Pasaran Dan Instrumen Kewangan

8/3/2019 Pasaran Dan Instrumen Kewangan

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[GXGZGO MGO EOX]ZRFBO LBTGODGO

[gxgzgo Lbtgodgo Mgo Giezgo Mgog

Fborzr} Znjeoxno Hzrxnb) lb{r}rxgo ro}rl fbouef{go mgo lb{r}rxgo ro}rl fbigjrz

gmgig` jbzjbsg mgze xbde eomeqemr g}gr lrf{rigo/ Jbzejr&zejr exe zrfg` me R/X/ mgo

zg}rxgo aezfg me R/X/ }bziejg} mgigf fbfjrg} xef{gogo/ @goug xbmele} eomeqemr mgo aezfg

xg`gcg ugod fbfjbie jgzgodgo {bigjrzgo/ Ro}rl fboubmgze fg}igfg} {bigjrzgo)

{bouef{gogo mgze{gmg nzgod zgfge fbx}e me{eomg` lb{gmg {bigjrz mgigf fbfjbie

jgzgodgo fnmgi/ Arodxe eox}e}rxe lbtgodgo mgo {gxgzgo lbtgodgo gmgig` ro}rl

fbfrmg`lgo {bfeomg`go mgog mgze{gmg {bouef{go lb{gmg {bigjrz/

[gxgzgo mgo eox}e}rxe lbtgodgo jrlgo xg`gcg `goug fbfeomg`lgo mgog mgze{gmg

xef{gogo exe zrfg` lb{gmg {bigjrz mgigf {bfjbiego jgzgodgo fnmgi/ Jbzg}rx&zg}rxgo

aezfg {bzoegdggo) lbzgcggo obdbze g}gr }bf{g}go) bo}e}e irgz obdgzg) xbz}g exe zrfg` }big`

fbogtgzlgo mgog mgigf {gxgzgo lbtgodgo R/X// Zgfge {bfeocgf hrjg fbf{bznib`e

mgog ro}rl {bzjbigocggo {bigjrzgo lbtgodgo/ Lbjgougllgo exe zrfg` mgo eomeqemr

gmgig` nzgod ugod fbfjbigocglgo tgod mbaexe} g}gr {bfeocgf/ Xbjgdge hno}n`) gomg

frodleo gmgig` xgig` xg}r {bigcgz ugod fbodgfjei {eocgfgo {bigcgz mgze{gmg jbzejr&zejr

nzgod/ Xbib{gx e}r) gomg glgo fbfeocgf g{gjeig gomg fbfjbie zrfg` ugod {bz}gfg/

Lbzgcggo obdbze g}gr }bf{g}go xbigiroug glgo fbfeocgf lb{gmg {bzjbigocggo lbtgodgo

fnmgi xb{bz}e cgigo zgug mgo xblnig` ugod jgzr/ Lbjbiglgodgo }g`ro eoe) lbzgcggo {rxg}

fbfjbigocglgo ibje` mgze{gmg `gxei (mbaexe}%) mbodgo e}r) lbzgcggo fbogtgzlgo jno

lb{gmg {gxgzgo lbtgodgo ro}rl fbogf{rod {bzjbigocggo ugod mbaexe} e}r/ @gi eoe

fborocrllgo jg`gtg lbzgcggo {rxg} crdg gmgig` xgig` xg}r {bfeocgf/ Aezfg mgo

lbzgcggo irgz obdgzg xbigiroug fbfrxeod lb {gxgzgo lbtgodgo R/X/ ro}rl fbodblgilgo

mgog fbzblg/

Cgmrgi 8/7 fborocrllgo crfig` lrfrig}ea `r}god ugod mexbjgjlgo nib` {bijgdge

{bzjbigocggo mbaexe} (xbigeo mgze{gmg eox}e}rxe lbtgodgo% mgigf obdgzg Roe}bm X}g}bx {gmg

}g`ro 7541 mgo :;;8/ Mg}g eoe }big` mexrxro nib` xbl}nz blnonfe (lbzgcggo) exe zrfg`)

{bzoegdggo mgo xbjgdgeoug/% mgze{gmg {bod`r}god ({bfeocgf%/ Xbjgdge hno}n`oug) exe


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zrfg` R/X/ fbf{rouge -5)=;7 jeiieno (-5/=;7 }zeiieno% mgze{gmg `r}god jbirf cbigx {gmg

`rcrod }g`ro :;;8/ Tgigr jgdgefgog{ro) fbzblg fbf{rouge crfig` jno ugod xgodg}

jbxgz) glgro xef{gogo mgigf jgol mgo mb{nxe} igeo mgze{gmg eox}e}rxe lbtgodgo) mgo

cboex eox}zrfbo lbtgodgo `r}god ugod igeo/ Xbl}nz exe zrfg` mgo crdg xbl}nz igeo gmgig`

{bfre}god/ Cgmrgi eoe fborocrllgo `r}god me xbjbig` ibcbz mgo {rzg}g lgmgz {bz}rfjr`go

}g`rogo mgze{gmg crfig` `r}god ugod meoug}glgo nib` xb}eg{ xbl}nz xbigfg :4 }g`ro/

Cgmrgi 8/7 @r}god ugod me{eocgf nib` R/X/ mgze{gmg xbl}nz jrlgo lbtgodgo

Crfig` `r}god [rzg}g lgmgz

Xbl}nz ugod jbirf cbigx(- jeiieno% {bz}rfjr`go }g`rogo ("%^

Gl`ez }g`ro 7541 Gl`ez }g`ro :;;8

&Lbzgcggo R/X# 278 =;88 4/5

&Lbzgcggo obdbze :80 721; 4/:

Mgo }bf{g}go

&Exe zrfg` 0:1 5=;7 5/=

&Aezfg 8:8 :=85 4/0

&Lnz{nzg} jrlgo 1;0 =501 0/7

Lbtgodgo

CRFIG@ :2;0 :::55 0/=Hg}g}go

7/ oeige {gxgzgo mgze{gmg 582 72=48 77/;jrlgo lbtgodgo xbl}nz

bwre}e lnz{nzg}

:/ {znmrl mnfbx}el 7002 77:47 1/0lgxgz (onfeogi%

# `r}god jbzxe` mgze{gmg lbzgcggo {rxg}) lbhrgie `r}god ugod me{eocgf mgze{gmg glgro

lbzgcggo {rxg}/

Xbl}nz exe zrfg` gmgig` xbl}nz {bod`r}god ugod {gieod jbxgz (mgo {bz}rfjr`go

ugod hb{g}%) xb}bzrxoug gmgig` xugzelg} lnz{nzg} jrlgo lbtgodgo (G]!]) Fehznxna}) mgo


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xbjgdgeoug% mgo lbzgcggo {rxg}/ Crfig` oeige {gxgzgo mgze{gmg blre}e jbirf cbigx (xg`gf%

ugod me}bzje}lgo nib` xugzelg} lnz{nzg} jrlgo lbtgodgo gmgig` fbibje`e mrg lgie oeige

{gxgzgo mgze{gmg `r}god ugod jbirf cbigx }bzje}go xugzelg} lnz{nzg} ugod xgfg (ie`g} e}bf

7 me jgtg` *fbfn*%/ Crfig` {bzjbigocggo xbl}nz `r}god jrlgo lbtgodgo me obdgzg

Roe}bm X}g}bx 0/=" {bz }g`ro/ Xbl}nz `r}god exe zrfg` fboeodlg} mbodgo hb{g}/ Crfig`

`r}god mgo `r}god mgze{gmg 2 xbl}nz fboeodlg} hb{g} mgze{gmg {znmrl mnfbx}el lgxgz

mgigf cgodlg fgxg }bz}bo}r/

[gxgzgo mgo eox}e}rxe lbtgodgo fbfjgtg `r}god mgo blre}e (roe} mbaexe}% mbodgo

cgigo lbirgz ugod ibje` fbogzel lb{gmg mgog (roe} {bogtgzgo%/ Fblgoexfb mgog

{bogtgzgo fbfeomg` fbigire {gxgzgo lbtgodgo lb{gmg roe} {bzjbigocggo mbaexe} gmgig`

me}rocrl mgigf zgcg` 8/7/

Roe} {bogtgzgo ( {bouef{go. {bfjbze {eocgfgo% gmgig` jbzgmg me leze zgcg` me

jgtg`/ Lrf{rigooug fbzgodlrfe jbzejr&zejr eomeqemr mgze{gmg exe zrfg`) aezfg)

{bijgdge }g`g{ lbzgcggo {gmg lbgmggo }bz}bo}r) mgo bo}e}e irgz obdgzg ugod fbfeocgflgo

tgod lb{gmg R/X// Roe} {bzjbigocggo mbaexe} ( xbxeg{g ugod `gxeioug }emgl mg{g} fbor}r{

{bzjbigocggooug% gmgig` me}rocrl {gmg lgogo zgcg` me jgtg`/ Lrf{rigooug }bzmeze

mgze{gmg xbxb}bodg` exe zrfg`) lbzgcggo obdbze mgo }bf{g}go {gmg fgxg }bz}bo}r) lbzgcggo

{rxg}) lbjgouglgo aezfg mgo bo}e}e irgz obdgzg ugod fbfeocgf me R/X// Lbxbfrg

eomeqemr) aezfg) mgo lbzgcggo fbfeocgf tgod mgigf lbgmggo }bz}bo}r/ Xbhgzg

lbjegxggooug) aezfg mgo lbzgcggo gmgig` {bzjbigocggo mbaexe} jbzxe`< exe zrfg` gmgig` roe}

{bogtgzgo jbzxe`/ Xbcgl lbjbiglgodgo eoe) bo}e}e irgz obdgzg fbf{rouge roe} {bogtgzgo

jbzxe`) fbfjbze {eocgfgo ibje` mgze{gmg fbfeocgf me {gxgzgo R/X//

Zgcg` 8/7 [bfeomg`go mgog mgze{gmg roe} {bogtgzgo lb{gmg {bzjbigocggo mbaexe} fbigire

{gxgzgo lzbme} igodxrod mgo {bodgo}gzggo lbtgodgo/


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Exe zrfg` mgo roe} {bogtgzgo igeo (leze% fbourfjgodlgo mgog fbzblg mbodgo jbzxbmeg lb{gmg roe}

{bzjbigocggo mbaexe} (lgogo% xgfg gmg xbhgzg igodxrod) fbigire {bfjbiego eox}zrfbo lbtgodgo ugod

melbirgzlgo nib` {bzjbigocggo mbaexe} (g}gx%) g}gr xbhgzg }emgl igodxrod) fbigire {bfjbiego eox}zrfbo

lbtgodgo lbmrg ugod me}bzje}lgo nib` {bodgo}gzggo lbtgodgo (jgtg`%

MEZBH]

FGZLB]

{eocgfgo

}ro}r}go r}gfg }ro}r}go r}gfg {eocgfgo

[eocgfgo }ro}r}go }ro}r}go r}gfg {eocgfgolbmrg

[BODGO]GZGGO [GXGZGO

Zgcg` fborocrllgo jg`gtg roe} {bogtgzgo ({bouef{go. {bfjbze {eocgfgo%

fbogtgzlgo xef{gogo xr{gug roe} {bzjbigocggo mbaexe} ({bfeocgf. nzgod ugod

jbzjbigocg% fbigire mrg {bomblg}go3 {gxgzgo lzbme} igodxrod mgo {gxgzgo lzbme} }emgl

[gxgzgo lzbme}iodxrod7/ {gxgzgo tgod:/ {gxgzgo fnmgi

[bodgo}gzggo lbtgodgo7/ Jgol lnfbzxegi:/ xef{gogo mgo {eocgfgo8/ {gxgzgo tgod jbzxgfg

mgog=/ xugzelg} eoxrzgox ougtg2/ igeo&igeo

Roe} {bogtgzgo7/ exe zrfg`:/ lbzgcggo8/ aezfg {bzoegdggo=/ bo}e}e irgz

Roe} {bzjbigocggo mbaexe}7/ aezfg {bzoegdggo:/ lbzgcggo8/ exe zrfg`=/ bo}e}e irgz


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igodxrod fbigire {bodgo}gzggo {gxgzgo/ Mgigf {gxgzgo lzbme} igodxrod) roe}

{bzjbigocggo mbaexe} me}bzje}lgo nib` }ro}r}go {gxgzgo) xb{bz}e xg`gf) jno) mgo eox}zrfbo

`r}god igeo&igeo) me fgog mecrgi xbhgzg igodxrod nib` roe} {bogtgzgo fbigire jznlbz mgo

{boegdg (mbgibzx%/ Jznlbz jbz}eomgl xbjgdge gdbo {bigoddgo) jgugzgo lnfexbo ro}rl

fbodbxgo xblrze}e lb{gmg {bocrgi mgo {bfjbie/ [boegdg {rig {bfbdgod x}nl xblrze}e mgo

jbzxbmeg ro}rl fbfjbie g}gr fbocrgi me {gxgzgo {boubjr} `gzdg }gtgzgo mgo fbogoug

`gzdg/ [boegdg }emgl fbobzefg jgugzgo lnfexbo/ @gxei fbzblg mg}god mgze{gmg

{bzjbsggo go}gzg fbogoug `gzdg (`gzdg crgi {boegdg% mbodgo }gtgzgo `gzdg (`gzdg jbie

{boegdg%/ Jg`gdego g}gx mgze{gmg zgcg` gmgig` fborocrllgo giezgo }ro}r}go) ugod melbogie

xbjgdge }ro}r}go r}gfg) me}bzje}lgo nib` nzgod ugod fbf{rouge {bzjbigocggo mbaexe} mgo

fbocrgi fbigire {gxgzgo lzbme} igodxrod lb{gmg {bouef{go g}gr {bfjbze {eocgfgo

mgigf {bz}rlgzgo {bouef{gogo/

[gxgzgo lzbme} xbhgzg }emgl igodxrod fbzgodlrfe {bodgo}gzggo {gxgzgo

lbtgodgo xb{bz}e jgol) {gxgzgo tgod jbzxgfg mgog) mgo xugzelg} eoxrzgox ougtg/

Eox}e}rxe eoe gmgig` {bodgo}gzggo {gxgzgo lbtgodgo) me}rocrl {gmg zgcg` 8/7 jg`gdego

jgtg`/ Mgigf {bodgo}gzggo lbtgodgo) xbxb}bodg` }ro}r}go r}gfg ugod me}bzje}lgo nib`

roe} {bzjbigocggo mbaexe} (jno) dgmgego) mgo xbjgdgeoug% gmgig` mecrgi lb{gmg

{bodgo}gzggo {gxgzgo lbtgodgo ibje` xbogod mgze{gmg fbocrgi xbhgzg igodxrod lb{gmg

roe} {bogtgzgo/ [bodgo}gzggo lbtgodgo fbfbdgod }ro}r}go r}gfg xbjgdge {bigjrzgo [bzg}rzgo lbzgcggo jbz}rcrgo ro}rl (7% {boeodlg}go giezgo

eoanzfgxe lb{gmg nzgod ugod ugod mecgodlglgo glgo fboubz}ge {gxgzgo lbtgodgo/ (:%

Fbodrlr`lgo lbx}gjeigo xex}bf lbtgodgo) mgo (8% fbf{bzjgele lbr{guggo jgol {rxg}

ro}rl fbodgtgi {bogtgzgo tgod mgo xugzg}&xugzg} lzbme}/

[boeodlg}go lbr{guggo mgo eoanzfgxe ugod }b{g}

Xbfrg {bxbz}g mgigf xex}bf lbtgodgo {bzir fbigugze fglirfg} }b{g} {gmg fgxg mgo

fbomg{g}lgo fglirfg} ugod }b{g}/ ]go{g eoanzfgxe xb{bz}e eoe) fbfjrg} lb{r}rxgo

lbtgodgo gmgig` xgodg} xrxg`/ Mgigf jgj ugod xbjbirf eoe le}g }big` fbfjbigcgze

lb}emglxgfggo fglirfg} mgigf {gxgzgo lbtgodgo ugod fboug}glgo jg`gtg jglgi

{bfjbze {eocgfgo frodleo fbodgigfe lbxrie}go mbodgo {eie`go xnodxgod mgo fgxgig`

zexeln fnzgi/ Mbodgo e}r) lbmrg&mrg fgxgig` eoe glgo fbibfg`lgo gl}eqe}e mgigf {gxgzgo


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lbtgodgo/ Mgxgz {eie`go xnodxgod fbohgmgodlgo eg gmgig` jbzexeln (lgmgodlgig

fbznxgllgo% {gmg eomeqemr g}gr aezfg ugod gdzbxea ro}rl fbohgze mgo fbomg{g}lgo mgog

mbodgo fbocrgi xblrze}e lb{gmg fgxugzglg} rfrf mgo hbombzrod fbogtgzlgo g{g ugod

frohri xbjgdge }bzfg ugod fbogzel/ Mbodgo e}r glgo fboubjgjlgo `gxei ugod }eodde)

meqembo ugod }eodde mgo igeo&igeo/ Xbib{gx aezfg mg{g} mgog mbodgo fbfeocgf g}gr

fbocrgi xblrze}e lb{gmg fgxugzglg} rfrf) aezfg glgo }bziejg} mgigf zexeln gl}eqe}e ugod

jbzexeln ege}r xgfg gmg mg{g} fbobzefg g}gr }emgl lgmgz jrodg mgze{gmg {bfjbze {eocgf

g}gr {bigjrz/ Ro}rl fbigocr}lgo fgxgig` eoe fbocgme }bzgx) nzgod igeo fbodgfjei lbirgz

mgog fbzblg mgze{gmg {gxgzgo lbtgodgo mgo {bodgo}gzg lbtgodgo) {n}boxe lbjgelgo

ugod me{bz}efjgodlgo glgo }bzjg}gi mgigf {gxgzgo/ Mgigf hno}n` ugod igeo) {bfefcgf

ugod xg` }emgl fbomg{g} mgog/ [gmg mgxgzoug) fgxgig` {eie`go xnodxgod mgo zexeln fnzgi

jnib` melrzgodlgo mbodgo {bob}g{go {bzg}rzgo nib` lbzgcggo ro}rl fbfgx}elgo

{bombmg`go fglirfg} jnib` me{bzhguge) }b{g} mgo {gmg fgxg ugod }b{g} ro}rl

membmg`lgo lb{gmg fgxugzglg} rfrf }bo}god xugzg}&xugzg} lbtgodgo aezfg/

]eomglgo xblrze}e mgo {bz}rlgzgo {gmg }g`ro 7558) me fgog meelr}e mgze{gmg

lbcg}r`go {gxgzgo xg`gf {gmg }g`ro 75:5 mgo jbzlge}go mbodgo {bombmg`go {boe{rgo

mgigf xbl}nz lbtgodgo) }big` fbohe{}g xblrze}e mgo lnfexbo {bz}rlgzgo (XBH%/ XBH

jbz}rcrgo ro}rl fbodbigllgo xgig`iglr ugod jbziglr xbjbirf }g`ro 7588) xb{bz}e

rzrxoegdg }emgl xg` xbhgzg mgigfgo jgde xg`gf) jno mgo eox}zrfbo lbtgodgo ugod igeo)

mgo lbdgdgigo lnz{nzg} ro}rl fbocbigxlgo mgo fbombmg`lgo mbodgo crcrz fglirfg}

lbtgodgo/ [gmg `gze eoe) lnz{nzg} mefeo}g ro}rl fbouef{golgo ig{nzgo fbzblg

fbodelr} }bf{n` fgxg }bz}bo}r mgigf jbo}rl gxb}) iegjeie}e) crgigo mgo ro}rod/ Ig{nzgo

{bzir megrme} nib` aezfg {bzglgrogo ro}rl fbfjrl}elgo lbjbogzgo fbzblg/ Jgougl lbx

cbigx gmgig` {boe{rgo) {bzglgrogo ugod }emgl }bzg}rz mgigf xbl}nz lnz{nzg} {gmg }g`ro

:;;7 mgo :;;: ege}r xb{gocgod }rmr`go {bzoegdggo ugod }emgl xg`) }rmr`go lbcrcrzgo

ugod me}bzefg mgigf eox}e}rxe mgo {gxgzgo lbtgodgo/

Fbfgx}elgo lbx}gjeigo {bodgo}gzg lbtgodgo

Mgxgz lb}emglxgfggo eoanzfgxe fbohgmgodlgo {bodrzrx {bzir fbodbogi{gx}e eox}e}rxe

mgo {bodgo}gzg lbtgodgo ugod igeo ro}rl fbodb}g`re mbodgo ibje` jgel {bigoddgo


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fbzblg mgo xugzg}&xugzg} lbtgodgo mgigf eox}e}rxe }bzxbjr}/ Lbjgouglgo {bouef{go

jgol }emgl jnib` mbodgo }b{g}oug fbodb}g`re lbgmggo lbtgodgo jgol mbodgo jgel/ Celg

{bigoddgo fbzgdre lbgmggo lbtgodgo jgol fbzblg mgigf xex}bf lbtgodgo xbhgzg

rfrfoug) fbzblg glgo fbodgfjei lbirgz mgog mgze{gmg fbouef{go mgigf eox}e}rxe

}bzxbjr}/ Rzrxgo jgol glgo fbocgme hbfgx celg jgougl {bigoddgo jgol fbodgfjei

lbirgz mgog fbzblg) fbfjbze }blgogo xb{bz}e jgol ro}rl me}r}r{/ Rzrxgo jgol ugod

hbfgx jnib` fbodglejg}lgo lnx blnonfe ugod jbxgz) }bzfgxrl lno}zgl xg` go}gzg

{bfefcgf) {borzrogo mgigf nr}{r} mgo {bomg{g}go) mgo {boeodlg}go mgigf

{bodgoddrzgo {gmg xbirzr` obdgzg/ Lbzgcggo fbtrcrmlgo {bzg}rzgo ro}rl

fbodrzgodlgo {bombmg`go rzrxgo jgol ugod hbfgx/ [bzg}rzgo }bzfgxrl fbodb`gmlgo

lbfgxrlgo mgigf {bzoegdggo rzrxgo jgol) fbodb`gmlgo gl}eqe}e jgol) fbfeo}g

{bombmg`go fglirfg} ugod }b{g} {gmg }bf{n` fgxg }bz}bo}r mgo fbiglxgoglgo mb{nxe}

eoxrzgox/

Fbodb`gmlgo lbfgxrlgo

Lnfexbo eoxrzgox metrcrmlgo mbodgo lze}bzeg ugod lb}g} ro}rl fbfriglgo xbxbjrg`g

{bodgo}gzg lbtgodgo ugod jgzr/ Lbgmggo eoe }emgl xgfg xb{bz}e lbmge fbfjgele lbzb}g)

fbfjrlg jgol ugod jgzr g}gr {bodgo}gzg lbtgodgo fbfbzirlgo {egdgf mgze{gmg

lbzgcggo {bzxblr}rgo/ [bodgo}gzg {bzir fbf{rouge x}gomgzm ugod }bdgx ro}rl

fbomg{g}lgo {egdgf/ Eomeqemr ugod dgdgi ro}rl fbtrcrmlgo ig{nzgo ugod lrlr` mgo

{egdgf {bzxbomezego glgo fboubjgjlgo }emgl mg{g} {egdgf ugod meeseolgo mgze{gmg

lbzgcggo {bzxblr}rgo/

[bodb`gmgo gl}eqe}e

Lbhbfgxgo lbtgodgo mehb}rxlgo nib` {bzxb{xe fgxugzglg} gtgf ugod fbodgomgelgo

fbf{rouge fgxgig` lbtgodgo mgigf {gxgzgo mgo eox}e}rxe lbtgodgo/ [bodgo}gzg

lbtgodgo gmgig` me`gmlgo mbodgo fbf{bzro}rllgo jbjbzg{g cboex gxxb}/ Jgol

{bzmgdgodgo R/X/ mgo eox}e}rxe xef{gogo ugod igeo) }emgl xgfg xb{bz}e Cb{ro mgo obdgzg

ugod igeo ugod xbhgzg rfrfoug fbigzgod {bfjbiego xg`gf/ Xugzelg} eoxrzgox ougtg

`goug mejbogzlgo ro}rl fbfeiele lrgo}e}e xg`gf ugod }bz`gm/ Eox}e}rxe xef{gogo gmgig`

meigzgod fbf{rouge xg`gf ugod mefeiele mgo gxb} igeo ugod megoddg{ jbzexeln) tgigr{ro


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{bzg}rzgo ugod xbjbirf eoe fboublg} xbxb}bodg` eox}e}rxe ro}rl fbigjrz mgigf dgmge

cgoce/

Fbfbzirlgo {bombmg`go fbodelr} }bf{n` fgxg }bz}bo}r

[bodgo}gzg lbtgodgo gmgig` me{bzirlgo ro}rl fbombmg`lgo fglirfg} lbtgodgo ugod

}b{g}/ Jgol glgo mefeo}g ro}rl fbod`go}gz efjgodgo mrdg ro}rl fbfbor`e {bzg}rzgo

{e`gl ugod jbzgr}nze}e xbhgzg jbz}bzrxgo mgo fbfg{gzlgo efjgodgo mrdg fbodelr}

}bf{n` fgxg }bz}bo}r mgigf xrzg}l`gjgz }bf{g}go/ Giezgo eoanzfgxe ugod fbodelr} fgxg

fbodrzgodlgo lb}emgl{gx}ego mgo fboddgigllgo eox}e}rxe ro}rl fbfjrg} lb{r}rxgo

lbtgodgo ugod jbz`g}e&`g}e ugod fbourfjgodlgo lb{gmg lbx}gjeigo xex}bf lbtgodgo/

[boubmeggo mb{nxe} eoxrzgo

Mb{nxe} eoxrzgox jbz}bo}godgo mbodgo lbdgdgigo eox}e}rxe lbtgodgo ro}rl fboeodlg}lgo

lbxbmeggo fgxugzglg} rfrf ro}rl fbodgfgog`lgo mgog lb{gmg jgol mgo eox}e}rxe

lbtgodgo ugod igeo/ Eoxrzgox glgo fbf{znfnxelgo {bodgo}gzg lbtgodgo mgo jbzlge}go

mbodgo lbjgelgo fgxugzglg} ro}rl fbodrzgodlgo lbfrodleogo lbhbfgxgo lbtgodgo/

AMEH me}rjr`lgo {gmg }g`ro 758= fbodelr}e rzrxgo lbhbfgxgo jgol ro}rl fbfgx}elgo

lbzro}r`go xex}bf rzrxgo jgol mgo blnonfe R/X mgigf {bzgtgigo }g`ro 758;/ AMEH

fbodeoxrzgoxlgo g}gr fbocgfeo xb}eg{ mb{nxe} mgigf {bzxblr}rgo }big` meeoxrzgoxlgo

mgigf jgol {bzmgdgodgo mgo jgol xef{gogo jbzxgfg (50" mgze{gmg xbfrg eox}e}rxe%

me{bzirlgo - 7;;);;; `gf{ez mbodgo lbdgdgigo mgigf eox}e}rxe/ Cboex igeo eox}e}rxe

xef{gogo crdg fbiglxgoglgo mb{nxe} eoxrzgox/ [bzxg}rgo xef{gogo mgog eoxrzgox (XGEA%

fboubmeglgo mb{nxe} eoxrzgox ro}rl X!I) mgo {bzxg}rgo lzbme} lbjgodxggo mgog

eoxrzgox xg`gf/

Fbf{bzjgele lgtgigo lbtgodgo

Eox}e}rxe xef{gogo gmgig` jbzlge}go mbodgo zesgj lb{bzirgo mgo fbzr{glgo xugzg} ugod

me{bzirlgo nib` eox}e}rxe eoe ro}rl fbodblgilgo zesgj (}roge mgo mb{nxe} mgigf zesgj

{bzxblr}rgo% jbzcrfig` }emgl lrzgod mgze{gmg {bzg}rxgo x{bxeael mgze{gmg iegjeie}e mb{nxe}

fbzblg/ Xb{bz}e ugod le}g }big` fbf{bigcgzge mgigf jg`gdego lbbf{g}) zesgj lb{bzirgo

fboeodlg}lgo lbr{guggo zesgj {bzxblr}rgo ro}rl fbodgtgi lrgo}e}e tgod mgigf bmgzgo


35/36

mgo fbf{bodgzrè xugzg}&xugzg} lzbme} xbhgzg rfrf/ Mexbjgjlgo lrgo}e}e tgod glgo

fbf{bodgzrè gl}eqe}e blnonfe mgo }g`g{ `gzdg lbjgodxggo) zesgj {bzxblr}rgo gmgig`

meeseolgo fbf{rouge gr}nze}e ro}rl fbob}g{lgo mgo fbodrg}lrgxglgo zesgj lb{bzirgo/

Xbjbirf }g`ro 750;) zesgj lb{bzirgo me}bo}rlgo nib` zesgj {bzxblr}rgo ugod meg{ielgxe

`goug ro}rl jgol {bzmgdgodgo ugod fbzr{glgo gìe xex}bf zesgj {bzxblr}rgo/

Mexbjgjlgo {boeodlg}go {bzxb{xe lbr{guggo {bzxblr}rgo ro}rl fbodgtgi {bogtgzgo

tgod mgo xugzg} lzbme} gmgig` fbfjg`guglgo) {bfjbo}rlgo romgod&romgod medrjgi

{gmg }g`ro 750; (]eomglgo fbodgtgi lbtgodgo% me{bzirgxlgo zesgj lb{bzirgo lb{gmg

xbfrg jgol {bzmgdgodgo) X!I mgo FXJ/ Mb{nxe} eoxrzgox fbodrzgodlgo xex}bf

membmg`lgo lb{gmg lbhbfgxgo ugod jbzlbfrodleogo mgo fbodglejg}lgo {bodbhr}go

mgigf lrgo}e}e tgod mbodgo fboeodlg}lgo lbr{guggo zesgj {bzxblr}rgo ro}rl

fbf{bodgzrè gl}eqe}e blnonfe/

Cgmrgi =&8 fborocrllgo xbxb}bodg` gdboxe {bzg}rzgo ugod {bo}eod mgigf xex}bf

lbtgodgo R/X mgo fborocrllgo heze&heze {bzg}rzgo mgigf g{ielgxe xb}eg{ gdboxe/

Gdboxe [bodg}rz Xrjcbl [bodg}rz Cboex [bodg}rz

Xblrze}e mgo lnfexbo (XBH% Fbodnzdgoexgxe {bz}rlgzgo

mgo {gxgzgo lbtgodgo

Fbfbzirlgo {bombmg`go

fglirfg}) fbodb`gm

jbzoegdg mgigfgo ugod

}emgl xg`/Lnfnme}e {gmg fgxg

`gmg{go mgo lnfexbo

jbzoegdg (HA]H%

[gxgzgo ]b}g{lgo {bzg}rzgo ro}rl

jbzoegdg mgigf {gxgzgo

{gmg fgxg `gmg{go/

Xex}bf Zesgj [bzxblr}rgo

(AZX%

Eox}e}rxe Mb{nxe} ]b}g{lgo lb{bzirgo zesgj)

fbfbzelxg zesgj

{bzxblr}rgo gìe jgol/

[bcgjg} Hnf{}zniibz

fg}gtgod (NHH%

[egdgf {bzxblr}rgo jgol

{bzmgdgodgo/

Fbodeseolgo mgo

fbfbzelxg {egdgf

{bzxblr}rgo jgol)

fbodb`gm cboex gxb} ugodjnib` me{bdgod/

Eoxrzgox mb{nxe}

{bzxblr}rgo Lnz{nzg}

(AMEH%

Jgol {bzmgdgodgo)

{bzxg}rgo xef{gogo mgo

{eocgfgo mgo jgol

xef{gogo jbzxgfg/

Fbfbzelxg)

fbodeoxrzgoxlgo jgol)

fbodb`gmlgo gxb} ugod

jnib` mefeiele)

fboubmeglgo mb{nxe}


36/36

eoxrzgox jbzcrfig` -

7;;);;; {bz mb{nxe}/

Fbob}g{lgo rzrxgo jgol

mgo lnfexbo eoxrzgo

Eox}e}rxe mb{nxe} Fbodeseolgo mgo

fbfbzelxg {egdgf ugod

meoug}glgo mgigf jgol)

fbodb`gmlgo gxb} ugod

jnib` me{bdgod)

fbodboglgo `gm lb{gmg

hgtgodgo/

[bcgjg} {boubieg `bfg} [bzxg}rgo xef{gogo mgo

{eocgfgo

Fbfbzelxg {bzxg}rgo

xef{gogo mgo {eocgfgo)

fbodb`gmlgo cboex gxxb}

ugod jnib` me{bdgod/

[bo}gmjezgo {bzxg}rgo

lzbme} ogxenogi

[egdgf {bzxg}rgo lzbme}

nib` lbzgcggo {bzxblr}rgo/

Fbfbzelxg {egdgf

{bzxg}rgo lzbme}{bzxblr}rgo) fbodb`gmlgo

cboex gxb} ugod jnib`

mefeiele/

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