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1990

* % 40 ( )
* ( % 50
)
*

-1991
1992

*
*
* .

123

1993

1994

1995

*
* % 90
* % 50
*
*
* % 40
*
*
*

1996

*
*

1997

*
* % 95
*

1998

*
*

* % 30
*

1999

2000

*

*

* % 15
*
* % 85
* % 30

124

2001

* % 12
* % 30
*

2002

* % 9 2000
* % 12

2003

* % 6
*
*

2004

* % 12

* % 6
* % 10
* .

125

 ()3
( )

1984

130.30

1933.30

2063.60

125

1985

212.40

3410.20

3622.60

193

1986

307.00

4829.90

5136.90

276

1987

414.90

6752.90

7167.80

362

1988

561.70

8037.70

8599.40

560

1989

965.90

12150.80

13116.70

924

1990

1384.00

319.40

1703.40

1311

1991

2116.90

869.00

2985.90

2166

1992

5298.50

4146.00

9444.50

4352

1993

6587.00

10147.00

16734.00

9454

1994

9947.60

13487.90

23435.50

14790

565

1995

16786.50

24855.40

41641.90

24863

794

1996

32810.00

34983.30

67793.30

44439

1357

1997

43154.50

53599.00

96753.50

58494

1082

1998

48721.80

71391.20

120113.00

82140

828

126

1999

61505.00

84014.00

145519.00

108108

1103

2000

92505.00

104719.00

197224.00

142082

1498

2001

117551.00

156637.00

274188.00

153836

3000

2002

158681.00

204393.00

363074.00

193582

4371

2003

218274.00

254678.00

472952.00

240207

4389

2004

226444.00

331138.00

557582.00

253000

5121

127

1992

1991

1990

1989

1988

1987

1986

1985

1984

4146

869

319

12151

8038

6753

4830

5299

2117

1384

9445

2986

13117
1703

966

562

7168
8599

415

307

212

3623
5137

3410

1933

130

2064

3.77

1.72

0.97-

0.51

0.19

0.40

0.42

0.76

0.00

1.50

0.53

0.43

0.72

0.35

0.35

0.45

0.63

0.00

()4

0.87-

0.53

0.20

0.40

0.42

0.76

0.78

0.41

0.23

12.58

14.31

16.28

15.73

16.06

0.91

0.78

0.98-

0.12-

0.12-

0.03

0.02-

0.08

2.16

0.75

0.00

14.84

0.00

128

331138

254678

204393

156637

104719

84014

226444

218274

158681

274188

557582

472952

363074

117551

92505

145519
197224

61505

71391

48722

120113

53599

43155

96754

34983

41642
32810

16787

9948

23436

67793

24855

13488

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

10147

6587

16734

0.30

0.25

0.30

0.50

0.25

0.18

0.33

0.53

0.41

0.84

0.33

1.45

0.04

0.38

0.30

0.32

0.39

0.36

0.21

0.24

1.46

1.17

1.29

1.33

1.13

1.37

1.47

1.24

1.07

0.25

0.09-

0.03-

0.18

0.17-

0.07-

0.18

0.16

0.28-

0.35

0.27

0.50

0.26

0.13

0.32

0.95

0.69

0.43

0.63

0.78

1.48

0.09

0.51

0.40

1.36

0.12-

0.24

0.77

1.54

0.97

129

1992

1991

1990

1989

1988

1987

1986

1985

1984

9444.50

2985.90

1703.40

13116.70

8599.40

7167.80

5136.90

3622.60

2063.60

(
)

2.16

0.75

0.87-

0.53

0.20

0.40

0.42

0.76

0.00

1.19

303.00

135.00

82.00

47.00

664.00

1.23

0.67

0.74

0.49

0.25

25.00

20.00

13.00

31.00

0.29

0.46

0.32

CPI

()5

0.97

0.48-

1.54-

0.21-

0.29-

0.15

0.13

0.30

0.32-

22.00

1.50

0.45

0.45

0.45

0.45

0.25

0.25

0.13

()

13.67

2.33

0.00

0.00

0.00

0.80

0.00

0.92

130

557582.00

472952.00

363074.00

274188.00

197224.00

145519.00

120113.00

96753.50

67793.30

41641.90

23435.50

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

16734.00

0.18

0.30

0.32

0.39

0.36

0.21

0.24

0.43

0.63

0.78

0.40

0.77

0.09

0.08

0.07

0.05

0.08

0.16

0.17

16476.00

11236.00

31047.00

30803.00

28454.00

25377.00

24190.00

22388.00

19277.00

0.47

1.30

0.69

2886.00
4876.00

1.20

1.01

1336.00

0.09

0.22

259.48

261.00

261.00

261.00

257.00

258.00

240.00

184.00

147.00

85.00

0.01-

0.00

0.00

0.02

0.00

0.08

0.30

0.25

0.73

0.73

0.25

0.34

0.28

0.05

0.07

0.04-

0.67-

0.09

0.80-

49.00

0.23

0.24-

40.00

0.82

131

1992

1991

1990

1989

1988

1987

1986

1985

1984

( )

1125.00

373.00

84.00

34.00

14.60

9.97

0.67

0.26

0.54

455.00

277.00

176.00

126.00

94.36

64.99

42.42

38045.00

28.59

571.00

257.00

216.00

172.00

196.44

190.47

74.12

76.84

45.79

37.00

28.00

22.00

16.00

16.70

13.00

46.50

23.00

29.80

383.00

193.00

78.00

32.00

68.40

43.54

64.66

24.58

20.77

()6

740.00

275.00

191.00

115.00

59.97

59.18

35.39

14.52

35.40

3311.00

1403.00

767.00

495.00

450.47

381.15

263.76

38184.20

160.89

132

46766

27322

23678

19605.00

17807.00

14833.00

15763.00

12522.00

8997.00

3579.00

2946.00

35886

29518

25408

16445.00

8343.00

7184.00

8908.00

7284.00

6385.00

2618.00

1840.00

: *

*2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1865.00

827.00

34625

27599

26076

68389

65409

23268

21832.00

1125.00

1519.00

325.00

858.00

1705.00

1227.00

105.00

4107.00

16839.00

8359.00

8114.00

8387.00

6643.00

3946.00

2236.00

1155.00

43.00

86970

71916

82187

72995

55346

28450.00

26867.00

14021.00

12235.00

10767.00

9003.00

2726.00

354823

294759

193201

111339.00

79224.00

48732.00

47383.00

41556.00

33950.00

14514.00

39425

20900.00

8243.00

2816.00

2038.00

1738.00

1217.00

418.00

566.00

2380.00

10073.00

318.00

1065.00

5273.00

133

1992

1991

1990

1989

1988

1987

1986

1985

1984

( )

0.340

0.266

0.110

0.069

0.032

0.026

0.003

0.000

0.003

0.137

0.197

0.229

0.255

0.209

0.171

0.161

0.996

0.178

0.172

0.183

0.282

0.347

0.436

0.500

0.281

0.002

0.285

0.011

0.020

0.029

0.032

0.037

0.034

0.176

0.001

0.185

0.116

0.138

0.102

0.065

0.152

0.114

0.245

0.001

0.129

()7

0.223

0.196

0.249

0.232

0.133

0.155

0.134

0.000

0.220

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

134

0.132

0.093

0.123

0.176

0.225

0.304

0.333

0.301

0.265

0.247

0.292

*2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

0.354

0.101

0.100

0.132

0.148

0.105

0.147

0.188

0.175

0.188

0.180

0.183

0.157

0.098

0.094

0.120

0.196

0.213

0.172

0.171

0.202

0.196

0.272

0.222

0.219

0.193

0.222

0.135

0.037

0.014

0.031

0.007

0.021

0.050

0.085

0.010

0.008

0.245

0.244

0.204

0.188

0.104

0.058

0.043

0.042

0.036

0.029

0.056

0.060

0.232

0.248

0.286

0.256

0.339

0.288

0.258

0.259

0.265

0.188

0.236

0.202

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

135

 ()8
( )

1984

161

2064

7.80

0.00

1985

3818

3623

105.39

12.52

1986

264

5137

5.13

0.95-

1987

381

7168

5.32

0.04

1988

450

8599

5.24

0.01-

1989

495

13117

3.77

0.28-

1990

767

1703

45.03

10.93

1991

1403

2986

46.99

0.04

1992

3311

9445

35.06

0.25-

1993

5273

16734

31.51

0.10-

1994

10073

23436

42.98

0.36

1995

14514

41642

34.85

0.19-

1996

33950

67793

50.08

0.44

1997

41556

96754

42.95

0.14-

1998

47383

120113

39.45

0.08-

136

1999

48732

145519

33.49

0.15-

2000

79224

197224

40.17

0.20

2001

111339

274188

40.61

0.01

2002

193201

363074

53.21

0.31

2003

294759

472952

62.32

0.17

2004

354823

557582

63.64

0.02

137

1992

1991

1990

1989

1988

1987

1986

1985

1984

( )

4352.00

2166.00

1311.00

924.00

560.00

362.00

276.00

193.00

125.00

5299.00

2117.00

1384.00

1150.00

761.00

414.00

263.00

242.00

130.00

9651.00

4283.00

2695.00

2074.00

1321.00

776.00

539.00

435.00

255.00

M1

4509.00

986.00

469.00

412.00

332.00

263.00

186.00

90.00

71.00

()9

14160.00

5269.00

3164.00

2486.00

1653.00

1039.00

725.00

1.69

0.67

0.27

0.50

0.59

0.43

0.61

0.38

525.00

326.00

M2

138

253000.00

240207.00

193582.00

153836.00

142082.00

108108.00

82140.00

58494.00

44439.00

24863.00

14790.00

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

9454.00

226444.00

218274.00

158681.00

117551.00

92505.00

61505.00

48722.00

43155.00

32810.00

16787.00

9948.00

6587.00

479444.00

458481.00

352263.00

271387.00

234587.00

169613.00

130862.00

101649.00

77249.00

41650.00

24738.00

16041.00

330100.00

275605.00

211003.00

160826.00

112084.00

88305.00

76090.00

58065.00

39350.00

28937.00

15797.00

10817.00

809544.00

734086.00

563266.00

432213.00

346671.00

257918.00

206952.00

159714.00

116599.00

70587.00

40535.00

26858.00

0.10

0.30

0.30

0.25

0.34

0.25

0.30

0.37

0.65

0.74

0.51

0.90

139

1992

1991

1990

1989

1988

1987

1986

1985

1984

42181.00

19266.00

11011.00

8256.00

4679.00

3647.90

2021.80

1535.70

1180.70

GDP Nominal
( )

22.00

1.50

0.45

0.45

0.45

0.45

0.25

0.25

0.13

119.00

123.00

67.00

74.00

49.00

25.00

29.00

46.00

32.50

()%

()10

664.00

303.00

135.00

82.00

47.00

31.00

25.00

20.00

13.00

CPI

32.00

28.00

29.00

22.00

20.00

19.00

16.00

16.00

14.00

()%

140

 :
*
**

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

4449868.00

3615500.00

3240258.00

2892296.00

2601875.00

2305153.00

1676937.00

1033067.00

552910.00

188128.00

94844.00

*259.48

261.00

261.00

261.00

257.00

258.00

240.00

184.00

147.00

85.00

49.00

40.00

9.20

8.30

7.00

5.00

8.00

16.00

17.00

47.00

130.00

69.00

120.00

101.00

31047.00

30803.00

28454.00

25377.00

24190.00

22388.00

19277.00

16476.00

11236.00

4876.00

2886.00

1336.00

**11.5

16.30

16.00

14.00

18.00

20.00

36.00

41.00

30.00

28.00

27.00

27.00

141

 ()11

( )% ()%

()

1984

0.00

32.50

1985

0.61

46.00

75.36

1986

0.38

29.00

76.13

1987

0.43

25.00

57.72

1988

0.59

49.00

82.92

1989

0.50

74.00

146.85

1990

0.27

3.00

11.00

1991

0.67

123.00

184.88

1992

1.69

119.00

70.52

1993

0.90

101.00

112.63

1994

0.51

120.00

235.65

1995

0.74

69.00

93.07

1996

0.65

130.00

199.43

1997

0.37

47.00

127.11

142

1998

0.30

17.00

57.48

1999

0.25

16.00

64.97

2000

0.34

8.00

23.25

2001

0.25

5.00

20.26

2002

0.30

7.00

23.09

2003

0.30

8.30

27.37

2004

0.10

9.20

89.50

143

 ()12

()%

()%

()%

1984

14

32.5

18.5-

1985

16

46

30-

1986

16

29

13-

1987

19

25

6-

1988

20

49

29-

1989

22

74

52-

1990

29

67

38-

1991

28

123

95-

1992

32

119

87-

1993

27

101

74-

1994

27

120

93-

1995

28

69

41-

1996

30

130

100-

1997

41

47

6-

144

1998

36

17

19

1999

20

16

2000

18

10

2001

14

2002

16

2003

16.3

8.3

2004

11.5

9.2

2.3

145

 ()1

2004 1984
350000

300000

250000

150000

100000

50000

0
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04

146

200000

 ()2

2004 - 1984
5

-1

-2
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
0.27 0.35 0.38 0.04
0.3

0.25

0.3

0.5

0.5

0.24 0.51 0.69 0.95 0.32 0.13 0.26

1.5

0.63 0.45 0.35 0.35 0.72 0.43 0.53

0.76 0.42

0.19 0.51 -0.97 1.72 3.77 1.45 0.33 0.84 0.41 0.53 0.33 0.18 0.25

147

0.4

 ()3
/
2004 - 1984
18

16

14

12

10

-2
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
1.5
0.25

-0.03 -0.09

1
0.18

1.4

-0.07 -0.17

1.5

1.5

1.4

1.54

0.78

0.41

0.18

0.16

-0.28

0.09

-0.12

0.97

0.91

-0.12 -0.12 -0.98 -0.78

148

0.23

12

14

16

16

16

15

0.03

-0.02

0.08

 ()4

2004 - 1984
2.5

1.5

0.5

-0.5

-1

-1.5

-2
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
0.2 0.53 -0.9 0.75 2.16 0.77 0.4 0.78 0.63 0.43 0.24 0.21 0.36 0.39 0.32 0.3 0.18

0.76 0.42 0.4

0.32 0.46 0.29 0.25 0.49 0.74 0.67 1.23 1.19 1.01 1.2 0.69 1.3 0.47 0.17 0.16 0.08 0.05 0.07 0.08 0.09

-0.3 0.3 0.13 0.15 -0.3 -0.2 -1.5 -0.5 0.97 -0.2 -0.8 0.09 -0.7

0.07 0.05 0.28 0.34 0.25 0.22 0.09

-0

149

 ()5

2004 - 1984
600000

500000

400000

300000

200000

100000

0
1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

10073 14514 33950 41556 47383 48732 79224 111339 193201 294759 354823

5273

3311

1403

767

495

450

381

264

38184

161

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

16734 23436 41642 67793 96754 120113 145519 197224 274188 363074 472952 557582

9445

2986

1703

13117

8599

7168

5137

3623

2064

150

 ()6
( /)
2004 - 1984
/

70

60

50

40

30

20

10

0
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

151

 ()7

2003 - 1984
2.5

1.5

0.5

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
0.23

0.12

0.12

0.11

0.13

0.37

0.62

0.87

1.94

0.98

1.25

1.19

0.75

0.33

0.76

0.28

0.8

0.32

0.3

0.3

0.3

0.16

0.38

0.3

0.29

0.32

0.85

0.68

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152

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92
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173

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 Rose P.S. Commercial Banks Management McGrawbill. 1998 p. 215

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 10
 Sauder V. Fundamentals of Commercial Banking. McMillan New York 2000 p.125

198

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207

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208

.

ICC



.1 ().
.2 .
.3 .
.4 .
.5 ( ).
.6 ( ) .
.7 .
.8 .
.9 .

( )
SecurityRate primary Rate( Libor
) / .

 . 161
 IMF Report 2005 IFS

209

 (
).
Discount
rate
( )libor
London interbank offer rate
.
.

.
Libor Periodically
libor .
.
.

( .)Libor +
.


Libor
.

. .

.

210


:
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/ .

211

1994

1995

94.8
107.9
129.4
140.8

57.2
57.4
65
74

117.4
124.6
133.6
142.6

62.2
76.6
54.6
112.6

104
109
133.8
160.1

67
68
81
102

65.3
59.8
60.8
71

126.7
116
122.1
107.9

32
32
32
32

32
32
32
32

-33.3
-27.8
-28.8
-39

-94.7
-84
-92
-75.9

29
29
34
34

29
29
29
29

1998_1994

212

252
275
343
385

148
190
227
255

336
447
514

376
384
445
469

150.6
162.6
177.6
192.6

1998

1996

1997

470
440
-

375
384
387
419

195
230
305
339

45.0
43.0
45.0
46.0

31.3
28.8
31.3
30.0

13.7
17.23
13.70
16.0

88.5
42
33
31.7

45.1
45.1
45.5
45.7

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3.1
18.5
13.7

101.3
158.3
153.7
112.5

69.3
126.3
105.7
74.5

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34
34
45
45

213

.2

.
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)

.
.4

.


.


.

.
 :
.1

.2
.
 2005 126

214



.
.
.

.

1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993

16
19
21
28
45
94
247
325
328
772
847
1261
1521
1720
2422
1370
1688
215

%
188
105
333
607
108
162
319
06
137
9.6
487
20.6
131
407
466
23

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

3864
5470
11145
14768
20338
24464
32200
47640
73692
110308
143711

131
41.5
103
32.5
37.7
20.3
31.6
48
54
50
30.3

:
.1
1983-1980.
.2 1990-1984
.
.3 1993-1992

.%54 %33
 1996


212628

35

 :
: ( )5 1998 17

216

136013
559461
7271003

30
8
166

= 2.5
= 43 2005

= 25
= 113.5
= 540042

1044

1030

543

513

473

395

473

395

282

194

240

241

194

194

191

180

167

167

: 2006 57

217

1999

2000

2001

2002

2003

2004

1.4

2.2

2.1

1.5

1.8

2.2

3.4

2.8

1.6

2.3

2.7

1.0

2.1

2.4

2.3

2.1

2.2

2.7

2.5

2.3

2.7

1.4

0.8

1.2

1.3

1.4

1.3

1.2

1.5

2.4

1.2

1.8

2.1

1.7

1.8

1.8

0.3-

0.9 -

0.7 -

1.5 -

0.2 -

10.2

7.1

6.7

5.7

11.6

13

12.1

9.8

10.6

7.7

22.9

22.7

19.4

14.7

9.2

6.6

69.6

24.6

20.3

13.8

12

10.3

2.6

1.9

2.7

2.1

2.6

4.2

8.5

5.9

5.7

6.5

7.1

8.3

7.3

6.7

6.1

8.9

10.6

6.5

: 2005 240

218

.
.

.

.


.

.1
.
.2
.
.3 .

219


*
2002 9
* .2001/4
15 2001 2
* :
2004 6
* . -
2004
* Rose P.S. Commercial Banks Management McGrawbill.
*1998 p. 215
* Sauder V. Fundamentals of Commercial Banking. McMillan
New York 2000 p.125

* 22 2000
* 2004
* 2001 2001/1/1
* 1998
.

220


2006 / 766

 :
83233371 : 83233372 :