta`f. Dg Chr`k gst lgvgfu dg lguxaåcg pr`luktgur
lg váeakudgs gf Hbraqug. Dg Chr`k gst lgvgfug ufg pdhtgb`rcg aflustragddg httrhktavg, dg
prgcagr eum lg k`fstrukta`f gf Hbraqug jríkg é sgs ht`uts. Ydusagurs jrhfls jr`upgs
aflustrag
aflustragds
ds d‑`
d‑`ft
ft mag
magff k`
k`cpr
cpras
as tgds
tgds qug ]gf
]gfhud
hudt-Fa
t-Fassh
sshf,
f, Y[H
Y[H Ygujg
Ygujg`t-K
`t-Katr
atr`ïf
`ïf gt pdus
pdus
rákgccgft dg keaf`as MQL.

;
 h. Khrhktá
Khrhktáras
rastaq
taqugs
ugs lg d‑`bbrg
d‑`bbrg

D‑`bbrg lg d‑aflustrag hut`c`madg chr`khafg rgp`sg sur dh casg gf l‑ufg afbrhstrukturg lg

quhdatá hvgk quhtrg jrhflgs pdhtgb`rcgs aflustragddgs aftájrág > lgux qua máfábakagft lu sthtut

lg z`fg brhfkeg qua s`ft \hfjgr Hut`c`tavg Katy gt Ogfatrh Hut`c`tavg Katy, ufg é
Khshmdhfkh gt ufg é ]hmht. Lg pdus, dh casg gf pdhkg l‑ufg strhtájag lg b`rchta`f hlhptág hu
sgktgur h átá hkk`cphjfág phr d‑afsthddhta`f lg < afstatuts lg b`rchta`f spákahdaás hux cátagrs
lg d‑aflustrag hut`c`madg (ABCAH). Gfbaf, d‑Átht h k`ftramuá é d‑afsthddhta`f gt é d‑hkquasata`f
l‑áquapgcgfts vah dg B`fls Ehsshf AA p`ur dg lávgd`ppgcgft ák`f`caqug gt s`kahd hbaf lg
ráluarg dgs k`ÿts ádgvás lg d‑afvgstassgcgft afatahd. 59% lgs váeakudgs s`ft lgstafás hux
chrkeás gur`págfs (Brhfkg, Gsphjfg, Hddgchjfg gt Athdag) ? dg rgstg gst gxp`rtá gf \urquag gt
lhfs dgs phys hrhmgs.

D‑`bbrg lg d‑aflustrag hut`c`madg pgut îtrg sumlavaság gf lgux jrhflgs hktavatás é shv`ar dg
c`fthjg lu váeakudg gt dh bhmrakhta`f lg paåkgs gt hkkgss`args.

a. C`ft
C`fthj
hjgg lu váea
váeaku
kudg
dg

Dgs jrhfls k`fstruktgurs hut`c`madgs d'`ft l'haddgurs magf k`cpras. ]gfhudt áthat láné prásgft é
trhvgrs dgs prafkaphdgs usafgs lg c`fthjg hut`c`madg lu phys. Dg dghlgr brhfêhas látagft gf
gbbgt 899 % lg dh [`kaátá Chr`khafg lg K`fstrukta`fs Hut`c`madgs ([`chkh), prås lg
Khshmdhfkh,, hafsa qug 7=,< % l'ufg usafg é Cgdd`ussh, lhfs dh z`fg brhfkeg lg \hfjgr.
Khshmdhfkh

D‑afhujurhta`f, gf bávragr =98=, lg d‑usafg ]gfhudt \hfjgr phr [C dg ]`a C`ehccgl RA h

k`fstatuá uf t`urfhft p`ur dg sgktgur hut`c`madg. Wf hf hprås dg láchrrhjg lg d‑hktavatá, dg
satg h l`umdá sh pr`lukta`f gt h bhmraquá pdus lg 899 999 váeakudgs. Gf gbbgt, ad s‑hjat lg dh
pdus jrhflg usafg hut`c`madg
hut`c`madg l‑Hbraqug l`ft dh pr`lu
pr`lukta`f
kta`f h láphssá dgs
dgs <99.999 váeakudgs
váeakudgs gf
=981.

Dg jr`upg Y[H Ygujg`t-Katr`ïf p`ssålg ufg usafg é Oáfatrh, `párhta`ffgddg lgpuas =981,
hvgk ufg khphkatá lg pr`lukta`f lg 899.999 váeakudgs phr hf gt p`ur `mngktab lg pr`luarg
=99.999 gf =9=9.

<
Dg jr`upg keaf`as MQL, spákahdasá lhfs dh c`madatá ádgktraqug h sajfá uf pr`t`k`dg l‑hkk`rl
hvgk dg Chr`k p`ur s`f acpdhfthta`f sur dg tgrrat`arg chas dg pr`ngt sgcmdg prgflrg pdus lg
tgcps qug právu.

aa. Bhmrak
Bhmrakhta
hta`f
`f lg p
paåk
aåkgs
gs gt hkkg
hkkgss`
ss`arg
argss

@f k`cptg 2 ák`syståcgs hut`c`madgs lgs áquapgcgftagrs >

 Gk`sys
Gk`syståc
tåcgg kí
kímdh
mdhjg
jg > paåkgs
paåkgs gt hk
hkkgs
kgss`a
s`args
rgs fá
fákgs
kgssha
sharg
rg p`ur
p`ur dh k`ffgk
k`ffgktaq
taqug
ug lg
lgss
hut`c`madgs ?
 Gk`syståcg cáthd gt gcm`utasshjg > `utaddhjgs gt tumgs gt hutrgs paåkgs gt hkkgss`args
fákgsshargs p`ur dh k`fstrukta`f lg váeakudgs ?
 Gk`syståcg mhttgrags ?
 Gk`sys
Gk`syståc
tåcgg aft
aftára
áragur
gur váe
váeaku
akudgs
dgs gt saå
saåjgs
jgs > pr`luk
pr`lukta`
ta`ff lg k`
k`cp`
cp`shf
shfts
ts lg saå
saåjgs
jgs
hut`c`madgs gt hutrgs ádácgfts l‑aftáragur lg váeakudgs tgds qug dh c`ussg, dg tgxtadg,
gtk. ?
 Gk`syståcg p`wgr-trhaf & c`tgur gt trhfscassa`f > hbbafhjg l‑hducafauc, usafhjg
c`tgur, b`flgrag b`ftg ?
 Gk`sys
Gk`syståc
tåcgs
gs p`als
p`als d`u
d`urls
rls gt khr
khrr`s
r`ssgr
sgrag
ag afl
aflust
ustrag
ragddg
ddg qua k`fkgr
k`fkgrfg
fg f`thcc
f`thccgft
gft dg
c`fthjg gt d‑hcáfhjgcgft l‑hut`khrs, lg p`als d`urls lg lg váeakudgs utadathargs ?
 = hutrgs ák`syståcgs hut`ur lg d`k`c`tavgs lu sgktgur > Rhdg` gt Lgdpea

m. Khrhktá
Khrhktáras
rastaq
taqugs
ugs lg dh
dh lgchfl
lgchflgg

a. Yr`bad
Yr`bad lgs hkegtgu
hkegtgurs
rs hut`
hut`c`m
c`madg
adgss

D‑hut`c`madg gst lgvgfug uf hkkgss`arg afk`ft`urfhmdg p`ur dgs chr`khafs. Gf gbbgt, dgs
chr`khafs hkeåtgft jáfárhdgcgft
jáfárhdgcgft dgur prgcaårg v`aturg gf ;9 gt ;7 hfs khr dgs v`aturgs fguvgs
s`ft hssgz k`ÿtgusgs gt dg shdharg cafacuc aftgrpr`bgssa`ffgd jhrhfta fgt gst lg =.2;5 Le
(lgpuas dg 8gr nuaddgt =9=9 k`ftrg =.78: Le gf =981).

7
[gd`f lgs átulgs cgfágs, dg muljgt l‑uf váeakudg fgub sg satug lhfs ufg b`urkegttg k`cprasg
gftrg 899.999 gt =99.999 Le. Y`ur kg qua gst lgs v`aturgs l‑`kkhsa`f, dgs chr`khafs lápgfsgft
gf jáfárhd gftrg 79.999 gt 899.999 Le. Lhfs dh chn`ratá lgs khs, dgs utadashtgurs b`ft hppgds é
lgs králats mhfkhargs hbaf l‑hkegtgr ufg hut`c`madg.

Dg prax lg d‑gssgfkg gt dh k`fs`cchta`f lu khrmurhft lgs v`aturgs gssgfkg gst ádgvá, kgdh
gxpdaqugr qug pdus lg :;% lu phrk hut` s`ft lgs váeakudgs lagsgd.

aa.
aa. Dg phr
phrkk hut`
hut`c`
c`ma
madg
dg

Dg phrk hut`c`madg chr`khaf gst gf k`fsthftg áv`duta`f. Gftrg =99= gt =985, kgdua-ka h pdus
qug l`umdá phsshft lg 8,58 cadda`fs lg váeakudgs é pdus lg <,; cadda`fs t`utgs khtáj`rags
k`fb`f
k`fb`flug
lugs.
s. Dg phrk
phrk hut
hut`c`
`c`mad
madgg gst k`cp`
k`cp`sá
sá lgs
lgs vá
váeak
eakudg
udgss lg t`uras
t`urascg
cg,, lgs vá
váeak
eakudg
udgss
utadathargs hafsa qug dgs = r`ugs gt váeakudgs hssacadás.
hun`url‑eua.ch,, « dg phrk lg váeakudgs lg t`urascg gst phssá lg
[gd`f dh rgvug ádgktr`faqug hun`url‑eua.ch
8,;; é =,17 cadda`fs lg váeakudgs, s`at uf thux lg kr`asshfkg hffugd c`ygf lg <,5%. Xuhft hu
phrk lg váeakudgs
váeakudgs utadathargs, ad gst phs
phssá
sá lg 9,<2 é prås lg 8,= cadda`
cadda`ff lg váeakudgs sur
sur dh cîcg
pára`lg, s`at uf thux
thux lg kr`asshfkg
kr`asshfkg hffugd c` c`ygf
ygf lg 2%.

[‑hjasshft lu phrk lg = r`ugs gt váeakudgs hssacadás, dgs keabbrgs b`ft átht lg 81=.999 ufatás gf
=985 k`ftrg =8.999 gf =99= ¿.

[`urkg > hun`urleua.ch

2
 aaa.
aaa. Kdhs
Kdhssg
sgcg
cgft
ft phr
phr chr
chrqu
qugs
gs

av. Dg chrk
chrkeá
eá lg
lg dh d`khta
d`khta`f
`f l
lgg v`atu
v`aturg
rg

Hu Chr`k, dg sgktgur lg dh d`khta`f lg v`aturg k`ffhæt ufg pára`lg trås labbakadg hvgk dh krasg
shfatharg hktugddg gt d‑átht l‑urjgfkg shfatharg. Gf gbbgt, `f k`fsthtg ufg k`rrádhta`f p`satavg gf
dg chrkeá lg dh d`khta`f lg v`aturg gt dg t`urascg (f`thccgft dgs t`urastgs átrhfjgrs). Dgs
prafkaphux hktgurs t`ukeás s`ft dgs hjgfkgs lg d`khta`f lg v`aturgs aflápgflhftgs
aflápgflhftgs chas

ájhdgcgft dgs hjgfkgs htthkeágs é uf rásghu lg brhfkeasg tgddg qug Egrtz.

v. Dg chrk
chrkeá
eá lg d‑`k
d‑`kkh
khsa
sa`f
`f

Dg chrkeá lg d‑`kkhsa`f k`ffhæt ájhdgcgft lgs labbakudtás, v`arg cîcg ufg b`rtg láprgssa`f
khr ad h átá gf hrrît t`thd pgflhft tr`as c`as, pára`lg lg k`fbafgcgft acp`ság phr d‑átht
chr`khaf k`ftrhargcgft hu chrkeá lu fgub qua h chdjrá t`ut k`ftafuá é b`fkta`ffgr. Kgdh
s‑gxpdaqug ájhdgcgft phr dh bgrcgturg lgs kgftrgs l‑acchtrakudhta`f gt kgux lgs vasatgs
tgkefaqugs phr dg j`uvgrfgcgft. Kgs lgux kgftrgs s`ft aflaspgfshmdgs p`ur k`fkdurg ufg
trhfshkta`f lg vgftg l‑uf váeakudg l‑`kkhsa`f. Dg chrkeá lg d‑`kkhsa`f k`ffhasshat ufg

:
kr`asshfkg lyfhcaqug hvhft dh krasg shfatharg. @f k`cpthat pdus lg 7;9.999 trhfshkta`fs
lurhft d‑hffág =981 hu Chr`k.

k. K`ft
K`ftgx
gxtg
tg afsta
afstatu
tuta
ta`f
`ffg
fgdd

Gf 81:<,
81:<, d‑afst
d‑afsthfk
hfkgg HCA
HCAKH
KH `u Hss`ka
Hss`kahta
hta`f
`f Chr
Chr`kh
`khafg
afg lg d‑A
d‑Aflu
flustr
strag
ag gt lu K`c
K`ccg
cgrkg
rkg
Hut`c`madg h átá kráág gt gst lgvgfug, baf =98:, d‑Hss`kahta`f Chr`khafg lg d‑Aflustrag gt lg
dh K`fstrukta`f Hut`c`madg qua hkk`cphjfg hun`url‑eua =99 gftrgprasgs lu sgktgur. Kgttg
hss`kahta`f httgstg lg dh strukturhta`f gt lg d‑afstatuta`f lu sgktgur.

L‑hutrg phrt, d‑`mngktab j`uvgrfgcgfthd gst lg l`tgr dg phys l‑ufg khphkatá lg pr`lukta`f l‑uf
cadda`f l―hut`c`madg l‑aka =9=7. Kg lávgd`ppgcgft pgrcgttrhat hu Chr`k lg lgvgfar ufg
pdhtg-b`rcg lg pdus gf pdus httrhktavg gt httargr dgs áquapgcgftagr gt k`fstruktgurs

aftgrfhta`fhux gt af bafg hujcgftgr dgs afvgstassgcgfts largkts átrhfjgrs (ALG) qua k`ftramugft
hu lávgd`ppgcgft lu phys.

5
Y`ur kg bharg, d‑Átht h sajfá uf pr`t`k`dg l‑hkk`rl gf =98: hvgk dg jr`upg keaf`as « Muadl
Q`ur Lrghcs ¿ qua práv`at d‑afsthddhta`f l‑ufg `u pdusagurs usafgs lg bhmrakhta`f
b hmrakhta`f lg váeakudgs
ádgktraqugs.

Dg sgktgur lg d‑hut`c`madg gst uf sgktgur p`rtgur qua gst lgvgfu dg 8 gr sgktgur gxp`rthtgur lu

Chr`k, lgvhft dg sgktgur cafagr, hvgk =1% lgs gxp`rthta`fs t`thdgs lu phys gf =981.

Hu favghu lgs thxh

thxhta`fs
ta`fs,, dgs lr`ats lg l`uhfgs lgs áqua
áquapgcg
pgcgfts
fts gt lgs paåkgs bhmraquágs
bhmraquágs gf
WG gt acp`rtás hu Chr`k s`ft gx`fárás ? dh thxg phrhbaskhdg gst lg 9,=7% gt ad y h ufg
gx`fárhta`f lg dh \RH sgd`f dgs pr`luats gt dh z`fg brhfkeg. Dgs s`kaátás afsthddágs gf z`fg
brhfkeg s`ft gx`fárágs lg d‑A[ pgflhft 7 hfs gt pdhb`ffágs phr dh suatg é 5,:7% pgflhft dgs =9
hffágs qua suavgft. L‑hutrgs afkathta`fs baskhdgs hvhfthjgusgs p`ur dgs afvgstassgurs átrhfjgrs
`ft ájhdgcgft átá casgs gf pdhkg.

Hu favghu bafhfkagr, lgs pracgs l‑afkathta`f é d‑afvgstassgcgft, lgs pracgs l‑aftájrhta`f

d`
d`kh
khdg
dgss gt uf hppu
hppuaa hux
hux cá
cáta
tagr
grss pada
padagr
grss pguv
pguvgf
gftt ht
httg
tgaf
aflr
lrgg ;9
;9%
% lu c`ft
c`fthf
hftt t`
t`th
thdd lg
d‑afvgstassgcgft. Huthft lg cgsurgs casgs gf pdhkg phr dg j`uvgrfgcgft hbaf lg l`ffgr ufg
acpudsa`f é d‑aflustrag hut`c`madg chr`khafg.
Kgttg acpudsa`f sg trhluat ájhdgcgft phr dgs labbárgfts pdhfs cas gf pdhkg phr dgs p`uv`ars
p`dataqugs, é shv`ar
shv`ar >

- Dg pd
pdhf
hf ác
ácgr
grjg
jgfk
fkgg aflu
aflust
stra
ragd
gddg
dg (=99
(=997-
7-=9
=991
91)) > kg
kgtt
ttgg st
strh
rhtá
tája
jagg af
aflu
lust
stra
ragd
gddg
dg va
vasg
sg é
hkkr`ætrg d‑hvhfthjg k`fkurrgftagd l`ft máfábakag dg Chr`k gt rglyfhcasgr d‑aflustrag

gf kráhft ufg mhsg aflustragddg p`ur dgs áquapgcgftag

áquapgcgftagrs
rs ?

- Dg Yhk
Yhktg
tg fh
fhta
ta`f
`fhd
hd p`ur
p`ur d‑ác
d‑ácgr
grjg
jgfk
fkgg aflu
aflust
stra
ragd
gddg
dg (Y
(YFG
FGAA > =9
=991
91-=
-=98
98<)
<) > Ad h átá sajfá
dg 8; bávragr =991 é Bås s`us dh prásalgfkg gbbgktavg lg sh chngstá gt vasg é bharg lu
Chr`k ufg pdhtgb`rcg l'afvgstassgcgfts aflustragds gt l`ft d‑`mngktab gst lg lávgd`ppgr
d‑aflu
d‑aflustr
strag
ag hu Chr
Chr`k
`k t`u
t`utt gf htt
httarh
arhft
ft lgs afv
afvgst
gstass
assgcg
gcgfts
fts lar
largk
gkts
ts átr
átrhfj
hfjgrs
grs qua
rgprásgftgft uf dgvagr lg lávgd`ppgcgft gbbakhkg ?

- Dg Yd
Ydhf
hf l‑hkká
l‑hkkádárhta
dárhta`f
`f af
aflustr
lustragddg
agddg (YHA > =98<
=98<-=9=9
-=9=9)) qua
qua h pp`ur
`ur hcmata
hcmata`f
`f lg lgfsabagr
lgfsabagr

gt l‑hkkádárgr dh pr`lukta`f aflustragddg fhta`fhdg gf rgfb`rêhft dgs kehafgs lg vhdgur

lg d‑aflustrag.

1
 AR--
AR DH K]@A
K]@A[
[[HF
[HFKG G\ D‑AF
D‑AF\
\GF[A
GF[A\Á
\Á K@FKW
@FKW]]
]]GF
GF\A
\AGD
GDDG
DG
LW [GK\GW] HW\@C@MADG

h. [trukt
[trukturg
urg lg d‑aflu
d‑aflustr
strag
ag

Kg qua k`fkgrfg dg sgktgur hut`c`madg fhta`fhd h k`ffu uf lávgd`ppgcgft rgchrquhmdg gt ufg

kr`asshfkg lurhft dgs lgrfaårgs hffágs.
Gf 8129, lurhft
lurhft kgttg hffág
hffág,, dg Chr`k
Chr`k pras d‑afatahtavg
d‑afatahtavg lhfs dhqu
dhqugddg
gddg ad h kráá dh prgcaårg
prgcaårg
s`kaát
s`kaátáá l‑h
l‑hss
ssgcm
gcmdhj
dhjgg gt lg k`f
k`fstr
strukt
ukta`f
a`f hut
hut`c`
`c`mad
madgg [@CHKH
[@CHKH.. [hkehf
[hkehftt qug d‑hkta
d‑hktavat
vatáá
prafkaphdg gst > d‑hssgcmdhjg gt dg c`fthjg lg váeakudgs é phrtar lg paåkgs hut`c`madgs
acp`rtágs lg d‑átrhfjgr.

Lurhft
Lurhft dgs hf
hffág
fágss 811
8119,
9, é kg
kgttg
ttg áp`qug
áp`qug,, pdu
pduss lg d‑hssg
d‑hssgcmd
cmdhj
hjg,
g, dg sgktgu
sgktgurr h k`ccgf
k`ccgfká
ká

l‑hcáda`rgr s`f hktavatá é phrtar lg dh bhmrakhta`f paåkgs hut`c`madgs. Yuasqug êh lápgfl é

pdusagurs kdhusgs (lgs k`fvgfta`fs sajfágs hvgk dgs afvgstassgurs átrhfjgrs, é dh mhsg qug dg
k`ftgfu d`khd gftrg =7 % gt 79%) jríkg é êh dg v`ducg lg pr`lukta`f hujcgftg é ;9.999
váeakudgs phr hf

Gf =98= > dg sgktgur h k`ffu ufg f`uvgddg láchrkeg gt ufg f`uvgddg strukturg, prgfhft
d‑gxgcpdg lg khphkatá lg pr`lukta`f lu sgktgur, qua h httgaft <;9.999 ufatás gf =985
gftrg dgs lgux \hfjgr (;<9.999 ufatás) gt Khshmdhfkh (19.999 ufatás). Kgdh acpdaqug qug
dg Chr`k gst khphmdg lg rgfb`rkgr s`f p`sata`ffgcgft lhfs dg chrkeá, gt hussa khphmdg

l‑httargr lgs afvgstassgurs átrhfjgrs é kg favghu-dé, tgd qug Ygujg`t-Katr`ïf

 Gf nuaf =981 > Dh casg gf sgrvakg lg d‑usafg lg Ygujg`t é Ogfatrh lgvrhat k`ftramugr hu
rgfb`rkgcgft lg dh khphkatá lg pr`lukta`f lu sgktgur (pdus 899.999 váeakudgs gf =981 gt
lg pdus 899.999 váeakudgs hvhft =9=;, gt p`ur d‑usafg [@CHKH spákabaqugcgft lg pdus
:9.999 ufatás, hd`rs qug dh pr`lukta`f t`thdg lu Chr`k é :99.999 ufatás phr hf é
d‑e`raz`f =9=;.

 Gf =985 > Dg rytecg lg kr`asshfkg lg dh pr`lukta`f fhta`fhdg gftrg =988 gt =985 gst

pdus ádgvá phr rhpp`rt é dgs hffágs prákálgftgs, qua sg s`ft áthmdag é ;8% gf c`ygffg
d‑ákegddg aftgrfhta`fhdg, dh phrt lu Chr`k gst phsság lg 9,9:% é 9,<=%. Yuasqug dg

89
 f`cmrg lgs váeakudgs hut`c`madgs pr`luats hu Chr`k h hujcgftá é <9=.957 váeakudgs,
k`ftrg 71.<:: váeakudgs gf =988. Kg favghu lg pr`lukta`f h pgrcas hu Chr`k l‑îtrg
dghlgr hbrakhaf lhfs dg sgktgur lg d‑hut`c`madg.

Gf tgrcgs l‑gcpd`as, dg sgktgur h kráá 57.999 gcpd`as gftrg =98< gt =985, hd`rs ad k`ffut ufg

hujcgfthta`f lg =:% thflas qu‑gf =98:, dg f`cmrg l‑gcpd`as kráás h httgaft ;1.77<, s`at ufg
kr`asshfkg lg 25% phr rhpp`rt é dgs hffágs prákálgftgs.
prákálgftgs.

Hutrgcgft lat, dg sgktgur hut`c`madg hu Chr`k h ráussa é sg kdhssgr k`ccg uf sgktgur kdás qua
rgfb`rkgr d‑ák`f`cag fhta`fhdg. Kgttg ráussatg halg é krágr uf gfsgcmdg lg bhktgurs kdás lg
sukkås, f`thccgft, ufg d`jastaqug pgrb`rchftg (Y`rt \hfjgr-Cgl, hut`r`utgs…).

Chdeg
Chdegurg
urgusg
usgcgf
cgft,t, k`c
k`ccg
cg dgs hutrgs
hutrgs sgktgu
sgktgurs,
rs, dg sgktgu
sgktgurr hut`c`
hut`c`mad
madgg h suma
suma ufg b`rtg
b`rtg
rájrgssa`f é khusg lg dh phflácag lu K@RAL-81. D‑aflustrag h k`ffu ufg mhassg lu keabbrg

l‑hbbhargs lg <9%, s`at 8;,1 caddahrl lg larehcs hu prgcagr sgcgstrg lg d‑hffág =9=9 sgd`f
ufg hfhdysg lu kegrkegur lu Y`daky Kgftgr b`r teg Fgw [`ute ‛ Hmlgdhhzaz Hat Hda.

m. Mhrr
Mhrraå
aårg
rgss é d‑gftr
d‑gftrág
ág

Kg qua k`fkgrfg dgs mhrraårgs é d‑gftrág lhfs kg sgktgur, gddgs s`ft áf`rcgs gt f`us p`uv`fs
kat`fs dgs suavhftgs >

 K`ÿts lg bhmrakhta`f ?
 Dh k`ffhasshfkg lu chrkeá gt dh khphkatá l‑utadashta`f lg tgkef`d`jag ?
 Dh mhsg lg b`urfassgurs qua pgrcgt lg krágr ufg jrhflg kráhtavatá ?
 Dh d`jastaqug puasqug kgrthafgs gftrgprasgs s`ubbrgft l‑ufg chuvhasg d`jastaqug ?
 Wfg chuvhasg lasp`sata`f lgs dagux lg st`kohjg lgs pr`luats sgca-bafas ?
 Wf bhamdg favghu lg sákuratá.

88
 R- DH YG]B@]CHFKG

Dh lábafata`f lg dh pgrb`rchfkg pgut vhragr gf b`fkta`f lu khlrg lhfs dgqugd ad gst gcpd`yá.
Hafsa utadaság lhfs dg k`ftgxtg sp`rtab, gddg gst lábafag k`ccg uf rásudtht `mtgfu lhfs ufg
k`cpátata`f `u dg rásudtht keabbrá (gf tgcps `u gf lasthfkg) l'uf htedåtg é d'assug l'ufg áprguvg
(gxgcpdg > Dgs pgrb`rchfkgs l'uf kehcpa`f).

Gddg gst lábafag hussa lhfs uf l`chafg tgkefaqug k`ccg dg rgflgcgft, dg rásudtht chxacuc
rgflu (gxgcpdg > dgs pgrb`rchfkgs l'ufg chkeafg). Gddg pgut îtrg vug ájhdgcgft k`ccg uf
gxpd`at `u ufg ráussatg rgchrquhmdg gf uf l`chafg qugdk`fqug. Dg bhat lg bharg uf trhvhad gf
sa pgu lg tgcps, gst hussa ufg pgrb`rchfkg. Xu‑acp`rtg dg khlrg `ñ gddg gst gcpd`yág dg tgrcg
`u d‑gxprgssa`f pgrb`rchfkg lábafa uf rásudtht (uf `mngktab) `ptachd httgaft s`us dh b`rcg lg
keabbrgs.

Lg kg bhat f`trg átulg áthft ák`f`caqug, ad gst lg casg l‑hm`rlgr dg tgrcg lg dh pgrb`rchfkg
lhfs uf khlrg purgcgft ák`f`caqug.
ák`f`caqug.

Dh pgrb`rchfkg l'ufg gftrgprasg, gst dg favghu hvgk dgqugd dgs `mngktabs p`ursuavas s`ft
httgafts. @f lat l‑ufg gftrgprasg qu‑gddg gst pgrb`rchftg, sa gddg gst gf cîcg tgcps gbbakhkg gt
gbbakagftg.
D`rsqug d‑gftrgprasg phrvagft é httgaflrg dgs `mngktabs p`ursuavas, gddg gst gbbakhkg. Gddg lgvagft
gbbaka
gbbakagft
gftgg lhfs dg khs `ñ dgs c`ygfs cas gf pdhkg p`ur httgaflrg kgs `mngktabs baxás s`ft
cafacasás.

Dh pgrb`rchfkg gst uf c`tgur lg survag gt lg párgffashta`f lg t`utg gftrgprasg. Hafsa t`utg

gftrgprasg l`at l`fk pgrb`rcgr p`ur p`uv`ar jhrhftar sh survag gt sh párgffatá gt ájhdgcgft
cgttrg
cgttrg gf hv
hvhft
hft s`f hv
hvhft
hfthjg
hjg k`
k`fku
fkurrg
rrgfta
ftagd.
gd. Dh pg
pgrb`
rb`rch
rchfkg
fkg l‑ufg
l‑ufg gftrgp
gftrgpras
rasgg t`urfg
t`urfg
gssgftagddgcgft hut`ur lg t`ut kg qua phrtakapg é hkkr`atrg dg thflgc vhdgur-k`ÿt gt qua vasg dh
chxacashta`f lg dh vhdgur kráág.

Hu sgaf l‑ufg gftrgprasg `f pgut láf`tgr tr`as typgs lg pgrb`rchfkg >

8=
 8- Ygr
Ygrb`r
b`rchf
chfkg
kg `rjhfa
`rjhfasht
shta`f
a`ffgd
fgddg
dg > hppráegflág hu favghu lg dh rálukta`f lgs k`ÿts lg
trhfshkta`fs gt lgs k`ÿts l'`rjhfashta`fs.
l'`rjhfashta`fs.

=- Yg
Ygrb
rb`r
`rch
chfk
fkgg ák`f
ák`f`c
`caq
aqug
ug > bhat rábárgfkg é dh rgfthmadatá, k'gst-é-larg uf surpdus
ák`f`caqug `u chrjg ák`f`caqug `mtgfug phr dh labbárgfkg gftrg uf rgvgfu gt uf

k`ÿt.

;- Yg
Ygrb
rb`r
`rch
chfk
fkgg s`k
s`kah
ahdg
dg > sg lábafag k`ccg dh shtasbhkta`f gt dh quhdatá lg vag hu trhvhad
lu pgrs`ffgd, gddg pgut hussa k`cp`rtgr ufg lacgfsa`f gxtgrfg gt rgfv`ag hd`rs é dh
qugsta`f lg dh rgsp`fshmadatá s`kahdg lg dh strukturg k'gst-é-larg hux gbbgts s`kahux
gxtgrfgs lg s`f hktavatá.

Dh pgrb`rchfkg l‑ufg gftrgprasg sg cgsurg sur dh mhsg lgs kratårgs magf látgrcafás lats
aflakhtgurs quhdathtabs `u quhftathtabs lg pgrb`rchfkg.

Dgs kratårgs rgprásgftgft lgs vhdgurs lábafags sgrvhft lg mhsg é uf nujgcgft gt pgrcgtthft lg
cgsurgr
cgsu rgr dh pgrb`rchfk
pgrb`rchfkg.
g. Ads k`fstatu
k`fstatugft
gft lgs rgpårgs gt pgrcgttgf
pgrcgttgftt é ufg gftrgprasg
gftrgprasg lg cgfgr
cgfgr
ufg hkta`f gf vug l'httgaflrg uf `mngktab gt pguvgft îtrg l'`rlrg quhftathtabs `u quhdathtabs >

- Dgs kratårgs quhftathtabs > kratårgs keabbrhmdgs ?

- Dgs kratårgs quhdathtabs > kratårgs f`f keabbrhmdgs.

Gvhdugr dh pgrb`rchfkg l‑ufg gftrgprasg rgvagft ájhdgcgft é ávhdugr s`f gbbakhkatá gt s`f
gbbakagfkg. D‑gbbakhkatá lg d‑gftrgprasg sg cgsurg hvgk uf kratårg qua trhluat uf rhpp`rt gftrg dg

rásudtht ráhdasá gt d'`mngktab baxá. Xuhft é d'gbbakagfkg, gddg sg cgsurg hvgk uf kratårg gxprachft
uf rhpp`rt gftrg dg rásudtht ráhdasá gt dgs c`ygfs utadasás.

Lhfs kg prásgft trhvhad f`us cgttr`fs d‑hkkgft sur d‑átulg lg dh pgrb`rchfkg l‑ufg gftrgprasg
lg dh pdhkg gf d‑`kkurrgfkg dg jr`upg ]gfhudt Chr`k.

8;
 [GK\A@F = > HYY]@KEG GCYA]AXWG ‛ Khs lg ]GFHWD\

A. Y]G[
Y]G[GF
GF\H
\H\A
\A@F
@F LW J]@W
J]@WYG
YG ]GFH
]GFHWD
WD\
\

Dg jr`upg ]gfhudt gst uf k`fstruktgur hut`c`madg brhfêhas, pr`b`flácgft daá hu k`fstruktgur

fapp`f Fasshf lgpuas 8111. Dg jr`upg ]gfhudt gst khrhktárasá phr sh lavgrsatá gt gfjd`mg
pdusagurs usafgs gt badahdgs lhfs dg c`
c`flg brårgs D`uas, Chrkgd gt Bgrfhfl ]gfhudt
flg gftagr, dgs brårgs
s`ft k`fsalárás k`ccg lgs b`flhtgurs lg ]gfhudt gf 8515 sg láchrqug rhpalgcgft phr sgs
aff`vhta`fs. K`fkgrfhft dh cassa`f lg kg bhcgux jr`upg l‑hut`c`madg gst prafkaphdgcgft lg
b`urfar ufg dhrjg jhccg lg pr`luats gt sgrvakgs daás hu sgktgur lg d‑hut`c`madg s`us t`utgs sgs
b`rcgs. ]gfhudt gst dg dghlgr lhfs dg sgktgur hut`c`madg lhfs d‑Gur`pg gt sg k`fsalårg k`ccg
d‑uf lgs prafkaphux k`fstruktgurs hut`c`madgs c`flahux.
Dg bhcgux jr`upg l‑hut`c`madg ]gfhudt s‑`pårg lhfs 885 phys (phrca gux dg Chr`k), qua
k`fê
k`fê`a
`at,
t, ádhm
ádhm`r
`rg,
g, bhmr
bhmraq
aqug
ug gt vgfl
vgfl lgs
lgs vá
váea
eaku
kudg
dgss af
aff`
f`vh
vhft
fts,
s, sÿ
sÿrs
rs gt rg
rgsp
spgk
gktu
tugu
guxx lg
d‑gfvar`ffgcgft é trhvgrs dg c`flg gftagr, `f phrdg aka lg ]gfhudt gt Lhkah.

H. Algf
Algftabakh
tabakhta`f
ta`f lg ]gfh
]gfhudt
udt C
Chr`k
hr`k >

Gf 81=5 > k‑áthat dh kráhta`f lu ]gfhudt Chr`k gst ufg [H]D = `ñ dg saåjg s`kahdg prgfl pdhkg
é Khshmdhfkh gt spákahdaság gssgftagddgcgft lhfs dh k`ccgrkahdashta`f gt dh lastramuta`f lgs
pr`luats gt sgrvakgs (tgd qug > jhrhftag, gftrgtagf, ráphrhta`f, bafhfkgcgft,…)
bafhfkgcgft,…) lg dh barcg hprås
dgur vgftg, dg jr`upg ]gfhudt gfjd`mg dgs tr`as chrqugs suavhftgs > ]gfhudt, Lhkah gt Fasshf.
Lgpuas 8112 ]gfhudt lasp`sg l‑uf k`ftrht lg c`fthjg hvgk dh [@CHKH ; lámuthft hvgk dg
c`fthjg lg dh ]<, puas dg c`fthjg lg Ohfj` qua s‑gst suavas lg pdusagurs hutrgs pr`luats
]gfhudt tgd qug Lhkah D`jhf. ]gfhudt Chr`k n`ug dg rüdg qu‑gddg s`at dh chrqug dh pdus pr`keg
lu k`fs`cchtgur Chr`khaf `f phrdg aka sur dg chrogtafj lasruptab (cîcg sa kgdh gst lg
chfaårg acpdakatg), kgttg láchrkeg pgrcgt lg s‑hv`ar > sgs f`uvghux mgs`afs, sgs lásars, sgs
krataqugs, sgs rgpr`kegs... ]gfhudt Chr`k s‑`pårg lhfs == hjgfkgs gt 8: k`fkgssa`ffhargs,
ráphrtas lhfs t`utgs dgs jrhflgs vaddgs (]hmht, Khshmdhfkh,
Khshmdhfkh, Chrrhogke, \hfjgr…). Dgs pr`luats
=
[H]D > s`kaátá é rgsp`fshmadatá dacatág
;
Dh [`kaátá chr`khafg lg k`fstruk`f hut`c`madg

8<
cas gf vgftg phr ]gfhudt Chr`k sg k`cp`sgft phrtakudaårgcgft lg váeakudgs lgs chrqugs
Lhkah gt Fasshf, gt lhfs dh jhccg lgs pr`luats Lhkah gxastgft lgs pr`luats láravás lg D`jhf.
M. Eas
East`r
t`raqu
aqugg lu ]gfhu
]gfhudt
dt Chr
Chr`k
`k >

 81=5 > d‑acpdhfthta`f lu ]gfhudt hu Chr`k f`thccgft é Khshmdhfkh, kg bhat vagft hvgk

dh kráhta`f lg d‑HCH] (k‑gst Hjgfkg Chr`khafg lgs Hut`c`madgs ]gfhudt) kgttg

lgrfaårg h kehfjá sh láf`cafhta`f gt lgvgfug [@CH] ([`kaátá Chr`khafg lgs
Hut`c`madgs ]gfhudt) gf 81;;.
 817= > d‑hkeht lu tgrrhaf lg « Ydhkg Dhpár`usg ¿ phr [@CH] sur dgqugd sg tr`uvg
hun`url'eua dh sukkurshdg lg Khshmdhfkh.
Khshmdhfkh.
 8152 > dh [@CHKH h hujcgftá sh pr`lukta`f gt hrravg é pr`luarg 8:2 :58 v`aturgs
]gfhudt, l`ft <7.7=% lg sh pr`lukta`f sg trhfsbgrt vgrs d‑aftgrfhta`fhd.
 =999 > ]gfhudt k`ftafug é s‑ádhrjar gt gddg k`fstatug 59% lg dh phrtakaphta`f lg ]gfhudt
[H[, gfrgjastrhft ufg ehussg lg ;9%.

=99< > gst lgvgfug dghlgr hu favghu chr`khaf gf jhrlhft kg favghu hun`url‑eua.

K. @rjh
@rjhfajr
fajrhccg
hccg lg ]gfhudt
]gfhudt sacpda
sacpdabaá
baá hu ;8/8=
;8/8=/=99:
/=99: (gf % lgs hkta
hkta`fs)
`fs) >

87
 [`urkg > jr`up.rgfhudt.k`c

@f pgut k`fsthtgr l‑hprås kgt `rjhfajrhccg qug dg jr`upg ]gfhudt hl`ptg ufg strukturg phr
lavasa`f lg pr`luat puasqug ]gfhudt lasp`sg lgs gftrgprasgs qua pr`luasgft lgs pr`luats
lavgrsabaás phr gxgcpdg > Lhkah, ]gfhudt. Kgttg strukturg pgrcgt lg lákgftrhdasgr dh prasg lg
lákasa`f gt lg bhv`rasgr dh prasg l‑afatahtavg hu favghu lgs labbárgfts `párhtgurs.

AA- DH [\]WK\W]G

h. Hfhdysg YG[\GD

Jríkg é dh cáte`lg l‑hfhdysg YG[\GD, ad gst p`ssamdg l‑algftabagr d‑afbdugfkg qua sg s`at
p`satavg `u fájhtavg
fájhtavg qug pguvgf
pguvgftt gxgrkgr dh lacgfsa`
lacgfsa`ff chkr` gfvar`ffgc
gfvar`ffgcgfthdg
gfthdg sur uf sgktgur
sgktgur
p`ur fg dhassg pdus lg pdhkg hu ehshrl, kgs bhktgurs s`ft > Y`dataqug, Gk`f`caqug, [`kahdg,
\gkef`d`jaqug,
\gkef`d`jaqug, Gk`d`jaqug gt Dájasdhtab

Dg c`lådg YG[\GD lg jr`upg ]GFHWD\ pgut sg prásgftgr k`ccg suat >

 Y p`ur p`da
p`dataqu
taqugg >

Hu favghu p`dataqug, dh p`dataqug afbdug dg chrkeá é shv`ar d‑ácgrjgfkg lgs phys qua `ft uf
bhamdg k`ÿt lg chaf l‑śuvrg, é kgt ájhrl dg jr`upg ]GFHWD\ lád`khdasg sh pr`lukta`f gf
keafg,
keafg, kgttg
kgttg lac
lacgfs
gfsa`f
a`f p`d
p`data
ataqug
qug prgfl
prgfl gf k`f
k`fsal
salárh
árhta`
ta`ff d‑gfng
d‑gfnguu gf
gfvar
var`ff
`ffgcg
gcgfth
fthdg
dg gt dh
pr`tgkta`f lgs gcpd`as.
gcpd`as.

 G p`ur ák`f`c
ák`f`caqug
aqug >

Hu favghu ák`f`caqug, dg sgktgur hut`c`madg gst t`ukeá b`rtgcgft phr dh krasg shfatharg.
D‑`bbrg gst ráluatg é khusg lg dh bgrcgturg l‑ufg phrtag lgs usafgs gt l‑hutrg phrt dh lgchflg h
átá acphktág. Gf gbbgt, dgs vgftgs lg ]GFHWD\ `ft mhassá lg ;<.1% hu prgcagr sgcgstrg lg
=9=9 hvgk ufg chrjg `párhta`ffgddg fájhtavg lg -8.=9; Cadda`fs l‑gur`s.

82
  [ p`ur [`ka`ku
[`ka`kudtur
dturgd
gd >

Dh tgflhfkg lg dh lgchflg gst larajág vgrs dh rgkegrkeg lg dh sákuratá gt dgs váeakudgs

ádgktraqugs. Hvgk dh phflácag qug f`us vav`fs hktugddgcgft, `ñ ad y h dh mhassg lu p`uv`ar

l‑hk
l‑hkeh
ehtt gt ufg
ufg ehus
ehussg
sg lg keüc
keüchj
hjg,
g, dh lgch
lgchfl
flgg su
surr dg
dgss v`
v`at
atur
urgs
gs la
laca
cafu
fugg ha
hafs
fsaa qu
qugg dh
pgrb`rchfkg lu sgrvakg
sgrvakg hprås-vgftg qua gst k`fs
k`fsalárá
alárá k`ccg uf kratårg acp`rthft shf
shfss `umdagr
dgs pr`luats pdus ák`f`cgs gf áfgrjags qua lgvagffgft ufg pra`ratá.

 \ p`ur \gkef`
\gkef`d`ja
d`jaqug
qug >

Dg chrkeá hut`c`madg
hut`c`madg gt dh tgkef`d`jag k`fvgrjgft é uf rytecg lg pdus gf pdus rhpalg vgrs
d‑ák`d`jag gt dh pr`tgkta`f l‑gfvar`ffgcgft hafsa dgs áv`duta`fs k`fkgrfhft dh c`t`rashta`f lu
butur é kgt ájhrl ]gfhudt bhat dg lávgd`ppgcgft lg váeakudg pr`prgs gt c`afs p`dduhft k`ccg
dgs v`aturgs ádgktraqugs gt eymralgs gt gddg bhat lgs hddahfkgs gt lgs lápüts lg mrgvgts s`ft
f`cmrgux gt lhfs d‑ufa`f gur`p
gur`págffgs,
ágffgs, dh chas`f
chas`f cårg lg ]gf
]gfhudt,
hudt, ads gxastgft lgs f`rcgs
f`rcgs
l‑ácassa`f p`dduhftgs kg qua p`ussg d‑gftrgprasg é utadasgr lgs áquapgcgfts hfta-p`dduta`f

 G p`ur Gk`d`
Gk`d`jaqu
jaqugg >

H dh lab
labbár
bárgfk
gfkgg l‑h
l‑hutr
utrgs
gs sgktgu
sgktgurs,
rs, d‑g
d‑gfva
fvar`f
r`ffgc
fgcgft
gft gs
gstt ádácgf
ádácgftt chngur
chngur p`ur
p`ur dg sg
sgktg
ktgur
ur
hut`c`madg, dg kehddgfjg k‑gst lg ráluarg dh pr`lukta`f lg K@= dg pdus p`ssamdg, gt kgdh sg bhat
jríkg hu lávgd`ppgcgft lg f`uvgddgs tgkef`d`jaqugs qua s`ft c`afs p`dduhfts, hafsa qug pdus
lg 2 f`rcgs l‑ácassa`fs p`dduhfts s`ft gftrágs hu vajugur lgpuas =9 hfs, gf chtaårg lg
sákura
sákuratá
tá gt lg p`dd
p`dduta
uta`f,
`f, dg jr`
jr`upg
upg ]GF
]GFHWD
HWD\
\ h lÿ bhar
bhargg bhkg
bhkg hux f`rcg
f`rcgss dáj
dájhdg
hdgs,
s, gddg
k`ccgrkahdasg lgs v`aturgs eymralgs gt lgs váeakudgs 899% ádgktraqugs, é tatrg l‑gxgcpdg dh
^`áá `u dh \Z
^` \ZA^
A^Q,
Q, gddg
gddg p`ss
p`ssål
ålgg ufg
ufg strh
strhtá
tája
jagg lg pr
pr`t
`tgk
gkta
ta`f
`f l‑
l‑gf
gfva
var`
r`ff
ffgc
gcgf
gftt gt lg
lgss
aff`vhta`fs l`ft `f h láné phrdá.

 D p`ur
p` ur D
Dájh
ájhdd >

8:
 m. Hfhdysg lgs 7 b`rkgs sgd`f dg c`lådg lg Y@]\G]


Cgfhkg lg f`uv
Cgfhkg f`uvghu
ghuxx gftrh
gftrhfts
fts > dh k`fk
k`fkurrgf
urrgfkg
kg hsahtaqug
hsahtaqug prásucg
prásucg ufg cgfhkg hux
gftrgprasgs d`khdg, httgflu qu‑gddg p`ssålg dgs khpathux subbashfts, dh tgkef`d`jag gt dgs
k`cpátgfkgss fákgsshargs qua dua pr`kurg l‑hv`ar lgs phrts lg chrkeá acp`rthft.
k`cpátgfkg

 Y`uv`ar
Y`uv`ar lg fáj`
fáj`kaht
kahta`f
a`f lgs b`urfas
b`urfassgurs
sgurs > dh pr`lukta`
pr`lukta`ff lgs v`aturgs s‑hrrhfjg
s‑hrrhfjg phr
pdusagurs badaårgs, kehkuf s‑`kkupg ufg thkeg phrtakudaårg, sa d‑uf lgs badaårgs lákalhat
lg kehfjgr sgs b`urfassgurs, kgttg lákasa`f vh acphktgr d‑gftrgprasg s`at fájhtavgcgft
dg khs lg ke`asar dgs b`urfassgurs qua s‑hppdaqugft lgs prax ádgvás, s`at p`satavgcgft dg
khss afv
kh afvgrs
grsg.
g. Dh fáj`k
fáj`kaht
ahta`f
a`f lgs b`u
b`urfa
rfassg
ssgurs
urs lhfs
lhfs kg sg
sgktg
ktgur
ur daá
daáss b`rká
b`rkácgf
cgftt hux
gxajgfkg
gxajgfkgss lg
lgss k`
k`fst
fstruk
ruktgu
tgurs
rs hu
hut`c
t`c`ma
`madgs
dgs gt látagf
látagffgf
fgftt trås
trås pg
pguu lg p`uv`a
p`uv`arr lg
fáj`kahta`f.

 Y`uv`ar lg fáj`kahta`f lgs kdagfts > hu favghu fhta`fhd, kg p`uv`ar gst trås labbakadg é
chatrasgr. Dg kdagft l‑hun`url‑eua gst lg pdus gf pdus gxajghft. Kg lgrfagr kegrkeg ufg
kgrthafg quhdatá lu pr`luat gt hux b`fkta`ffhdatás gt phr surkr`æt, ad gst lg c`afs gf
c`afs sgfsamdg hu prax. Dg váeakudg gst lgvgfu uf hkkgss`arg l‑algftabakhta`f lg sthtut
s`kahd, dgs sthflhrls gt dgs httgftgs lu kdagft s`ft pdus ádgvágs.

 Cgfhkg lgs pr`luats lg sumstatuta`f > quhfl `f phrdg lg pr`luats sumstatuts, `f bhat
rábárgfkg hux hutrgs c`ygfs lg trhfsp`rt (v`aturgs eymralgs, v`aturgs ádgktraqugs)
puasqu‑ad y h pdusagurs bhktgurs qua bhv`rasgft
bhv`rasgft dh sumstatuta`f lg d‑hkeht lg váeakudg tgds
dg prax lg d‑gssgfkg, dg tgcps, dgs prábárgfkgs pgrs`ffgds hafsa qug dg k`ÿt lg váeakudg.

 Aftgfsatá lg dh k`fkurrgfkg > dg sgktgur hut`c`madg gst uf sgktgur `ñ dh k`fkurrgfkg gst

rulg, hkehrfág, b`flág sur dgs prax hjrgssabs, dh quhdatá, dg favghu tgkef`d`jaqug hafsa
qug sur dgs bhkadatás lg phagcgfts, dgs pr`c`ta`fs pr`p`ságs - huthft l‑ádácgfts qua
httarg dh kdagftådg.

85
 AAA- DG K@CY@]\GCGF\ - [\]H\ÁJAG LG[ HK\GW][
AFLW[\]AGD[

Hvgk dg pdhf strhtáj

strhtájaqug
aqug « ]gfh
]gfhuduta
uduta`f
`f ¿ lu Jr`upg ]gfhud
]gfhudt,t, dh chrqug
chrqug ]gfh
]gfhudt
udt gftrg lhfs
ufg f`uvgddg årg gt dhfkg sh pr`prg « F`uvgddg Rhjug ¿, hpp`rthft lg dh c`lgrfatá é
d‑hut`c`madg gur`págffg gf sg trhfsb`rchft gf ufg chrqug lg tgkef`d`jag, lg sgrvakg gt
l‑áfgrjag pr`prg.

Dh chrqug ]gfhudt gcmrhssg dgs cuthta`fs lu chrkeá hut`c`madg hvgk sh « F`uvgddg Rhjug
¿. ]gfhudt hpp`rtgrh lg dh c`lgrfatá lhfs d'aflustrag hut`c`madg gf lgvgfhft ufg chrqug lg
tgkef`d`jag, lg sgrvakgs gt l'áfgrjags pr`prgs, dghlgr lg dh trhfsata`f áfgrjátaqug. Dh vhdgur
vagflrh l'ufg cgaddgurg ráphrtata`f lu cax gf bhvgur lu sgjcgft K, lu lávgd`ppgcgft lg
tgkef`d`jags lg p`aftg gt lg f`uvgddgs `pp`rtufatás k`ccgrkahdgs sur dg kykdg lg vag. 8<
c`lådgs dhfkás l'aka =9=7, l`ft : váeakudgs ádgktraqugs
ádgktraqugs gt : gf sgjcgfts K / L.

]gfhudt 7 Yr`t`typg c`ftrg kg qug sajfabag ]gfhuduta`f gf chtaårg lg pr`luat. Gddg gst
k`fsalárág k`ccg dh pdus hfkagffg chrqug gt dh pdus gcmdáchtaqug lg s`f Jr`upg ]gfhudt.
Gddg gftrg lhfs ufg f`uvgddg årg hvgk dg pdhf strhtájaqug « ]gfhuduta`f ¿. B`rt lg pdus lg 8=9
hfs l'aff`vhta`f afkdusavg gt l'uf eárathjg k`fstatuá lg f`cmrgux c`lådgs gcmdáchtaqugs,
]gfhudt gcmrhssg dgs cuthta`fs lu chrkeá hut`c`madg. C`fthft hvgk sh « F`uvgddg Rhjug ¿,
]gfhudt hpp`rtgrh lg dh c`lgrfatá lhfs d'aflustrag hut`c`madg gf lgvgfhft ufg chrqug lg
tgkef`d`jag, lg sgrvakg gt l'áfgrjag pr`prg.

]gfhudt áv`dugrh vgrs >

 Wfg chrqug \gke, hvgk uf ák`syståcg mhptasá « [`btwhrg ]ápumdaqug ¿ qua pgrcgttrh é
]gfhudt, hux hutrgs cgcmrgs b`flhtgurs gt buturs phrtgfhargs lg lávgd`ppgr ufg gxpgrtasg
k`ccufg, lg k`fstruarg uf shv`ar-bharg gur`págf gt lg lábgflrg f`trg s`uvgrhafgtá sur dgs
tgkef`d`jags kdás lu Maj Lhth é d'ádgktr`faqug. K`ccg qug ]gfhudt pgut hussa s‑áquapgr sgs
váeakudgs lg syståcgs l'aftgddajgfkg hrtabakagddg gt lg kymgr sákuratá lg p`aftg.

81
 Wfg chr
chrqug
qug lg [grvak
[grvakg,
g, `bb
`bbrhf
rhftt dh cga
cgaddg
ddgurg
urg k`
k`ffg
ffgkta
ktavat
vatáá gt lgs sg
sgrva
rvakgs
kgs eaje-t
eaje-tgk
gkee
gcmhrquás fhtavgcgft lhfs f`s váeakudgs. ]gfhudt sgrh dg prgcagr k`fstruktgur hut`c`madg é
pr`p`sgr dgs sgrvakgs
sgrvakgs J``jdg hu
huxx v`aturgs jrhfl ppumdak.
umdak.
Lg pdus, ]gfhudt tgftgrh lg r`cprg dg kykdg k`fsucárastg gt lg jáfárgr lg dh vhdgur nusqu'é dh

baf lg vag lgs váeakudgs, dg t`ut jríkg é sh ]g-Bhkt`ry é Bdafs (Brhfkg). ]gfhudt h ájhdgcgft
uf fgt hvhfthjg gf chtaårg lg sgk`flg vag gt lg baf lg vag lgs mhttgrags. Dg k`ftrüdg lg kgs
phrtags lg dh kehæfg lg vhdgur
vhdgur h dg p`tgftagd lg jáfárgr lg f`uvgddg
f`uvgddgss hfhdysgs lg rgfthm
rgfthmadashta`f
adashta`f
gt lg dh vhdgur.

]G\@W] L'WFG R@A\W]G KWD\G

K`fkråtgcgft, dh « F`uvgddg Rhjug ¿ vgrrh dh jhccg ]gfhudt k`fb`rtgr sh p`sata`f lg dghlgr
sur dg sgjcgft M t`ut gf rgjhjfhft lu tgrrhaf sur dg sgjcgft K. 8< c`lådgs sgr`ft dhfkás l'aka
=9=7, l`ft : váeakudgs ádgktraqugs gt : lhfs dgs sgjcgfts supáragurs, hvgk d'`mngktab udtacg lg

dgs bharg rgprásgftgr <7% lgs vgftgs l'aka =9=7.

Wf váeakudg lg dh f`uvgddg jhccg rhppgddg d‑ufg lgs v`aturgs gcmdáchtaqugs

gcmdáchtaqugs lg dh chrqug, dh
]7. Wf hvhft-j`ÿt lu butur c`lådg gst vgfu hvgk dg pr`t`typg ]gfhudt 7, prásgftá gf cîcg
tgcps qug dg pdhf strhtájaqug « ]gfhuduta`f ¿. Y`ur qu‑é dh baf c`ftrgr qug dh chrqug
lác`krhtasgrh dh v`aturg ádgktraqug gf Gur`pg hvgk ufg hppr`keg c`lgrfg lg dh v`aturg
p`pudharg gt afk`ft`urfhm
afk`ft`urfhmdg.
dg. Dh ]gfhudt 7 Yr`t`typg gst ufg n`dag kathlafg lg dh thaddg l'ufg
ápafjdg qua trhfsp`rtg d'uf lgs sukkås aftgcp`rgds lg ]gfhudt lhfs dg butur hvgk ufg t`ukeg
c`lgrfg gt 899% ádgktraqug. Kgdh gst ájhdgcgft ávalgft lhfs sgs dajfgs lg khrr`ssgrag, sgs

surbhkgs hbbdgurhftgs gt kgrthafs láthads buturastgs. Dgs ádácgfts lg stydg tarás lu lgsajf
`rajafhd lg dh ]7 khkegft lgs khrhktárastaqugs trås c`lgrfgs > d'hlcassa`f lu khp`t k`uvrg dh
prasg lg kehrjg ádgktraqug, dgs bgux hrraårg s`ft l`tás lg v`dgts hár`lyfhcaqugs
hár`lyfhcaqugs gt dgs bgux
hftamr`uaddhrl lu phrg-ke`ks `ft átá k`fvgrtas gf bgux lg n`ur é DGL.

Dh bhêhlg gt dg t`at gf tassu s'afspargft lu c`flg lu cgumdg, sycm`dashft dg « kehrcg brhfêhas

¿ hvgk ufg p`aftg lg chdakg. Gfbaf, dg lrhpghu brhfêhas satuá lhfs dgs rátr`vasgurs s`udajfg
d'hspgkt « afvgftá gf Brhfkg ¿ lu váeakudg. Dh ]gfhudt 7 gst lg rgt`ur !

AR- DH YG]B@]CHFKG

=9
Dg Jr`upg ]gfhudt gst ufg gftrgprasg śuvrhft lhfs dh k`fstrukta`f gt dg c`fthjg hut`c`madg,
afsthddág hu Chr`k lgpuas =995 hvgk gf s`f hktab lgux jrhflgs usafgs é \hfjgr gt é
Khshmdhfkh ([@CHKH). D‑gftrgprasg h vu sgs keabbrgs hujcgftás hu k`urs lg kgs lgrfaårgs
hffágs. Gddg sg p`sata`ffg k`ccg dh lguxaåcg jrhflg gftrgprasg lu Chr`k gt sur pdusagurs

hffágs sukkgssavgs k`ccg dg prgcagr gxp`rthtgur. Lhfs dgs dajfgs qua suavgft f`us vgrr`ft
d‑áv`duta`f lg dh pgrb`rchfkg lg kg jr`upg hu k`urs lg kgs tr`as lgrfaårgs hffágs (=981 é
=9=8).
=9=8). Dgs kra
kratår
tårgs
gs lg pgrb`r
pgrb`rch
chfkg
fkg áfucá
áfucárás
rás s`f
s`ftt l‑`rlr
l‑`rlrgg quhfta
quhftatht
thtab
ab gt k`fkgr
k`fkgrfgf
fgftt dh
pr`lukta`f hut`c`madg, d‑gxp`rthta`f gt dh k`ccgrkahdashta`f
k`ccgrkahdashta`f lg kgs pr`luats sur dg chrkeá
chr`khaf.

Dg jr`upg ]gfhudt Chr`k hbbgrcat sh pdhkg lg dghlgr lgs vgftgs láné gf =985. Ad pr`luat
<9=.95= váeakudgs hu k`urs lg kgttg hffág, l`ft ;85.27; pr`luat é d‑usafg lg \hfjgr gt dg rgstg
phr dh [@CHKH. Ad ráussat é gxp`rtgr 1<% lg dh pr`lukta`f lg \hfjgr gt 21% lg kgddg lg dh

[@CHKH. Hu lgrfagr tracgstrg lg kgttg hffág d‑gftrgprasg hff`fkg v`ud`ar l`umdgr l‑aka
=9==, dh khphkatá lg pr`lukta`f hffugddg lg dh [@CHKH é 829.999 váeakudgs.

=981

D‑hffág =981 h átá ufg hffág lg k`fs`dalhta`f lu rytecg lg pr`lukta`f lgs usafgs lg \hfjgr
gt lg dh [@CHKH. Dg jr`upg rgfb`fkg sgs pgrb`rchfkgs `mtgfugs gf =985, é trhvgrs dh
kr`asshfkg lg dh pr`lukta`f lg dh [@CHKH qua vgrrh sh pr`lukta`f hkkr`atrg lg 1% phr
rhpp`rt é d‑hffág =985. Dh pr`lukta`f lu jr`upg hu k`urs lg d‑hffág =981 s‑ádåvg é ;1<.19=
váeakudgs l`ft ;9;.775 váeakudgs pr`luats é d‑usafg lg \hfjgr gt 18.;<< é dh [@CHKH. Dh
[@CHKH pr`luat 89999 váeakudgs lg pdus qug d‑hffág prákálgftg, chdjrá dh rálukta`f lgs
pr`lukta`fs lg d‑usafg lg \hfjgr, dh surpgrb`rchfkg lg dh [@CHKH pgrcgt hu jr`upg lg
chaftgfar s`f rytecg lg pr`lukta`f.

Xuhft hux gxp`rthta`fs, gddgs k`ffhassgft ájhdgcgft ufg fgttg kr`asshfkg phr rhpp`rt é =985
hvgk ;78.78< váeakudgs gxp`rtás l`ft =5;.582 váeakudgs lg d‑usafg lg \hfjgr (1;% lg sh
pr`lukta`f) gt 2:.215 lg dh [@CHKH (keabbrg rgprásgfthft :<% lg sh pr`lukta`f
pr`lukta`f hu k`urs lg
kgttg hffág).

=8
Hu favghu lgs vgftgs sur dg chrkeá chr`khaf dg jr`upg chaftagft s`f favghu lg pgrb`rchfkg
dg pdus ádgvá `kkuphft <=,<% lg dh phrt lu chrkeá lgs vgftgs hut`c`madgs chr`khafs, lhfs uf
chrkeá jd`mhd gf rájrgssa`f lg 2,7%. Hu k`urs lg kgttg hffág, dh chrqug Lhkah (badahdg lu
jr`upg ]gfhudt) khpathdasg <1 9<8 vgftgs, kg qua p`rtg dh phrt lg chrkeá sur d‑hffág é =:,: %.
Dh chrqug ]gfhudt p`ur sh phrt h ák`udá hu kucud =< =<= váeakudgs, s`at ufg phrt lg chrkeá

lg 8<,2 %, ufg kr`asshfkg lg 9,8 % phr rhpp`rt é =985.

=9=9

D‑hffág =9=9 h átá ufg hffág ápr`uvhftg lhfs t`us dgs sgktgurs ák`f`caqugs c`flahdgs,
p`uvhft cîcg îtrg quhdabaág l‑hffág f`arg k`cptg tgfu lg dh krasg shfatharg qua h gfvhea dg
c`flg. Wf jrhfl f`cmrg l‑gftrgprasgs sg s`ft vu îtrg ámrhfdágs lhfs dgur b`rchta`f, hd`rs
qug kgrthafs `ft lákdhrá bhaddatg, l‑hutrgs sg s`ft vus ráluarg k`fsalárhmdgcgft dgur gbbgktab
hafsa qug dgur pr`lukta`f khushft l`fk ufg b`rtg rájrgssa`f hu favghu lgs pgrb`rchfkgs
gfvashjágs. Dg jr`upg ]gfhudt hu lámut lg dh krasg h k`ffu dh suspgfsa`f tgcp`rharg lg sgs
lgux usafgs hddhft lu c`as lg Chrs é Hvrad =9=9. Dgs lgux usafgs `ft pu rgprgflrg dgur
pr`lukta`f p`ur p`uv`ar
p`uv`ar hssurgr dh llgchflg
gchflg lgs gxp`rthta`fs.

Dh pr`lukta`f lu jr`upg áthat lg =::.<:< váeakudgs s`at ufg rájrgssa`f lg ;9% phr rhpp`rt é
=981
=981,, dg jr
jr`u
`upg
pg hyhf
hyhftt p`ur
p`urth
thft
ft hc`r
hc`rká
ká ufg
ufg mg
mgdd
ddgg ly
lyfh
fhca
caqu
qugg lg kr
kr`a
`ass
sshf
hfkg
kg lh
lhfs
fs sg
sgss
pr`lukta`fs. Kgttg rálukta`f h átá t`ukeág phr kehkufg lgs lgux usafgs. D‑usafg lg \hfjgr h
hssurá dh pr`lukta`f lg =91.:21 váeakudgs (ufg rálukta`f lg prås lg 79%) gt kgddg lg
Khshmdhfkh,, [@CHKH, gf h pr`luat 2:.:97.
Khshmdhfkh

Dgs hktavatás aflustragddgs gt k`ccgrkahdgs lu Jr`upg `ft átá acphktágs phr dgs labbárgftgs
pára`lgs lg k`fbafgcgft gt l‑hrrît l‑hktavatá thft hu Chr`k qug lhfs sgs chrkeás
l‑gxp`rthta`f.

Dh krasg shfatharg h l`fk khusá uf rhdgftassgcgft hu favghu lg dh lgchflg aftgrfhta`fhdg.

D‑gxp`rthta`f hu k`urs lg kgttg hffág f‑h httgaft qug =<:.178 váeakudgs, ufg mhassg lg ;9% é
k`cphrgr é =981.

Dgs vgftgs sur dg chrkeá chr`khaf `ft ájhdgcgft k`ffu ufg mhassg k`fsalárhmdg lg prås lg
=9% phr rhpp`rt é =981. Dg jr`upg h su chaftgfar sh pdhkg lg dghlgr lu chrkeá hvgk 7<.:;9

==
váeakudgs vgflus (kg qua rgprásgftg <8,8% lu chrkeá) l`ft ;5.8:; p`ur dh chrqug Lhkah
(=5,2% lg dh phrt lu chrkeá), prgcaårg gf chtaårg lg vgftg, gddg gst suavag phr lg ]gfhudt
hvgk 82.77: vgftgs (8=,<% lg dh phrt lu chrkeá).

=9=8

D‑átulg lg pgrb`rchfkg lg d‑hffág =9=8 f‑gst phs gfk`rg k`cpdåtg. D‑hffág áthft gf k`urs, dg
jr`upg ]gfhudt Chr`k f`tg t`ut lg cîcg ufg kr`asshfkg lhfs kgs vgftgs, f`thccgft sur kgddg
lg dh chrqug ]gfhudt qua gfrgjastrg ufg pgrb`rchfkg afehmatugddg hvgk ufg kr`asshfkg lg
;7,:% lg vgftgs phr rhpp`rt é Bávragr =9=9.

Gf httgflhft dg madhf hffugd lu jr`upg p`ur ávhdugr sh pgrb`rchfkg. Dh krasg h p`ussá dg

Jr`upg ]gfhudt h hl`ptá uf f`uvghu pdhf strhtájaqug p`ur dgs pr`kehafgs hffágs, kg pdhf
pgrcgttrh lg ráthmdar dh k`cpátatavatá lu jr`upg gt uf kehfjgcgft
kehfjgcgft lg strhtájag qua sgrh pdus
`ragftá vgrs dh kráhta`f lg vhdgur. Hafsa dgs pgrb`rchfkgs lg d‑gftrgprasg fg sgr`ft pdus
ávhduágs phr rhpp`rt hux phrts lg chrkeá `u lgs vgftgs chas sur dh rgfthmadatá, d‑gbbakhkatá lgs
afvgstassgcgfts
afvgstassgcgfts gt dh jáfárhta`f lg daqualatás.

Hu k`urs lg kgs lgrfaårgs hffágs dg jr`upg h k`ffu ufg ehussg hu favghu lg sh pgrb`rchfkg,

qu‑`f pgut trhatgr l‑ufg mgddg lyfhcaqug lg kr`asshfkg, qua chdegurgusgcgft h átá brgafág
br gafág phr
dh krasg shfatharg. [‑afskravhft lhfs dg sgfs lg d‑hlhpthta`f lhfs ufg s`kaátá p`st-K`val, dgs
f`uvgddgs strhtájags casgs gf pdhkg gt dgs f`uvgddgs cáte`lgs l‑ávhduhta`f lg pgrb`rchfkg
pgrcgttr`ft-ads vrhacgft hu jr`upg
jr`upg lg ráthm
ráthmdar
dar kgttg k`urmg lg kkr`asshfkg
r`asshfkg qu‑ad hvhat
hvhat gfthcá 0

R- DH K]@A[
]@A[[H
[HF
FKG LW J]@WY
]@WYG
G ]GFH
GFHWD\
WD\

D‑gss`r lg d‑aflustrag hut`c`madg chr`khafg gst hussa dg bruat lg dh vasa`f trhkág p`ur dg
sgktgur gt lg d‑`bbrg lg vhdgur phrtakudaårgcgft httrhktavg lávgd`ppág, dg Chr`k k`fstatug ufg
pdhtgb`rcg hut`c`madg vasamdg gt httrhktavg hux ygux lgs dghlgrs aflustragds. ]gfhudt, dghlgr

=;
brhfêhas, h k`ffu ufg cudtatulg l‑áv`duta`f hu favghu lg sh kr`asshfkg hu Chr`k, puasqu‑ad h
trhká pdusagurs strhtájags vashft é rgfb`rkgr sh k`cpátatavatá lg jr`upg ]gfhudt phr rhpp`rt é
sgs k`fkurrgfts.

Y`ur qu‑`f puassg v`ar dh ráussatg lg jr`upg ]gfhudt gt sgs áv`duta`fs, `f cgt dh ducaårg sur

d‑áv`duta`f lg kr`asshfkg lurhft quhtrg pára`lgs >

 Hu tatrg lg d‑hffág =98: > gddg rgprásgftg dh cgaddgurg hffág lg d‑east`arg lu jr`upg
]gfhudt lurhft dhqugddg dgs vgftgs `ft hujcgftá lg 5,7% s`at ;,:2 cadda`fs l‑ufatá. Hu
Chr`k, ]gfhudt látagft <8,5% phrt lg chrkeá sur dgqugd dh pr`lukta`f h httgaft ;:2.999
váeakudgs l`ft ;99.=9= pr`luats é d‑usafg \hfjgr gt :7.595 pr`luats é d‑usafg lg Khshmdhfkh.
Kg rásudtht s‑gxpdaqug jríkg é d‑hujcgfthta`f lg dh lgchflg d`khdg lhfs dgs labbárgftgs
rája`fs `ñ ]gfhudt s‑gst acpdhftá, uf gxkgddgft láchrrhjg lu f`uvghu Lhkah Lustgr chas
ájhdgcgft lu bhat qug ]gfhudt s‑`kkupg lg dh bhmrakhta`f lg váeakudgs p`ur sgs phrtgfhargs.

D‑hddahfkg gftrg ]gfhudt gt Fasshf k`fstatug ufg áthpg krukahdg khr kgdh s‑gst trhluat phr ufg
dhrjg k`ftramuta`f é dh kr`asshfkg lg ]gfhudt é ehutgur lg =,:1 caddahrls l‑gur`s.

 Hu tatrg lg d‑hffág =985 > dg jr`upg ]gfhudt h ráhdasá ufg pr`lukta`f jd`mhdg láphsshft
dgs <99.999 váeakudgs l`ft ;85.299 é \hfjgr gt 5;.779 é Khshmdhfkh, hvgk uf phrt lg chrkeá
lg <=,7%. Kgs pgrb`rchfkgs s`ft httgaftgs f`thccgft é d‑halg lg d‑hujcgfthta`f lg s`f
gxpd`athta`f qua gfrgjastrg ;75.::1 váeakudgs k`ftrg ;;;.85: gf =98:. @f pgut katgr hussa dg
ke`ax lg jhccg qua gf hláquhta`f hvgk dgs httgftgs lgs chr`khafgs.


Hu tatrg lg d‑hffág =981 > dh pr`lu
pr`lukta`f
kta`f lg ]gfh
]gfhudt
udt k`ffug ufg pr`jrgssa`
pr`jrgssa`ff lg 1%
hvgk ;1< 19= váeakudgs pr`luats l`ft ;9; 757 é \hfjgr gt 18 ;<< é Khshmdhfkh, httgflu qug
]gfhudt Kda` gst dh v`aturg dh pdus lgchflá gt dh pdus vgflug hu Chr`k phrca dgs sax c`lådgs
hvgk 8=.;:: davrhas`fs ? d‑gxp`rthta`f h httgaft ;78 78< váeakudgs gt dgs rásghux lg lastramuta`f
gst ádhrja é 1; p`afts lg vgftg é dh baf lg =981.

Lurh
Lurhft
ft dh kr
kras
asgg sh
shfa
fath
thar
argg K@RA
K@RAL8
L81,
1, ]gfh
]gfhud
udtt ch
chrq
rqug
ug uf
ufgg mh
mhas
assg
sg lg dh lg
lgch
chfl
flgg tr
trås
ås
rgchrquhmdg, kg qua h p`ussá dg jr`upg é cgttrg gf pdhkg ufg strhtájag vashft é chaftgfar sh
k`cpátatavatá, v`arg dh rgfb`rkgr. Dh p`dataqug lg kgttg strhtájag s‑hppuag sur >

 D‑hujcgfthta`f lg v`ducg lg pr`lukta`f hu favghu fhta`fhd ?

=<
  D‑hcáda`rhta`f lg dh pgrb`rchfkg lgs f`uvghux váeakudgs gt rgfb`rkgr d‑aftájrhta`f
d`khdg ?
 Ádhrjar d‑ák`syståcg aflustragd ?
 Ydhfabagr é uf dhfkgcgft lg pr`lukta`f lg v`aturg ádgktr`faqug hu Chr`k.

Chdjrá dgs k`fsáqugfkgs láshstrgusgs

láshstrgusgs khuságs phr dh phflácag qua sg trhluasgft phr ufg keutg
rgchrquhmdg hu favghu c`flahdg, ]gfhudt hrravg é k`fsgrvgr s`f p`sata`ffgcgft gf thft qug
cgaddgurg pdhtgb`rcg aflustragddg gf hkk`rl hvgk dh kr`asshfkg lg pr`lukta`f lg =::.<:<
váeakudgs gf =9=9, l`ft =91.:21 pr`luats phr d‑usafg lg \hfjgr gt 2:.:97 lg Khshmdhfkh.

 Hu tatrg
tatrg lg d‑h
d‑hff
ffág
ág =9=9
=9=9 > ]gf
]gfhud
hudtt h cas gf pdh
pdhkg
kg uf pr`ngt
pr`ngt l‑áv`dut
l‑áv`duta`f
a`f lg s`
s`ff
`rjhfashta`f hut`ur lg sgs chrqugs (musafgss ufats), é shv`ar ]gfhudt, Lhkah, Hdpeafg gt
f`uvg
f`uvgddg
ddgss c`m
c`mada
adatás
tás,, vasg
vasg l‑hppr
l‑hppráeg
áegflg
flgr.
r. D‑g
D‑gbbg
bbgtt lg syfgrj
syfgrjag
ag rgfb`r
rgfb`rkg
kg dh k`eása
k`eása`f,
`f, dh
c`tavhta`f gt dg sgftacgft l‑hpphrtgfhfkg lgs áquapgs.

K@FKDW[A@F

D‑átulg sgkt`ragddg gst prac`rlahdg p`ur t`utg gftrgprasg qua vgut sg dhfkgr `u lávgd`ppgr s`f
hktavatá, lhfs f`trg trhvhad `f h gsshyá l‑ávhdugr dg p`sata`ffgcgft l‑gftrgprasg ]gfhudt lhfs
s`f sgktgur hut`c`madg gt dgs kehfjgcgfts fákgsshargs qu‑gddg afkdut lhfs s`f c`lådg p`ur
ráp`flrg magf hux tgflhfkgs qug s`f gfvar`ffgcgft `u chkr` gfvar`ffgcgft d‑hpp`rtg, dh
rgkgttg qua pgut halgr é ráussar d‑hfhdysg sgkt`ragddg s‑gst prgcaårgcgft d‑átulg lu cákhfascg

`bbrg-lgchflg, k'gst-é-larg lg látgrcafgr dh rgdhta`f gftrg d‑`bbrg gt dh lgchflg sur dg pr`luat,

é kg favghu ]gfhudt h ufg b`rkg acp`rthftg k‑gst qu‑gddg chatrasg dgs k`ÿts qua s`ft dg pdus
lábas
lábas qua k`fbr`
k`fbr`ftg
ftgft
ft dgs gft
gftrgp
rgpras
rasgs
gs lhf
lhfss dg sgk
sgktgu
tgurr hut`c`
hut`c`mad
madg,
g, gt lg
lguxa
uxaåcg
åcgcgf
cgftt dh
k`fkurrgfkg gf sg mhshft sur dgs 7b`rkgs k`fkurrgftagddgs lg Y`rtgr gt l‑hprås d‑átulg lgs
labbárgftgs bhktgurs qua `ft uf acphkt sur dh ravhdatá lg dh k`fkurrgfkg `f h k`fsthtá qug
k`ccg
k`ccg t`u
t`uss dgs sgk
sgktgu
tgurs,
rs, d‑afk
d‑afkgrt
grtatu
atulg
lg l‑g
l‑gfva
fvar`f
r`ffg
fgcgf
cgftt s‑a
s‑acp`
cp`sg
sg lg pdus
pdus gf pdus
pdus hux
gftrgprasgs gt qug kg chrkeá gs
gstt gf kr`asshf
kr`asshfkg
kg gt b`rtgcgft k`fk
k`fkurrgftagd
urrgftagd `ñ dgs kdagfts
kdagfts s`ft
trås gxajghfts,
gxajghfts, kg qua lgchflg
lgchflg uf kgrthaf favghu lg labbárgfk
labbárgfkahta`
ahta`f,
f, gt gfbaf l‑átulagr
l‑átulagr dgs
pgrb`rchfkgs gt é kg favghu dg jr`upg h k`ffu ufg ehussg rgchrquhmdg qua sg trhluat phr lgs

vgftgs acp`rthftgs gt lgs chrjgs `párhta`ffgddgs t`un`urs gf kr`asshfkg, qua h átá brgafá phr dh
krasg shfatharg gf gbbgt ]gfhudt suat ufg strhtájag qua s‑hrtakudg hut`ur lgs tr`as lacgfsa`fs > dh

=7
k`cpátatavatá, d‑aff`vhta`f gt d‑aftgrfhta`fhdashta`f gt phrca dgs p`afts lu pdhf lg jr`upg
]gfhudt =9=9 y hvhat d‑hujcgfthta`f lg khphkatás právus hu Chr`k

Dg sgktgur hut`c`madg `mdajg sgs hktgurs é bharg prguvg lg ráhktavatá tgkef`d`jaqug gt lg f`ugr
lgs hddahfkgs p`ur supp`rtgr dgs d`urls afvgstassgcgfts qua gf lák`udgft gt lg rhssurgr dgurs

phrtags prgfhftgs gf ráp`flhft é dgurs httgftgs, dh láchrkeg strhtájaqug qua sg mhsg sur ufg
átulg sgkt`ragddg pgrcgt é d‑gftrgprasg lg bharg hpphrhatrg lgs bhktgurs kdás lg sukkås gf
k`cprgfhft sur qugd dgvagr gddg lgvrh hjar hbaf l‑îtrg pgrb`rchftg.

=2