PARAJA DHE FINANCA (Prof. Sabahudin Komoni) 1. Zanafilla !ara" Para#a $"h%$ &a%'ori &onomi& ila '#"%$ *oluioni% *oluioni% %$ '#a%$ %$ %$ +h*illimi% %$ %$ "a#dr#%!$r"$dr#%i i"h% n$ lidh# %$ n'u"h%$ m +h*illimin fu,i* !rodhu" "ho,$ror!rodhimin malli% dh %$ ndar#" "$ !un$" -Dallo#m$ %ri llo# &$mbim"h %$ mallra* a)&$mbimi i %h#"h%$ &$mbimi i ra"%i% b)&$mbimi na%/ral )&$mbimi i %!ria* %$ !rodu&%* H"%ori&i"h% dallo#m$ &$%o forma %$ !ara"$ a)Para% !rimi%i* b)Para%$ ma%ali& )Para%$ m%ali& dh !rr#a %/r(mondha) 0an&no%a - Si "urro'a% %$ !ara* m%ali& $"h%$ CERIFIKAA E CI2A ISHE NJ3 4EREI5 5E SHKRI5 %$ ar'#$n%ar* %$ il$% mb"h%%ur n$ mrin !r"oni% i ili &i"h% d!onuar arin o" !ara%$ ari%$ &$"h%u ,$ !ronari% %$ ,$r%ifi&a%$" n$ ,do momn% mund %i &%hh% "a"ia ari% %$ d!onuar . Para#a l%$r "h%$ m#% li'#or i !a'imi% m &ara&%r dfini%i* &$"h%u "h%%i &a "h!allur &ur"in d%/ru"hm dm%h " "i "h%%i a"h%u dh &rdi%or% #an$ %$ obli'u"hm ,$ &$%$ !ara %a !$rdorin "i m#% !a'imi dh !" nu& mund %$ "h$ndroh% n$ ari. Para#a d!o+i%ar (ban&ar) Para#a-llo'ari(d!o+i%ar!ara#a-&rdia)#an$ &$r&"a% !ara* n$ %$ !ar$ (afa%"h&ur%$r)n$ ban&$ m %$ ila% mund %$ &r/hn !a'"a% ,$ #an$ &ri#uar n$ ba+$ %$ !ara* %$ d!onuara n$ ban&$ o" n$ ba+$ %$ &rdi"$. 6PARAJA-K7AZI8 6Para-&ua+i8$"h%$ %rmi !$r !ara%$ %$ ila% '#ndn n$ form$ %$ d!o+i%a* %$ &ur"imi%d!o+i%a* %$ 'a%"hm !a afa% dh %$ d!o+i%a* %$ afa%i+uara dri n$ n#$ *i% P$rfa,$"u" m$ %i!i& i 6!ara*-&ua+i8 #an$ d!o+i%a% &ur"imi% %$ !aafa%i+uara (n$ %$ !ar$) Fun&"ion% &r/"or %$ !ara"$ i &a "h%#lluar 5ar&"i a%o #an 1.Para#a "i ma%$" *lra*. 9.Fun&"ioni i !ara"$ "i m#% ,ar&ullimi :.Fun&"ioni i !ara"$ "i m#% !a'imi ;.Fun&"ioni i !ara"$ "i %h"ar ori% mbi *lrn !ara"< %oria m%ali+imi% mbi !ara% %oria nominali mbi !ara% . ori% mon%ar mbi fu,in blr" % !ara" < %oria &uan%i%a%i* mbi !ara% %oria &uan%i%a%i* mbi !ara% fi"hri%
9 =ARK722I5I I PARAS3 DHE 5ASA (SASIA) 5>NEARE -Sa"ia mon%ar $"h%$ lmn%i &r/"or i li&uidi%%i% %$ &onomi"$ !$r&a%$" %$ !ro"i% %$ ri!rodhimi% %$ +'#ruar. In"%rumn%a% finaniar #an m#% % ila% "hrb#n !r %ran"a&"ion % a&%uara n !ro"in !ridhimi% . -In"%rumn%% finaniar #an$ %$ ndr/"hm !or m$ m r$nd$"i &r/"i"h% #an$< !ara#a 'a%"hm d!o+i%a% n$ %$ !ar$ d!o+i%a% &ur"imi% d!o+i%a% in*"%i* dh &rdia. -$ %$ '#i%h$ "&%or$% 0an&a =ndror +a&oni"h% i ndan< a) n$ "&%orin #oban&ir b) n$ "&%orin ban&ir ) n$ "&%or$% %#r$. -S&%orin #oban&ir !$rb$#n$ &$%a "&%or$< 1. >r'ani+a%a% &onomi& (bi+n"% firma% &or!ora%a% 9. Sh%%i:. 0a"h&$"i%$ %#ra "ho,$ror !oli%i& ;. Fond% ndr/"hm?. Po!ull"ia@. 0o%a #a"h%m A'r'a%% mon%ar -0an&a =ndror n$ &onomin$ %r'u% +ba%on !oli%i&$n mon%ar m ,$llim %$ *!rimi% n$ arri%#n r+ul%a%* &onomi& "i #an$< rritja ekonomike, shkalla e ultë e inflacionit, ekuilibri optimal i bilancit të pagesave, rritja e punësimit dhe stabiliteti ekonomik.
Ka%'ori+imi i a'r'a%* mon%ar n$ ba+$ %$ !arimi% %$ li&uidi%%i% $"h%$ b$r$ n$ &a%$r 'ru!< "a"ia (ma"a) mon%ar 6!ara#a-&ua+i8m#%% %#ra li&uid m#%% #oli&uid . Sa"ia (ma"a) mon%ar &a &r/"i"h% d/ &ri%r %$ ila% !$rdorn !$r a&%imin "a#< kriteri i mjeteve të pagesës dh kriteri i liduiditetit. 6Para#a-&ua+i8 "i !$rfa,$"u" %i!i& &a d!o+i%a% &ur"imi% %$ !aafa%i+uar "i dh d!o+i%a% %#ra %$ !aafa%i+uara. 5#%% %#ra li&uid #an$ &a%'ori n$ %$ il$n !$rf"hihn d!o+i%a% &ufi+uara d!o+i%a% afa%i+uara dh fl%obli'aion% dri n$ n#$ *i% m#%% fond* %$ ndr/"hm. 5#%% #oli&uid #an$ a'r'a% mon%ar %$ ila% !$r !ronar$% %/r !ara,"in m#%% bllo&uara d.m.%h. "hfr/%$+imi i %/r $"h%$ i ndaluar 5#%% mon%ar %$ '#i%h"#%a %$ "&%ori% #oban&ar "i!a" li&uidi%%i% 0an&a =ndror i &a &a%'ori+uar n$ &$%o a'r'a% < M1 B "a"ia (ma"a) mona%ar M2 B "a"ia mon%ar (51) 6!ara#a-&ua+i8 M3 B "a"ia mon%ar dh 6!ara#a-&ua+i8 (59)m#%% %#r li&uid.
Ku!%imi i ma"" mon%ar 5a"a mon%ar "i!a" 0an&$" =ndror !$rf"hin !ara%$ 'a%"hm (!ara%$ f&%i*) dh !ara%$ d!o+i%ar (d!o+i%a% n$ %$ !ar$ d!o+i%a% n$ llo'ari rr#dh$"). Dfiniioni < "a"ia (ma"a) mona%r !$r&ufi+oh% "i a'r'a% mon%ar %$ ilin !$rb$#n$ m#%% finaniar %$ "&%ori% #oban&ar %$ ila% &r/#n$ fun&"ionin m#%i% %$ !a'"$" n$ "i"%min mon%ar &omb$%ar. 5a"a mon%ar !rf"hin < !ara% 'a%"hm n ,ar&ullim dh !ara% d!o+i%ar Para#a &ua+i !rf"hin < d!o+i%a% &ur"imi% dh d!o+i%a% %#ra % !aafa%i+uaara 5#%% %#ra li&uid !rf"hin < d!o+i%a% &ufi+uara d!o+i%a%a afa%i+uara % ndr/"hm r+r*a% d%/ru"hm 5#%% #oli&uid !rf"hin < d!o+i%a% &ufi+uara mbi n# *i% dh d!o+i%a% bllo&uara : . Formimi (mi"ioni ) i ma"" mon%ar . N &ri#imin o" +*o'limin ma"" mon%ar &r/"i"h% ndi&o#n d/ 'ru! fa&%or"h NE4E N3 5ES 3 SEK>RI J>0ANKAR DHE 3 SEK>RI 3 0>ES SE JASH5E Ndi&imi i %ran"a&"ion* d*i+or n$ formimin ma"$" mon%ar ba+oh% &r/"i"h% n$ &$%o !r"u!o+im< S %ran"a&"ion% d*i+or m bo%$n #a"h%m i rali+on "&%ori #oban&ar "i !a"o#$ marr$dh$ni* &onomi& dh finaniar n$ m" %$ "&%ori #oban&ar %$ *ndi% dh %$ "&%ori% %$ bo%$" "$ #a"h%m n$ %$ d/ dr#%im%. Pa'"a% m bo%$n #a"h%m b$hn m d*i+a ,$ &$r&on "hnd$rrimin *alu%a* %$ hua#a n$ *alu%$ %$ *ndi% dh ana"#ll%a". 0an&a &r/n ,ar&ullimin !a'"a* nd$r&omb$%ar "i nd$rm#%$"u" dh " d*i+a% mbahn n$ ban&$ "i r+r*a mon%ar.
; . 5ASA 5>NEARE >PI5A2E Formula %hmlor li'#i% % ,ar&ullimi% % !ara" %ho% < "a"ia !ara* , fun&"ionon "i m#% ,ar&ullimi "h% barabar% m "humn mim* % malra* %h/ !r numri i rro%ullim* % mondha* m % n##%in mr . Sa"ia mon%ar o!%imal do %$ #%$ a#o "a"i !ara* ila "i'iron &u"h%% mon%ar o!%imal !$r fun&"ionimin ri!rodhimi% %$ +'#ruar. Simbol% !ara,"in< 5oBma"a ("a"ia)mon%ar o!%imal SH=5B"huma ,mim* %$ mallra* AB!a'"a% arri%ura ("&aduara) KB"hi%#a m &rdi SB&om!n"im% n$ m" %$ !ar%nr$* afari"% dh *B "h!#%$"ia ,ar&ullimi% %$ !ara"$. Kr/"i"h% n$ *$llimin %ran"a&"ion* mon%ar ndi&o#n$ &$%a fa&%or$< 1.4$llimi i !rodhimi% ma%ral 9.Ni*li dh uria ,mim* :.Kom!n"imi FAK>R3 3 CI23 NDIK>JN3 N3 SHPEJ3SIN3 E =ARK722I5I 3 PARAS3 Sh!#%$"ia ,ar&ullimi% %$ !ara"$(*)!ara,% &oh$n m"a%ar $ mba#%#"(rua#%#",$ndrimi%r+r*imi%)%$ m#%$* mon%ar n$ duar% "&%or$* #oban&ar$. Rri%#a "h!#%$"i"$ "$ ,ar&ullimi% %$ !ara"$ &a !$r !a"o#$ +*o'$limin &$r&"$" !$r rri%#n ma"$" mon%ar. FAK>R3 3 CI23 NDIK>JN3 N3 SHPEJ3SIN3 E =ARK722I5I 3 PARAS3 1.Ni*li i %$ ardhura* %$ %ran"a&%or$* ("ub#&%* &onomi&) 9.$ ardhura% !a,$ndru"hm (%$ !a"i'ur%a) :.S%abili%%i i ,mim* dh uria *lr$" "$ !ara"$ ;.5und$"ia marr#" "$ &rdi"$ ?.Fr&una !a'"a* @.San&"ion% .>r'ani+mi dh %&ni&a ,ar&ullimi% %$ !a'"a* 1.Ni*li i %$ ardhura* %$ %ran"a&%or$* ("ub#&%* &onomi&) 5ba#%# m#%* n'a a"!&%i &onomi& !ara,% +*o'$limin "hfr/%$+imi% %$ m#%* dh +*o'$limin "h!#%$"i"$ "$ ,ar&ullimi% %$ !ara"$. 9.$ ardhura% !a,$ndru"hm (%$ !a"i'ur%a)
Rri%#a r+r*a* %$ m#%* %$ !a'"$"ndi&on n$ n'adal$"imin "h!#%$"i"$ "$ ,ar&ullimi% %$ !ara"$ dh ana"#ll%a"+*o'$limi i r+r*a* %$ m#%* %$ !a'"$" ndi&on n$ rri%#n "h!#%$"i"$ "$ ,ar&ullimi% %$ !ara"$. :.S%abili%%i i ,mim* dh uria *lr$" "$ !ara"$ S%abili%%i i ,mim* dh uria *lr$" "$ !ara"$ ndi&o#n$ n$ "h!#%$"in$ ,ar&ullimi% %$ !ara"$(%$ il$n &mi dfinuar "i mba#%# m"a%ar m#%* mon%ar n$ duar% %ran"a&%or$*). ;.5und$"ia marr#" "$ &rdi"$ 5und$"i marr#" "$ &rdi"$ n'a ana %ran"a&%or$* ndi&on n$ "h!#%$"in$ ,ar&ullimi% %$ !ara"$. ?.Fr&una !a'"a* Fr&una !a'"a* '#a%$ "h!$rndar#" "$ %$ ardhura* $"h%$ n#$ fa&%or$ i ili ndi&on n$ "h!#%$"in$ ,ar&ullimi% %$ !ara"$. @.San&"ion% San&"ion% !$r mo" &r/r#n obli'im* finaiar m r'ull ndi&o#n$ n$ "h!#%$"in ,ar&ullimi% %$ !ara"$. ? . SISE5I KREDI>R Sh!rh#a &rdi rr#dh n'a f#ala la%in 6rdo8 ,$ do %$ %ho%$ b"im. 5omn%i "ub#&%i* i ili '#a%$ &$"a# !rodur luan rol m "hum$ r$nd$"i $"h%$ besimi i &rdi%ori% n$ dbi%orin. Krdia n$ !ara b$h% &a%'ori &onomi& "hum$ +h*illuar&ara&%ri"%i&a &r/"or %$ il$" $"h%$ !a'imi i &ama%$" "i ,mim "hfr/%$+imi !ara*. &rdia !ara,% n#$ "h$rbim %$ !$r&oh"h$m %$ ilin &rdi%ori ia b$n dbi%ori% du& ia l$n$ di"!o+iionin ndon#$ fu,i blr$" (!ara)!$r&a%$"i"h% ndon#$ *lr$ !or du& rua#%ur !ron$"in$ "a# dh %$ dr#%$n ar&$%imi% %$ "h!$rblimi%n$ form$ %$ &ama%$". =$llimi% dh d%/ra% &rdi%i% #an$
@.&rdia #a"h%m %#. 1)Si!a" ori'#in$" "$ !ara* d!o+i%a% ban&$" i nda#m$ n$ primare dh sekondare. 9)Si!a" '#nd#" !ron$"oro-#uridi& d!o+i%a% ban&$" i nda#m$ n$
Si!a" "hfr/%+u"i% &rdi%$ i nda#m$ n$ indu"%rial bu#,$"or +#%ar %r'%ar %uri"%i& Si!a" afa%i% &rdi%$ i nda#m$ afatëshkurëtera dri n n#$ *i% afa%$ gjata dh afa%$ mesme
Si!a" ,llimi% &rdi%$ ndahn n$ -!rodhu"-&on"umu" dh &rdi !r m#% %hmlor dh &rdi !r m#% ,ar&ullu" Si!a" "i'urimi% &rdi%$ i nda#m$ n !r"onal dh ral Si!a" mn/r$" " &%himi% a%o i nda#m$ n$ %$ !#""hm dh % amor%i+imi%. Kama%a !ara,% "h!rblimin a&%uar n$ !ara !$r dh$nin n$ "hfr/%+im %$ !$r&oh"hm %$ &a!i%ali% hua.. 2lo#% &ama%$" #an$ %$ "hum%a n$ !ra&%i&$ !or &r/"or% #an$ Aktive !rm$" &"a# ban&a &ri#on %$ h/ra% m %$ mdha asive &ur ban&a i !a'uan &omin%n%* %$ *% r'u finaniar - $"h%$ n#$ *nd dh ha!"ir$ or'ani+uar %r'u% n$ %$ il$n ballafa,ohn ofr%a dh &r&"a !$r m#% finaniar n$ %$ ilin formoh% ,mimi i %r'u% %$ alo&aioni% %$ m#%* mon%ar. P#"marr" n$ %r'un finaniar #an$ &%a "&%or< Si &rdi%or !ara,i%n < !o!ull"ia&onomi% "h%!ia& ndrmarr#% ,*ria ban&a% ,ndror afari"% !r"ona% hua# dh ,*ri% hua#a ndr"a
Si dbi%or-borhli #an$
Poli%i&a mon%ar "h% !oli%i&a % iln ndrmrr "h%%i +ba%on ban&a ,ndror n "frn mi"ioni% dh anullimi% %i !ara* . Poli%i&a &rdi%or "h% m#% dh in"%rumn% !rm" % ili% +ba%ohn !oli%i&a% mon%ar . =$llim% dh d%/ra% !oli%i&$" mon%ar &rdi%or 1.Rua#%#a "%abili%%i% %$ ,mim* 9.Rri%#a &onomi& :.Pun$"imi i !lo%$ dh ;.E&uilibri n$ bilanin !a'"a* %#. Indi&a%or$% (%r'u"i%) !oli%i&$" mon%ar-&rdi%or 1.ind&"i i ,mim* %$ *ndi% 9.uria bilani% %$ !a'"a* :."h!#%$"ia ,ar&ullimi% %$ !ara"$ dh ;.li&uidi%%i i &onomi"$ !ikuiditeti i ekonomisë !ara,% af%$"in "ub#&%* &onomi& ,$ n$ "i%ua%a %$
ndr/"hm n$ m$n/r$ %$ ndr/"hm dh m m#% %$ ndr/"hm % mund %i !lo%$"o#n$ obli'im% *%a %$ !a'"a*. Inflaioni dh dlaioni - Inflaioni $"h%$ &$r&"a %!$r% !ara"$ mbi ofr%$.5 &on!%in ba"h&$&ohor !$r inflaionin n$n&u!%oh% ,do '#nd# n$ %$ il$n &$r&"a f&%i* !ara"$ mbi+o%ron mbi ofr%$n mallra* dh %$ "h$rbim* !a marr$ !ara"/"h " a "h!rh% &#o '#nd# n$ ri%#n n*li% %$ !$r'#i%h"h$m %$ ,mim* a!o#o Inflaioni nu& $"h%$ *%$m fnomn mon%ar !or dh fnomn &onomi& i ili ndi&on n$ %$r$ !ro"in &onomi"$ n$ !rodhim "h!$rndar# ,mim &on"um a&ullim bilanin !a'"a* %#. Sh&a,% inflaioni% 1.inflaioni i &$r&"$" f&%i* %$ !ara"$ (rri%#a fu,i"$ blr$") 9.inflaioni !$r "h&a& %$ "h!$rndar#" di"!ro!orional %$ ardhura* ral &omb$%ar :.inflaioni !$r "h&a& %$ +*o'$limi% fondi% %$ malli%dh ;.inflaioni !$r "h&a& %$ uri"$ "$ !a*oli%"hm %$ bilani% %$ !a'"a*. Inflaioni i &$r&"$" f&%i* %$ !ara"$ o" i rri%#" "$ fu,i"$ blr$" Inflaioni !$r "h&a& %$ &$r&"$" f&%i* %$ !ara"$ !ara,i%% n$ ba+$ %$ rri%#" "$ *$llimi% %$ &rdi"$ dblo&imi% %$ !#"$* %$ *$llimi% mon%ar dh !$r "h&a& %$ rri%#" "$ %$ ardhura* &omb$%ar. Inflaioni !$r "h&a& %$ "h!$rndar#" di"!ro!orional %$ %$ ardhura* ral K$%u &mi f#al$n !$r fa&%in " n$" rri%% !#"$marr#a !."h. &on"umi% in*"%i* n$ %$ ardhura% &omb$%ar a%$hr$ !ara,i%% !ro"i i inflaioni% i ili "h&a&%on +*o'$limin !#"$marr#" "$ &on"umi% !r"onal buh%or dh %$ &"!or%i%.
Inflaioni !$r "h&a& %$ +*o'$limi% %$ fondi% Z*o'$limi i !rodhimi% mund %$ ndodh$ !$r "h&a, %$ ndr/"hm$ "i, #an$< 1.!rodhimi bu#,$"or i !ra!amb%ur !$r "h&a& %$ &u"h%* na%/ror o" or'ani+a%i*. 9.+*o'$limi i burim* nr'#%i& $"h%$ "h&a& i +*o'$limi% %$ !rodhimi%. :.'r*a% !un$%or$* "h&a&%o#n$ nd$r!rr#n !rodhimi%. ;.*$"h%ir$"i% n$ &omuni&aion '#i%ha"h%u "h&a&%o#n$ nd$r!rr#n !rodhimi% %$ mallra*. Inflaioni !$r "h&a& %$ uri"$ "$ !a*oli%"hm %$ bilani% %$ !a'"a* Dfii%i n$ bilanin !a'"a* mund %$ "h&a&%oh% !$r ar"/ %$ ndr/"hm< 1.!$r "h&a& %$ im!or%imi% %$ madh %$ mira* &on"umu" "idomo" n$ !rodu&%% bu#,$"or 9.!$r "h&a& %$ im!or%imi% %$ madh %$ mira* dh !a#i"#* in*"%i* n$" $"h%$ ,$"h%#a nd$r%imi% %$ "h!#%uar %$ &onomi"$ "$ *ndi% :.!$r "h&a& %$ !a'"$" "$ &ama%$" "i dh %$ &%himi% %$ hua* %$ &on%ra&%uara n$ !riudha% m$!ar"hm dh ;.!$r "h&a& %$ i&#" "$ &a!i%ali%. :.2lo#% inflaioni% 1.Si!a" in%n"i%%i% #an$< a)Inflaion la%n%(!o%nial i f"hhur) b)inflaioni i m"$m )inflaioni &a%a"%rofal ("u!rinflaion 'alo!an%). 9.Sia!" &oh$" "$ +'a%#" "$ !ro"i% %$ inflaioni #an$< a)Inflaioni afa%'#a%$. b)inflaioni i n#$hr"h$m. )inflaioni &roni&. :.Si!a" ori'#in$" #an$< a)Inflaioni i *ndi%(i brnd"h$m) b)Inflaioni i im!or%uar (i #a"h%$m) ;.Si!a" hlmimi% %$ &onomi"$ #an$< a)inflaioni #oa&%i* b)inflaioni a&%i* ?.Si!a" an'a+himi% %$ or'an* mon%ar "h%%$ror #an$< a)inflaioni i lir$ b)inflaioni i n'adal$"uar
Pa"o#a% inflaioni% Pa"o#a% inflaioni% ndihn n$ %$ '#i%ha "fra% ri!rodhimi% "ho,$ror. Inflaioni ndi&on n$< 1.+h*illimin &onomi& 9.!rodhimin dh ,ar&ullimin :."h!$rndar#n %$ ardhura* ;.&on"umin dh ?.&$mbimin nd$r&omb$%ar. 5a"a% !$r %#&alimin !$r&a%$"i"h% !$r !$rballimin inflaioni% &r/"i"h% i nda#m$ n$ &$%o 'ru! < 1.5a"a% !oli%i&$" mon%ar dh 9.5a"a% !oli%i&$" fi"&al. 1. N$ ma"a% politikës monetare i num$ro#m$<
a)rri%#a norm$" "$ &ama%$" (norm$" "&on%)< b)n'ri%#a normës së rezervave %$ d%/ru"hm )"hi%#a l%ra* m *lr$ dh d)reformat monetare (+$*nd$"imi i !ara"$). 9.N$ ma"a% !oli%i&$" fi"&al i num$ro#m$ a)&uilibrin buh%i% b)rri%#n %a%im* dh %$ &on%ribu%* %$ %#ra )"h!all#n hua"$ "h%%$ror d)ma"a% n$ l$min do'ana* %#. Dri"a inflaioni $"h%$ %!ria &$r&"$" "$ !ara"$ mbi ofr%$ dflaioni $"h%$ %$!ria ofr%$" mbi &$r&"$n. Dflaioni $"h%$ a#o '#nd# &onomi& n$ %$ il$n ofr%a malli% dh "h$rbim* mbi+o%ron mbi &$r&"$n f&%i* %$ !ara"$ !a marr$ !ara"/"h " a b$h% r$nia a!o #o ni*li% %$ !$r'#ih%"h$m %$ ,mim*. Kara&%ri"%i&a% %i!i& %$ dflaioni% #an$< -r$nia !$r'#i%h"hm ,mim* -rri%#a fu,i"$ blr$" !ara"$ -+*o'$limi i !rodhimi% dh ,ar&ullimi% -+*o'$limi i !a'a* dh i m$di%#*
-+*o'limi i in&uadrimi% (!un$"imi% ) -+*o'$limi i %$ ardhura* &omb$%ar -ri"h!$rndar#a %$ ardhura* -r$nia iniia%i*$" afari"% Si"%mi ban&r F#ala ban& mndoh% " rr#dh !r# f#al" i%alian 6bano8 , do % %ho% %+' (ban&) . 2lo#% ban&a* < 0an&a m%u" o" ,ndror 0an&a d!o+i%ar o" &omrial 0an&a % "!iali+uara dh % d'* 0an&a in*"%i* 0an&a afari"% 0an&a !r +h*illim 0an&a r'#ional 5onoban&a Ar&a% ur"imi% 0an&a% mul%inaional . 0a&na ,ndror o" m%u" "h% ban&a &r/"or n "i"%min finaniar ila I rr'ullon mardhn#% mon%ar dh &rdi%or % n# *ndi . 0an&a ,ndror "h% ban&a *%m au%ori+uar !r mi"onin &ar%mondha* dh mondha* "i m#% li'#or I !a'"" n *ndin !r&a%" . 0an&a ,ndror &r/n &%o !un < 0n mi"ionin !ara* Zba%on !oli%i&n &rdi%or-mon%ar Zba%on dh &u#d"% !r !oli%i&n li&uidi%%i% ndr&omb%ar K/rn !un n llo'ari % "h%%i% 0an&a% d!o+i%ar o" &omrial m#%% *%a I &ri#on !r# d!o+i%a* afa%"h&ur%ra % or'ani+a%a* &onomi& dh !r# di"!o+i%a* % &ur"imi% % !o!ull"i"" anda# ,uhn ban&a d!o+i%ar &ara&%ri"%i& &%/r ban&a* "h% " &an "hum &omi%n% dh &an "hum filial a% or'ani+uara "i!a" !arimi% %rri%orial . 0an&a% afari"% #an in"%i%uion finaniar % ila% !ara,i%n n &ai!i%ali+min +h*illuar dh a% % "h%%* m % +h*illuara &a!i%ali"% &%o ban&a di"!oni#n m &a!i%al *%#a& % mdha anda# dh ,llimi afari"% I %/r "h% &rdi%imi dh finanimi I ndrmarr#* '#i'an% indu"%rial dh % "ho,a%a* % %/r . 0an&a% in*"%i* #an or'ani+a%a !r &rdi%imin in*"%im* dm%h !r &rdi%imin m afa% % '#a% &%o ban&a m#%% finaniar I "i'uro#n du& dhn fl%obli'aion m an % afa%i+imi% % d!o+i%a* in*"%i* % or'ani+uara &onomi& m an % marr#" " &rdi" n ban&a %#ra n *nd dh n bo%n #a"h%m . 0an&a% "!iali+uara o" % d'* ban&a% "!iali+uara o" % d'* %hmlohn m ,llim % finanimi% dh % &r/r#" " !un* %#ra ban&ar n dobi % *!rim%ari* dh d'* % ndr/"hm &onomi& "i, #an < indu"%ria bu,"ia +#%aria %# ..
Parim% afari"% % ban&a* < Parimi I li&uidi%%i% Parimi I "i'urimi% Parimi I rn%abili%%i% Parimi I li&uidi%%i% m !arimin li&uidi%%i% % ban&a* duh% nn&u!%uar af%"in ban&a* , n afa% % a&%uara %i &r/#n % '#i%ha obli'im% *%a ndr/"h li&uidi%%in ban&" duh% !r&ufi+uar "i af%"i ban&" , n afa% %!a'ua# % '#i%ha obli'im% arri%ura fa&%or% li&uidi%%i% < %rana"&"ion% mon%ar % &omi%n%* Poli%i&a li&uidi%%i% % ban&a* dh !oli%i&a mon%ar ban&" ,ndror Parimi I "i'urimi% n afari+min ban&r !rbh% n mund"in !a'"" o" % ar&%imi% % '#i%ha obli'im* o" % &r&"a* n afa% % a&%uar ban&a duh% % mrr !ara"/"h #o *%m a% " a do %i &%hh% &rdia n &ohn a&%uar !or duh% % *r%%o# % '#i%ha fa&%% domo"do"hm mbi ar"/"hmrin dh l*rdin &onomi& % '#do &r&" % &rdi" % af%"i" &rdi%or dh " &rdi% %illa do %i #a!in f&%% d"hiruara . Parimi I rn%abili%%i% n ban& !ara,% fi%imin I ili rali+oh% n ndr/"himin % % h/ra* dh % dala* % ban&" . 5ul%i!li&aioni &rdi%or dh mon%ar !ro"i I mul%i!li&aioni% &rdi%or dh mon%ar mund % anali+oh% n ni*lin n# ban& afari"% , ,uh% mul%i!li&aioni mi&ro&rdi%or dh n ni*lin "i"%mi% % ban&a* afari"% , ,uh% mul%i!li&aioni mar&o&rdi%or . 0an&a afari"% "h% n !o+i% &uilibru" a%hr &ur &rdi% #an % barabar%a m !o%nialin &rdi%or . 5ul%i!li&aioni mi&ro&rdi%or ba+oh% n "u!o+imin " '+i"%on &uilibri fill"%ar I ban&" afari"% h/r#a m#%* n ban& ,% ban&n n !o"i% #o&uilibru" ban&a n '#nd# &uilibru" mund % fu%% !r"ri du& dhn &rdi . 5ul%i!li&aioni &rdi%or dh mon%ar/ mund % !r&ufi+oh% "i af%"i ban&a* afari"% , m an % &"!an"ioni% % &rdi" dh % d!o+i%a* % b# "h%imin "a"i" " !ara* nn ndi&imin fa&%or* mon%ar . R.5
