Nâng cao hiệu quả hoạt động thanh toán quốc tế của các ngân hàng thương...

8/2/2019 Nng cao hiu qu hot ng thanh ton quc t ca cc ngn hng thng mi Vit Nam

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3/190

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5/190

MDHK EA AA AK YL] ] ]

AHK Ahb hbkl p kcMH Mcdhk hbkl p

MH [HO Mcdhk hbkl p {~} hk p ok~

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KK Klh l kcO] Olhk }

O]TM Olhk } T~a mh

O]T] Olhk } t~a }

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6/190

CMD Yh }l }z akhk }ka pk} }zlh % Ciilaldf Mnynfcpenh}Dqqlq}dhan

]A]M ] aka }h mhb]]T] ]kdhk }ch t~ a }

]]HO ]kdhk }ch hk p ok~

]][O ]kdhk }ch {~ } ok~

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icz Rczfmrlmn Lh}nzjdho Ilhdhaldf ]nfnacee~hlad}lch(

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7/190

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khb }k hb e l Yl} Hde:(1( hk bl }ka }z hb kl~ t~ kc}hb }kdhk }ch t~ a }ad

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khb }k hb e l Yl} Hde1(:( hk k hb hhb adc kl ~ t~ kc} hb }kdhk }ch t~ a }ad

hbh khb }k hb e l Yl} Hde1(1( T~dh le d zd aa bll pkp hhb adc kl ~ t~ kc}hb

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13/190

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14/190

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15/190

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16/190

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17/190

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l y l aa HK]EYH& }zchb HK]EHH f e} ok~ ya f h& bl ydl }z akl pkl& }k kc}hb ]]T] dhb }z }khk e} f hk ya e l hkh pka yhh olhk }}zchb }k l o kl hk p ya jl} fhhb adc hhb faahk }zdhk ad HK]E(

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18/190

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19/190

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20/190

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klh }l aa HK]EYH(]zchb t~ }zhk hbklh a~ }l h|& }a blahb b p pkl e} q

hkhb }k~h f l ahb hkok okh hk}hk f7/ ]k~ h f l7 ]a blf hb l fe yla f~ he }zchb f hk ya HK& hh al~ olh }e kl~ e} aak q~ qa y o ahb yaa e} kc}hb ad HKhl ak~hb& ykc} hb ]]T] a d HK hl zlhb&} a }k d zdhkhb hbklh a~ y olh hbk}kl} }ka l y l aa HK]E(/ Ok ok h7 f yla }k~ }k p qfl~ } aa HK]E& j l y kc} hb]]T] f kc }hb k} qa e l e l y l aa HK]EYH +}z HKH]YHa kc}hb ]]T] } f~& ah aa HK]E oka aka kc}hb ]]T] } qd~ he 4


21/190

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22/190

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AK HB 4HK HB YH A JH YKL ^ T^ KC] HB

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e~d( h | ydl }z ad HK ah bl l kh ea fe mak yblp kdll}a okhb adh }kl p yc t~|}hk e~d jh y }kdhk }ch ad k( F }a hkhakhk& kdl jh e~d jh pkl kl~ z y }h hkle fh hkd~(

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23/190

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Okl okak khbh y l HK hb| ahb hkl~& }k f l ak ad HK q hb| ahb }hb( Okhb hkhb mcdhk }k~ ad HK }hb fh e} aakhb o hk hkhb okch }k~ pk mc a~hb a p hkl~ k h aa mak yakc okak khb&

e ah k}z }ke akc aa kc}hb oka ad HK pk} }zlh( HK al~olh }hb }ke hb~h yh k~| hb& }c l~ olh e z hb t~| e }hmhb&a jl} f }hb a hb~h yh hbcl }mc }e }k l t~h f a yhhkh z l ad aa MH a t~dh k}kdhk }ch t~d HK(

]zchb t~ }zhk }kde bld aa kc}hb ]]T]& okak khb ah pk}qlhk hkl~ hk~ a~ mak yoka ad HK hk7 }l }z aa k p hb [HO& jc

fhk }kdhk }ch }ka klh k p hb& e~d jh hbcl } }khb t~d blpakc HK pk} }zlh a aa hbkl p yolhk mcdhk hbcl }& jc fhk y aamak yt~a }oka(

Kc}hb ]]T] blp hhb adc kl~ t~kc}hb ad HK( Hk kc}hb ]]T]& HK }k~ a pk mak yak~|h }lh& pk }kdhk }ch& pk jcfhk| f e} fcl pk bp pkh okhb hkyc mcdhk }k~ y f l hk~h

ad HK( Ahb mc ]]T] hb ydl }z jq~hb y k}z akc aa e} kc}hboka hh h blh }l p }c zd f l hk~h }aa e} kc}hb h|(

+1, Kc } hb ]]T] pk} }zl h } c l ~ ol h akc HK pkh }h j } z l zc(

Olhk mcdhk HK f e} f hk ya olhk mcdhk hkl~ z l zc hk}(a jl}f }zchb jl ahk klh hd|& okl e hh O] }kbl l f~h a hkl~ jlh hb&aa }k ch fd c hb| ahb }lhk yl }k z l zc e HK pkl bhk ak~ hb|ahb hkl~ hk7 z l zc }h mhb& z l zc fl q~}& z l zc kl cl& z l zc }kdhkokch& z l zc ahb hbky kc}hb& z l zc T~a bld((( Y l yla d mhb kcaa f hk ya olhk mcdhk y mak yf e} pk hb qak kl~ t~hk}pkh}h z l zc }zchb olhk mcdhk HK( F l hk~h }k~ a }aa kc}hb ]]T]qk}z akc HK okl }k}z hb jlh hb blp akc HK blyhb q h hk(

]]T] blp } hb a hb okhhb ahk }zdhk ad HK( F hk ya olhkmcdhk [HO yh h akd hkl~ z l zc hhl kl ]]T] pk l }ka klh }


34/190

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ok~ }k~ hkh y { f }khb }lhh ok~ pkh kl }khb }lh( phb a |~ a~ aa HK pkl l e l ahb hbkHK& }aka }} ok~ ]]T]} }zdhb jo }k~} h c }c ak~|h ylh blp akc t~ }zhk }ka klh

hbkl p y a dh }ch& kl~ t~( hb }k l }zchb el }z hb ahk }zdhk b|b}& aa HK ahb f~h t~dh }eh aa |~ }bl a+pk mak y, fla~h okak khb(

+=, Kc} hb ]]T] pk} }zl h q bp pk h e z hb t~| e ye hb f l HK(

Kc} hb ]]T] blp akc HK p hb }} k h hk~ a~ ad okak

khb& }zh a q hhb adc ~| }h ad ehk }zh }z hb t~a }( E} hbkl pyh| okhb ak h }k~h fe yla y l aa akhb }kd| pk} aa fhk l}lh y ak~|h }lh e ah }kklh hbk d yy }zak hkle ad HK }zchbyla ayh akc okak khb f p jakhb }kch kc(

Kc}hb ]]T] blp akc kc}hb ad HK y } zd okl pke ylt~a bld& kc hk p y l aa HK }zh }kbl l& hhb adc ~| }h ad HK }zh

}z hb t~a }& }zh a q pk} }zlh aa t~dh k l f& okdl }ka a aahb~h yh }l }z ad aa HK h a hbcl y hb~h yh }zh }k}z hb }lakhk }kbl l hke phb }} k h hk~ a~ yh pk} }zlh O] [K(4(4(=( Aa pk hb }k a }kdhk }ch t~a }ak| ~ _1&=&49U

Pk hb }ka ]]T] f }ch j t~ }zhk& aak }ka hkh }z }lh khb}zchb bldc mak e~d jh hbcl }k hb bld hb l HO y hb l [O( Klh hd|}zchb t~dh khbcl }k hb a z } hkl~ pk hb }ka }kdhk }ch oka hkd~ a p mhb hk7 ak~|h }lh& bkl q& hk }k~& }h mhb akhb } el pk hb }ka ~ a f l }kakc e} jh y okhhb z l zc edhb fl akc l}a& j l y| pkl a q e pkh }z a okll h }kc}k~h ad aa jh(

+4, Pk hb }k a }z }z a +Dmydhan pd|enh},Pk hb }ka }kdhk }ch }z }z a f pk hb }ka e hb l e~d }z }lh

}z a okl hb l jh bldc khb( A }kqmhb qa& kl pkl~ HK kd| ak~|h}lh jhb lh }ka klh yla }z }lh(


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Pk hb }ka }z }z a f pk hb }ka e j c akc hk [O hk} y k qhkh a }lh }kdhk }ch }z a okl bldc khb kca okl khbh& pk hb}ka h| ahb akc pkp hk [O }zhk a yla akh yh ad ehk(

Pk hb }ka }z }z a a mhb okl a q e }h hk yakhk }z yO] h a HO kca okl okhhb }kdhk }ch ad hb l e~d jhbkl hb (Pk hb }kahb }lh }z a a } z l zc y z } }lh f l akc hk [O& hkhb hokhb a pkjlh y qmhb z hb zl }zchb }l }z hbcl }k hb mc j} f ll y l hb l e~d +akhb kh hk7 hb l jh hkh }lh hkhb okhb bldckhb& kd| hb l jh bldc khb okhbe j c hb qf hb y ak} f hb,(

Pk hb }ka }z }z a }k hb a mhb }zchb }kdhk }ch mak y&hb l e~d y hb l jh a el t~dh kfe h }k hb {~|h& f~ ml y }kaq}lh } hb fh hkd~(

+:, Pk hb }k a e }l okc h +cpnh daac~h},F pk hb }ka e hb l jh e e} }l okch +kca e} t~|h q,

bkl h hb l e~d qd~ okl hb l jh kch }khk bldc khb kd| mak y&

h }hb hk o +}khb& t~& hd he, hb l e~d }z }lh akc hb l jh(' a l e a d pk hb }k a h|7% Okhb a q }kde bld ad aa HK y l aka hhb f hb l e }l okch y}ka }kl }kdhk }ch(% Ake }l okch h jlh& okhb e }l okch qchb jlh(% Aka kdl jh }kde bld }kdhk }ch7 hb l jh y hb l e~d(% Qmhb pk hb }ka h| a z l zc akc hb l jh& f hb l jh e } ok hhb ole qc} khb kc ad ehk(' Pk hb }k a h| }k hb a p m hb }zchb aa }z hb k p qd~7% ]k hb mhb akc }kdhk }ch hl d(% Kdl jh e~d& jh pkl }ka q}lh a| fh hkd~(% Mhb akc pk hb }ka e~d jh khb l khb& hkl~ fh& }k hb {~|h}zchb e} }k l o hk}hk +9 }khb& e} he,(% Pk hb }ka h| aka f l akc hb l e~d(


36/190

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% Mhb akc }kdhk }ch }lh bl jh khb h a hbcl(% Mhb }zchb }kdhk }ch }lh pkl e~ mak hk7 ]lh a a pk yh }l& }lh pk jc kle& }lh kcd khb }zchb hbkl p yel bl l& ~}ka& }lh fl akc yd| y

~ }(+1, Pk hb }k a ak~| h }l h +Znel}}dhan,Pk hb }ka ak~|h }lh f pk hb }ka e }zchb okak khb

+hb l }z }lh, |~ a~ HK ad ehk ak~|h e} q}lh hk}hk akc e}hb l oka +hb l k hb f l, e}d le hk} hk jhb pk hb }lhak~|h }lh mc okak khb |~ a~( A }kqmhb qa& kl pkl~ HK +jdho

mzdi}, kd| ak~|h }lh jhb lh +}nfnbzdpkla }zdhqinz,}ka klh yla }z }lh( Aa khk }ka }kdhk }ch h| a }k l bldh }ka klh ydh }ch okahkd~ hh akl pk ahb oka hkd~(

+=, Pk hb }k a hk }k~ +Acffna}lch ci pd|enh},Pk hb }ka hk }k~ f e} pk hb }ka }kdhk }ch }zchb hb l

jh kch }khk hbk d ybldc khb kca a~hbhb e} mak yakc okak

khb ~}ka akc HK ad ehk }k~ kq}lh hb l e~d }zh a q kl pkl~ ad hb l jh f p zd(

A kdl fc l hk }k~ f7% Hk }k~ pkl~ }z h + }ka }k~ okhb oe akhb } afndh acffna}lch,7 F pk hb }ka }zchb hb l jh ~}ka akc HK }k~ k}lh hb l e~d ahayc kl pkl~ mc ehk f p zd& ah akhb } bl khb }k bl }khb akchb l e~d okhb t~d HK(% Hk }k~ oe akhb }+mca~enh}dz| acffna}lch,7 F pk hb }ka }zchbhb l jh ~}ka akc HK }k~ k}lh hb l e~d okhb hkhb ah ayckl pkl~ e ah ah ayc jakhb }bl khb oe }knc y l l~ olh fh~ hb l e~d }z }lh kl pkl~ }k HK e l }zdc jakhb }bl khb akchb l e~d hkh khb(

]knc aa ak~h ea oka hkd~ a }kpkh fcl hk }k~ +~}ka }k~,}khk aa fcl oka hkd~ hk7


37/190


38/190

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/ Ble j } kca fcl }z a |~ }z l zc }h mhb }k hb el& okl yla}kdhk }ch a e j c j l HK }khb t~d yla e F#A okhb k~ hbdhb( Hb l jh qokhb pkl fc hbl yq}z~hb }ka ahb hkokhhb

}kdhk }ch ad hb l e~d(/ E z hb okhhb a~hb a p khb akc hb l e~d e} okl hb l jh ak hb jh khb }zh a q }kdhk }chhb }z a kca }h mhb }k(% ]k }h m hb a~hb a p khk fdhb pkp f~ } akc }k hb e l t~ a } 7

]zchb ]]T]& pk hb }ka }kdhk }ch jhb F#A a qmhb z } pk jlh( Okl qmhb pk hb }ka }kdhk }ch h|& aa jh }kde bld~ md yc

^AP>00 mc pkhb }k hb el t~a }pk} khk he 4


39/190

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HK e F#A ak~|h hk hb }ch jkd| e } pkh t~| h }ka klh F#A akce} kd| hkl~ hb l oka( F#A ak~|h hk hb ak a ak~|h hk hb e}fh( Akl pk ak~|h hk hb }k hb mc hb l k hb f l ~ }lh ak~(

%]k }h m hb }~h kch +znycfylhb F#A, f fcl F#A okhb }kk~jqd~ oklqmhb {chb kca k} }k l kh kl~ fa }k h fl } hb a bl }z hka y ahky| h }~h kch akch okl hc }hb }z bl k p hb a }kaklh(%]k }h m hb blp f hb +jdao }c jdao F#A,

Qd~ okl hkh a F#A mc hb l HO e akc ehk k hb& hb l [O

mhb F#A h|}kak p e e} F#A oka akc hb l k hb f l oka y l hlm~hb bh blhb hkF#A jdh~& F#A e qd~ bl f F#A blp fhb(%]k }h m hb l hb +Znalpzcadf F#A, f fcl }k }h mhb akj}~ akl~ fa okl }k}h mhb oldlhb y l h e zd(

]k}h mhb lhb }k hb a qmhb }zchb pk hb }ka e~d jhkhbl khb +jdz}nz,& hbcl zd okhb fcl }z okhhb mhb }zchb pk hb

}ka bld ahb( ]~| hklh& yla qmhb }zchb bld ahb a hkl~ pka } p(%]k }h m hb m pkhb +Q}dhm j| F#A,

Yla HK e F#Ahb zd }kdhk }ch }lh khb akc hb l [O f }k~aokl hle }z~|h }khb y}h mhb akhb }& hkhb }zchb }k l l hb| hd|okhb fcl }z okhhb hb l [O hkh a F#A z l hkhb okhb a ok hhb bldc khb( Y y|& e j c t~| h f l akc hb l HO& HK ad hb l[O qpk} khk e} F#A }zchb qade o } y l hb l HO q}kdhk }ch flakc k}zchb }z hb k p hb l [O okhb kch }khk hbk d ybldc khb }kncF#A zd( F#A hk}kbl f F#A mpkhb( H a p mhb pkjlh E }zchb t~dh ke} jh f hb l } khb +hb l e~d, y e} jh f hb lqh {~} +hb l jh,(% ]k }h m hb }kdhk }ch m h m h y qd~ +Mninzznm pd|enh} F#A, f fcl }k }h mhb okhb }kk~j& }zchb HK e F#A kd| f HK {a hkh F#A adeo } y l hb l k hb f l q }kdhk }ch mh }ch jq}lh ad F#A }zchb


40/190


41/190

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/ K l pkl ~ }z }l h hbd| qd~ e } q hb| hk } hk +}k hb f } > h 2hb|,7 hb l }z }lh okl hkh }k| kl pkl~ h| mc hb l ae pkl~ {~}}zhk }k }lh khk o ak p hkh }z }lh& qd~ }k }> h 2 hb| }k }z }lh

} kl pkl~ (/ K l pkl ~ a o kh7 qd~ e} }k l bldh hk}hk bkl }zh kl pkl~& hb l}z }lh pkl }z kca }hk } hb| o pk} kl pkl~ kca }hk } hb| ak phkh kl pkl~ kca }hb| t~| hk a}k(% Ah ayc kl pkl~ a oe akhb }kd| okhb& a }kakld kl pkl~ fekdl fcl7

/ K l pkl ~ }z h7 Fcl kl pkl~ h| a bl h l }lh hb l }z }lhokhb a oe }knc akhb } }k hb el( ]zchb ]]T]& kl pkl~ h| amhb}k~ }lh a a pk yh }l& jc kle& kcd khb kca mhb l}lh e~d khb ad hkhb }k hb hkh HO }lh a|(/ K l pkl ~ oe ak hb } 7 fcl kl pkl~ h| a bl h akc hb l HO aoe }knc akhb }}k hb el( Kl pkl~ oe akhb }a kdl fcl( Fcl kl

pkl~ oe akhb } }z }lh hbd| y fcl kl pkl~ oe akhb } a ak phkh(% Ah ayc }hk ak} ak~|h hk hb ad kl pkl~ a }kakld kl pkl~ fekdl fcl7/ K l pkl ~ ak mdhk7 f fcl kl pkl~ bkl z }h hb l k hb f l kl pkl~okhb oe }kncl~ okch }knc fhk( Kl pkl~ ak mdhk okhb ak~|hhk hb a jhb }k}a o k~ }knc f~}hk(/ K l pkl ~ }knc f hk7 f fcl kl pkl~ bkl }z }knc fhk ad hb l k hb f lkl pkl~( Kl pkl~ }knc fhk ak~|h hk hb jhb khk }ka o k~ }kncf~}hk(| f fcl kl pkl~ a qmhb z hb zl }zchb ]]T](% Ah ayc hb l o pk} kl pkl~& hb l }d akld kl pkl~ fe kdl fcl7/ K l pkl ~ }k hb e l7 f kl pkl~ mc hb l [O o pk}l }lh hb l HO }zchb hbkl p yy}kdhk }ch khb kd [O kca a~hbhb fdc yfh akchkd~(


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/ K l pkl ~ HK 7 f kl pkl~ mc HK pk} khk zd fhk akc HKl f adehk }kdhk }ch e} q}lh hk}hk akc hb l k hb f l ak hk }zh kl pkl~(

+:, Qa +aknt~n,

Qa f } fhk }z }lh yl~ olh ad ak}l okch |~ a~ HK }zak}}l okch ad ehk }z akc hb l }kk hb +a }h bkl }zh qa& kd| hb lae qa, e } q}lh hk}hk( Qa a qmhb pkjlh okhb ak}zchbhl d e ah a qmhb z hb zl }zchb }kdhk }ch t~a } ykhb kd&a~hbhb fdc y& m~ fak y aa akl }z pk e~ mak oka(

Qa zd l }aka hhb fe pk hb }lh }kdhk }ch ad }lh }y aqmhb z hb zl }zchb hkhb h a a k}khb HK pk} }zlh adc( Klh hd|qa f pk hb }lh akl }z a mhb k~ hkpkjlh }zchb bldc f~ }kdhk}ch hl d ad }} aaa h a( Qa ahb a qmhb z hb zl }zchb ]]T]ykhb kd& a~hbhb fdc y& m~ fak y yaa akl }z pkl e~ mak oka(

Qa a }k a pkh fcl }knc aa }l~ ak oka hkd~7

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}h }zh } qa& fcl qa h| a bl }z y }k l kh( Hb l q k~ qa pkl oqh ako }khk} }zh } qa( Okl f hk }lh hb l k hb f l o }l akak o }kkdl }k e l k p f(

+1, O pkl ~O pkl~ mc hb l h yl} zdkd ade o } }z }lh akc hb l k hb

f l( Y l }hk }k hb }zchb }kdhk }ch hk }zh hh } a qmhb }zchb

]]T](+=, ]k }kdhk }ch]kf e} ahb a}kdhk }ch okhb mhb }lh e} mc HK pk} khk

y a~hb a p akc okak khb qmhb }z }lh khb kd mak y& aa okch}kdhk }ch oka y z} }lh e} }l aa t~| } hb( ]kokhb hkhb aqmhb }kdhk }ch }zchb h a e ah a qmhb z hb zl }zchb }kdhk }ch

h a hbcl(4(4(9( Aa t~| a t~a }flh t~dhh kc}hb ]]T] _49U

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44/190

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t~dh k}k hb el bld : h a e~d y jh pkl }h }z hb f~} fy } p t~ht~a bld ad : h a & hb~ a fl }k okhb }k a(

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45/190

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hk} }zchb ]]T] f z } ah }kl}(}c l~ olh }k~h f l k h y }ka|bldc f~& }k hb el t~a }pk} }zlh ehk ek h hd Pkhb ]k hb elt~a } qd l y jdh khkT~| } a y }k a khk }k hb hk } y }h m hb ak hb } ad LAA ÂP%900& a kl~ fa } 4#2#:002 ( ]l p }knc yla jdh khkÂP%900& LAA jdh khk e} qyh jh k hb mh oe }knc(

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+9, ]k f }k hb hk } y }k~ hbh +^hlicze z~fnq icz acffna}lchq,

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% ]k l bldh }kdhk }ch f okchb }k l bldh o }okl ak hk }kdhk }ch a d zd akch okl aa ak}k}kde bld }kdhk }ch hkh }lh }zh }lokch( ]k l bldh ml kd| hbh a flh t~dhh kc} hb qh {~}& olhkmcdhk }l d kc kl~ t~qmhb yh(

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akl pk { kl e hb l }kdhk }ch pkl ak~ y aa }lh ak e hb l a k hb( Akl pk akc bldc mak jdc be7 Akl pk y}k l bldh bldc mak&}k}a bldc mak pkl }ka klh Ah t~dh }eh yla ble akl pk bldcmak& kca }hb ak} f hb mak y(

% Ble z l zc }zchb ]]T] 7 ]zchb ]]T] z l zc }k hb mc pkp f& z lzc kc}hb& z l zc dh }ch& z l zc O]

Okl hbklh a~ ykl~ t~kc} hb ]]T] a d HK]E }k a z }hkl~ t~dh le d mhb& }~ }knc ea ak hbklh a~ oka hkd~( ]~|hklh& }zchb f~h h h|& kl~ t~kc}hb ]]T] a hbklh a~ md }zh}l~ ak~h hk bl kl~ t~olhk }& }kklh el t~dh k}l ~ bld o } t~ }k~ a y akl pk jzd}k~ a o } t~ & }a f okhhb jlh aa |~} ~ yc }khk aa |~ } ~ zd kd| okhhb qlhk f l kca ble }kl~ akl pkhke }hb mcdhk }k~& }hb f l hk~h y }hb okhhb ahk }zdhk(

Hbh khb }k hb el f e} h yolhk mcdhk& mc y| e a ak kc}hb ad hbh khb f }l d kc f l hk~h y l e} ea z l zc akc pkp(Aa HK]E }lh khk kc}hb ]]T] y l e} hb~h y} fa hk}hk y mc k d zd }k}z hb e} fc} qh pke mak yy l ea akl pk a jl}hk}hk( Okld zd aa qh pke mak y}zh }k}z hb& aa hbh khb~abhb }l ~ kd f l hk~h }khb t~d bl amak y& qchb akhk }k}z hbe l f h l t~| }hk bl aad aa mak y( ]l el e} HK]E& akl pk j


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% 11 %

zd}lh khk kc}hb ]]T] q~| h ahb ahb ~ f akl pk fdchb {kl& hkhb oklhk bl kl~ t~olhk }& akl pk fdchb { kl jl~ klhm l kdl mhb akl pk f7 Akl pk }z a }l p akc t~ }zhk kc}hb ]]T] y

akl pk blh }l p pka yakc t~ }zhk kc}hb ]]T]( Mc oklhk blkl~ t~olhk }ad kc}hb ]]T] a h pkl hk bl kl~ t~}hb k pad aa fcl akl pk }zh|&hb }k l fl pkl hk bl kl~ t~ad }hbfcl akl pk( fl kl ah }kl} blp akc ahb }a t~h f olhk mcdhk }e a k hb ble akl pk a jl} y ble akl pk }hb k p hke }hb kl~ t~ olhk }( hb }k l& oklhk bl kl~ t~kc}hb ]]T] a d HK]E ah

pkl {ne {} }zh hkl~ blaoka hkd~& m l | ak a p h hkhbblay hkhb yh ak| ~7% l y l h h olhk } 7 Kl~ t~kc}hb ]]T] a hk bl }khb t~dyla | e hk kc}hb }kdhk }ch [HO ad hh O] hke} }hb }k& }ka| kc}hb ~ }h a hbcl }z a }l p y blh }l p& }ka| y e z hbaa kc}hb mak yhkm~ fak& k p }a t~a }& }hb a hb }k~ k} ol~

kl y aa hb~h fa }l akhk oka& }ka| }k}z hb }l akhk t~a bld klhk p t~a }&| e hk qh {~}& ak~|h mak a a~ olhk }& }hb HQF[K&}ak f~hbcl }& }hb }k~ akc hbh qak& bll t~| } yla fe& al }klh lqhb hkh mh& bp pkh al }klh ah ah }kdhk }ch&h hk hh olhk }(% l y l HK]E7 Kl~ t~kc}hb ]]T] a hk bl }khb t~d yla pk} }zlh aa hbkl p yhbh khb& }ka| }k hb el t~a }pk} }zlh&e z hb }k}z hb kc}hb hbcl fhk }kYl} Hde&d mhb kc hb~h}k~ hk p& }hb }k~ }mak y]]T]& }hb }k~ hk p akc hbh khb y ble akl pk((( Kc} hb ]]T] ahb pk} }zlh }k ahb hhb adc a ~| }h adhbh khb }zh }k}z hb }zchb y hbcl h a( Okl }ka klh aa |~ a~ adokak khb a flh t~dhh ]]T]& HK q}k~ a e} ea pk hk}hk}knc jl~ pk mak yad HK +akhb kh hk7 pk e F#A& pk }kdhk }chF#A& pk }kdhk }ch hk }k~& pk }~ akhk F#A& pk }khb jc F#A& pk }kdhk}ch ak~|h }lh l& ak~|h }lh h,( Okl aa mak y]]T] ahb pk}


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}zlh }k mcdhk }k~ mc kc}hb ]]T] edhb f l qahb f h y ahb fe }hbkl~ t~olhk mcdhk ad HK]E( Ahb y l aa okch pk mc kc}hb ]]T]edhb fl& aa HK ah a }k}k~ a aa okch f l hk~h }kc}hb olhk

mcdhk hbcl }kca ak~|h l hbcl }okl aa jh }kde bld kc} hb]]T] a hk~ a ~ e~d jh kca ak~|h l(% l y l okak khb7 Kl~ t~kc}hb ]]T] a d HK]E a hk bl}khb t~d yla }ka| }hb }z hb ole hbak [HO ad MH& }hb hkdhkyhb t~d| ad hb yh& aa }k hb y a }lh khk hkdhk akhb& dh }ch&akhk {a y hhb adc ~| }h ad mcdhk hbkl p }zh }k hb }z hb(

Okl hk bl kl~ t~kc}hb ]]T] a d HK]E& ah pkl {ne {}}ch mlh }zh a1 bla7 hh olhk }& hbh khb y okak khb j l y bldaa |~ } a el t~dh kak} aky l hkd~(l y l HK]E& }k kl~ t~ a jl} ad }hb }k hb yz } a acl }z hb y kc}hb olhk mcdhk a kl~t~}k e l a alHK e z hb y pk} }zlh t~| e kc }hb ad ehk( Hkhb t~dh }z hb k h f pkl } a kl~ t~O]%[Kl y l hh O]TM&

f }l~ ak~h t~dh }z hb hk} ad q pk} }zlh( Kl~ t~O]%[K y kl~t~a jl} ad }hb HK]E a e l t~dh kak} aky l hkd~ y }ahbt~d fl y l hkd~( Kl~ t~O]%[K } a }zh a q kl~ t~ ad aa HK]E& kl~ t~a jl}& }~| hklh yh a }z hb k p kl~ t~a jl} ade} qHK]E hc okhb jc e hkhb kl~ t~ak~hb O]%[K yh }k~ a(l~ h| a }k{| zd }zchb hkhb }z hb k p hk}hk& }zchb hkhb}k l le hk}hk mc hkhb hb~|h hkh okak t~dh edhb fl( E} oka&}k~ a kl~ t~O]%[K l okl pkl } je} qkl~ t~a jl} hc( J l y|& aa HK]E ah a akhk qak jc e o } k p kl kd f l akak~hb ad }ch { kl y l f l ak ad }hb HK y hb l fdchb }zh t~dhle a jh f} kl~ t~olhk mcdhk }zchb kl~ t~O]%[K(

] q pkh }ak }zh& a }kkl~ e} aak okl t~} z hb7 Kl~ t~ kc} hb ]]T] a d HK]E f e } pke }z olhk } pkh hk o } t~ olhkmcdhk ad hbh khb }zchb f hk y a ]]T]( H a c j hb kl~ q bl d


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mcdhk }k~ mc kc} hb ]]T] edhb f l y akl pk j zd }l h khk kc } hb ]]T] (

Kl~ t~ ]]T] 5 Mcdhk }k~ ]]T] Akl pk ]]T]

% Mcdhk }k~ ]]T] jdc be7 Mcdhk }k~ } pk ]]T]& mcdhk }k~ } ylae~d#jh hbcl }akc ]]T]& mcdhk }k~ }akc yd| akc kc}hb ]]T](((% Akl pk ]]T] jdc be7 Akl pk }lh ahb& }lh f hb akc ah j}z a }l pfe ahb }a ]]T]? akl pk t~h f oka? akl pklh& h a? ok~ kdc e|ea }kl} j? z l zc }zchb ]]T](((

[} e } aak ak~hb hk}& kl~ t~kc}hb ]]T] a d HK]E a

{a hk jhb }fqc qhk bld aal f hb pkh hk o } t~ } a y olhk }y l aal f hb pkh hk aa akl pk jzd kca hb~h y} fa a k~| hb yc }zchb f hk ya ]]T]& }a f jl~ klh el } hb t~dhbld o } t~}k~ a y akl pk jzd +kl~ t~ kc} hb ]]T] 5 o } t~ ~ zd#akl pk ~ yc kd| hb a f l kl~ t~ kc} hb ]]T] 5 akl pk ~yc#o } t~ ~ zd,& kd| kl~ t~]]T] a c f hb jhb kl~ qbld o }

t~ } a y akl pk jzd } a o } t~ +kl~ t~ ]]T] 5 O } t~ ~ zd % Akl pk ~ yc ,(

[} ba oka& kl~ t~kc}hb ]]T] okhb }h }l e} aak jl} f p y l hh O]( Hkhb o } t~mc kc}hb ]]T] edhb f l }ahbh hkl~ e} hh O]& akhb a hk bl yc f hb }zh a q aa ak }l~ kl~ t~O] flh t~dhh }ch jt~ }zhk qh {~}( Ak}l~ akhk f HQF[K& f q}l} ole fdc hb { kl }zh t~| e }ch hh O]TM(

[} ye } f f~h& hl m~hb a jh ad kl~ t~kc}hb ]]T] fhb fa }ka| pk} }zlh O]& bp pkh }hb HQF[K& f q}l} ole fdchb { kl y }hb }k~ hk p t~a mh& t~d }c }ke hb~h }ak f~akcqh {~} y hhb adc ea qhb& ea k hb }kad hkh mh(4(:(:( E} qak}l~ a j h {a hk kl~ t~ kc} hb ]]T] a dHK]E


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Kl~ t~kc}hb ]]T] a jl~ klh }khb t~d e} k}khb aaak}l~& el ak}l~ pkh hk e} e} hc }zchb kc}hb olhk mcdhkhbh khb y akhb a e} hbk d olhk }hk}hk( A }khl& h~ }l~

ak~h jl~ klh e} ak} f hb ad kl~ t~& }k k}khb ak}l~ jl~ klha }z hb qf hb ad kl~ t~]]T](4(:(:(4( Aa ak}l~hk f hb

+4,Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d ak }l~ f l hk~ h zhb } aa kc } hb ]]T] (

}hk a f l hk~h zhb mc kc} hb ]]T] edhb f l& }k aa

HK]E pkl }hk a akl pk pk} qlhk akc kc}hb ]]T]( Ak }l~ f lhk~h zhb h| a }hk jhb kl~ qbld mcdhk }k~ mc kc}hb ]]T]edhb fl y akl pk jzd}lh khk kc}hb ]]T]( F l hk~h kc}hb]]T] a d HK okhb hbhb }hb e} aak yhb aka( | f e a }l~ a jh& ea }l~ ad }} aaa HK~ k hb } l +F l hk~h ]]T] 5 Mcdhk }k~]]T] Akl pk ]]T],( }l d kc f l hk~h& aa hbh khb }k hb }e

aak a} ble akl pk kc}hb& }hb HQF }zh a q p mhb ahb hbk e l y hhb adc }zhkah jfe ahb }a ]]T](+:, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d mcdhk }k~ } pk kc} hb ]]T]

h M] 5 P l { T l

l54

]zchb 7 M]7 Mcdhk }k~ }pk kc}hb ]]T]Pl7 Bl amak y}klTl7 Qf hb mak y}kl }ka klh }zchb o h7 Qf hb mak y(

+1, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d } f bl d f l hk~ h ]]T] qc y l mcdhk }k~ ]]T]

] f bld f l hk~h ]]T] qc y l mcdhk }k~ ]]T] 5 f l hk~h]]T]#mcdhk }k~ ]]T]


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% 12 %

] fh| akc jl} e}hb mcdhk }k~ mc kc}hb ]]T] }k a klhedhb fl jdc hkl~hb f l hk~h akc HK }zchb o (+=, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d } f bl d mcdhk

]]T] qc y l } hb mcdhk }k~ ] fmcdhk }k~ ]]T] qc y l }hb mcdhk }k~ 5 mcdhk }k~ ]]T]#}hb

mcdhk }k~ HKAk}l~ h| pkh hk }}z hb ad mcdhk }k~ mc kc}hb ]]T] edhb

fl qc y l }hb hb~h }k~ }aa kc}hb olhk mcdhk oka ad HK(+>, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d } f bl d akl pk

]]T] qc y l mcdhk }k~ ]]T] ] fakl pk ]]T] qc y l mcdhk }k~ ]]T] 5 akl pk ]]T]#mcdhk }k~

]]T]Ak}l~ h| akc }k| a e}hb mcdhk }k~ pkl j zd e| hb

akl pk( Ak}l~ h| ah pkh hk okhhb l~ akhk el t~dh kbld }f ~ zd&~ yc } a ea kl~ t~( ]fh| ahb hk}k qakc kl~

t~ahb adc(4(:(:(:( Aa ak}l~hk }hk+4, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d yl a } hb a hb yahb a hb~ h y h + a jl } f hbc l } akc HK, (

l y l ak}l~ h| ah a p h el t~dh kbld mcdhk q]]T]y l qm }lh bl hbcl }}l HK& kd| mcdhk q]]T] y q m }lh blhbcl }ad aa }aka O]( Okl }ka klh hbkl p y]]T]& e l hb~h }k~hbcl }} h a hbcl kca akl hbcl } }kdhk }ch akc h a hbcl& aa HK]E ~ pkl }ka klh }khb t~d }l okch HCQ]ZC % }l okch }lh blhbcl }ad ehk }l h a hbcl( Kc}hb ]]T] ahb pk} }zlh }k mcdhkqbldc mak t~d }l okch HCQ]ZC h| qhb| ahb hkl~( a jl}& oklmcdhk q}kdhk }ch khb [O ahb adc }k hb~h yh hbcl }}k~ y}zh }lokch HCQ]ZC qahb f h y qm }lh bl hbcl }ad HK]E }l h a


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hbcl qahb adc(| akhk f kl~ t~e kc}hb ]]T] edhb flakc kc}hb olhk mcdhk HK(+:, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d yl a } hb a hb y

k }z hbkl p yolhk mcdhk hbc l } (]zchb t~ }zhk }ka klh hbkl p y]]T]& HK jh hbcl }akc aa

okak khb a hk~ a~ }kdhk }ch }lh khb HO kca e~d fl hbcl }ad aaokak khb a hb~h hbcl }}k~ y} kc}hb [O khb( Okl hbkl p y }kdhk }ch khb [HO t~d HK ahb hkl~ }k qahb }c l~ olh akc HK pk} }zlh a hbkl p yolhk mcdhk hbcl }& }hb mcdhk }k~ mak yy

hhb adc kl~ t~kc}hb olhk mcdhk HK(+1, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d yl a } hb a hb yk }z hbkl p y}h m hb [HO(

l y l hk HO& okl ah HO e} okl f hb khb kc& mak yah}kl} hkhb okhhb }l akhk akd }ka klh kc}hb & fa h| hk HO q h hbh khb {lh yd|( Hbh khb okl qf hb l a~hb a p hb~h

}l akhk ah }kl} akc hk HO }zh a q aa l~ olh hk}hk a }kc }k~h( l y l hk [O& okl }k}z hb khb kc mak y l kl ahk }zdhk}ak aa& hk [O j~a pkl }e ole hb~h ~ } }ka klh k p hb adehk& fa h| hbh khb q hb ydl }z f hb l a~hb a p hb~h }l akhkakc hk [O( Okl hbh khb akc MH [HO yd|& hbh khb q }k~ fl }zhokch }lh akc yd| h|( Q k p hk} bld hbh khb y aa MH [HO q }c l~ olh hhb adc ak} f hb }h mhb [HO&d kc} hb }h mhb[HO }ka q}z }khk e}h j| oak }kak qpk} }zlh hh O](

+=, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d yl a } hb a hb aa k }z m ak yhbh khb oka +akl } ok ~ k l pkl ~& jc fhk,(

l y l ak}l~ h| ahb ah a p h el t~dh kf hb kc bldmcdhk q]]T] y l mcdhk qakl} ok~ kl pkl~& mcdhk qjc fhk adhbh khb(


55/190

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+>, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d yl a | e hkt~ h f z l zc kc } hb ]]T](

T~h f y ole qc} a z l zc }zchb kc}hb ]T]] q bp pkh

z } f h }zchb yla hhb adc kl~ t~kc}hb ]]T] a d HK]E(+9, Kl ~ t~ kc} hb ]]T] a hk bl }khb t~d q pk} }zl h ye z hb ad e hb f l aa hbh khb l f& pk} }zl h t~dh k l hbc l&hhb adc ~| }h a d hbh khb }zh }z hb t~ a } (

Ak}l~ h| a }kklh }kja { p khb kd| aa bll }k hb mcaa }aka t~a }a ~| }h { p khb kd| }zdc }hb( ]k hb kl~ ad hbh

khb hb| ahb a hkl~ hb l jl}h& okak khb hb| ahb }hb e}aakh hk kd| q kl fhb ad okak khbl y l hbh khb( Aa okakkhb }z~|h }khb& okak khb ayh h bldc mak y l hbh khb(hb }k lokhb hbhb bld }hb a okak khb e l& okak khb }le h hb( Akhk q kl fhb& q}kceh y}lh ak& ak} f hb& }klbldc mak& }hk dh }chad aa qh pke& mak ye hbh khb a~hbhb akc okak khb }c hh

e l t~dh kkl~ t~y l okak khb( ahb f kl~ t~ad yla t~hb jkhkhk ad hbh khb& fe akc hkl~ hb l hb| ahb jl}h }k hb kl~ad hbh khb&h bldc mak y l hbh khb( Y q ak p hkh ad }k}z hb&ad okak khb yaa qh pke(4(:(1( Aa hkh }a j h hk k hb } l kl~ t~kc}hb ]]T] a dHK]E

Kl~ t~ kc} hb ]]T] f e a }l~ e j} aHK]E hc ~k hb } l( J l y|& hhb adc kl~ t~kc}hb ]]T] a d HK]E a hbk df }hb a hb hhb fa }l akhk& hhb fa ahk }zdhk& hhb fa l~ khkhke }k~ yf l hk~h adc& }c zd }ak f~& e z hb kc}hb olhk mcdhk yhhb adc ~| }h ad HK }zh }k}z hb }zchb y hbcl h a( ]~| hklh& hhb adc kl~ t~kc}hb ]]T] }k l kl aa HK]E pkl {a hk zhkhb hkh }fe hk k hb } l kl~ t~kc}hb ad ehk} }e zdhkhb bll pkp fe kh akj } hkhb z l zc }zchb t~ }zhk kc}hb( A


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HK]E hl zlhb( Ydl }z ad el }z hb pkp fl y l kc}hb ]]T] a }kklh ak7 h }c a q pkp fkh akz l zc y bll t~| } }zdhkak p }zchb ]]T]? }c a q pkp faa jh }zchb h a }ka klh hbk d y

y bll t~| } }zdhk ak p? }c l~ olh akc aa HK]E }ka klh }} kc}hb]]T]( El }z hb pkp f | flh t~dh h aac f~} y } p t~h t~a}& hkhb kh aky o k ad akhb ahb hkaa e~ }k~h bld f~} t~abld y f~} pkp& } p t~h t~a } J} ae} kc} hb qh {~} olhkmcdhk hc y } zd hbcl jlh bl l e} t~a bld~ pkl ak~ qakl pkl adf~} pkp }zchb h a y f~} pkp ad h a q }l h l kc}hb qh {~}

olhk mcdhk a }lh khk( Kc}hb ]]T] a d HK]E ahb f e} kc}hb olhk }( H okhb hkhb ak~ q akl pkl ad f~} pkp }zchb h a yt~a }& e ah pkl }~h }k}knc hkhb t~| }a& ak~h ea& }khb ft~a}((( ad }hb fcl khk hbkl p ypk} qlhk(% Ol h }k a y }k hb e l t~ a } ad aa mcdhk hbkl p [HO

E} }zchb hkhb hkh }k} qa t~dh }z hb hk k hb h kl~ t~

kc}hb ]]T] a d HK]E f7 }zhkkl~ jl} ad aa MH [HO y ]]T]& hhb fa ak~|h eh hbkl p y& }zhkhbcl hb& q kl~ jl} y pkchb }a } p t~h& f~} pkp ad h a q }l& f~} pkp t~a }& okhhbhe j } }khb }lh yhk~ a~ ad }k}z hb& ybl akhb kc((( H~ MH[HO a olh }ka }} y}k hb el t~a }}k qbp pkh ne fl kl~ t~ ]]T] adc y hb a fl(

+:, Hke hkh }akt~dh7 Hke hkh }akt~dh akhk f hkhb hkh }}}zchb hl }l ad el

HK]E hk7 hhb fa }l akhk& hhb fa t~h }z l~ khk& hhb fa t~h }z z l zc& }zhkahb hbk& }zhkah j& ~| }h y ehb f l hbh khb& q }khk ahb ad kc}hb edzon}lhb(((

% H hb f a }l akhk Hhb fa y}l akhk }k hb a jl~ klh }khb t~d }le fa yyh

ad hbh khb( H~ hbh khb a yh f h& }k hbh khb qa l~ olh e


58/190

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z hb kc}hb ad ehk& al~ olh }zdhb jhkhb e| ea& ahb hbk klh l hk} pka yakc t~ }zhk }kdhk }ch& al~ olh }k~ k} hb~hhkh fa ak} f hb adc(((

% H hb f a t~ h }z l ~ khk Hhb fa t~h }z l~ khk ad HK]E a }kklh t~d }m~| olhk

mcdhk e l hke e a }l~ ble }kl~ akl pk kc}hb& qmhb aa hb~hfa qh a } a o } t~}l ~( Hhb fa t~h }z l~ khk ah a}kklh t~d yla {| mhb aa t~| akt~h f& t~| }zhk kc}hb pk k py l ak~h ea t~a }y pk k p y l el bldlch pk} }zlh +akhb kh

hk7 t~| }zhk t~h }z z l zc& t~h }z }h mhb& t~h }z yh& t~| }zhk ole}zd ole }ch hl j(((,(% H hb f a t~ h }z z l zc

Kc}hb ]]T] a d HK]E f~h }le h hkhb z l zc ok f hb ymc hkl~ hb~|h hkh b| hh& a }k f mc hb~|h hkh okak t~dh } hkhb akhk qak y e ad Hk h a& q}kl~ kl~ jl} y}k hb el t~a

}kd| khk yl a}hk fd c ad okak khb? kca a }kmc hkhb hb~|hhkh akt~dh }akhk aa hbh khb hkq}kl~ k} y okhbhb jadaa a ak& akhk qak& aa t~| }zhk hbkl p yakc kc}hb ]]T]& hkhbz l zc y c a ad ah jhbh khb kd| q}kl~ kl~ jl} ad ah jfeahb }a ]]T]((( K~ t~ad h q fe {~ l }hk khk }l akhk ad aa HK yhk k hb h ~| }h ahb hk}k hb kl~ ad HK( Mc y|& t~h fz l zc }} q e j c akc kc}hb ]]T] a d HK]E dh }ch& kl~ t~k hy yla hhb adc hhb fa t~h }z z l zc ad aa HK]E f hkle yy ahbt~dh }z hb y a hbk d qhb ahl y l aa HK]E(

% Ahb hbk }kdhk }ch]z a q pk} }zlh okhb hbhb ad }lh jokcd ka o }k~}& q

ahk }zdhk bd| b} bld aa HK }k e} }zchb hkhb |~ }t~| }hk }khbf l f p mhb aa }khk }~ e l ad okcd ka ahb hbkyc kc}hb olhkmcdhk HK( Ahb hbkHK ahb klh l }k ahb blp HK }k~ }k p a


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hkl~ }khb }lh hkdhk akhb& akhk {a& blp HK zd aa t~|}hk o p }k l&hb h( Ahb hbkHK }c hh qa ahk }zdhk ad HK }kklh }zh aae }7 }l} ole akl pk&| hkdhk }a }kdhk }ch y f~ ak~|h }lh }&

t~h f } p }z~hb y qmhb a kl~ t~ hb yh olhk mcdhk% ]zhkhb~ h hkh f a

]zhkak~|h eh& hhb fa y pke ak} ad ah jf e} }zchbhkhb |~ }t~| }hk h qf hb& ak} f hb qh pke mak yy q }khk ahb ad kc}hb HK( J l y& ah jHK f hb l }z a }l p }ka klhaa aklh f a olhk mcdhk ad HK]E( Y l olh }ka y olhk hbkle ak~|h

eh& ah jHK a }kfe }hb }ke bl }z akc mak y& ahb hkfe blel& }ke ak fe khb bl }z ad mak y( Jhb yla b| }klh ae y l okakkhb }zchb t~ }zhk bldc mak& hb l ah jHK }z a }l p }kde bld t~}zhk {a }lh jh mak y( d qaa } hb al }lh mak ykca a~hbhbmak y a {~} j l ah jHK( Ah jHK f fa f hb ak| ~ ak~|h}l hkhb }khb }lh }h kl~ }}k}z hb& }okak khb& } l }kahk }zdhk

h aa hk kcak hk akhk qak HK( Mc y|& ah jHK a }zhk ak~|h eh adc }k qfe ble z l zc }zchb kc}hb ]T]] y }ka klh }}ydl }z }yh& blp okak khb }zchb yla }ka klh kc}hb ]]T] t~d HK( Y e} HK e~h pk} }zlh& e~h e z hb kc}hb }k pkl a lhbah ja }zhkadc t~h f y yh khk( Yla ~ } ahb hbk e l }zchb aa HK]E q}z hh fhb pk y okhb kl~ t~h~ akhb }dokhb al hbah ja }zhkadct~h f y okdl }ka(l~ h| flahba jl}hb }zchb jl ahk hh olhk }}zl }ka dhb khk }khk yhkk hb q~ z hb } l }m~| t~h f& }m~| olhk }y pk hb }ka qh {~}olhk mcdhk klh hd|(% ^| }h y e hb f l l f ad HK]E

J} ae} hbh khb hc e~h a~hb a p akc okak khb aa qh pke mak yad ehk~ ah pkl a e} ehb f l l f hkhb h l ehbh khb ad kokhb a akl hkhk( T~dh k l f bld kdl hbh khb f


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t~dh kmak y( ]zchb el t~dh kh|& a }kkdl jh ahb a~hb a p akchkd~ aa mak yah }kl} edhb }hk ak}d pk hb& kca ak h }k~h fhbh khb h| fel f akc hbh khb old }zchb yla {f ke} bldc mak

hc ( Jh ahk & ~| }h }} }zh }k}z hb q f l~ olh ~ }lh okak khb fd akh e~d aa qh pke mak yad hbh khb( ^| }h adhbh khb a }kklh }zh aa e}7 okhhb }kdhk }ch& o }k~} { fhbkl p y& }k l bldh }kdhk }ch& ok hhb p hb aa pk hb }lh }kdhk}ch& q d mhb ad aa qh pke mak y(% Q }khk ahb a d kc } hb Edzon}lhb hbh khb

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aa a ak& akhk qak akc yd|& }khk f p ~jdh ble q} HK ahb hk e z hb aa hbkl p yolhk mcdhk HK klh l& Qlhbdpczn t~|hk hkhb hb lo o } aa okch }h mhb pkl ak~ }zak hkle }z a }lh }zchb yla }kaklh pkh fcl }h mhb akhk {a md }zh hkhb hk bl y}hk khk }hb

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T~d pkh }ak e} qt~a bld yolhk hbkle }zchb yla hhb adc kl~t~kc}hb ]]T]& a }k}hb k p y z} zd e} qjl ka olhk hbkleakc Yl} Hde hk7

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J h f 7 [| mhb aklh f a pk} }zlh ahb hbkhbh khb& hk} f k }khb }khb }lh t~h f +ELQ, akc }ch jk}khb hbh khb pka yahb}al~ khk olhk mcdhk& ole qc} kc}hb hbh khb& t~h f hb~h yh&}l qh& t~h f z l zc& t~h f ahb h y ahb }a o }ch& k}khb }kdhk}ch flh HK +PLQ,& k}khb bldc mak lh }y ble q} } {d( Ak }z hbk h hd h yla ~ }y hhb a p k}khb ahb hbk}khb }lh hke pka

yakc yla pkh }ak&hk bl&c f hb z l zc kc}hb ]]T]( Kl h lkc ahb hbkhbh khbj} o p y l }zhkahb hbkad aa h a}zchb ok~ ya y }zh }kbl l( Yla klh l kc ahb hbkhbh khb qfe}l} ble a }k l bldh& fdchb& pka yyla t~h }z &l~ khk& }ahbkl p ahb hkpka yokak khb hkdhk akhb }k~h }lh k h(hb }k ly l yla pk} }zlh ahb hbkhbh khb f yla pk} }zlh aa mak yhbh

khb klh l( H e f 7 ] hb a hb k p }a t~a }& }ak aa }kde bld aa ak hb }zhk y}kakk p }a& ble q}& }zdcl }khb }lh y l aa HK }zh }kbl l& }zdhk }k }l d q k}z yyh y ahb hbkad aa }aka }l akhk t~a }& pk}}zlh aa el t~dh kk p }a qchb pk hb yd pk hb y l aal }a }zh}kbl l(


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' Q~ f 7 | e hk aa kc}hb }l }z {~} ok~( ]hb a hb }k~ k} aahb~h yh hbcl }}zchb y hbcl h a hke pka y}} k h akc aa kc}hb ]]T](

O ] F^ H AK HB L

Kc} hb ]]T] a d HK]E f kc} hb a ydl }z y ahb t~dh}z hb }zchb kc}hb olhk mcdhk ak~hb ad HK( Kl~ t~kc}hb ]]T]ad HK]E f a q }c fhb }lh akc aa MH [HO& }c l~ olh akc t~ }zhk

f~ }khb khb kc& }c }ke qa ehk ahk }zdhk }zh }k}z hb t~a }(Kc}hb ]]T] a d HK]E f e} kc}hb edhb fl hb~h }k~ z } f h akc HK& hkhb h ahb h akd hkl~ z l zc fe hk k hb } l kl~ t~kc}hb olhk mcdhk ad HK( Akhk y y|&aklh }khb }zchb ahk }zdhk& aa HK]E ah pkl de kl~ e} aak } hb }h y]]T](

Mc }zchb Ak hb L }a bl fe z aa yh f f~h a jh y

kc}hb ]]T]& a}kf74% Okhb hk }e t~dh }z hb ad kc}hb ]]T] l y l hh O] }zchb t~}zhk kl hk p(: % Fe z okl hle&a le& ydl }z ad kc}hb ]]T] l y l hh O]y HK]E& aa pk hb }ka ]]T] ak | ~& aa ahb a]]T]& aa t~|ak~h t~a }flh t~dhh kc}hb ]]T]1 % ]zhk j| hkhb okl hle a jh ykl~ t~ kc} hb ]]T] a d HK]E& hkhb ak}l~hk }hk yhk f hb hk bl kl~ t~kc}hb]]T] a d HK]E(= % Akzd aa hkh }a jh hk k hb } l kl~ t~kc}hb ]]T] a d HK]E(> % Hbklh a~ olhk hbkle ad e} qh a }zchb yla hhb adc kl~ t~ kc} hb ]]T] a d HK]E y z} zd jl ka }ka } yh mhb yc Yl} Hde(


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AK HB :]K A ]Z HB KL ^ T^ KC] HB ]KDHK ]CH T^ A ]

AD HBH KHB ]K HB EL YL ] HDE

:(4( ] HB T^DH ]HK KHK OLHK ]YL ] HDE ] HE :004 H HE :002

M l q fhkc ad hb& ahb a~a l e l h a }d } ahkhb }khk }~ k} qa }c f h }zchb f hk ya O] hk7

% Hh olhk } y } t~d }k l o q~| ble&} }a }hb }z hb ok

adc y pk} }zlh } hb l }ch mlh((( Klh hd|& Yl} Hdedhb f t~a blda }a }hb }z hb hkdhk hk} Ak~ qd~ ]z~hb T~a& y l }le h hb }hb}z hb z } f h }zchb aa he }l p }knc( Yl} Hde} }a }hb }z hb BMPhe qd~ adc k h he }z a& jhk t~h }zchb > he :004%:00>} ea o kcak 2&>. y he :00> }l p }a } a o } t~okt~dh7 BMP }hb ;&=.f ea adc hk} }zchb o kcak > he +:004%:00>,( ]zh a q }hb }z hb

olhk } e hk e & BMP jhk t~h~ hb l ad Yl} Hde ahb }hbokchb 40.#he }zchb yhb > he +:004%:00>,( He :009& hh olhk }Yl} Hde }l p }a }hb }z hb adc&} ;&:. %| f e a }hb }z hbh hk qcy l ;&=. ad he }z a y y } ea qc y l o kcak ;.& fe pk} a m~|}z ea m l ;.( E a }hb }z hb olhk }h| blp BMP jhk t~h~hb l } }zh 44&> }zl~ YHM& } hb hb 2:0^QM( He :002& olhk } }hb }z hb ;&=;. qc y l he :009& k~ k} aa ak}l~ O]%[K ad he:002 a kch }khk y } o kcakzd(

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}y l }k hb kl~ a ~| }h(% ]k akolhk } }k}z hb hk k hb [KAH j a ~ a {|

mhb? e} qfcl }k}z hb e l khk }khk? }k}z hb khb kc pk} }zlh} hbl hkdhk(J hb :(47 ] a }hb }z hb BMP ad Yl} Hde bldlch :004%:002

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z } hkdhk& hk} f aa mh }z hb le edhb hbk d O] adc( ]hb }z hb y ~ }}z a }l p h a hbcl +IML, y [O f aa hkh }akak} }ka| q }hb }z hb y } ja ad YH }zchb }k l bldh t~d( IML }hb ehk y l }a}hb }z hb f~ o } 24. o }he :001& fh ach qo fa 40&: }^QMyh ade o } }zchb he :009( IML }zchb he :002 } okchb 42&;> }^QM(Yla Yl} Hde akhk }ka }z }khk }khk ylh ad }aka }k hb el }k

bl l R]C }c hhhb fa }ka| }hb }z hb ~ }h a hbcl }zchbhkhb he } l(


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Ahb y l yla }hb }z hb ehk ead IML& yh }l }z akhk }ka pk} }zlhCMD ahb flh }a }hb t~d aa he

J hb :(17 ]hk khk yh CMD bldlch :004%:002+ h y7 } QM,

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% Y }hk khk [HO7[O y HO ~ }hb }z hb hkdhk akhb y l }a }hb }z hb f~ o (

Ole hbak [HO ad ah a he :004 } 1:&= }^QM& he :00: } bh

19 }^QM +}hb 40. qc y l he :004,& he :001 } =>&> }^QM& he:00= } > }^QM& he :00> } bh 20 }^QM& he :009 } ;> } ^QM& he :002 } k h 40< }^QM(

Aa e} khb [O akfa ad Yl} Hde f7 }kdh& m} ed|& md bl|&qh pke b& khblh }e| }hk& }k~qh&m~ }k( ]hb }z hb aa hkee } khb ahb pkh hk }hk }ak aa }zchb yla ak~|h mak a a~ [O& klh

a < hke e} khb} ole hbak [O }zh 4 }^QM y l : e } khb e lf a pk y adc q~( Hkh ak~hb& hke aa e} khb ahb hbkl p ~ }hb}z hb ok(

Y a a~ }k}z hb& khb kc Yl} Hde a e} }zh :00 }k }z hb& }zchb ok~ ya Ak~ yh akle ~ }k+}zh >0., qchb blemh y}}z hb( Ok~ ya Ak~ ~ ahb a {~ k hb ble hky}}z hb&

akle }zh :0.( ]zchb okl }k}z hb Ak~ E y Ak~ Pkl }hb ehk a yole hbak }~|}l fh }}z hb(J hb :(=7 Ole hbak [HO ad Yl} Hde t~d aa he +:004%:002,

+ h y7 }^QM,

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Hb~h7 Jc ac a d Akhk Pk

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% ]hk khk }k}z hb }l akhk % }l h } 7]zchb okchb }k l bldh } he :004 h he :002& }k}z hb }l

akhk }lh }a j a }lh t~dh }z hb( Hkh ak~hb }k}z hb }l akhk Yl}

Hde } }a }hb }z hb }} ydhb hb| ahb kl hk p y l }k}z hb }lakhk t~a }( Aahk ak}l akhk hb| ahb hhb adc ydl }z }z~hb bldh}l akhk }zchb hh olhk }( Hb~h fa k~| hb akc~ }pk} }zlh ok yd mhb a jh phb ak hb }zhk ak~|h mak a a~ olhk }& pk} }zlho } a~ k}hb O]%[K(:(:( ]K A ]Z HB KL ^ T^ KC] HB ]]T] AD AA

HK]EYH _:1&:=&:>&:9U:(:(4( Okl t~} kc}hb ad HK]EHH YH

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4,( ]zchb& aa HK]EHH yh he ydl }z ak c y akl pkl aa }kpkhmak yHK hl ak~hb +akle }zh 20.,& o f aa HK h a hbcl y HKflh mcdhk +akle okchb 4>.,( Aa HK]EHH he ydl }z ak c y aa HK h| a yh ~ } f h& a ehb f l z hb ok p }ch t~a& okak khb f}} ae l }hb f p mh a}zchb { kl& aa MH& aa }hb ahb }|

H~ hk }zchb bldlch hh olhk } jdc a p }z a |& HKH]YH f HK m~| hk}a t~| h olhk mcdhk }zchb f hk ya ]]T]& }k }okl ak~|hqdhb a ak}k}z hb aa HK~ a pkp }ka klh ]]T]& hkhb ak | ~ yh } p }z~hb yc = HK]E f h ad HH +hk7 HKH]YH& HKA]YH& HK])P]YH& HKHHcYH& }zchb HKH]YH yh akle } }z hb adchk}, y e} qHK]EAP hk7 N{le jdho& Ak~&hb d qaa HK ~ a~hb a p aa }lh ak ad HK }zchb }kdhk }ch [HO& }a }kdhk}ch hkdhk y k~ k} HK~ }kde bld k }khb }kdhk }ch QRLI] y l


74/190

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hkhb pk hb }ka }kdhk }ch pkjlh hk7 }h mhb akhb }& hk }k~ak~|h }lh& akc yd| }kdhk }ch F#A& akl} ok~ jakh

Nâng cao hiệu quả hoạt động thanh toán quốc tế của các ngân hàng thương...

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Transcript of Nâng cao hiệu quả hoạt động thanh toán quốc tế của các ngân hàng thương...