\u064a\u062c\u0630\u0628 \u0647\u0630\u0627 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646\u060c \u0633\u0648\u0627\u0621 \u0643\u0627\u0646\u062a \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong> \u0623\u0648 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f<\/strong>.<\/p>\n\n\n\n \u0627\u0644\u0623\u0633\u0628\u0627\u0628 \u0648\u0627\u0636\u062d\u0629 \u0625\u0644\u0649 \u062d\u062f \u0628\u0639\u064a\u062f\u061b \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0625\u0644\u064a\u0643\u0645 \u0639\u0628\u0627\u0631\u0629 \u0645\u0646 \u0645\u0642\u0627\u0644 \u0641\u064a \u0645\u062c\u0644\u0629 FUTURES<\/strong> (\u0625\u0646\u062c\u0644\u062a\u0631\u0627\u060c \u064a\u0648\u0646\u064a\u0648 1996): <\/p>\n\n\n\n “\u064a\u0645\u0643\u0646 \u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0643\u0641\u0621 \u0623\u0646 \u064a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 1,000,000 \u062f\u0648\u0644\u0627\u0631 \u0633\u0646\u0648\u064a\u0627\u064b \u0639\u0644\u0649 \u0634\u0643\u0644 \u0631\u0627\u062a\u0628 \u0648\u0639\u0645\u0648\u0644\u0627\u062a.”<\/p>\n<\/blockquote>\n\n\n\n \u064a\u062a\u0632\u0627\u064a\u062f \u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631.<\/p>\n\n\n\n \u0648\u064a\u0631\u062c\u0639 \u0630\u0644\u0643 \u0625\u0644\u0649 \u062a\u0637\u0648\u0631 \u0627\u0644\u062a\u062c\u0627\u0631\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0648\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0628\u0644\u062f\u0627\u0646.<\/p>\n\n\n\n \u0628\u0644\u063a \u062d\u062c\u0645 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u064a\u0648\u0645\u064a\u0629 \u0639\u0627\u0644\u0645\u064a\u0627\u064b \u0641\u064a \u0645\u0646\u062a\u0635\u0641 \u0639\u0627\u0645 1998 \u062d\u0648\u0627\u0644\u064a 1.982 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 (\u062d\u064a\u062b \u0634\u0643\u0644\u062a \u0623\u0633\u0648\u0627\u0642 \u0644\u0646\u062f\u0646 \u062d\u0648\u0627\u0644\u064a 32% \u0645\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a\u060c \u0628\u064a\u0646\u0645\u0627 \u0628\u0644\u063a \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0646\u064a\u0648\u064a\u0648\u0631\u0643 \u062d\u0648\u0627\u0644\u064a 18% \u0648\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0644\u0645\u0627\u0646\u064a\u0629 10%). \u0644\u064a\u0633 \u0641\u0642\u0637 \u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0628\u062d\u062f \u0630\u0627\u062a\u0647 \u0645\u062f\u0647\u0634\u0627\u064b\u060c \u0628\u0644 \u0623\u064a\u0636\u0627\u064b \u0627\u0644\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0637\u0648\u0631 \u0628\u0647\u0627 \u0627\u0644\u0633\u0648\u0642.<\/p>\n\n\n\n \u0641\u064a \u0639\u0627\u0645 1977\u060c \u0643\u0627\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a 5 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631\u061b \u0648\u0628\u0639\u062f \u0639\u0634\u0631 \u0633\u0646\u0648\u0627\u062a\u060c \u0646\u0645\u0627 \u0625\u0644\u0649 600 \u0645\u0644\u064a\u0627\u0631 \u0648\u0648\u0635\u0644 \u0625\u0644\u0649 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0639\u0627\u0645 1992.<\/p>\n\n\n\n \u062a\u0635\u0644 \u0642\u064a\u0645\u0629 \u0639\u0645\u0644\u064a\u0627\u062a \u0623\u0643\u0628\u0631 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0625\u0644\u0649 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u064a\u0648\u0645\u064a\u0627\u064b.<\/p>\n\n\n\n \u0623\u062d\u062c\u0627\u0645 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0645\u0648\u0630\u062c\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u064a\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u062a\u0628\u0644\u063a 10 \u0645\u0644\u0627\u064a\u064a\u0646 \u062f\u0648\u0644\u0627\u0631<\/strong>.<\/p>\n\n\n\n \u0648\u0628\u0641\u0636\u0644 \u0627\u0644\u062a\u0637\u0648\u0631 \u0627\u0644\u0633\u0631\u064a\u0639 \u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u0642\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0636\u064a\u064a\u0646\u060c \u062a\u063a\u064a\u0631 \u0634\u0643\u0644 \u0627\u0644\u0633\u0648\u0642 \u0628\u0634\u0643\u0644 \u062c\u0630\u0631\u064a.<\/p>\n\n\n\n \u0643\u0627\u0646\u062a \u0645\u0647\u0646\u0629 \u0648\u0633\u064a\u0637 \u0627\u0644\u0639\u0645\u0644\u0627\u062a\u060c \u0627\u0644\u062a\u064a \u0643\u0627\u0646\u062a \u062a\u062d\u064a\u0637 \u0628\u0647\u0627 \u0647\u0627\u0644\u0629 \u0645\u0646 \u0627\u0644\u063a\u0645\u0648\u0636\u060c \u062a\u0628\u062f\u0648 \u0634\u0628\u0647 \u062c\u0645\u0627\u0647\u064a\u0631\u064a\u0629 \u0627\u0644\u064a\u0648\u0645.<\/p>\n\n\n\n \u0623\u0635\u0628\u062d\u062a \u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a\u060c \u0627\u0644\u062a\u064a \u0643\u0627\u0646\u062a \u0641\u064a \u0627\u0644\u0633\u0627\u0628\u0642 \u062d\u0643\u0631\u064b\u0627 \u0639\u0644\u0649 \u0623\u0643\u0628\u0631 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0627\u062d\u062a\u0643\u0627\u0631\u064a\u0629\u060c \u0645\u062a\u0627\u062d\u0629 \u0627\u0644\u0622\u0646 \u0644\u0644\u062c\u0645\u0647\u0648\u0631 \u0628\u0641\u0636\u0644 \u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a (Electronic trading systems).<\/p>\n\n\n\n \u062d\u062a\u0649 \u0623\u0646 \u0623\u0643\u0628\u0631 \u0627\u0644\u0628\u0646\u0648\u0643 \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u0641\u0636\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0628\u0631 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0627\u0644\u0641\u0631\u062f\u064a\u0629.<\/p>\n\n\n\n \u0627\u0644\u064a\u0648\u0645\u060c \u062a\u0634\u0643\u0644 \u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a \u062d\u0648\u0627\u0644\u064a 11% \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u062d\u062c\u0645 \u062a\u062f\u0627\u0648\u0644 \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong>.<\/p>\n\n\n\n \u0641\u064a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629\u060c \u062a\u0648\u0633\u0639\u062a \u0641\u0631\u0635 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0648\u0627\u0644\u0623\u0641\u0631\u0627\u062f \u0644\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong> \u0628\u0634\u0643\u0644 \u0647\u0627\u0626\u0644. \u0648\u0628\u0641\u0636\u0644 \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0644\u0647\u0627\u0645\u0634 (Margin Trading)<\/strong>\u060c \u0623\u0635\u0628\u062d \u0627\u0644\u062f\u062e\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0645\u062a\u0627\u062d\u0627\u064b \u062d\u062a\u0649 \u0628\u0631\u0623\u0633 \u0645\u0627\u0644 \u0635\u063a\u064a\u0631. \u062a\u062a\u0637\u0644\u0628 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0644\u0647\u0627\u0645\u0634 \u0625\u064a\u062f\u0627\u0639\u0627\u064b \u062a\u0623\u0645\u064a\u0646\u064a\u0627\u064b \u0648\u062a\u0633\u0645\u062d \u0644\u0644\u0639\u0645\u064a\u0644 \u0628\u0625\u062c\u0631\u0627\u0621 \u0635\u0641\u0642\u0627\u062a \u0644\u0634\u0631\u0627\u0621 \u0648\u0628\u064a\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0628\u0645\u0628\u0627\u0644\u063a \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 40 \u0625\u0644\u0649 100 \u0636\u0639\u0641 \u0642\u064a\u0645\u0629 \u0627\u0644\u0625\u064a\u062f\u0627\u0639. \u064a\u062a\u062d\u0645\u0644 \u0627\u0644\u0639\u0645\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0625\u064a\u062f\u0627\u0639 \u0643\u0636\u0645\u0627\u0646 \u0644\u062a\u0623\u0645\u064a\u0646 \u0627\u0644\u0634\u0631\u0643\u0629. \u0623\u0635\u0628\u062d \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong> \u0641\u064a \u0645\u062a\u0646\u0627\u0648\u0644 \u0627\u0644\u062c\u0645\u064a\u0639 \u062a\u0642\u0631\u064a\u0628\u0627\u064b\u060c \u0648\u062a\u062d\u0627\u0648\u0644 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u062c\u0630\u0628 \u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0625\u0644\u064a\u0647.<\/p>\n\n\n\n \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u060c \u064a\u064f\u0639\u062a\u0628\u0631 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0645\u062a\u0627\u062d\u0627\u064b \u062c\u062f\u0627\u064b \u0625\u0630\u0627 \u0643\u0627\u0646 \u0644\u062f\u064a\u0643\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c 1,000 \u062f\u0648\u0644\u0627\u0631 \u0641\u0642\u0637\u060c \u0625\u0630 \u062a\u0642\u062f\u0645 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0648\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u0639\u0645\u0644\u0627\u0626\u0647\u0627 “\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629”\u060c \u0645\u0645\u0627 \u064a\u0633\u0645\u062d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0630\u0648\u064a \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0628\u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong> \u0628\u0627\u0633\u062a\u062b\u0645\u0627\u0631 1,000 \u062f\u0648\u0644\u0627\u0631 \u0648\u0625\u062c\u0631\u0627\u0621 \u0635\u0641\u0642\u0627\u062a \u0628\u0645\u0628\u0627\u0644\u063a \u062a\u0641\u0648\u0642 100,000 \u062f\u0648\u0644\u0627\u0631. \u0648\u062a\u0631\u062a\u0628\u0637 \u062c\u0627\u0630\u0628\u064a\u0629 \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong> \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0628\u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u062a\u062d\u0642\u064a\u0642 \u0623\u0631\u0628\u0627\u062d \u0643\u0628\u064a\u0631\u0629 \u0628\u0633\u0631\u0639\u0629. \u0648\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u062a\u0638\u0647\u0631 \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u062a 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\u0627\u0644\u0623\u062c\u0646\u0628\u064a\u060c \u0628\u0644 \u062a\u0641\u0643\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u064b. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u064f\u0642\u0627\u0644 \u0625\u0646 \u0622\u0644\u0627\u0646 \u063a\u0631\u064a\u0646\u0633\u0628\u0627\u0646 (Alan Greenspan)<\/strong>\u060c \u0631\u0626\u064a\u0633 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a (FED<\/strong>) – \u0623\u0643\u0628\u0631 \u0628\u0646\u0643 \u0645\u0631\u0643\u0632\u064a \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645 – \u0647\u0648 \u0645\u062d\u0644\u0644 \u062a\u0642\u0646\u064a \u0645\u0645\u062a\u0627\u0632 \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 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\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062a\u064a\u0646\u0629.<\/p>\n\n\n\n \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u062f\u0631\u0643 \u0643\u0644 \u0645\u0646 \u064a\u0634\u0627\u0631\u0643 \u0641\u064a \u0623\u064a \u0646\u0634\u0627\u0637 \u062a\u062c\u0627\u0631\u064a \u0623\u0646 \u0627\u0644\u0641\u062c\u0648\u0629 \u0628\u064a\u0646 \u0627\u0644\u062e\u0637\u0637 \u0648\u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0623\u0645\u0631 \u0644\u0627 \u0645\u0641\u0631 \u0645\u0646\u0647\u060c \u0633\u0648\u0627\u0621 \u0641\u064a \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629 \u0623\u0648 \u063a\u064a\u0631\u0647\u0627. \u0641\u0642\u062f \u062a\u0624\u062f\u064a \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629 \u0641\u064a \u0627\u0644\u0648\u0636\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0623\u0648 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u060c \u0623\u0648 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062c\u0648\u064a\u0629\u060c \u0623\u0648 \u062d\u062a\u0649 \u0627\u0644\u0643\u0648\u0627\u0631\u062b \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c \u0623\u0648 \u062d\u062a\u0649 \u0645\u0634\u0627\u0643\u0644 \u0623\u0648 \u0642\u0635\u0648\u0631 \u0634\u0631\u0643\u0627\u0626\u0643 \u0625\u0644\u0649 \u0641\u0634\u0644 \u0627\u0644\u062e\u0637\u0637 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629<\/strong>\u060c \u0623\u064a \u0627\u0644\u0641\u062c\u0648\u0629 \u0628\u064a\u0646 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0645\u062e\u0637\u0637\u0629 \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629\u060c \u0647\u064a \u062c\u0632\u0621 \u0644\u0627 \u064a\u062a\u062c\u0632\u0623 \u0645\u0646 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0641\u064a \u0638\u0644 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642. \u0648\u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629 \u0644\u062a\u062c\u0646\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u0647\u064a \u0639\u062f\u0645 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0623\u064a \u0634\u064a\u0621\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0631\u062a\u0628\u0637 \u0623\u064a\u0636\u0627\u064b \u0628\u0645\u062e\u0627\u0637\u0631\u0629 \u0645\u0641\u0647\u0648\u0645\u0629 \u062a\u0645\u0627\u0645\u0627\u064b.<\/p>\n\n\n\n \u0625\u0630\u0627\u064b\u060c \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0644\u064a\u0633\u062a \u0641\u064a \u062e\u0637\u0648\u0631\u0629 \u0628\u0639\u0636 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a\u060c \u0628\u0644 \u0641\u064a \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062e\u0627\u0637\u0626\u0629 \u0644\u062a\u062e\u0637\u064a\u0637\u0647\u0627 \u0648\u062a\u0646\u0641\u064a\u0630\u0647\u0627. \u0648\u0641\u064a \u062d\u062f \u0630\u0627\u062a\u0647\u0627\u060c \u0641\u0625\u0646 \u0648\u062c\u0648\u062f \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u0627\u0644\u0645\u062d\u062a\u0645\u064e\u0644\u0629 \u064a\u064f\u0634\u0643\u0651\u0644 \u0627\u0644\u0623\u0633\u0627\u0633 \u0644\u0648\u062c\u0648\u062f \u0635\u0646\u0627\u0639\u0629 \u0643\u0627\u0645\u0644\u0629 \u2013 \u0648\u0647\u064a \u0627\u0644\u062a\u0623\u0645\u064a\u0646 (insurance)<\/strong> \u2013 \u0648\u0647\u0648 \u0642\u0637\u0627\u0639 \u0630\u0648 \u062a\u0623\u062b\u064a\u0631 \u0643\u0628\u064a\u0631.<\/p>\n\n\n\n \u0645\u0639 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0635\u062d\u064a\u062d\u060c \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629. \u0641\u0645\u0627 \u0647\u0648 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0635\u062d\u064a\u062d \u0625\u0630\u0627 \u0642\u0631\u0631\u0646\u0627 \u0627\u0644\u0627\u0646\u062e\u0631\u0627\u0637 \u0641\u064a \u0635\u0641\u0642\u0627\u062a \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u061f<\/p>\n\n\n\n \u064a\u0645\u0643\u0646 \u062a\u0635\u0646\u064a\u0641 \u0643\u0644 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0644\u062a\u0646\u0638\u064a\u0645 \u0633\u0644\u0648\u0643 \u0641\u0639\u0627\u0644 \u0641\u064a \u0628\u064a\u0626\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0645\u062a\u063a\u064a\u0631\u0629 \u0625\u0644\u0649 \u0645\u062c\u0627\u0644\u064a\u0646:<\/p>\n\n\n\n \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062a\u0648\u062c\u062f \u062a\u0642\u0646\u064a\u0627\u062a \u062a\u0623\u0645\u064a\u0646\u064a\u0629 \u0648\u062d\u062f\u0648\u062f \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0631\u0642\u0627\u0628\u0629 \u0639\u0644\u064a\u0647\u0627. \u0648\u062a\u0646\u0627\u0642\u0634 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0641\u064a \u0623\u062f\u0644\u0629 \u0645\u0646\u0641\u0635\u0644\u0629 \u062d\u0648\u0644 \u0637\u0631\u0642 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0645\u0648\u0627\u0644.<\/p>\n\n\n\n \u0633\u0646\u062a\u0646\u0627\u0648\u0644 \u0647\u0646\u0627 \u0627\u0644\u0645\u062c\u0627\u0644 \u0627\u0644\u0623\u0648\u0644 – \u0627\u0644\u062a\u0646\u0628\u0624 (Forecasting)<\/strong>\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0644 \u0628\u0623\u0646\u0647 \u0625\u0630\u0627 \u062a\u0646\u0628\u0623\u062a \u0628\u0634\u0643\u0644 \u0635\u062d\u064a\u062d \u0628\u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644 \u0648\u0627\u062a\u062e\u0630\u062a \u0627\u0644\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0633\u062a\u0643\u0648\u0646 \u0625\u064a\u062c\u0627\u0628\u064a\u0629.<\/p>\n\n\n\n \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0647\u0648 \u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u0630\u0627 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644.<\/p>\n<\/blockquote>\n\n\n\n \u0647\u0646\u0627\u0643 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0646\u0647\u062c \u0644\u062d\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629. \u0646\u0644\u0627\u062d\u0638 \u0645\u0646\u0630 \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0623\u0646\u0646\u0627 \u0646\u0633\u062a\u062e\u062f\u0645 \u062a\u0642\u0646\u064a\u0627\u062a \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a (FOREX) \u062a\u062a\u062d\u062f \u0628\u0645\u0641\u0647\u0648\u0645 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong>.<\/p>\n\n\n\n \u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0646\u0627 \u0646\u0635\u0641 \u0633\u0644\u0648\u0643 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0630\u064a \u064a\u0647\u0645\u0646\u0627 – \u0627\u0644\u0633\u0648\u0642 – \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629\u060c \u0648\u064a\u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0637\u0631\u064a\u0642\u0629 \u0642\u064a\u0627\u0633 \u0643\u0644 \u0645\u0646\u0647\u0627 \u0628\u062f\u0642\u0629.<\/p>\n\n\n\n \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0637\u0648\u064a\u0644\u0629\u060c \u064a\u062a\u0645 \u062c\u0645\u0639 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a\u060c \u0648\u064a\u062a\u0645 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0633\u062a\u062e\u0644\u0627\u0635 \u0642\u064a\u0645 \u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 (“\u063a\u062f\u064b\u0627”) \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0633\u062a\u0646\u0627\u062f\u0627\u064b \u0625\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0625\u062d\u0635\u0627\u0621\u0627\u062a\u060c \u0648\u0645\u0646 \u062b\u0645 \u0646\u062a\u062e\u0630 \u0642\u0631\u0627\u0631\u0627\u062a\u0646\u0627.<\/p>\n\n\n\n \u0625\u0646 \u0648\u062c\u0648\u062f \u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062d\u062f\u062f\u0629 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0642\u064a\u0627\u0633 \u0647\u0648 \u0627\u0644\u0641\u0627\u0631\u0642 \u0628\u064a\u0646 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong> \u0648\u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u0623\u062e\u0631\u0649 – \u0645\u062b\u0644 \u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u062d\u062f\u0633\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0633\u0644\u0637\u0648\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0623\u0633\u062a\u0631\u0627\u0644\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0631\u0648\u062d\u064a\u0629<\/strong> – \u0648\u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0623\u064a\u0636\u0627\u064b \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0644\u0643\u0646\u0647\u0627 \u0644\u064a\u0633\u062a \u0645\u0648\u0636\u0648\u0639 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644.<\/p>\n\n\n\n \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062a\u064f\u0642\u0633\u0645 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong>\u060c \u0643\u0645\u0627 \u0647\u0648 \u0645\u0639\u0631\u0648\u0641\u060c \u0625\u0644\u0649 \u0645\u062c\u0645\u0648\u0639\u062a\u064a\u0646 \u0645\u0646 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631:<\/p>\n\n\n\n \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u064a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0627\u0644\u0627\u0639\u062a\u0642\u0627\u062f \u0628\u0623\u0646 “\u0627\u0644\u0633\u0648\u0642 \u064a\u0623\u062e\u0630 \u0643\u0644 \u0634\u064a\u0621 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646”\u060c \u0648\u0644\u0630\u0644\u0643 \u0641\u0625\u0646 \u0633\u0644\u0648\u0643 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u064a\u0639\u0643\u0633 \u0628\u0627\u0644\u0641\u0639\u0644 \u0643\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0647\u0627\u0645\u0629.<\/p>\n\n\n\n \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u0639\u0627\u0644\u0627\u064b \u062d\u0642\u0627\u064b\u060c \u0641\u0625\u0646 \u062a\u062d\u0631\u0643\u0627\u062a\u0647 \u0647\u064a \u0646\u062a\u064a\u062c\u0629 \u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0639\u0646\u062f \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631\u0627\u062a\u0647\u0645 \u0628\u0634\u0623\u0646 \u0627\u0644\u0635\u0641\u0642\u0627\u062a.<\/p>\n\n\n\n \u062a\u0643\u0648\u0646 \u0646\u062a\u064a\u062c\u0629 \u0647\u0630\u0647 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0647\u064a \u062d\u0631\u0643\u0629 \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u060c \u0648\u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0631\u0627\u0642\u0628\u062a\u0647\u0627\u060c \u062a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0643\u0627\u0641\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u064a\u0629. \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0642\u0644\u064a\u0644 \u062c\u062f\u0627\u064b \u2013 \u0645\u062c\u0631\u062f \u0645\u0639\u0631\u0641\u0629 \u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u062a\u062d\u0631\u0643\u0627\u062a.<\/p>\n\n\n\n \u064a\u0648\u0641\u0631 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0639\u062f\u062f\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0645\u0646 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062a\u064a\u062d \u0627\u0633\u062a\u0646\u0628\u0627\u0637 \u062a\u0648\u0642\u0639\u0627\u062a \u0642\u064a\u0645\u0629 \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/p>\n\n\n\n \u062a\u0648\u062c\u062f \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u062c\u064a\u062f\u0629 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)\u060c \u0648\u0644\u0646 \u0646\u062a\u0639\u0645\u0642 \u0641\u064a\u0647\u0627 \u0647\u0646\u0627\u061b \u0628\u0644 \u0633\u0646\u0631\u0643\u0632 \u0639\u0644\u0649 \u062a\u0644\u0643 \u0627\u0644\u0638\u0648\u0627\u0647\u0631 \u0627\u0644\u062a\u064a \u0644\u0627 \u064a\u0623\u062e\u0630\u0647\u0627 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631.<\/p>\n\n\n\n \u0643\u0644\u0627 \u0645\u0646 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0648\u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (Fundamental Analysis)<\/strong> \u0647\u0645\u0627 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0633\u0648\u0642\u064a\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u064a\u0646\u0638\u0631 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (Fundamental Analysis)<\/strong> \u0625\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u0632\u0627\u0648\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong>.<\/p>\n\n\n\n \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0645\u062f\u0649 \u0639\u0638\u0645\u0629 \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong>\u060c \u0641\u0625\u0646\u0647 \u0644\u0627 \u064a\u0632\u0627\u0644 \u062c\u0632\u0621\u0627\u064b \u0645\u0646 \u0643\u0648\u0646 \u0623\u0648\u0633\u0639\u060c \u0648\u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0645\u0627 \u064a\u062d\u062f\u062b \u0641\u064a\u0647 \u064a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u062a\u0624\u062b\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u0627\u0646\u062a\u062e\u0627\u0628\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0646\u0638\u0645 \u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0643\u0648\u0627\u0631\u062b \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629 \u2013 \u062c\u0645\u064a\u0639\u0647\u0627 \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0628\u0639\u0636 \u0647\u0630\u0647 \u0627\u0644\u0623\u062d\u062f\u0627\u062b \u0644\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u0627\u060c \u0641\u0625\u0646 \u0628\u0639\u0636\u0647\u0627 \u0645\u062e\u0637\u0637 \u0644\u0647 \u062a\u0645\u0627\u0645\u0627\u064b (\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u062a\u0648\u0642\u064a\u062a \u0635\u062f\u0648\u0631 \u0627\u0644\u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u064a\u064f\u062d\u062f\u062f \u0642\u0628\u0644 \u0623\u0634\u0647\u0631) \u0623\u0648 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647 \u0628\u0627\u0644\u0643\u0627\u0645\u0644.<\/p>\n\n\n\n \u0644\u0630\u0644\u0643\u060c \u0625\u0630\u0627 \u0642\u0645\u062a \u0628\u0648\u0636\u0639 \u062a\u0648\u0642\u0639\u0627\u062a \u0645\u0646\u0637\u0642\u064a\u0629 \u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u062a\u062d\u0631\u0643\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646\u0647\u0627.<\/p>\n\n\n\n \u0645\u062b\u0627\u0644 \u0623\u0633\u0637\u0648\u0631\u064a \u0639\u0644\u0649 \u0627\u0644\u0641\u0647\u0645 \u0627\u0644\u0635\u062d\u064a\u062d \u0648\u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0648\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0648\u0636\u0639 \u0627\u0644\u0631\u0627\u0647\u0646 \u0628\u0646\u062c\u0627\u062d \u0647\u0648 \u0639\u0645\u0644\u064a\u0627\u062a \u062c\u0648\u0631\u062c \u0633\u0648\u0631\u0648\u0633 (George Soros)<\/strong> \u0627\u0644\u062a\u064a \u062a\u0646\u0628\u0623 \u0641\u064a\u0647\u0627 \u0628\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0627\u0644\u0648\u0634\u064a\u0643.<\/p>\n\n\n\n \u0648\u0642\u0628\u0644 \u0630\u0644\u0643 \u0628\u0648\u0642\u062a \u0642\u0635\u064a\u0631\u060c \u0639\u0627\u062f \u0627\u0644\u062c\u0646\u064a\u0647 \u0625\u0644\u0649 \u0622\u0644\u064a\u0629 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 (ERM<\/strong>)\u060c \u0627\u0644\u062a\u064a \u062c\u0645\u0639\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u062a\u062d\u062a \u0622\u0644\u064a\u0629 \u0648\u0627\u062d\u062f\u0629.<\/p>\n\n\n\n \u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u0643\u0627\u0646\u062a \u0645\u0647\u0645\u0629 \u0622\u0644\u064a\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 (ERM<\/strong>) \u0647\u064a \u062a\u062d\u062f\u064a\u062f \u0623\u0633\u0639\u0627\u0631 \u0635\u0631\u0641 \u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0643\u0644 \u0632\u0648\u062c \u0639\u0645\u0644\u0627\u062a\u060c \u0648\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062d\u062f\u062f\u0629 \u0644\u0645 \u064a\u0643\u0646 \u0628\u0625\u0645\u0643\u0627\u0646 \u0627\u0644\u0639\u0645\u0644\u0629 \u0623\u0646 \u062a\u0646\u062d\u0631\u0641 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0646\u0633\u0628\u0629 \u0645\u0639\u064a\u0646\u0629. \u0648\u0647\u0643\u0630\u0627 \u0643\u0627\u0646\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641 \u062a\u062a\u0623\u0631\u062c\u062d \u062f\u0627\u062e\u0644 \u0646\u0637\u0627\u0642\u0627\u062a\u0647\u0627\u060c \u0645\u062b\u0644 \u062d\u0631\u0643\u0629 \u0627\u0644\u0623\u0641\u0639\u0649 (\u0648\u0645\u0646 \u0647\u0646\u0627 \u0633\u064f\u0645\u064a\u062a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0628\u0640 “\u062b\u0639\u0628\u0627\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a”).<\/p>\n\n\n\n \u0625\u0630\u0627 \u0644\u0645 \u062a\u0643\u0646 \u0622\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 (\u0648\u062e\u0627\u0635\u0629 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629) \u0643\u0627\u0641\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0646\u0637\u0627\u0642\u0627\u062a\u060c \u0643\u0627\u0646 \u064a\u062a\u0645 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062a\u062f\u062e\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0629. \u0639\u0646\u062f \u062d\u062f\u0648\u062f \u0627\u0644\u0646\u0637\u0627\u0642\u060c \u0643\u0627\u0646 \u0639\u0644\u0649 \u0643\u0644 \u0628\u0646\u0643 \u0645\u0631\u0643\u0632\u064a \u0645\u0646 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\u0627\u0644\u0635\u062d\u064a\u062d \u0644\u062c\u0648\u0647\u0631 \u0627\u0644\u0648\u0636\u0639 \u0648\u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0646\u062a\u0627\u0626\u062c\u0647 \u0625\u0644\u0649 \u0623\u0646 \u064a\u062a\u0645\u0643\u0646 \u0633\u0648\u0631\u0648\u0633<\/strong> \u0645\u0646 \u0648\u0636\u0639 \u0627\u0644\u0631\u0647\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0636\u062f \u0627\u0644\u062c\u0646\u064a\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0648\u062c\u0646\u064a \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/p>\n\n\n\n \u0644\u0630\u0627\u060c \u0641\u0625\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0627 \u062a\u0648\u062c\u0647 \u0627\u0644\u0633\u0648\u0642 \u0641\u0642\u0637 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062f\u062e\u0644\u0627\u062a\u0647\u0627 \u0641\u064a \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u060c \u0628\u0644 \u062a\u0641\u0643\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u064b. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u064f\u0642\u0627\u0644 \u0625\u0646 \u0622\u0644\u0627\u0646 \u063a\u0631\u064a\u0646\u0633\u0628\u0627\u0646 (Alan Greenspan)<\/strong>\u060c \u0631\u0626\u064a\u0633 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a (FED<\/strong>)\u060c \u0647\u0648 \u0645\u062d\u0644\u0644 \u062a\u0642\u0646\u064a \u0645\u0645\u062a\u0627\u0632 \u0641\u064a \u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629. \u0641\u0647\u0648 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\u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0647\u0648 \u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u0630\u0627 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644.<\/p>\n<\/blockquote>\n\n\n\n \u0647\u0646\u0627\u0643 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0646\u0647\u062c \u0644\u062d\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629. \u0646\u0644\u0627\u062d\u0638 \u0645\u0646 \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0623\u0646\u0646\u0627 \u0646\u0633\u062a\u062e\u062f\u0645 \u062a\u0642\u0646\u064a\u0627\u062a \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a (FOREX) \u062a\u062a\u062d\u062f \u0628\u0645\u0641\u0647\u0648\u0645 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong>.<\/p>\n\n\n\n \u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0646\u0627 \u0646\u0635\u0641 \u0633\u0644\u0648\u0643 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0630\u064a \u064a\u0647\u0645\u0646\u0627 \u2013 \u0627\u0644\u0633\u0648\u0642 \u2013 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u062d\u062f\u062f\u0629 \u0645\u0646 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629\u060c \u0648\u064a\u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0637\u0631\u064a\u0642\u0629 \u0642\u064a\u0627\u0633 \u0643\u0644 \u0645\u0646\u0647\u0627 \u0628\u062f\u0642\u0629.<\/p>\n\n\n\n \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0637\u0648\u064a\u0644\u0629\u060c \u062a\u064f\u062c\u0645\u0639 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a\u060c \u0648\u064a\u0642\u0648\u0645 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0634\u062a\u0642\u0627\u0642 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 (“\u063a\u062f\u0627\u064b”) \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0633\u062a\u0646\u0627\u062f\u0627\u064b \u0625\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0625\u062d\u0635\u0627\u0621\u0627\u062a\u060c \u0648\u0645\u0646 \u062b\u0645 \u0646\u062a\u062e\u0630 \u0642\u0631\u0627\u0631\u0627\u062a\u0646\u0627.<\/p>\n\n\n\n \u0625\u0646 \u0648\u062c\u0648\u062f \u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062d\u062f\u062f\u0629 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0642\u064a\u0627\u0633 \u0647\u0648 \u0627\u0644\u0641\u0627\u0631\u0642 \u0628\u064a\u0646 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong> \u0648\u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u0623\u062e\u0631\u0649 \u2013 \u0645\u062b\u0644 \u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u062d\u062f\u0633\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0633\u0644\u0637\u0648\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0623\u0633\u062a\u0631\u0627\u0644\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u0631\u0648\u062d\u064a\u0629<\/strong> \u2013 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0623\u064a\u0636\u0627\u064b \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0644\u0643\u0646\u0647\u0627 \u0644\u064a\u0633\u062a \u0645\u0648\u0636\u0648\u0639 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644.<\/p>\n\n\n\n \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062a\u064f\u0642\u0633\u0645 \u0637\u0631\u0642 \u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0643\u0645\u064a\u0629 (Quantitative forecasting methods)<\/strong>\u060c \u0643\u0645\u0627 \u0647\u0648 \u0645\u0639\u0631\u0648\u0641\u060c \u0625\u0644\u0649 \u0645\u062c\u0645\u0648\u0639\u062a\u064a\u0646 \u0645\u0646 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631:<\/p>\n\n\n\n \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u064a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0627\u0644\u0627\u0639\u062a\u0642\u0627\u062f \u0628\u0623\u0646 “\u0627\u0644\u0633\u0648\u0642 \u064a\u0623\u062e\u0630 \u0643\u0644 \u0634\u064a\u0621 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646”\u060c \u0648\u0644\u0630\u0644\u0643 \u0641\u0625\u0646 \u0633\u0644\u0648\u0643 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u064a\u0639\u0643\u0633 \u0628\u0627\u0644\u0641\u0639\u0644 \u0643\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0647\u0627\u0645\u0629.<\/p>\n\n\n\n \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u0639\u0627\u0644\u0627\u064b \u062d\u0642\u0627\u064b\u060c \u0641\u0625\u0646 \u062a\u062d\u0631\u0643\u0627\u062a\u0647 \u0647\u064a \u0646\u062a\u064a\u062c\u0629 \u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0639\u0646\u062f \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631\u0627\u062a\u0647\u0645 \u0628\u0634\u0623\u0646 \u0627\u0644\u0635\u0641\u0642\u0627\u062a.<\/p>\n\n\n\n \u062a\u0643\u0648\u0646 \u0646\u062a\u064a\u062c\u0629 \u0647\u0630\u0647 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0647\u064a \u062d\u0631\u0643\u0629 \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u060c \u0648\u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0631\u0627\u0642\u0628\u062a\u0647\u0627\u060c \u062a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0643\u0627\u0641\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u064a\u0629. \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0642\u0644\u064a\u0644 \u062c\u062f\u0627\u064b \u2013 \u0645\u062c\u0631\u062f \u0645\u0639\u0631\u0641\u0629 \u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u062a\u062d\u0631\u0643\u0627\u062a.<\/p>\n\n\n\n \u064a\u0648\u0641\u0631 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0639\u062f\u062f\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0645\u0646 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062a\u064a\u062d \u0627\u0633\u062a\u0646\u0628\u0627\u0637 \u062a\u0648\u0642\u0639\u0627\u062a \u0642\u064a\u0645\u0629 \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/p>\n\n\n\n \u062a\u0648\u062c\u062f \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u062c\u064a\u062f\u0629 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)\u060c \u0648\u0644\u0646 \u0646\u062a\u0639\u0645\u0642 \u0641\u064a\u0647\u0627 \u0647\u0646\u0627\u061b \u0628\u0644 \u0633\u0646\u0631\u0643\u0632 \u0639\u0644\u0649 \u062a\u0644\u0643 \u0627\u0644\u0638\u0648\u0627\u0647\u0631 \u0627\u0644\u062a\u064a \u0644\u0627 \u064a\u0623\u062e\u0630\u0647\u0627 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631.<\/p>\n\n\n\n \u0643\u0644\u0627 \u0645\u0646 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong> \u0648\u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (Fundamental Analysis)<\/strong> \u0647\u0645\u0627 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0633\u0648\u0642\u064a\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u064a\u0646\u0638\u0631 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (Fundamental Analysis)<\/strong> \u0625\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u0632\u0627\u0648\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a (Technical Analysis)<\/strong>.<\/p>\n\n\n\n \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0645\u062f\u0649 \u0639\u0638\u0645\u0629 \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX)<\/strong>\u060c \u0641\u0625\u0646\u0647 \u0644\u0627 \u064a\u0632\u0627\u0644 \u062c\u0632\u0621\u0627\u064b \u0645\u0646 \u0643\u0648\u0646 \u0623\u0648\u0633\u0639\u060c \u0648\u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0645\u0627 \u064a\u062d\u062f\u062b \u0641\u064a\u0647 \u064a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u062a\u0624\u062b\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0648\u0637\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u0627\u0646\u062a\u062e\u0627\u0628\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0643\u0648\u0627\u0631\u062b \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629 \u2013 \u062c\u0645\u064a\u0639\u0647\u0627 \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0628\u0639\u0636 \u0647\u0630\u0647 \u0627\u0644\u0623\u062d\u062f\u0627\u062b \u0644\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u0627\u060c \u0641\u0625\u0646 \u0627\u0644\u0628\u0639\u0636 \u0627\u0644\u0622\u062e\u0631 \u064a\u0643\u0648\u0646 \u0645\u062e\u0637\u0637\u0627\u064b \u0644\u0647 \u0645\u0633\u0628\u0642\u0627\u064b (\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u062a\u0645 \u062c\u062f\u0648\u0644\u0629 \u0635\u062f\u0648\u0631 \u0627\u0644\u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0642\u0628\u0644 \u0623\u0634\u0647\u0631) \u0623\u0648 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647 \u062a\u0645\u0627\u0645\u0627\u064b.<\/p>\n\n\n\n \u0644\u0630\u0644\u0643\u060c \u0625\u0630\u0627 \u0648\u0636\u0639\u062a \u062a\u0648\u0642\u0639\u0627\u062a \u0645\u0646\u0637\u0642\u064a\u0629 \u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u062a\u062d\u0631\u0643\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646\u0647\u0627.<\/p>\n\n\n\n \u0645\u062b\u0627\u0644 \u0623\u0633\u0637\u0648\u0631\u064a \u0639\u0644\u0649 \u0627\u0644\u0641\u0647\u0645 \u0627\u0644\u0635\u062d\u064a\u062d\u060c \u0648\u0627\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u0648\u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0627\u062c\u062d \u0644\u0644\u0648\u0636\u0639 \u0627\u0644\u062d\u0627\u0644\u064a \u0647\u0648 \u0639\u0645\u0644\u064a\u0627\u062a \u062c\u0648\u0631\u062c \u0633\u0648\u0631\u0648\u0633 (George Soros)<\/strong>\u060c \u0627\u0644\u0630\u064a \u062a\u0646\u0628\u0623 \u0628\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0627\u0644\u0648\u0634\u064a\u0643.<\/p>\n\n\n\n \u0648\u0642\u0628\u0644 \u0630\u0644\u0643 \u0628\u0648\u0642\u062a \u0642\u0635\u064a\u0631\u060c \u0639\u0627\u062f \u0627\u0644\u062c\u0646\u064a\u0647 \u0625\u0644\u0649 \u0622\u0644\u064a\u0629 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 (ERM<\/strong>)\u060c \u0627\u0644\u062a\u064a \u062c\u0645\u0639\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u062a\u062d\u062a \u0622\u0644\u064a\u0629 \u0648\u0627\u062d\u062f\u0629.<\/p>\n\n\n\n \u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u0643\u0627\u0646\u062a \u0645\u0647\u0645\u0629 \u0622\u0644\u064a\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 (ERM<\/strong>) \u0647\u064a \u062a\u062d\u062f\u064a\u062f \u0623\u0633\u0639\u0627\u0631 \u0635\u0631\u0641 \u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0643\u0644 \u0632\u0648\u062c \u0639\u0645\u0644\u0627\u062a\u060c \u0648\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062d\u062f\u062f\u0629 \u0644\u0645 \u064a\u0643\u0646 \u0628\u0625\u0645\u0643\u0627\u0646 \u0627\u0644\u0639\u0645\u0644\u0629 \u0623\u0646 \u062a\u0646\u062d\u0631\u0641 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0646\u0633\u0628\u0629 \u0645\u0639\u064a\u0646\u0629. \u0648\u0647\u0643\u0630\u0627 \u0643\u0627\u0646\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641 \u062a\u062a\u0623\u0631\u062c\u062d \u062f\u0627\u062e\u0644 \u0646\u0637\u0627\u0642\u0627\u062a\u0647\u0627\u060c \u0645\u062b\u0644 \u062d\u0631\u0643\u0629 \u0623\u0641\u0639\u0649 (\u0648\u0644\u0647\u0630\u0627 \u0633\u064f\u0645\u064a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0628\u0640 “\u062b\u0639\u0628\u0627\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a”).<\/p>\n\n\n\n \u0625\u0630\u0627 \u0644\u0645 \u062a\u0643\u0646 \u0622\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 (\u0648\u062e\u0627\u0635\u0629 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629) \u0643\u0627\u0641\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0646\u0637\u0627\u0642\u0627\u062a\u060c \u0641\u0643\u0627\u0646 \u064a\u062a\u0645 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062a\u062f\u062e\u0644 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0629. \u0639\u0646\u062f \u062d\u062f\u0648\u062f \u0627\u0644\u0646\u0637\u0627\u0642\u060c \u0643\u0627\u0646 \u0639\u0644\u0649 \u0643\u0644 \u0628\u0646\u0643 \u0645\u0631\u0643\u0632\u064a \u0645\u0646 \u0627\u0644\u0637\u0631\u0641\u064a\u0646 \u0634\u0631\u0627\u0621 \u0623\u0648 \u0628\u064a\u0639 \u0639\u0645\u0644\u062a\u0647 \u0645\u0642\u0627\u0628\u0644 \u0639\u0645\u0644\u0629 \u0627\u0644\u0634\u0631\u064a\u0643 \u0644\u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0645\u0633\u0627\u0631 \u0648\u0625\u0639\u0627\u062f\u062a\u0647\u0627 \u0625\u0644\u0649 \u062f\u0627\u062e\u0644 \u0627\u0644\u0646\u0637\u0627\u0642.<\/p>\n\n\n\n \u062d\u062f\u062b \u0623\u0646 \u0627\u0644\u062c\u0646\u064a\u0647 \u062f\u062e\u0644 \u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0628\u0633\u0639\u0631 \u0635\u0631\u0641 \u0645\u0631\u062a\u0641\u0639 \u062c\u062f\u0627\u064b \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649. \u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0633\u0639\u0631 \u0635\u0631\u0641\u0647 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u0627\u0631\u0643 \u0627\u0644\u0623\u0644\u0645\u0627\u0646\u064a \u0639\u0646\u062f 2.95 \u0645\u0627\u0631\u0643 \u0644\u0643\u0644 \u062c\u0646\u064a\u0647.<\/p>\n\n\n\n \u0644\u0645 \u062a\u0643\u0646 \u0627\u0644\u0623\u0648\u0636\u0627\u0639 \u0633\u0647\u0644\u0629 \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627\u061b \u0628\u0639\u062f \u0644\u0645 \u0634\u0645\u0644 \u0623\u0644\u0645\u0627\u0646\u064a\u0627 \u0648\u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u0627\u0644\u0623\u062d\u062f\u0627\u062b \u0627\u0644\u0634\u0647\u064a\u0631\u0629 \u0641\u064a \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a\u060c \u0648\u0627\u062c\u0647\u062a \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0634\u0643\u0644\u0627\u062a.<\/p>\n\n\n\n \u0641\u064a \u0625\u0646\u062c\u0644\u062a\u0631\u0627<\/strong>\u060c \u0643\u0627\u0646\u062a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0641\u064a \u0623\u062f\u0646\u0649 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0645\u0635\u062d\u0648\u0628\u0629 \u0628\u062a\u0636\u062e\u0645 \u0639\u0627\u0644\u064d \u0648\u0623\u0633\u0639\u0627\u0631 \u0641\u0627\u0626\u062f\u0629 \u0645\u0631\u062a\u0641\u0639\u0629\u060c \u0648\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0625\u0646\u062a\u0627\u062c\u060c \u0648\u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0628\u0637\u0627\u0644\u0629\u060c \u0648\u063a\u064a\u0631\u0647\u0627.<\/p>\n\n\n\n \u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0641\u0642 \u0639\u0644\u064a\u0647\u0627 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641\u060c \u0623\u0646\u0641\u0642\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u0628\u0627\u0644\u063a \u0636\u062e\u0645\u0629 \u0645\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a\u061b \u0641\u0642\u062f \u0623\u0646\u0641\u0642\u062a \u0628\u0648\u0646\u062f\u0633\u0628\u0646\u0643<\/strong> (Bundesbank) \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a\u060c \u062d\u064a\u062b \u0643\u0627\u0646 \u0627\u0644\u062c\u0646\u064a\u0647 \u064a\u0646\u062e\u0641\u0636 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u0627\u0631\u0643 \u0627\u0644\u0623\u0644\u0645\u0627\u0646\u064a.<\/p>\n\n\n\n \u0648\u0646\u062a\u064a\u062c\u0629 \u0644\u0630\u0644\u0643\u060c \u0627\u0633\u062a\u0646\u0641\u062f \u0628\u0646\u0643 \u0625\u0646\u062c\u0644\u062a\u0631\u0627 (BOE)<\/strong> \u0643\u0644 \u0627\u0644\u0625\u0645\u0643\u0627\u0646\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0633\u0639\u0631 \u0635\u0631\u0641 \u0627\u0644\u062c\u0646\u064a\u0647 \u0648\u0641\u0642\u0627\u064b \u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0622\u0644\u064a\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629.<\/p>\n\n\n\n \u0644\u0645 \u064a\u0639\u062f \u0628\u0627\u0644\u0625\u0645\u0643\u0627\u0646 \u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0623\u0643\u062b\u0631 \u2013 \u0625\u0630 \u0643\u0627\u0646\u062a \u0645\u0631\u062a\u0641\u0639\u0629 \u0628\u0627\u0644\u0641\u0639\u0644\u060c \u0645\u0645\u0627 \u062e\u0644\u0642 \u0645\u0634\u0627\u0643\u0644 \u0625\u0636\u0627\u0641\u064a\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u060c \u062e\u0627\u0635\u0629 \u0632\u064a\u0627\u062f\u0629 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0628\u0637\u0627\u0644\u0629.<\/p>\n\n\n\n \u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629\u060c \u0627\u062a\u062e\u0630 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0642\u0631\u0627\u0631 \u0627\u0644\u062d\u062a\u0645\u064a \u0628\u0627\u0644\u0633\u0645\u0627\u062d \u0644\u0644\u0633\u0648\u0642 \u0628\u062a\u0646\u0638\u064a\u0645 \u0642\u064a\u0645\u0629 \u0627\u0644\u062c\u0646\u064a\u0647\u060c \u0627\u0644\u0630\u064a \u0627\u0646\u0647\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0641\u0648\u0631\u060c \u0645\u0645\u0627 \u062f\u0641\u0639 \u0625\u0646\u062c\u0644\u062a\u0631\u0627<\/strong> \u0625\u0644\u0649 \u0627\u0644\u0627\u0646\u0633\u062d\u0627\u0628 \u0645\u0646 \u0622\u0644\u064a\u0629 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629.<\/p>\n\n\n\n \u0623\u062f\u0649 \u0627\u0644\u0641\u0647\u0645 \u0627\u0644\u0635\u062d\u064a\u062d \u0644\u062c\u0648\u0647\u0631 \u0627\u0644\u0648\u0636\u0639 \u0648\u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0646\u062a\u0627\u0626\u062c\u0647 \u0625\u0644\u0649 \u0623\u0646 \u064a\u062a\u0645\u0643\u0646 \u0633\u0648\u0631\u0648\u0633<\/strong> \u0645\u0646 \u0648\u0636\u0639 \u0627\u0644\u0631\u0647\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0636\u062f \u0627\u0644\u062c\u0646\u064a\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0648\u062c\u0646\u064a \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/p>\n\n\n\n \u0644\u0647\u0630\u0627\u060c \u0641\u0625\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0627 \u062a\u0633\u062a\u062e\u062f\u0645 \u062a\u062f\u062e\u0644\u0627\u062a\u0647\u0627 \u0641\u064a \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0641\u062d\u0633\u0628 \u0644\u062a\u0648\u062c\u064a\u0647 \u0627\u0644\u0633\u0648\u0642\u060c \u0628\u0644 \u062a\u0641\u0643\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u064b. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u064f\u0642\u0627\u0644 \u0625\u0646 \u0622\u0644\u0627\u0646 \u063a\u0631\u064a\u0646\u0633\u0628\u0627\u0646 (Alan Greenspan)<\/strong>\u060c \u0631\u0626\u064a\u0633 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a (FED<\/strong>)\u060c \u0647\u0648 \u0645\u062d\u0644\u0644 \u062a\u0642\u0646\u064a \u0645\u0645\u062a\u0627\u0632 \u0639\u0646\u062f \u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629. \u0641\u0647\u0648 \u064a\u0648\u0627\u0635\u0644 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0648\u064a\u0641\u062d\u0635 \u0643\u0644 \u0634\u064a\u0621 \u0628\u062f\u0621\u0627\u064b \u0645\u0646 \u0623\u0633\u0639\u0627\u0631 \u062e\u0631\u062f\u0629 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0628\u062d\u062b\u0627\u064b \u0639\u0646 \u0645\u0624\u0634\u0631\u0627\u062a \u0644\u0645\u0633\u062a\u0642\u0628\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f. \u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u064a\u062c\u0628 \u0639\u0644\u064a\u0646\u0627 \u0646\u062d\u0646 \u0623\u0635\u062d\u0627\u0628 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0623\u0646 \u0646\u0643\u0648\u0646 \u0642\u0627\u062f\u0631\u064a\u0646 \u0639\u0644\u0649 \u062a\u062d\u0644\u064a\u0644 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0633\u062a\u062e\u0644\u0627\u0635 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062f\u0644 \u0639\u0644\u0649 \u062a\u0648\u062c\u0647\u0627\u062a\u0647.<\/p>\n\n\n\n \u0643\u0644 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u0645 \u0628\u0647\u0627 \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629\u060c \u0648\u062e\u0635\u0648\u0635\u0627\u064b \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (Central Bank)\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u062f\u0648\u0631\u0627\u0646 \u0627\u0644\u0646\u0642\u0648\u062f\u060c \u0647\u064a \u0639\u0648\u0627\u0645\u0644 \u0623\u0633\u0627\u0633\u064a\u0629 \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u064a\u062a\u062d\u062f\u062f \u0633\u0639\u0631 \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u064a\u0646 \u0628\u062a\u0644\u0643 \u0627\u0644\u0639\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062f\u0648\u0644\u064a\u0629.<\/p>\n\n\n\n \u0644\u0630\u0644\u0643\u060c \u064a\u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0628\u0648\u0627\u0633\u0637\u0629 \u0627\u0644\u0633\u0648\u0642\u060c \u0644\u0643\u0646 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646\u0647\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644\u0647\u0627 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (Central Bank)<\/strong> \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0623\u0647\u062f\u0627\u0641 \u0633\u064a\u0627\u0633\u062a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u0648\u0623\u0647\u0645\u0647\u0627 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0648\u0637\u0646\u064a\u0629) \u0648\u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u062a\u064a \u064a\u062d\u062f\u062f\u0647\u0627 \u0648\u0636\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u060c \u0648\u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u062a\u0646\u0627\u0641\u0633\u064a \u0644\u0644\u0628\u0644\u062f \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u060c \u0648\u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629.<\/p>\n\n\n\n \u0644\u0630\u0644\u0643\u060c \u064a\u0631\u0627\u0642\u0628 \u0627\u0644\u0633\u0648\u0642 \u0639\u0646 \u0643\u062b\u0628 \u0644\u064a\u0633 \u0641\u0642\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0628\u0644 \u0623\u064a\u0636\u0627\u064b \u0627\u0644\u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u062f\u0648\u0644 \u0627\u0644\u0631\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0641\u064a \u0645\u062d\u0627\u0648\u0644\u0629 \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u064a\u0647\u0627.<\/p>\n\n\n\n \u0625\u0646 \u0627\u0644\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0648\u0641\u0647\u0645 \u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0636\u0631\u0648\u0631\u0629 \u0644\u0643\u0644 \u0645\u062a\u062f\u0627\u0648\u0644 \u064a\u0631\u063a\u0628 \u0641\u064a \u062a\u062e\u0637\u064a\u0637 \u0639\u0645\u0644\u0647 \u0628\u0634\u0643\u0644 \u0645\u0646\u0638\u0645 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a.<\/p>\n\n\n\n \u064a\u064f\u0639\u062f \u062d\u062c\u0645 \u0627\u0644\u0646\u0642\u0648\u062f \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (\u0639\u0631\u0636 \u0627\u0644\u0646\u0642\u0648\u062f (Money Supply)<\/strong>) \u0623\u062d\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0634\u0643\u0644 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641.<\/p>\n\n\n\n \u0641\u0632\u064a\u0627\u062f\u0629 \u0643\u0645\u064a\u0629 \u0639\u0645\u0644\u0629 \u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u0639\u0631\u0636\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0645\u0645\u0627 \u064a\u0633\u0628\u0628 \u0627\u0646\u062e\u0641\u0627\u0636 \u0642\u064a\u0645\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649.<\/p>\n\n\n\n \u0648\u0628\u0627\u0644\u0645\u062b\u0644\u060c \u0641\u0625\u0646 \u0646\u0642\u0635 \u0627\u0644\u0639\u0645\u0644\u0629\u060c \u0645\u0639 \u0648\u062c\u0648\u062f \u0637\u0644\u0628 \u0639\u0644\u064a\u0647\u0627\u060c \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0633\u0639\u0631\u0647\u0627.<\/p>\n\n\n\n \u062a\u064f\u0642\u0627\u0633 \u0643\u0645\u064a\u0629 \u0627\u0644\u0646\u0642\u0648\u062f \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0640 \u0627\u0644\u0645\u062c\u0627\u0645\u064a\u0639 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (Monetary Aggregates)<\/strong>\u060c \u0627\u0644\u062a\u064a \u062a\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0643\u0645\u064a\u0629 \u0627\u0644\u0646\u0642\u0648\u062f \u0628\u0623\u0646\u0648\u0627\u0639\u0647\u0627 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0648\u062a\u0639\u0643\u0633 \u062a\u0631\u0643\u064a\u0628 \u0639\u0631\u0636 \u0627\u0644\u0646\u0642\u0648\u062f.<\/p>\n\n\n\n \u064a\u062a\u0645 \u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0645\u062c\u0627\u0645\u064a\u0639 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (Monetary Aggregates)<\/strong> \u0628\u0637\u0631\u0642 \u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u062f\u0648\u0644 \u0623\u062e\u0631\u0649\u060c \u0644\u0643\u0646 \u0645\u0639\u0646\u0627\u0647\u0627 \u0627\u0644\u0639\u0627\u0645 \u0645\u062a\u0634\u0627\u0628\u0647 \u062c\u062f\u0627\u064b.<\/p>\n\n\n\n \u0643\u0645\u0627 \u0647\u0648 \u0645\u062a\u0639\u0627\u0631\u0641 \u0639\u0644\u064a\u0647\u060c \u0633\u0646\u0646\u0638\u0631 \u0647\u0646\u0627 \u0625\u0644\u0649 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0641\u064a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u060c \u062d\u064a\u062b \u062a\u064f\u0635\u062f\u0631 \u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0623\u0631\u0628\u0639\u0629 \u0645\u062c\u0627\u0645\u064a\u0639 \u0646\u0642\u062f\u064a\u0629 (Monetary Aggregates)<\/strong>:<\/p>\n\n\n\n – M1<\/strong> – \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u062e\u0627\u0631\u062c \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0634\u064a\u0643\u0627\u062a \u0627\u0644\u0645\u0633\u0627\u0641\u0631\u064a\u0646\u060c \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u062c\u0627\u0631\u064a\u0629 \u0648\u0623\u0646\u0648\u0627\u0639 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0623\u062e\u0631\u0649\u061b<\/p>\n\n\n\n – M2<\/strong> = M1<\/strong> + \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u062a\u0648\u0641\u064a\u0631\u064a\u0629 \u063a\u064a\u0631 \u0627\u0644\u062c\u0627\u0631\u064a\u0629\u060c \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 \u0641\u064a \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0639\u0645\u0644\u064a\u0627\u062a REPO<\/strong> \u0627\u0644\u0644\u064a\u0644\u064a\u0629\u060c \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0628\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0627\u0644\u0644\u064a\u0644\u064a\u0629\u060c \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0641\u064a \u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0634\u062a\u0631\u0643\u0629\u061b<\/p>\n\n\n\n – M3<\/strong> = M2<\/strong> + \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0645\u0639\u0627\u0645\u0644\u0627\u062a REPO<\/strong>\u060c \u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u064a\u0648\u0631\u0648\u062f\u0648\u0644\u0627\u0631 \u0644\u0644\u0645\u0642\u064a\u0645\u064a\u0646 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u064a\u0646 \u0641\u064a \u0627\u0644\u0641\u0631\u0648\u0639 \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629.<\/p>\n\n\n\n \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629\u060c \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0623\u064a\u0636\u0627\u064b \u0645\u062c\u0645\u0639 \u0646\u0642\u062f\u064a \u0623\u0648\u0633\u0639\u060c \u0644\u0643\u0646 \u064a\u064f\u0639\u062a\u0628\u0631 M2<\/strong> \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0642\u064a\u0627\u062f\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0628\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a (FOREX)\u060c \u0644\u0630\u0627 \u0646\u0633\u062a\u0628\u0639\u062f \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644.<\/p>\n\n\n\n \u062a\u064f\u0635\u062f\u0631 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a<\/strong> \u0623\u0633\u0628\u0648\u0639\u064a\u0627\u064b\u060c \u0648\u0639\u0627\u062f\u0629\u064b \u064a\u0648\u0645 \u0627\u0644\u062e\u0645\u064a\u0633.<\/p>\n\n\n\n \u064a\u064f\u0642\u064a\u064e\u0651\u0645 \u062a\u0623\u062b\u064a\u0631 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062c\u0627\u0645\u064a\u0639 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (Monetary Aggregates)<\/strong> \u0639\u0644\u0649 \u062f\u0648\u0631\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u0634\u0643\u0644 \u0631\u0626\u064a\u0633\u064a \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0645\u0639 \u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u062f\u0648\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u062a\u064f\u0646\u0627\u0642\u0634 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0644\u0633\u0644\u0648\u0643 \u0627\u0644\u062f\u0648\u0631\u064a \u0644\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a\u0645\u0627 \u0628\u0639\u062f \u0628\u0627\u0644\u062a\u0641\u0635\u064a\u0644).<\/p>\n\n\n\n \u064a\u062a\u0634\u0627\u0628\u0647 \u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u062c\u0627\u0645\u064a\u0639 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u061b \u062d\u064a\u062b \u062a\u0638\u0647\u0631 \u062c\u0645\u064a\u0639\u0647\u0627 \u0645\u0639\u062f\u0644\u0627\u062a \u0646\u0645\u0648 \u0642\u0635\u0648\u0649 \u0642\u0628\u0644 \u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0631\u0643\u0648\u062f \u0648\u0646\u0642\u0627\u0637 \u0627\u0646\u062e\u0641\u0627\u0636 \u0641\u064a \u0646\u0647\u0627\u064a\u062a\u0647.<\/p>\n\n\n\n \u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628\u060c \u064a\u064f\u062f\u0631\u062c M2<\/strong> \u0636\u0645\u0646 \u0645\u0624\u0634\u0631 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0642\u064a\u0627\u062f\u064a\u0629 \u0627\u0644\u0645\u0631\u0643\u0628\u0629\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644. \u062a\u0634\u0647\u062f \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u062c\u0627\u0645\u064a\u0639 \u0623\u0639\u0644\u0649 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0646\u0645\u0648 \u062e\u0644\u0627\u0644 \u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0627\u0646\u062a\u0639\u0627\u0634\u061b \u0625\u0630 \u064a\u0643\u0648\u0646 \u0645\u0639\u062f\u0644 \u0646\u0645\u0648 M2<\/strong> \u0645\u062a\u0634\u0627\u0628\u0647 \u0641\u064a \u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0631\u0643\u0648\u062f \u0648\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0646\u0645\u0648.<\/p>\n\n\n\n \u0644\u0627 \u064a\u0648\u062c\u062f \u0645\u0646 \u0628\u064a\u0646 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0627 \u0647\u0648 \u0623\u0633\u0627\u0633\u064a \u0641\u064a \u0645\u062a\u0627\u0628\u0639\u0629 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0627\u062a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0645\u062b\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/p>\n\n\n\n \u064a\u064f\u0639\u062a\u0628\u0631 \u0627\u0644\u0641\u0627\u0631\u0642 \u0641\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 (\u0627\u0644\u0641\u0627\u0631\u0642 \u0641\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 (Interest Rate Differential)<\/strong>)\u060c \u0623\u064a \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0644\u0639\u0645\u0644\u062a\u064a\u0646\u060c \u0627\u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062f \u0645\u0628\u0627\u0634\u0631\u0629 \u062c\u0627\u0630\u0628\u064a\u0629 \u0643\u0644 \u0632\u0648\u062c \u0645\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0648\u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0639\u0644\u0649 \u0643\u0644\u064d \u0645\u0646\u0647\u0645\u0627.<\/p>\n\n\n\n \u0647\u0646\u0627\u0643 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0623\u0646\u0648\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0646\u0642\u0648\u062f \u0628\u0643\u0644 \u062f\u0648\u0644\u0629: \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0630\u064a \u062a\u0642\u0631\u0636 \u0628\u0647 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0645\u0646 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0633\u0645\u064a (Official Interest Rate)<\/strong>)\u060c \u0648\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062a\u064a \u062a\u0642\u0631\u0636 \u0628\u0647\u0627 \u0627\u0644\u0628\u0646\u0648\u0643 \u0628\u0639\u0636\u0647\u0627 \u0627\u0644\u0628\u0639\u0636 (\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0628\u064a\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 (Interbank Offered Rate)<\/strong>)\u060c \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 (\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 (Government Bonds Yields)<\/strong>)\u060c \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u0621 (\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 (Lending Rates)<\/strong>)\u060c \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 (\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 (Deposit Rates)<\/strong>).<\/p>\n\n\n\n \u062a\u0631\u062a\u0628\u0637 \u0643\u0644 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0631\u062a\u0628\u0627\u0637\u0627\u064b \u0648\u062b\u064a\u0642\u0627\u064b\u060c \u0648\u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629 \u064a\u062a\u0645 \u062a\u062d\u062f\u064a\u062f\u0647\u0627 \u0628\u0648\u0627\u0633\u0637\u0629 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0633\u0645\u064a \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062f\u0647 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a.<\/p>\n\n\n\n \u0648\u0628\u0641\u0636\u0644 \u0634\u0641\u0627\u0641\u064a\u0629 \u062d\u062f\u0648\u062f \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u064a\u0648\u0645 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u062e\u064a\u0627\u0631 \u0627\u0644\u0623\u0643\u062b\u0631 \u0631\u0628\u062d\u064a\u0629 \u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0645\u0648\u0627\u0644\u0647.<\/p>\n\n\n\n \u0644\u0630\u0627\u060c \u0625\u0630\u0627 \u0643\u0627\u0646 \u0644\u062f\u0649 \u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0627\u0628\u0627\u0646\u064a (\u0634\u0631\u0643\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0635\u0646\u062f\u0648\u0642 \u062a\u0642\u0627\u0639\u062f\u064a\u060c \u0623\u0648 \u0634\u0631\u0643\u0629 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\u062a\u064f\u062f\u0641\u0639 \u0639\u0644\u064a\u0647 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0633\u0639\u0631 \u0627\u0644\u062b\u0627\u0628\u062a \u0627\u0644\u0645\u062d\u062f\u062f.<\/p>\n\n\n\n \u0625\u0630\u0627 \u062a\u0648\u0642\u0639 \u0627\u0644\u0633\u0648\u0642 \u0623\u0646 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0633\u064a\u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0641\u0633\u064a\u062a\u0648\u0642\u0639 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0628\u0623\u0633\u0639\u0627\u0631 \u0641\u0627\u0626\u062f\u0629 \u0623\u0639\u0644\u0649.<\/p>\n\n\n\n \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0642\u062f \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0637\u0644\u0628 \u0639\u0644\u0649 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0633\u0639\u0631\u0647\u0627 \u0648\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0639\u0627\u0626\u062f.<\/p>\n\n\n\n \u0639\u0648\u0627\u0645\u0644 \u062a\u062d\u0631\u0643 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a: \u0635\u062f\u0648\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a. \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a\u060c \u062a\u064f\u0639\u062f \u0635\u062f\u0648\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0639\u0627\u0645\u0644\u0627\u064b \u0631\u0626\u064a\u0633\u064a\u0627\u064b \u0641\u064a \u062a\u0642\u0644\u0628\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0635\u0631\u0641. \u0648\u062a\u0634\u0645\u0644 \u0643\u0644\u0645\u0629 “\u0628\u064a\u0627\u0646\u0627\u062a” \u0645\u062c\u0645\u0648\u0639\u0629 \u0648\u0627\u0633\u0639\u0629 \u0645\u0646 \u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0623\u062d\u062f\u0627\u062b\u060c \u0645\u062b\u0644:<\/p>\n<\/div>\n\n\n\n \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0648\u0627\u0644\u062a\u0636\u062e\u0645\u060c \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0645\u0624\u0634\u0631\u0627\u062a \u0642\u0637\u0627\u0639 \u0627\u0644\u062a\u0635\u0646\u064a\u0639\u060c \u0627\u0644\u062a\u062c\u0627\u0631\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629\u060c \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641\u060c \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 (FOREX) \u0623\u0635\u0628\u062d \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u064a\u0648\u0645 \u0646\u0634\u0627\u0637\u0627\u064b \u0634\u0627\u0626\u0639\u0627\u064b \u0644\u0644\u063a\u0627\u064a\u0629: \u062d\u064a\u062b \u064a\u0635\u0644 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a \u0641\u064a \u0633\u0648\u0642 \u0641\u0648\u0631\u0643\u0633 (FOREX) \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0625\u0644\u0649 \u062d\u0648\u0627\u0644\u064a \u062a\u0631\u064a\u0644\u064a\u0648\u0646\u064a \u062f\u0648\u0644\u0627\u0631\u060c \u0648\u062a\u0634\u0643\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629 (speculative operations) \u062d\u0648\u0627\u0644\u064a 80% \u0645\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0635\u0641\u0642\u0627\u062a. \u064a\u062c\u0630\u0628 \u0647\u0630\u0627 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u062f\u064a\u062f [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":98255,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_eb_data_table":"","footnotes":""},"categories":[14891],"tags":[16018,16016,16023,16012,15926,16017,16020,16013,16019,16011,15237,15962,15929,15942,16008,16015,16022,16021,16014],"class_list":{"0":"post-98347","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-education-ar","8":"tag---ar","9":"tag----ar","11":"tag-16012","12":"tag-15926","13":"tag-16017","14":"tag-16020","15":"tag-16013","16":"tag-16019","17":"tag-16011","18":"tag-15237","19":"tag-15962","20":"tag-15929","21":"tag-15942","22":"tag-16008","23":"tag-16015","24":"tag-16022","25":"tag-16021","26":"tag-16014"},"acf":{"metatrader4":"MT4","metatrader5":"MT5","type":"","typebrief":"","mt4buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","mt5buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","typefreedemo":"FREE","downloadfreedemo":"","DirectDownloadLink":"","versions":"23.999","version_date":"2023 12 12","postanotherid":"0","direct5":"","direct4":"","testimonials_list":"","schema_name":"","schema_description":"","schema_type":"Utilities","schema_ratingValue":"5","schema_ratingCount":"50","schema_highPrice_MT4":"50.00","schema_rentprice_MT4":"0.00","schema_highPrice_MT5":"50.00","schema_rentprice_MT5":"0.00"},"yoast_head":"\n\n
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\u0627\u0644\u0646\u0642\u0648\u062f \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/h2>\n\n\n\n
1. \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629<\/h3>\n\n\n\n
2. \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/h3>\n\n\n\n
\n
\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (Central Banks)<\/h2>\n\n\n\n
\u0644\u0627 \u062a\u0646\u0634\u0623 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u0642\u0631\u0648\u0636 \u0648\u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0648\u063a\u064a\u0631\u0647\u0627 \u0628\u0634\u0643\u0644 \u0630\u0627\u062a\u064a \u0641\u064a \u0628\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642.
\u0641\u064a \u0643\u0644 \u062f\u0648\u0644\u0629\u060c \u062a\u064f\u0646\u0638\u0645 \u0634\u0631\u0648\u0637 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0646\u0642\u0648\u062f \u0628\u0648\u0627\u0633\u0637\u0629 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (Central Bank)<\/strong>.<\/p>\n\n\n\n
\u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0623\u0646\u0648\u0627\u0639\u0627\u064b \u0645\u062e\u062a\u0644\u0641\u0629 \u0645\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0643\u0623\u062f\u0648\u0627\u062a \u0644\u0633\u064a\u0627\u0633\u0627\u062a\u0647\u0627.
\u064a\u064f\u0639\u0628\u0651\u0631 \u0633\u0639\u0631 \u0627\u0644\u062e\u0635\u0645 (Discount rate) \u0639\u0646 \u0627\u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u062a\u064a \u064a\u0642\u062f\u0645 \u0628\u0647\u0627 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (CB)<\/strong> \u2013 \u0643\u0645\u0627 \u064a\u064f\u0634\u0627\u0631 \u0625\u0644\u064a\u0647 \u2013 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n
\u062a\u064f\u0639\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0644\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0628\u064a\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0641\u064a \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u0623\u062f\u0627\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629.<\/p>\n\n\n\n
\u062a\u062d\u062f\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0628\u064a\u0646 \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0627\u0644\u0645\u0646\u0638\u0645\u0629 \u0631\u0633\u0645\u064a\u0627\u064b\u060c \u062c\u0645\u064a\u0639 \u0623\u0633\u0639\u0627\u0631 \u0633\u0648\u0642 \u0627\u0644\u0646\u0642\u0648\u062f\u061b \u062d\u064a\u062b \u062a\u0639\u062a\u0645\u062f \u0623\u0633\u0639\u0627\u0631 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u060c \u0648\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0639\u0644\u0649 \u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0623\u062e\u0631\u0649\u060c \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u0621 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/p>\n\n\n\n\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 (Government Bonds Yields)<\/h2>\n\n\n\n
\u0623\u0647\u0645 \u0645\u0627 \u064a\u062c\u0628 \u0641\u0647\u0645\u0647 \u0639\u0646\u062f \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0648\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0647\u0648 \u0623\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0647\u064a \u0623\u062f\u0648\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0630\u0627\u062a \u062f\u062e\u0644 \u062b\u0627\u0628\u062a\u060c \u0648\u0645\u0646 \u062b\u0645 \u0641\u0625\u0646 \u0639\u0627\u0626\u062f\u0647\u0627 \u064a\u062a\u0646\u0627\u0633\u0628 \u0639\u0643\u0633\u064a\u0627\u064b \u0645\u0639 \u0633\u0639\u0631\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642.
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![\"\u0627\u0644\u062a\u0639\u0644\u064a\u0645](\"https:\/\/expforex.com\/wp-content\/uploads\/2009\/05\/Education_Begin_3.png\")
<\/a><\/figure>\n<\/div>\n\n\n\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0627\u0644\u062c\u0632\u0621 3: \u0627\u0644\u0623\u0633\u0648\u0627\u0642\u060c \u0627\u0644\u0623\u0646\u0634\u0637\u0629\u060c \u0627\u0644\u0623\u0633\u0639\u0627\u0631<\/a><\/h4>\n\n\n\n
![\"\u0627\u0644\u062a\u0639\u0644\u064a\u0645](\"https:\/\/expforex.com\/wp-content\/uploads\/2009\/05\/Education_Begin_5.png\")
<\/a><\/figure>\n<\/div>\n\n\n\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0627\u0644\u062c\u0632\u0621 5: \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641\u060c \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u062a\u0635\u0646\u064a\u0639<\/a><\/h4>\n\n\n\n