1. AAAAeAIEA
Ia?aui aeaeii oioaeinue au noi?ioee?iaaoue i?eia?iia ii?aaeaeiiea
iiiyoey AeEEEIA, ?ane?uoeth eioi?iai iinayuaaony aeaiiue ?aoa?ao.
AeEEEIA – yoi aeae iia?aoeee (naeaeie) n aaethoie, iai?aaeaiiue ia
iieo/aiea i?eauee ca n/ao eniieueciaaiey ?acieoeu a eioe?iaeao aaetho.
Naia aea i?eaueue ecaeaeaaony ca n/ao iieoiee aaethou ii ieceie oeaia e
iineaaeothuaeaa i?iaeaaea, iinea iiauoaiey eioe?iaee, ii aieaa aunieie
oeaia. I?e yoii ?acieoea, ca au/aoii iaeiaia, yaeyaony /enoie
i?eaueueth.
Ieaea, iiae?iaii aoaeao i?aaenoaaeaia e ?acia?aia i?eioeeieaeueiay
noaia i?iaaaeaiey aeeeeiaiauo iia?aoeee, a oaeaea i?eaaaeai nienie anao
caeiiia e aeieoiaioia, ioiinyueony e aeeeeiaiaui iia?aoeeyi.
2. INIIAIUA CAEIIIAeAOAEUeNOAA
Iniiaiuie caeiiiaeaoaeueiuie ii?iaoeaiuie aeoaie ?aaoee?othueie oneiaey
e ii?yaeie aeeeeiaiauo iia?aoeee yaeythony:
A?aaeaeaineee eiaeaen ?.O.
Eino?oeoeee ainaaiea NNN? io 24 iay 1991 aiaea.
Caeii ?.O. io 9.10.92. «I aaethoiii ?aaoee?iaaiee e aaethoiii eiio?iea»
Ae?oaea caeiiiaeaoaeueiua aeou e ii?iaoeaiua aeieoiaiou Oe.A.?.
3. INIIAIUA IIIssOEss
A niioaaonoaee n aeieoiaioaie, i?eaaaeaiiuie auoa, auaeaeythony
neaaeothuea iiiyoey:
1. Eiino?aiiay aaethoa.
A) Aeaiaaeiua ciaee a aeaea eacia/aeneeo aeeaoia, iiiaou, iaoiaeyueany a
aeaiaaeiii ia?auaiee e yaeythueony caeiiiui ieaoaaeiui n?aaenoaii a
niioaaonoaothuai eiino?aiiii ainoaea?noaa, eee a?oiia ainoaea?noa, a
oaeaea ecuyoua eee ecuiaaiua ec ia?auaiey, ia iiaeeaaeauea iaiaio
aeaiaaeiua ciaee.
A) N?aaenoaa ia n/aoao a aeaiaaeiuo aaeeieoeao eiino?aiiuo ainoaea?noa e
iaaeaeoia?iaeiuo ?an/aoiuo aaeeieoeao.
Caia/aiea: Ec caeiia – A?aaeaeaineiai noaouey 3 ioieo 4 ?.O. «I
aaethoiii ?aaoee?iaaiee e aaethoiii eiio?iea» neaaeoao, /oi
th?eaee/aneea e oece/aneea eeoea ?.O. iiaoo eiaoue a nianoaaiiinoe
eiino?aiioth aaethoo, a neaaeiaaoaeueii e ?anii?yaeaoueny ath.
2. Aaethoiua iia?aoeee.
A). Iia?aoeee, naycaiiua n ia?aoiaeii i?aaa nianoaaiiinoe e eiuo i?aa ia
aaethoiua oeaiiinoe, a oi /enea iia?aoeee, naycaiiua n eniieueciaaieai a
ea/anoaa n?aaenoaa ieaoaaea eiino?aiiie aaethou e ieaoaaeiuo
aeieoiaioia a eiino?aiiie aaethoa;
A). Aaiae, aaic e ia?anueea a ?.O., a oae aea auaic e ia?anueea ec ?.O.
aaethoiuo oeaiiinoae;
A). Inouanoaeaiea iaaeaeoia?iaeiuo aeaiaaeiuo ia?aaiaeia.
Iaiin?aaenoaaiii iia?aoeeyi eoiee – i?iaeaaee aaethou ioiinyony ioieou
«A» e «A», e?iia oiai, yoe iia?aoeee oeia niio e oi?aa?ae iiaeii ioianoe
e eaoaai?ee oaeoueo aaethoiuo iia?aoeee.
A). Ia?aaiaeu a ?.O. e ec ?.O. eiino?aiiie aaethou aeey inouanoaeaiey
?ann/aoia aac ion?i/ee ieaoaaea ii yenii?oo e eiii?oo oiaa?ia, ?aaio e
oneoa, a oae aea aeey inouanoaeaiey ?an/aoia, naycaiiuo n e?aaeeoiaaieai
yenii?oii-eiii?oiuo iia?aoeee ia n?ie ia aieaa 180 aeiae.
Ae). Iieo/aiea e i?aaeinoaaeaiea oeiainiauo e?aaeeoia ia n?ie ia aieaa
170 aeiae.
A). Ia?aaiaeu a ?.O. e ec ?.O. i?ioeaioia, aeeaeaeaioia e eiuo aeioiaeia
ii aeeaaeai, eiaanoeoeeyi, e?aaeeoai e i?i/ei iia?aoeeyi, naycaiiui n
aeaeaeaieai eaieoaea. Oi?aa?aeiua aaethoiua iia?aoeee ia n?ie aieaa 180
aeiae a aeaiiii neo/aa ioiinyony eaoaai?ee aaethoiuo iia?aoeee ,
naycaiiuo n aeaeaeaieai eaieoaea.
CAIA*AIEA : Caeiiii onoaiiaeaii, /oi i?ioeaiou iiaoo eiaoue n/aoa a
eiino?aiiie aaethoa a oiieiiii/aiiuo aaieao, iaeiaei caeiiiaeaoaeuenoaii
?.O. onoaiiaeaiu neaaeothuea ia?aie/aiey, cai?auathuea:
Inouanoaeaiea, ieioy oiieiiii/aiiua aaiee, naeaeie ii eoiea e i?iaeaaea
eiino?aiiie aaethou ca ?oaee iaaeaeo ?aceaeaioaie e ia?aceaeaioaie.
Inouanoaeaiea a?aaeaeaiaie aaethoiuo iia?aoeee ia oa??eoi?ee ?innee,
ieioy oiieiiii/aiiua aaiee.
Oieaoa aeaiaaeiuo noii a ?oaeyo, ieacaiea oneoa, eee i?aaeinoaaeaiea
eaeeo eeai ooaeiaeanoaaiiuo oeaiiinoae ?.O. n iineaaeothuei iieo/aieai
yeaeaaeaioa a eiino?aiiie aaethoa ca a?aieoeae.
Iieo/aiea aeaiaaeiuo noii a ?oaeyo a ea/anoaa yeaeaaeaioa ca oieaoo
eiino?aiiie aaethou ca a?aieoeae.
I?iaaaeaiea aaethoiuo iia?aoeee, naycaiiuo n aeaeaeaieai eaieoaea, aac
eeoeaicee Aaiea ?innee.
I?iaeaaea eiino?aiiie aaethou th?eaee/aneei eeoeai ?.O. ia ae?oaea
ioaeaeu, e?iia oeaeae eiii?oa oiaa?ia e oneoa (i?iaaaeaiea oaeoueo
iia?aoeee).
?an/aou e ieaoaaee ia oa??eoi?ee ?.O. a eiino?aiiie aaethoa.
Iieoiea i?aaei?eyoeyie-?aceaeaioaie aaethou ia aioo?aiiai ?uiea aeey
eiuo oeaeae, e?iia inouanoaeaiey oaeoueo aaethoiuo iia?aoeee e ieaoaaeae
ii ianeoaeeaaieth e?aaeeoia, iieo/aiiuo a eiino?aiiie aaethoa.
Iieoiea aaethou ia aioo?aiiai ?uiea aac iaee/ey aeieoiaioia,
iiaeoaa?aeaeathueo iaee/ea aeiaiai?iuo ioiioaiee o
i?aaei?eyoey-?aceaeaioa -iieoiaoaey aaethou n ia?aceaeaioaie.
Ioe?uoea th?eaee/aneeie eeoeaie – ?aceaeaioaie aac ?ac?aoaiey aaiea
?innee oaeoueo e eiuo n/aoia ca a?aieoeae e niaa?oaiea ii yoei n/aoai
iia?aoeee a eiino?aiiie aaethoa.
Oaoie/aneea ia?aie/aiey, iai?eia? iieo/aiea ?ac?aoaiey ia eaaeaeoth
i?iaiaeeioth iia?aoeeth a Oe.A.?., /oi iaaeiionoeii aeey auno?iai
i?iaaaeaiey naeaeee, iaiaoiaeeiinoue eiaoue naycue n iiiaeanoaii aaieia
?aciuo no?ai e.o.ae.
Ec anaai yoiai neaaeoao, /oi ?inneeneea i?aaei?eyoey ia iiaoo
iaiin?aaenoaaiii ca n/ao nianoa5aiiuo n?aaenoa inouanoaeyoue iia?aoeee
eae ia iaaeaeoia?iaeiii, oae e ia aioo?aiiai aaethoiii ?uiea. Iiaeiaiua
iia?aoeee iiaoo i?iaiaeeoue oieueei oiieiiii/aiiua aaiee.
E yoei aea ioieoai ioiinyony neaaeothuea yeiiiie/aneea ia?aie/aiey:
Ia iaaeaeoia?iaeiii ?uiea oi?aiaey inouanoaeyaony noaiaea?oiuie eioaie,
o.a. noaiaea?oiuie iauaiaie aaethoiuo eiio?aeoia. Ia naaiaeiyoiee aeaiue
i?eiyou neaaeothuea noaiaea?oiua iauaiu aaethoiuo eiio?aeoia: 125 000
DEM, 125 SFR, 125 00000 JPY, 620500 GBR, 500 000USD e.ae.?. A neo/aa,
anee aaaio aeaeaao caeeth/eoue naeaeeo, noiia eioi?ie ioee/aaony io
noaiaea?oiie, ii aoaeao auioaeaeai ieaoeoue aieueoee eiienneiiiue
i?ioeaio, i?e /ai, /ai iaiueoa noiia eiio?aeoa, oai auoa eiienneiiiue
i?ioeaio, eee aieueoa ?acieoea iaaeaeo eo?naie iieoiee e i?iaeaaee.
4. NOAIA AeEEEIAIAIE IIA?AOeEE
Ec anao auoaia?a/eneaiiuo ia?aie/aiee neaaeoao, /oi i?yiay
aeeeeiaiaay iia?aoeey ia?aoeeiiaeueia. Ii yoiio a aieueoeinoaa no?ai
oe?iei eniieuecotho neaaeothuoth noaio oi?aiaee:
1. A?aeo?aae – naeaeea iaaeaeo aaieaie ii iieoiea e i?iaeaaea iaeiie
eiino?aiiie aaethou ca ae?oaoth ii niaeaniaaiiiio eo?no n ?an/aoii ia
niaeaniaaiioth aeaoo aaethoe?iaaiey n oeaeueth iieo/aiey i?eauee i?e
eciaiaiee eo?nia aaetho ia iaaeaeoia?iaeiii ?uiea. A?aeo?aae
i?aaeiieaaaao inouanoaeaiea eae ieieioi 2-o i?ioeaiiieiaeiuo ii iieoiea
e i?iaeaaea aaetho ia iaeeiaeiaoth noiio.
2. Iia?aoeey – i?iaaaeaiea aaieii a?aeo?aaea ii ii?o/aieth naiaai
eeeaioa, o.a. i?aaei?eyoea a eeoea oiieiiii/aiiiai i?aaei?eyoeai eeoea –
aeeea?a n aeaoie aaethoe?iaaiey «niio» n iaycaoaeueiui cae?uoeai
iiceoeee, ioe?uoie ii ii?o/aieth eeeaioa ia aeaoo aaethoe?iaaiey. I?e
yoii i?aaei?eyoea ia iiaeao iieoiaoue eee i?iaeaaaoue aaethoiua
n?aaenoaa, iii aeaao ii?o/aiea aaieo ia iieoieo eee i?iaeaaeo aaethou io
eiaie aaiea.
3. Margin Trading – inouanoaeaiea iia?aoeee aaieii ia noiio iiceoeee,
i?aauoathuoth a ii?aaeaeaiiia /enei ?ac (20, 25,30,40,50,100) ?acia?
no?aoiaiai aeaiiceoa, eioi?ue i?aaenoaaeyao niaie n?aaenoaa
i?aaei?eyoey, i?eieiaaiua aaieii a ea/anoaa aiciauaiey iioa?ue aaiea i?e
i?iaaaeaiee iia?aoeee ia ?oaeaaue, eee aaethoiue n/ao, ioe?uaaaiue
aaieii ia eiy eeeaioa ia oneiaeyo aeaiiceoiiai aeiaiai?a.
Eeeaio caeeth/aao aeiaiai? n oiieiiii/aiiui aaieii, ii eioi?iio aaie
iaycoaony ii ii?o/aieth eeeaioa ca naie n/ao e io naiaai eiaie
inouanoaeyoue a?aeo?aaeiua iia?aoeee. I?e yoii o aaiea aicieeaao ?ene
iioa?ue io niaa?oaiey iiaeiaiuo naeaeie, iiyoiio eeeaio a ea/anoaa
caeiaa eeaaeao ia aeaiiceo a yoii aaiea ii?aaeaeaiioth noiio. ?acia?
yoiai aeaiiceoa ii?aaeaeyaony enoiaey ec noiiu caeeth/aaiuo aaieii
naeaeie e i?aaeinoaaeyaiiai eeeaioo e?aaeeoiiai iea/a. Iai?eia?,
ieieiaeueiay noiia naeaeee ii iieoiea e i?iaeaaea aeieea?iaiai eiio?aeoa
ninoaaeyao 500 000 U.S.D. e i?aaeinoaaeaiiia i?aaei?eyoeth e?aaeeoiia
iea/i ninoaaeyao 1:20 neaaeiaaoaeueii ieieiaeueiay noiia caeiaiaiai
aeaiiceoa ?aaia 500 000 / 20 = 25 000 anee e?aaeeoiia iea/i ninoaaeyao
1: 50, oi noiia caeiaiaiai aeaiiceoa ninoaaeyao 10 000 USD. A neo/aa,
anee aaie iieo/aao oauoie io i?iaaaeaiiie iia?aoeee, oi o i?aaei?eyoey
aicieeatho iaycaoaeuenoaa ia?aae aaieii a ?acia?a yoiai oauoea, eioi?ua
iie?uaathony ec caeiaiaiai aeaiiceoa; anee aaie iieo/ee i?eaueue io
i?iaaaeaiiie iia?aoeee, oi o iaai aicieeatho iaycaoaeuenoaa ia?aae
i?aaei?eyoeai a ?acia?a yoie i?eauee. Iieo/aiiay noiia iiaeao
ia/eneyoueny ia caeiaiaue aeaiiceo eeeaioa a ea/anoaa i?ioeaioia eee
ia?aaiaeoeoueny ia ethaie n/ao a caaeneiinoe io oneiaee aeiaiai?a.
Iaycaoaeueiui oneiaeai yaeyaony ii?o/aiea eeeaioa aaieo ia cae?uoea
ioe?uoie iiceoeee, aaaeue aaie ea?aao ia naie aeaiueae ; anee oaeiai,
ia i?ienoiaeeo, oi aaie iiaeao nai cae?uoue aeeeiioth iiceoeeth
ei?ioeie, ii oaea ii ethaiio eo?no, i?e yoii eeeaio iiaeao iiianoe
oauoee. Ia ie?iaii ?uiea e?aeia ?aaeee neooaoeee, eiaaea eo?nu aaetho ii
ioiioaieth ae?oa e ae?oao eciaiythony iaieaa /ai ia aeaa i?ioeaioa, e
i?iea?aoue naie caeia eeeaioo i?e ?acoiiie ea?a i?aeoe/anee iaaiciiaeii.
Anee aea aeeea? aaiea aeaeeo, /oi aiciiaeiua oauoee i?e iaaeaaii?eyoiii
aeaeaeaiee eo?na iiaoo i?aauneoue noiio caeiaiaiai aeaiiceoa, ii iiaeao
naiinoiyoaeueii aac oeacaiey eeeaioa cae?uoue iiceoeeth n oauoeii, ia
i?aauoathuei caeiaiaie noiiu.
Ia?iiioth ?ieue a aeeeeiaiaie ?aaioa ea?aao iia?aooeaiay eioi?iaoeey i
eioe?iaeao aaetho. Yoa eioi?iaoeey a iniiaiui i?aaeinoaaeyaony oaeeie
eioi?iaoeeiiiuie aeaaioaie eae Reuters, Dour Younes Telerate, Tufor,
e.ae.?.
Aeiione eeeaioa e yoie eioi?iaoeee inouanoaeyaony aaieii iooai
i?aaeinoaaeaiey aeeea?o eeeaioa ianoa a niaoeeaeueiii eioi?iaoeeiiiii
caea, aaea e iiaeii iieo/eoue eioi?iaoeeth i eioe?iaeao e ?aaeueiue
i?iaiic eioe?iaie. Oieueei ia iniiaaiee yoie eioi?iaoeee aeeea? eeeaioa
i?eieiaao ?aoaiey i i?iaaaeaiee iia?aoeee e aeaao ii?o/aiea aeeea?o
aaiea.
Naeaeee io eiaie aaieia caeeth/atho oece/aneea
eeoea-aeeea?u-i?aaenoaaeoaee aaieia, aeaenoaothuea ia iniiaaiee
aeiaa?aiiinoe aaiea-«…ienueiaiiiai oiieiiii/ey, auaeaaaaiiai iaeiei
eeoeii ae?oaiio eeoeo aeey i?aaenoaaeoaeuenoaa ia?aae o?aoueeie
eeoeaie…» (no. AE?O). Aeiaa?aiiinoue aeieaeia auoue iioa?eaeueii
caaa?aia . I?e yoii aeeea?u ia iiaoo i?iaiaeeoue iia?aoeee io naiaai
eiaie e ca naie n/ao, e?iia oiai, aaie ia ai?aaa ioeacaoueny io
niaa?oaiey iaycaoaeuenoaa ii naeaeea, caeeth/aiiie aeeea?ii. Ii?o/aiea
aeeea?ai aaiea ia i?iaaaeaiea iia?aoeee aeatho aeeea?u (a?iea?u)
eeeaioa, a oaeaea oece/aneea eeoea, aeaenoaothuea ia iniiaaiee
aeiaa?aiiinoe eeeaioa.
Ianiio?y ia oi, /oi eeeaio nai ia inouanoaeyao iia?aoeee, a eeoue aeaao
ii?o/aiea ia eo i?iaaaeaiea, aio aaaeii naiiio aanoe o/ao aaethoiie
iiceoeee aeey ioneaaeeaaiey e iineaaeothuaai aiaeeca eiia/iiai
?acoeueoaoa.
Iai?eia?: Ioe?uoay ei?ioeay iiceoeey ii aeieea?o a ?acia?a 3 626 000
USD icia/aao, /oi:
1. Aeeea? eeeaioa ?ann/eouaaao ia iaaeaiea eo?na aeieea?a.
2. A aeeaeaeoaa a?aiy ii aeieaeai cae?uoue aeieea?iaoth ii?oeeth
iieoieie aeieea?ia ia noiio 3 626 000 USD eee n?aco ia oneiaeyo niio,
eae oieueei eo?n aeieea?a nieceony, a caoai ia/iao iiauoaoueny ,eee
caeeth/ea oi?aa?aeiue eiio?aeo ii aieaa aunieiio eo?no /ai nae/an, i?e
yoii ii aeieaeai aoaeao i?iaeaaaoue Ooiou, oaaeoea?neea O?aiee e ?oaee,
cae?uaay eo ioe?uoua aeeeiiua iiceoeee.
Ioe?uoay iiceoeey ii aeieea?o au/eneyaony, eae noiia anao aai iiceoeee,
oi anoue (+ 1 000 000 USD ) + (+ 1 000 000 USD ) + (- 3 126 000 USD ) +
+ (- 1 500 000 USD ) + (- 1 000 000 USD ) = – 3 626 000 USD.
Aaethoiay eiiaa?ney
Eo?n Aeeeiiay iiceoeey Ei?ioeay iiceoeey
USD/DEM
1.5345 +1 000 000 USD -2 534 500 DEM
GBR/USD
1,5630 +2 000 000 GBR -3 826 000 USD
USD/RUR
4155,0 +4 855 000 000 RUR -1 000 000 USD
USD/JPY
99,78 +3 000 000 USD -99 780 000 JPY
USD/CHF
1,2850 +8927500 CHF -8500000USD
Iauay aeieea?iaay
iiceoeey -3 626 000
Oaeay oaaeeoea aeieaeia ninoaaeyoueny ia eaaeaeoth aaethoo. Oae eae a
eoiai ana ioe?uoua aaethoiua iiceoeee ii anai aaethoai aeieaeiu auoue
cae?uou e naaaeaiu e ioeth. I?e yoii auyaeyaony ieii/aoaeueiue
?acoeueoao i?eaueue eee oauoie.
I?e noaia «Margin Trading» iaeiaiiaeiaeaiea e aooaaeoa?neee o/ao ia
aucuaatho ineiaeiaiee, oae eae aeaeaeaiea n?aaenoa eeeaioa
inouanoaeyaony a /anoe:
1. Ia?a/eneaiey i?aaei?eyoeai n?aaenoa ia caeiaiaue aeaiiceoiue n/ao
anee yoi ?oaeaaua n?aaenoaa Aeo 58 – Eo 51, a anee yoi aaethoiua
n?aaenoaa: Aeo 58 – Eo 52.
2. Oaaee/aiea eee oiaiueoaiea caeiaiaie noiiu a oiaea i?iaaaeaiey
iia?aoeee a oi?ia ia/eneyaiuo iieiaeeoaeueiuo eee io?eoeaoaeueiuo
i?ioeaioia:
Aeo 58 – Eo 80
anee yoi i?eaueue e
Aeo 80 – Eo 58
anee yoi oauoie.
Ec yoiai neaaeoao, /oi iaeiaiiaeiaeaiea i?eauee inouanoaeyaony oieueei
ii iaeiao ia i?eaueue n iieo/aiiuo i?ioeaioia ii aeaiiceoai eeeaioa.
E?iia oiai, oaeay oi?ia ca/eneaiey i?eauee /?acau/aeii auaiaeia aeey
eeeaioa a /anoiinoe aeey oece/aneiai eeoea. Yoi iaoneiaeaii oai, /oi iie
iaeaaathony iiaeioiaeiui iaeiaii n a?aaeaeai, oi anoue eo aeioiaeu ia
iaeaaathony iaeiaaie a aeaea i?ioeaioia ii aeeaaeai a aaiee.
5. I?EIA?U AeEEEIAIAIAI AIAEECA
Ii?aaeaeaiea aeieain?i/iie oaiaeaioeee eieaaaiey eo?na a ii?aaeaeaiiuo
?aieao, ca eioi?ua ii a n?aaeiai i?aeoe/anee ia auoiaeeo a neeo
nouanoaiaaiey nouanoaaiiie iinoiyiiie, aeieain?i/iie i?e/eiu, cia/aiey
naeueaei ieaoaaeiiai aaeaina ca iineaaeiea 2 – 3 eaa?oaea eee aeaaea ca
iineaaeiea 4 – 5 eao. Aeaiiua aeey aiaeeca i?eaiaeyony a noaoenoe/aneeo
naiaeeao, iaci?iuo noaoueyo eee iiiia?aiiao. Iai?eia?, niaeanii aeaiiui
ca iineaaeiee ia?eiae n 1983 aiaea ii 1989 aiae, a yiiineie yeiiiieea
iaaethaeaeinue ?aceia oaaee/aiea iieiaeeoaeueiiai ieaoaaeiiai naeueaei;
1982 – 6,85 , 1983 – 20,8 e 1980 – 56,78 ie?ae. aeiee. Oaeia iieiaeaiea
iiaei i?eaanoe e aeiaaeueiiio oaaee/aieth eo?no yiiineie eaiu, /oi
iiaeoaa?aeaeaaony aeaiiuie i n?aaeia acaaoaiiii eo?na aaetho ca 1984 –
1988 aa. – ?ino eo?na eaiu a n?aaeiai ninoaaeye a yoio ia?eiae ieiei 10
% a aiae. Aiineaaenoaee yoi aeaaea auioaeeei iaoeeiiaeueiue aaie
ssiiiee i?eieiaoue na?ueaciua ia?u ii nieaeaieth eo?na eaiu.
Ii?aaeaeaiea aeeaeaeoeo e?aoein?i/iuo oaiaeaioeee aeaeaeaiey aaethoiuo
eo?nia ia iniiaa i?iaiicia e eciaiaiee ooiaeaiaioaeueiuo oaeoi?ia a
aeeaeaeoee ia?eiae. Oaeay eioi?iaoeey aeaaony ,eae eioi?iaoeeiiiuie
aaaionoaaie, oae e a aaeaaeiaaiuo yeiiiie/aneeo iaci?ao yeiiiie/aneeo
ecaeaoaeuenoa. E i?eia?o a aaeaiaaeaeueieea «Aeaeiaie yeni?ann» aeaaony
aiaeec aeaeaeaiey iniiaiuo aaetho ca iineaaeiea iaaeaee e i?iaiicu
yenia?oia. Oae a eiioea aeaeaa?y 1995 oeaio?aeueiuie niauoeyie yaeyeenue
iiieaeaiea o/aoiie noaaee a O?A e i?aaenoaaeaiea i?iaeoa athaeaeaoa ia
1996 – 1997 aa. A Aaeeeia?eoaiee « Aeaaiui niauoeai ieioaoae iaaeaee, e
eioi?iio auei i?eeiaaii aieiaiea anao o/anoieeia ?uiea, noaei
i/a?aaeiia canaaeaiea Oeaio?aeueiiai niaaoa Aoiaeanaaiea. Ia iai,
iaeiaei ia auei iauyaeaii i iiieaeaiee o/aoiuo noaaie e, ia niio?y ia
yoi eo?n aeieea?a iiauneeny ii ioiioaieth e eo?no iaiaoeeie ia?ee a
nayce n oaa?aiiinoueth eiaanoi?ia a oii, /oi aei eiioea aiaea iiieaeaiea
o/aoiuo noaaie a aa?iaiee iaycaoaeueii i?iecieaeao. A nayce n yoei eo?n
aeieea?a au?in aieueoa, /ai ia ioaiiea « «AeY» 1995 ? 43».
Aiineaaenoaee nieaeaiey o/aoiuo noaaie aua ianeieueei nieceei eo?n
ia?ee, a iaaeinoaoee i?aaenoaaeaiiiai athaeaeaoa Aaeeeia?eoaiee aucaaee
iaaeaiea ooioa n 1985 STG/USD aei 1.5242 STG/USD.
6. AIAEEC E?AOEIN?I*IUO IAIAEEAeAIIUO OAEOI?IA
Eae i?aaeei, yoi iieeoe/aneea niauoey, i?eaiaeyuea e iiauoaieth eo?na
aeieea?a. Iai?eia?, iaaeaaiea niauoey naycaiiua n iai?yaeaiiie
neooaoeeae aie?oa Oaeaaiue, aucaaee ?ino e noaaeeecaoeeth eo?na
aeieea?a, ianiio?y ia oi, /oi NOA i?eieiaee a yoeo niauoeyo
iaiin?aaenoaaiiia o/anoea. Oaeay neooaoeey – eeoiaa iiaeoaa?aeaeaiea
aeiaa?ey ni noi?iiu eiaanoi?ia e aia?eeaineie aaethoa.
Oaeaea, ianiio?y ia aeanoeoth oeiainiaoth iieeoeeo, i?iaiaeeioth
o?aioeocneei i?aaeoaeuenoaii, cayaeaiey i?aceaeaioa O?aioeee AEaia
Oe?aea e iaiaeeaeaiiay caaanoiaea o?ainii?oieeia, ioaaoeaoay O?aioeeth a
eiioea 1995 aiaea, nouanoaaiii iieineea iiceoeee o?aioeocneiai o?aiea.
7. AIAEEC OAOIE*ANEEO OAEOI?IA
I?iaiaeeoue oaoie/aneee aiaeec a?aoeeia ianeieueei eaa/a, /ai
aiaeece?iaaoue ooiaeaiaioaeueiua eee e?aoein?i/iua oaeoi?u, oae eae
eioi?iaoeey i?aaenoaaeyaony iaaeyaeii e aiaeec i?iaiaeeoueny i?yii ia
a?aoeea noaiaea?oiuie iaoiaeaie – iino?iaieai o?aiaeia, eaiaeia e
ae?oaeo oeao?. Ieaea i?aaenoaaeai a?aoee ii/aniaiai aeaeaeaiey eo?na
oaaeoea?neiai o?aiea ii ioiioaieth e aia?eeaineiio aeieea?o ca
aeaeaa?ue 1995 aiaea. Eo?nu ioia/athony io?aceaie. Aiaeec i?iaiaeeoueny
io oi/ee F aei oi/ee N.
Aiaeec i?iaiaeeoueny n iiiiuueth eeiee o?aiaea A e D niioaaonoaaiii
/a?ac oi/ee F – X e X – N, B e N – eiio?ieueiua eeiee oeeeeia.
I/aaeaeii, /oi auoiae eo?na iinea oi/ee X, /oi iiaeoaa?aeaeaaony
aeaiiuie a?aoeea; aoi?ay oi/ea iinea X – iinea eioi?ie neaaeoao
iieoiaoue o?aie. Aiaeiae/ii i?iaa?yaony aiaeec o?aiaea. D – aoi?ay oi/ea
iinea oi/ee N – oi/ea i?a?uaa, iinea eioi?ie o?aie neaaeoao i?iaeaaaoue.
Iinea i?iaaaeaiey iia?aoeee neaaeoao ioeaieoue aa eiia/iue ?acoeueoao,
oi anoue aeioiaeiinoue.
Aeioiaeiinoue ?ann/eouaaaony ii neaaeothuae oi?ioea :
aaea Eie – eo?n iieoiee,
Ei? – eo?n i?iaeaaee,
B – eiienney aaiea n eiio?aeoa,
I – noiia caeiaiaiai aeaiiceoa,
365 – eiee/anoai aeiae a aiaeo.
A aeaiiii i?eia?a, anee eiio?aeo ia i?iaeaaeo oaaeoea?neeo o?aieia
(iieoieo aeieea?ia) caeeth/aaony aei, eee a oi/ea X ii eo?no 1.440
USD/SWF, a caoai yoio eiio?aeo iieoiaaony (o.a. i?iaeaaony aeieea?) aei,
eee a oi/ea N ii eo?no 1.580 USD/SWF e aai noiia 1 000 000 000 USD,
noiia eiiennee 800 USD e caeia eeeaioa 500 000 USD (e?aaeeoiia iea/i –
1:20), oi aeioiaeiinoue ninoaaeo 8350 % aiaeiauo.
IAEAAEAIEA
TOC \o “1-1” 1. AAAAeAIEA GOTOBUTTON _Toc389918163 PAGEREF
_Toc389918163 1
2. INIIAIUA CAEIIIAeAOAEUeNOAA GOTOBUTTON _Toc389918164 PAGEREF
_Toc389918164 1
3. INIIAIUA IIIssOEss GOTOBUTTON _Toc389918165 PAGEREF
_Toc389918165 1
4. NOAIA AeEEEIAIAIE IIA?AOeEE GOTOBUTTON _Toc389918166 PAGEREF
_Toc389918166 3
5. I?EIA?U AeEEEIAIAIAI AIAEECA GOTOBUTTON _Toc389918167 PAGEREF
_Toc389918167 6
6. AIAEEC E?AOEIN?I*IUO IAIAEEAeAIIUO OAEOI?IA GOTOBUTTON
_Toc389918168 PAGEREF _Toc389918168 7
7. AIAEEC OAOIE*ANEEO OAEOI?IA GOTOBUTTON _Toc389918169 PAGEREF
_Toc389918169 7
NIENIE EEOA?AOO?U
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