Tfí uQ,Huh hymeje;au WÞlr .

ekSu i|yd

uQ,H
idlaIr;dj
wdrïNlhska i|yd jk ud¾f.damfoaYh
FINANCIAL
LITERACY To Achieve Your Financial Wellbeing

fmrjok

zzuQ,H idlaIr;djh Tfí uQ,Huh hymeje;au WÞlr .ekSu i|ydZZ hk .%ka:h rù

wfíiQßh (CFA), jk ud úiska fkdñf,a rpkd lrk ,o w;r fuys m%Odk;u wruqK
jkqfha Y%S ,dxlslhkaf.a uQ,H idlaIr;d uÜgu by< kexùu ;=<ska M,odhs wdfhdack
;SrK .ekSug fm<Uùu iy tuÕska Tjqkaf.a uQ,H Yla;sh$Okh$iïm;a jeä ÈhqKq lr
.ekSug Wmldß fõ'

fuu .%ka:h ;=<ska úfYaIs; jQ wdfhdack WmfoaYkhla imhkq fkd,nk w;r fuh
yqfolau ;u uQ,H Yla;sh$moku$Okh Èfkka Èk jeäÈhqKq lr .ekSu i|yd WmldÍ
jk ±kqu$WmfoaYkh$.uka uÕ meyeÈ,sj Tng lshd fok lD;shls'

fuu fmd; iïmdokfha§ m%fhdackj;a Wmfoia yd uÕfmkaùï l< iy ixialrKh

lsÍug Wmldß jQ ish¿u fokd yg ud fuys§ ia;+;sjka; jk w;r fujeks lD;shla
iïmdokh lsÍug ud Èß.kajk ,o CFA wdh;kfha iudc iïnkaO;d ms<sn|
l<ukdlre ú,hï fndhsúka uy;d yg udf.a úfYaI ia;+;sh msßkuñ' tfukau fuu
fmdf;ys ks¾udKd;aul yev;, ixl,am ieliSu i|yd ud yg fnfyúka Wmldß jQ
ñãhd jhsia bkaáf.%Agâ mqoa.,sl wdh;kh o (MediaWISE Integrated (Pvt) Ltd.) ud
fuys§ ksy;udksj i|yka lrkq leue;af;ñ'
mgqk ^fm< .eiau&

1 uQ,H idlaIr;djh w¾: ±laúu iy m%;s,dN 01

uQ,H idlaIr;djh w¾: ±laùu 01
uQ,H idlaIr;djfha m%;s,dN 01

2 uQ,H iajdêk;ajh iy Okh ,Õdlr .kafka flfiao@ 02

wdodhï W;amdokh lrk j;alï ,ehsia;=jla - Tnf.a wjOdkhg 03
uQ,H iajdêk;ajh iy Okh ,Õdlr .ekSug bjy,a jkakd jQ m%Odk b.ekaùï' 04

3 mqoa.,sl uQ,H ie,iqïlrKh 05

uQ,H ie,iqïlrKh iy b,lal (SMART Goals) msysgqjd .ekSu i|yd mshjr 06la 05
uQ,H ie,iqïlrKh jeo.;ajkafka wehs 06

4 ksjerÈj Kh ,nd .ekSu ^Borrow smart& 07

uQ,H wdh;khlska Kh uqo,la ,nd .ekSug fmrd;=j i,ld ne,sh hq;= lreKq$idOl 07
wdl%uKYs,S Kh ,nd fokakkaf.ka ^Kh fudarekaf.ka& Tn wdrlaIdjkafka flfiao@ 09
Khg fhduqùu myiq kuq;a Kfhka .e,ùu wiSrehs 10
Tnf.a Khm;a ^fl%äÜ ldâ m;& nqoaêu;aj l<uKdlrKh lrkak 10

5 uqo,a ls%hdlrk wdldrh 12

uq,H id¾:l;ajfha ryi 12
Tfí b;=reï Tn fjkqfjka jev lsÍug fhdod .kak 13
7 wkfmalaIs; foa i|yd iqodkïj isákak 23
rlaIKhla .kafka wehs@ 23
rlaIK j¾. 23
b;=reï iy wdfhdackh w;r fjkialï 13 rlaIKhla ,nd .ekSfïÈ l<hq;= yd fkdl< hq;= foa 24

8
je,a fmd,sh ^fmd,sh u; fmd,sh& Tnf.a úYsIaG;u ñ;=rdh 15
iuyr wdfhdack i;H ùug ;rï fyd| ke; 16
Kh fY%AKs.; lsÍï f;areï .kak 16 Tnf.a úY%du ld,h i|yd ie,iqï lsÍu 25
wdfhdackh lsÍfï wjodku ±k .kak 18 úY%du hdug ie,iqï lrkafka wehs@ 25
m%d.aOk fj,|fmdf<A wdfhdackh lsÍu 18 úY%du .ekSu i|yd wdfhdackh lsÍfï m%Odk wNsfhda. 26
wdfhdackh lsßfïÈ jD;a;Sh Wmfoia ,nd.kak 20 úY%du .sh miq Tnf.a b;=reï keKj;aj l<ukdlrKh 27

6
lrkak'

Okh l<ukdlrKh ^wealth management& 21

j;alï fjkalsÍu iy wdfhdack l<U úúOdx.SlrKh 21 9 wjidkh$ks.ukh 28

10
wdjodkï l<uKdlrKh 22
fhduqj ^wdY%s; .%ka: kdudj,sh& 29
1 uQ,H idlaIr;djh w¾:
±laùu iy tys m%;s,dN
uQ,H idlaIr;djh w¾: ±laùu
uQ,H idlaIr;djh hkq flfkl=f.a uQ,Huh hymeje;au
jeäÈhqKq lsÍu i|yd wd¾Ól yd fm!oa.,sl ;;ajhka
u; mokïj fyd| uQ,H ;SrK .ekSug wjYH uQ,H ±kqu"
l=i,;d" wdl,am iy yeisßïj, tl;=jla f,i w¾:
±laúh yelsh' tkï"
• zz±kquZZ hkafkka woyia lrkafka mqoa.,sl uQ,H .eg¿
ms<sn| wjfndaOhla ;sîuhs'
• zzl=i,;d hkafkka woyia lrkafka flfkl=f.a mqoa.,sl
uQ,H l<ukdlrKh i|yd tu ±kqu fhdod .ekSuhs'
• zzwdl,am iy yeisÍïZZ hkafkka woyia lrkafka
flfkl=f.a mqoa.,sl uqo,a yeisrùug wod< ksrjq,a jq
úYajdihka" yeÕSï iy yeisßu fõ'
uQ,H idlaIr;djh hkq
zzðú; ld,h mqrdu uQ,H
iqrlaIs;dj i|yd flfkl=f.a
uQ,H iïm;a M,odhs f,i
l<ukdlrKh lsÍu i|yd
±kqu iy l=i,;d Ndú;d
lsÍfï yelshdjZZ hkakhs'
uQ,H idlaIr;djfha m%;s,dN
iEu ;rd;srulu mqoa.,hkag rfÜ mj;sk uQ,H
moaO;shg m%fõY ùug fyd¢ka iy M,odhs f,i
yelshdjla ,efnkafka mqoa.,hka ;uka .kakd wjodkï
ms<sn|j ±kqj;aj isà kï iy Tjqka uQ,H fiajdjka
Ndú;d lrk wdldrh ms<sn| úplaIKYs,S kï muKs'
Y%S ,xldfõ mj;sk wvq uQ,H idlaIr;djh by< uÜgfï
Kh.e;sNdjhlg ;=vq § we;s w;r tuÕska mqoa.,hska
msrñv fhdackd l%u jeks wjodkï iy.; wdfhdack
ud¾. fj; fhduq ù we;'
l,dmfha uqøK idlaIr;djh iy uQ,H idlaIr;djh
w;r by<u mr;rh Y%S ,xldjg ysñ ù we;'
idudkHfhka ÈhqKq wd¾:slhkays jeäysáhkaf.ka 55]la
uQ,Huh idlaIr;djfhka fmdaIKh ,enq whfõ' uQ,H
idlaIr;djfha wvqu m%;sY;h ol=Kq wdishdj jd¾;d
lrk w;r Y%S ,xldfõ tu w.h 35]la muK fõ'
01
idlaIsj,ska fmkS hkafka Y%S ,xldfõ wvq uQ,H
idlaIr;djh ÿmam;=kaf.a isg ffjoHjreka" kS;sfõÈka
iy úksYaphlrejka jeks jD;a;slhka olajd ish¨ iudc
ia:rhkays jHdma; ù we;s njhs'
fndfyda jxl ixúOdk Y%S ,xldfõ kS;suh rduqjg
msg;ska ls%hd;aul jkafkah' Tjqka by< fmd,S f.jk
;ekam;= Ndr.ekSu fyda wêl fmd,s wkqmd; hgf;a Kh
,ndfok wúêu;a Kh fhdackd l%u bÈßm;a lsÍu iy
tajd uQ,Huh jYfhka kQ.;a wh flfrys fhduq lr
ls%hd;aul lsÍu ±lsh yelsh' tfia jkafka ck;djf.a
uQ,H ±kqfï mj;sk wvqmdvq ksid iy Tjqka fláld,Sk
wjYH;d flfrys muKla wjOdkh fhduq lrk
ksidfjka w;r Tjqkaf.a ;SrKj, È.=ld,Sk m%;súmdl
Tjqkagu nqla;s ú`Èug isÿfõ'
ñksiqka uQ,H wd;;shg uqyqK fok úg" Tjqkaf.a laIKsl
m%;spdrh jkafka jeä uqo,la fiùuhs' wo Tjqka uqyqK
fok .eg¨jg úiÿu jeä uqo,a miqmi hdu nj Tjqka
úYajdi lrk kuq;a Tjqkaf.a .eg¨jg uq,sl fya;=j
Tjqkaf.a wvq uQ,H idlaIr;djh nj Tjqka f;areï
fkd.ks;s' tjeks zzúi÷ïZZ Tjqkaj uQ,H wd;;sfha
.eUqrgu weo oukq we;'
uqo,a b;sß lr .ekSfïÈ iy Khg .ekSfïÈ jvd fyd|
iy ±kqj;a ;SrK .ekSug yels neúka uQ,Huh
idlaIr;djfhka mqoa.,hkag iy Tjqkaf.a ksjeishkag
meyeÈ,sj m%;s,dN ,efí' Tjqkaf.a wjYH;djkag jvd;a
ld¾hlaIuj m%uqL;djh §ug;a" wkd.; Ndú;h i|yd
wruqo,a ixÑ;hla f.dvk.d .ekSug;a" Kh ,nd
.ekSfï msßjeh ms<sn| meyeÈ,s wjfndaOhla iy
idOdrK ld, iSudjla ;=< Kh wdmiq f.ùfï yelshdj
ms<sn| wjfndaOhla ,nd .ekSug;a Tjqkag yels fõ'
ksjerÈ uQ,H ;srK .kakd mqoa.,hskag Tjqkaf.a uQ,H
wruqKq idlaId;a lr .ekSug" uQ,H wjodkï
l<ukdlrKh lsÍug" uQ,H j;alï ixÑ;hla
f.dvk.d .ekSug" iudchg nrla fkdùug iy rfÜ
wd¾Ól j¾Okhg odhl ùug jeä bvla we;'
uqo,a meñfKa" tfukau tajd ke;sfõ' kuq;a uqo,a jvd;a
fyd¢ka ls%hd;aul jkafka flfiao hkak ms<sn| Tn
uQ,Huh idlaIr;djhlska hq;a; kï" Tng b;d fyd¢ka
uqo,a md,kh l< yels w;r Okh f.dvke.Su wdrïN
l< yelsh'
m<uq yd jeo.;a mshjr jkafka Tfí uqo,a bmhSu"
md,kh lsßu iy wdrlaId lsÍu ms<sn| olaI ùug Tn
±kqj;a ùuhs' Tn úiska Tnf.a uQ,H nqoaêh jeä ÈhqKq lr
.ekSug jev lsÍu wdrïN lr uQ,Huh idlaIr;djfhka
hq;= úh hq;= w;r tuÕska Tfí mrud¾:h id¾:lj
idlaId;a lr .ekSug Tng yelshdj ,efí'
2 uQ,H iajdêk;ajh iy Okh
w;alr .kafka flfiao@
Okh
hkq
mqoa.,fhl=g wo Èk
jev lsÍu keje;aùug
isÿ jqjfyd;a
Tyqf.a ðjk rgdj
ðú;dka;h olajd
mj;ajd .ekSug we;s
yelshdjhs'
wOHdmk l%uh ñksiqkag uykais ù bf.kSug" fyd|
iqÿiqlï ,nd .ekSug iy fyd| jegqmla iys; /lshdjla
,nd .ekSug W.kajhs' fjk;a jpk j,ska lsjfyd;a"
uqo,a bmhSu i|yd jev lrkafka flfiao" hkak
W.kajk kuq;a uqo,a Tng jev lrkafka flfia±hs Tjqka
Tng W.kajkafka ke;' mdi,a úIh ud,dj ;=< fuu
uQ,H l=i,;d fkdue;slu ksid Wiia wOHdmkh
,enqjka mjd idudkHfhka uqo,a l<ukdlrKh
lrkafka flfia±hs fkdokS' fuys m%;sM,h jkqfha
nyq;rhla fokd ;u ì,a f.ùu i|yd /lshdjg fldgq ù
ðú; ld,h mqrdu jegqma miqmi yUd hduhs'
.Kldêldßjreka" ffjoHjreka iy kS;s{hska fndfyda
fjfyi uykais ù jev lrk kuq;a Tjqka lsis úfgl;a
m%udKj;a f,i Wmhd fkd.kakd ksid yqfola fuh
óhka Èjhdfï ;rÕhla (Rat Race) f,i ye¢kaúh
yelsh' uqo,a i|yd jev lsÍfï uQ,sl .eg¿j kï
/lshdjla hkq È.= ld,Sk .eg¨jlg we;s flá ld,Sk
úi÷uls' ñksiqka úYAjdi lrkafka Tjqkag jegqma jeäùu
,enqKfyd;a fyda kj /lshdjla ,enqKfyd;a
wjidkfhaÈ Tjqkag th m%udKj;a jkq we;s njhs' uqo,a
muKla lsisjla úi`okafka ke;'
;u uqo,a úYajdijka;j úhoï lrkafka flfia±hs
mdif,a§ ñksiqkag W.kajkq fkd,efí' j;alula" Tfí
idlal=jg uqo,a Wmhk fohla iy j.lSula Tfí
idlal=fjka uqo,a bj;g .kakd fohla w;r tu fjki
02
fndfyda fofkla fkdoks;s' uQ,Huh jYfhka iajdëk
ùug we;s tlu l%uh Tfí úhoï i|yd f.úh yels
wdodhï W;amdokh lrk j;alï /ia lsÍuhs' uQ,H
idlaIr;djfhka by< ñksiqka wdodhï bmhSula fyda
w.h by< hd yels j;alï tla /ia lsÍug ls%hdlrk
w;r Tjqkaf.a uqo,a jeäyßhla fhdojkafka ia:djr
;ekam;=" Khlr" tall Ndr" iud.ï fldgia" wdodhï
W;amdokh lrk foam< jeks wdodhï bmhsh yels j;alï
j,h' flfia fj;;a fndfyda wh iaud¾Ü cx.u
ÿrl:khla jdßl mokñka ^Khla .ekSu" tkï j.lSula
we;s lsÍu& ñ,È .ekSug leue;a;la olajk w;r tu
uqo,a wdodhula Wmhk j;alï j, wdfhdackh lr
tu.ska Wmhk wdodhfuka tu ñ,§ .ekSu isÿ fkdlrkq
,nhs' fndfyda fofkl=g fuka Tfí ðú;h md,kh
lsÍug uqo,a j,g bv fkdÈug wjYH kï Tng
iuqyhdf.ka$wks;a whf.ka fjkia f,i foaj,a lsÍug
isÿjkq we;'
´kEu jhil § Tng uQ,H iajdêk;ajh <Õd lr .;
yelsh' ta i|yd Tn hï ls%hdj,shla wkq.ukh
w;r ta i|yd lem ù isáh hq;= fõ' Tn
l< hq;=
fl;rï
fõ.fhka id¾:l;ajh lrd hkafkao hkak" ldrKd
folla u; r|d mj;S'
1' Tfí úhoï mshjd .ekSug iEu jirlu Tng
fldmuK uqo,la wjYHo@
2' tu úhoï mshjd .ekSu i|yd uqo,a W;amdokh lrk
j;alï l<Ula (Portfolio) f.dvke.Su ms<sn|j Tn
fld;rï wêIaGdk iy.;j wjOdkh fhduq lr
we;ao@ Tfí j;alï wkqj ðj;aùug iy Tfí j;alï
f.dvk.d .ekSug wjYHh yslaóu Tng ;sfíkï tu
iEu flfkl=gu fuh l< yelsh' fndfyda fofkl=g
uQ,H ksoyi wjYH kuq;a th idlaId;a lr .ekSug
fjfyfikafka iaj,am fofkla muKs'
ÿmam;=ka uqo,a i|yd jev lr;s' fndfyda wh Tjqkaf.a
úhoï iEu úgu Tjqkaf.a wdodhug iß,k f,i mj;ajd
.kS' Tjqka fmrg jvd jeäfhka Wmhd .;a;o" udih
wjidkfha§ Tjqkag ;ju;a uqo,a b;sß fkdjkafka uka±hs
Tjqkagu f;afrkafka ke;' Tjqka uQ,Huh jYfhka isr ù
isákafka Tjqkaf.a wdodhu jeä jq úg Tjqka È.ska È.gu
Tjqkaf.a úhoï jeä lrk neúks' flfia fj;;a"
Tjqkaf.a j;alï jeä fkdfõ' kuq;a Tjqkaf.a j.lSï jeä
fõ' thska lshfjkafka" Tjqka ;u wdh;kh fmdfydi;a
lsßug jev lrk w;r" Kh f.jd .ekSu i|yd nexl=j
fjkqfjkao jev lrhs' tfukau Tjqka rch fjkqfjka o
nÿ f.ùug jev lr;s' fjfyi uykais ù jev lsßu
hkafkka túg woyia jkafka Tn ork W;aidyfha jvd
úYd, fldgila fuu md¾Yj ;=kg Ndr Èh hq;= njhs'
Okj;=ka Okj;a jkafka Tjqka ÿmam;=ka fuka ðj;ajk
wdodhï W;amdokh lrk j;alï ,ehsia;=jla Tnf.a
neúks' Bg mgyeksj ÿmam;=ka ÿmam;a jkafka Tjqka Okj;a
wjOdkh msKsi
f,i ðj;aùug W;aidy lrk neúks' Tng we;a;gu
wjYH jkafka Okj;a ùugo tfia fkdue;s kï Okj;a
hehs fndrejg fmkaùugo hkak is;d n,kak' Okj;=ka 1' WoaOuk wkqmd;hg jvd jeä fmd,S wkqmd;hla
Okj;ajkafka" Tjqkaf.a j;alï Tjqkaf.a úhoï mshjd f.jk ia:djr wdodhï WmlrK (Fixed Income
.ekSug m%udKj;a ;rï wdodhula Wmhk ksid jk w;r Instruments)'
wdodhfuka fldgila kj j;alïj,g kej; wdfhdackh 2' wdodhï Wmhk ^l=,shg §fï& iy ld,hla iu.u
lrkq ,nk neúks' tu ksid Wmhk wdodhï ;jÿrg;a jákdlu jeäfjk foam, (Property)'
jeäfjhs' kj j;alï i|yd wdodhï kej; wdfhdackh 3' Tn i;=j we;s jHdmdr i|yd iEu úgu Tnf.a
lsÍu ixhqla; fmd,S ^je,a fmd,s& wkqmd;hla we;s lrjk
meñKsu wjYH fkdjk kuq;a id¾:l yd ,dNodhS
w;r jrla we,anÜ whskaiaghska zzudhd f,dalfha wgjk
f,i mj;ajdf.k hdu i|yd wjYH l<ukdlrKh
mqÿuhZZ f,i fuh yÿkajd fok ,È' ukao th f;areï .;a
wh zzWmhd .ks;sZZ th f;areï fkd.;a wh È.gu úhoï lrkq ,eìh hq;= fõ'
lrhs' Okj;au yd nqoaêu;a wdfhdaclhska iEu úgu 4' fyd| ,dNdxY f.jk iy ld,h;a iuÕu w.h
iskyfjka isákafka Tjqka ojfia iEu ;;a;mrhlu uqo,a jeäfjk tall Ndr wdfhdack (Unit Trust).
Wmhk neúks' 5' ld,h;a iuÕ jákdlu jeä lrk iy fyd|
,dNdxY f.jk iud.ï fldgia (Company
l=vd ysu lene,a,la lkaola my<g meñK ld,h;a iuÕ Shares)'
jeä jeäfhkau ysu tl;= lrk úg ysu l=Kdgqjla jeks
m%n, n,fõ.hla njg m;afõ' Tfí Okh yßhg ls%hd
lrkafka tjeks f,ighs' wdrïNfha § Tn l< hq;=
ld¾hh fndfyda úg b;d fõokdldß jk w;r thg
úYd, úkhla wjYH fõ' Tng tl /hlska m%;sM,
fkdfmfka' kuq;a Tfí Okh ysufnda, fuka f.dvk.d
.;a miqj Tfí Okh iajNdjfhkau jeä Okhla
wdl¾IKh lrhs' túg je,a fmd,sfha we;s n,h Tng
jdisodhl f,i ls%hd lrkq ,nhs' ysufnda," ixfhda.hla
f,i ld,h;a iuÕ j¾Okh jk w;r Tfí Okho tfia
l< yelsh' lsisu flfkl=g th j¾Okh ùu je,elaùug
fkdyelsh' wdfhdackhla Tng fmd,shla f.jk ;dlal,a
Tng i;=áka isáh yelafla ld,h Tfí ñ;=rd nj okakd
neúks' Tng we;s ld,h jeä jk ;rug Tng Okj;a
ùug yelshdjla ,efí' Tnf.a ksIAls%h ^Passive& wdodhu
fmd,sh u; fmd,sh ^je,a fmd,sh& i;= iqúfYaIs yelshdj Tfí úhoï blaujd hk úg
jkafka idudkH uÜgfï ñksiqka fldaám;shka njg m;a
l< yels ùuhs' WodyrKhla f,i" wjqreÿ 25la jhie;s
Tn uQ,Huh jYfhka
flfkl= uilg remsh,a 287la b;sß lr 12]l jd¾Isl ksoyia fõ'
ixhqla; ^je,a& fmd,shla u; wdfhdackh lrhs kï wehg
fyda Tyqg wjqreÿ 55ka remsh,a ñ,shkhla ^1"000"000&
,efnkq we;' fuysÈ Wml,amkh lr we;af;a idudkH
ia:djr ;ekam;=jla i|yd f.jkq ,nk 12] jd¾Isl
fmd,s wkqmd;h" fuu wdfhdackh i|ydo f.jkq ,nk
nj yd udislj je,a fmd,sh .kkh lrkq ,nk nj fõ'
tfukau uq¿ wdfhdack ld, iSudj jir 30la jk nj
fõ' j¾Okh jk iud.ïj, wdfhdackh lsÍfuka iy ta
wkqj iud.ï úiska fldgia ysñhkag jeä jeäfhka uqo,a
^,dNdxY& f.ùfuka" uq,skau wdfhdackh l, uqo, È.=
ld, mrdihla ;=< fndfyda .=Khlska jeäúh yelsh'
fuu wdfhdack n,h lsis úgl;a wj;lafiare
fkdlrkak' th tfia jkafka ixhqla; ^je,a& fmd,sh
ksidh' fï ms<sn|j jeä úia;r zzixhqla; fmd,sh Tnf.a
fyd|u ñ;=rdZZ hk fldgfia jeäÿrg;a olajd we;'

03
uQ,H iajdêk;ajh iy Okh <Õdlr .ekSug Wmldß
jk m%Odk mdvï$b.ekaùï

fuu m%Odk mdvï$b.ekaùï Tn ;jÿrg;a Tfí jegqm

u; hefmkafkla fkdlrk w;r Tng l%ufhka Okj;a
jk ðú;hla w;a lr .ekSug Wmldß fõ'

1' Tn bf.k .kakd foa" Tnj ljfrl= njg m;alrjhso 8' Tfí ye.Sï md,kh lrkak' wka whf.a ìh fyda
hkak ;SrKh lsÍug WmldÍ fõ' tneúka Tn bf.k u;hka Tfí ls%hdjka wNsnjd hdug bv fkdfokak'
.kakd foa m%fõYfuka f;dardf.k lshjkak' 9' zzug tu úhou ord.; fkdyel'ZZ hehs mejiSu uÕska
Tjqfkdjqkaf.a lafIa;%fha fyd|u mqoa.,hka fidhd Tfí fud<h ;jÿrg;a jid ouhs' kuq;a zzug tu
.kak' ±kqu i|yd wdfhdackh lsÍfuka fyd| úhou ord.; yelafla flfiao@ hehs is;Su Tfí
m%;s,dN ,efí' Tn fuu fmd;a msxp lshùfuka is;Sfï ls%hdj,sh újD; lrjk w;r ks¾udKd;aul
jeo.;a wdfhdackhla isÿ lrhs' úi÷ula bÈßm;a lsßug Tfí uQ,H nqoaêh mqnqÿjkq
2' yqfola jeä wdodhula b,lal fkdlrkak' jeä ,nhs'
j;alï b,lal lr .kak' Tfí úhoï wvq uÜgul 10' wka;sug fkdj m<uqj Tn fjkqfjka f.jkak
;nd Tfí j.lSï wvq lr .kak' iqodkï fjkak' iEu udihlu" uq,skau Tn Tfí
3' Tng hula ñ,g .ekSug wjYH kï" Tng th w;am;a ì,am;a f.ùug fmr hï uqo,la wdodhï W;amdokh
lr .ekSug iy úhoï mshjd .ekSu i|yd m<uqj lrk j;alï i|yd wdfhdackh lsÍug ia:djr
Tfí j;alï j,ska m%udKj;a uqo,a m%udKhla ksfhda.hla Ndú;d lrkak' Tnyg tuÕska m%udKj;a
Wmhkak$ckkh lr.kak' Tfí wjYH;djhkag uqo,la b;sß fkdfõ kï" tu mSvkh Ndú;d lr
m%uqL;djh §ug bf.k .kak' iqfLdamfnda.S NdKAv úhoï f.ùug fyda Tfí úhou wvq lsßug m%udKj;a
ñ,§ .ekSu Tfí ffoksl w;HjYH oE w;am;a lr uqo,a Wmhd .ekSug kjH l%u$úê Ndú;d lsÍug yd
.ekSfuka miqj muKla isÿ lrkak' bÈßm;a lsÍug Tnj fmd<Ujkq we;' fuh ÿIAlr"
4' Tfí j;alï u.ska ckkh lrk w;sßla; uqo,a kuq;a b;d jeo.;a uQ,O¾uhls' Tn wjika jrg Tn
m%jdyh wdodhï W;amdokh lrk j;alïj, kej; fjkqfjka uqo,a f.jkafka kï" Tng lsisÿ mSvkhla
wdfhdackh l< hq;=h' ±fkkafka ke;' tuksid fndfyda úg Tng kj
5' Tfí j;alï wdrlaId lsßug iy Tn f.jk nÿ wvq wdodhï m%Njhka we;s fkdfjkqq we;'
lsÍug iud.ula msysgqjkak' fiajlfhl= Wmhk uq¿
wdodhugu Wmhk úg f.jk nÿ ^PAYEE TAX& wh
flfrk w;r bka miq Tyqg b;sßjk foa úhoï
lsÍug isÿfõ' kuq;a iud.ul nÿ whlrkq ,nkafka
uq¿ wdodhfuka bvosh yels úhoï ^Allowable
expenses& wvq lsÍfuka ,efnk Y=oaO wdodhu u;
fõ' Okj;=ka Ndú;d lrk f,dl=u kS;suh wvqmdvqj
fuhhs'
6' bf.k .ekSu msKsi jev lrkak" Wmhd .ekSu i|yd
muKla jev fkdlrkak' Tfíu jHdmdrhla wdrïN
lsßfï l,dj Tng W.kajk /lshdjla fidhd .kak'
Tng jvd olaI mqoa.,hska Tn jgd tla /ia lr .kak'
Tjqkag fyd¢ka f.jkak'
7' iEu Okj;a mqoa.,fhl=gu hï wjia:djl § uqo,a
wysñ ù f.dia we;' uqo,a ke;s fkdlr .ekSug ls%hd
lsÍu hkq Tn lsis úfgl;a uqo,a Wmhkafka ke;s
njhs' zzch.%yKh lsÍu hkq mrdch ùug ìh
fkdùuhs'ZZ wiu;a ùu ^Failures& ch.%dylhkag ;j
;j;a wNsfm%arKhla ,nd fok w;r mrdð;hska
;jÿrg;a mrdð;hka njg m;a lrhs' tu ksid Tnf.a
hï ie,iqula is;+ f,i isÿ fkdfõ kï" úl,amhka
ie,iqï lrkak' bf.k f.k bÈßhg hkak'

04
3 mqoa.,sl uQ,H
ie,iqïlrKh
uQ,H ie,iqïlrKfha mshjr yhla iy
ihqre ^SMART& b,lal msysgqjd,Su
mqoa.,sl uQ,H ie,iqïlrKhg Tfí úhoï
l<ukdlrKh" b;sß lsßï iy wdfhdack ls%hdldrlï
l<ukdlrKh lsÍu we;=<;a fõ' uQ,Huh hymeje;aug"
iqjmyiq ðú;hla .; lsÍug" uQ,H iqrlaIs;Ndjhg iy
Tfí uQ,H wruqKq idlaId;a lr .ekSug mqoa.,sl uQ,H
ie,iqï lsÍu w;HjYH fõ' Tn wo fld;rï ÿmam;a fyda
Okj;a jqj;a" Tfí uQ,H lghq;= ksis f,i
l<ukdlrKh lsßug wfmdfydi;a jqjfyd;a" Tn uQ,H
ÿIAlr;djkag m;aùfï iïNdú;dj w;sYhska by<h'
Tng ord.; fkdyels ðjk rgdjlg wkqj ðj;a ùug
W;aidy lsÍu jHikhlg ;=vq fokq we;' Tfí uQ,H
ie,eiaug iuia: mjqf,a wruqKq" Tn i;= iïm;a iy
ish¨ j.lSï we;=<;a úh hq;=h' Tn úiska mjqf,a iuia;
wjYH;d ^needs& imqrd Èh hq;= kuq;a mjqf,a iEu
idudðlhl=gu we;s mqoa.,sl Wjukd ^wants& imqrd,Su
w;HjYh fkdfõ' uQ,H ie,iqï ls%hdj,shg mshjr yhla
we;'
Tnf.a j¾;udk uQ,H ;;ajh
;SrKh lrkak'
Tn isák ;;ajh ms<sn| woyila ,nd .ekSu i|yd Tfí
ish¨ udisl bmehSï iy úhoï ,ehsia;=jla ilia l<
hq;=h' wdodhï iy úhoï ms<sn| jd¾;djla Tn i;=j we;s
úg" Tfí uqo,a úhoï fjkafka fld;ekgo hkak ms,sn|
fyd| wjfndaOhla Tng we;' fuu wjia:dfõys§ j;alï
^wo Tn i;=j we;s foa& iy j.lsï ^wo Tn wka whg
f.úh hq;= uqo,a& y`ÿkd .ekSuo b;d m%fhdackj;a fõ'
Tfí mqoa.,sl uQ,H l<ukdlrKh i|yd fyd| l%uhla
jkafka" mqoa.,sl uQ,H uDÿldx. fyda cx.u ÿrl:k
fhÿï ^Apps& Ndú;d lsÍuhs' iuyr tajd fkdñf,a ,nd
.; yelsh'
fndfyda ÿrg bv we;s mßÈ fï jk úg Tn Wmhk iEu
fohlau úhoï lrkjd we;s' kuq;a Tn n,dfmdrd;a;=
iqka fkdlr.kak' Okh f.dvke.Sfï fuu wjia:dj
y`ÿkajkafka zzÿmam;aZZ f,ihs' fudlo Tn uilg remsh,a
oioyila Wmh.;a;o fyda uilg remsh,a ,laI .Kkla
Wmhd .;a;o Tfí wf;a b;sßfjk uqo,la fkdue;' th
ufkdaNdjhla ksfhdackh lrhs'
05
Tfí mjqf,a uQ,H wruqKq msysgqjd
.kak'
uQ,Huh hymeje;afï B<Õ mshjr jkafka uQ,H wruqKq
msysgqjd .ekSuhs' Tfí wruqKq ia:dms; lsÍu hkq Tng
uQ,Huh yd fm!oa.,slj w;a lr .ekSug wjYH foa
ms<sn|j fidhd ne,Suhs" ks¾jpkh lsßu iy ,sùuhs'
SMART ^ksYaÑ;" ueksh yels" w;a lr.; yels" m%;s,dN
f.k fok iy ld,dkqrEms& b,lal ^Goals& ilikak'
Tng ðú;fha wjYHh foa .ek is;d tajd idlaId;a lr
.ekSu i|yd b,lal ;nkak' Tfí wruqKq fláld,Sk
^jirla fyda Bg wvq&" uOH ld,Sk ^wjqreÿ fofla isg my
olajd& úh yelsh' WodyrKhla f,i Tng jir 5l
ld,hla ;=< bvula ñ,§ .ekSug wjYH kï ta i|yd
b;sß lsÍu ±kau wdrïN lrkak' úl,amhla f,i
iqjmyiq úY%du ld,hla jeks È.=ld,Sk b,lalo msysgqúh
yelsh ^wjqreÿ mylg jvd jeä&' Tng b;du jeo.;a
jkakd jQ iy wd¾Ól m%;s,dN ,efnk hï lghq;a;l Tn
ksr; fõ kï" iEuúgu b,lalhla we;s lr .ekSu l<
hq;= w;ru ld,iSudjla iys; ls%hdldß ie,eiaula o ;nd
.ekSu tys id¾:l;ajhg n,mdkq ,nhs' uqo,a ms<sn|
b,lalh úh hq;af;a ld,h iy ksoyi ñ,§ .ekSu iy
Tn úYAjdi lrk Tn leu;s foa lsßug tuÕska ld,h
b;=re lr .ekSuhs'
Tn i;= úl,amhka y÷kd .kak - tkï
Tfí wjYH;d iy Tfí Wjukd
Tfí wjYH;d ^Tng ðj;a ùug w;HdjYH foaj,a iy
Tfí Wjukd ^Tn leu;s kuq;a th fkdue;sj l< yels
fohla& w;r fjki y÷kd .ekSu b;d jeo.;a fõ'
iqfLdamfNda.S foaj,a .ek is;Sug fmr Tfí uQ,sl
wjYH;d imqrd,Sug ie,iqï lrkak' ksoiqkla jYfhka"
rEmjdysksh jeks kj bf,lafg%dksl WmlrK" ñ, wêl
we`ÿï jeks iqfLdamfNda.S NdKAv iy wdydr .ekSu i|yd
msg;g hdu jeks foa i|yd uqo,a úhoï lsÍug fmr Tfí
orejkaf.a fmd;am;a ñ,§ .;a njg iy;sl jkak'
fndfyda wh iudchg fmkSu msKsi ;ukag wjYH ke;s
foaj,a ñ, § .ekSug jeäfhka uqo,a úhoï lr;s'
uqo,a úhoï lsÍfï§ Tnf.a ye.Sï j,g Tnj md,kh
lsßug bv fkdfokak' ;u ñ;=rka Tjqkaf.a ÿrl:k
ks;r ks;r fjkia l<;a uQ,Huh jYfhka iajdëk
mqoa.,hska th .Kka .kafka ke;' iEu i;s wka;hlu
Tjqkaf.a ñ;=rka rd;%S wdydr iy úfkdaoùu msKsi t<shg
.sh;a th Tjqkag wod< lr fkd.kS'
 Tng jeo.;a jkafka l=ulao iqmßlaIldÍ jkak' Tfí m%.;sh uekSu
hkak ;SrKh lrkak' iy wëlaIKh lrkak tuÕska Tfí
ie,eiau ixfYdaOkh lsßu(
Tn l,ska msysgqjd.;a uQ,H wruqKq Tfí uQ,H ;;ajh
l<ukdlrKh lr .ekSug Wmldß jk w;r Tfí tu Tfí wruqKq ms<sn| jd¾;d ;ndf.k tajd idlaId;a lr
wruqKq bgqlr .ekSu i|yd Tnj fhduq lrhs' ksielju .ekSfï§ m%Odk ixêia:dk i,l=Kq lrkak' jßka jr
Tn Tfí È.=ld,Sk wruqKq idlaId;a lr .ekSug kï fuu f;dr;=re n,kak' b,lal ,shd ;eîu" tajd
fláld,Sk i;=gla lem lsÍug wjYH jkq we;' iudf,dapkh lsßu iy Tfí m%.;sh igyka lsÍu u.ska
WodyrKhla f,i" wkd.; úY%du wruqo,la f.dvke.su Tnj ;jÿrg;a ffO¾h iïmkak fjkq we;' Tn Tfí
msKsi ÿïmdkfhka ,nk ;djld,sl i;=g Tng lem ie,iqï wkq.ukh lrk úg uQ,H ie,iqïlrKh È.gu
lsÍug isÿfjkq we;' Tn Èklg remsh,a 50 ne.ska is.rÜ mj;S' Tn jhig h;au" Tfí uQ,H wruqKq yd wjYH;d ta
;=kla mdkh lrkafka kï" th jirlg re' 54"750la wkqj fjkia fõ' thska woyia jkafka Tfí uQ,H
tl;= lrhs' Tn ÿïmdkh keje;ajqjfyd;a Tn jirlg ie,eiau o fjkia úh hq;= njhs' Tn iEu jirlu th
re' 54"750la b;sß lr .kakd w;r Tn tu uqo, jir 30l kej; we.hSug ,la l< hq;=h' ta wkqj b,lal fjkia
ld,hla ;=< uQ,H wdh;khl ia:djr ;ekam;=jla i|yd úh hq;=h'
jirlg 10]l ixhqla; ^je,a& fmd,shla i|yd
wdfhdackh lrkafka kï Tng remsh,a ñ,shk 12l
uQ,H ie,iqï lsÍu jeo.;a jkafka wehs@
úY%du wruqo,la jir 30la ;=< ìys lr .ekSug yelsh'
01' úkh.rel ie,iqï iy.; ls%hdj,shla" Okh
f.dvke.Sug fyd|u l%uhhs'
whjehla idod .kak'
02' fuh blaukska fmdfydi;a ùfï l%u j,ska Tnj
j<lajd .ekSug WmldÍ fõ'
fuys m<uq mshjr u.ska Tfí uqo,a ;;ajh ms<sn|
wjfndaOhla ,nd fokq we;' Tfí úhoï Tfí wdodhï 03' h:d¾:jd§" <Õdlr.; yels b,lal ;nd we;s nj iy;sl lr
blaujd hdu idudkH fohls' Tfí j.lSï Tfí miqj tu wruqKq bgqlr .ekSu msKsi lrkq ,nk iajhx
j;alïj,g jvd jeä ùu ke;fyd;a Tfí b,lal Tng md,s; m%fõYhla ^;ukagu md,kh lr.; yels& fhÈh yelsh'
b;=re lsÍug we;s yelshdj wNsnjd we;' Tfí m%uqL;d
ms<sn|j ;SrKh l< miq tajd i|yd fldmuK uqo,la 04' fuu.ska È.=ld,Sk wruqKq .ek is;Sug yd ie,iqï
f.úh hq;=±hs fidhd n,kak' Tn Wmhk uqo,g jvd lsÍug Tnj fmd<Ujhs'
úhoï fkdlsßug ie,iqï lr we;s njg j. n,d .kak'
tu ksid m<uqj whjehla msysgqjd .kak' ld,h;a iuÕ 05' ie,eiaula ksis f,i msysgqjd .ekSug ls%hd;aul jq
ñ, idudkHfhka by< hk nj u;l ;nd .ksñka Tfí jydu fjkialï yd .e,mSï myiqfjka l< yelsh'
uQ,H wruqKq idlaId;a lr .ekSu i|yd läirj jev
lrkak' thska woyia lrkafka Tng wdodhu ,eìh yels
06' wjYH;djh we;s jqjfyd;a md¾Yjlrejkag ^ld,d;%hd"
ud¾. ie,iqï lsÍuhs' Tfí wdodhfuka m%udKj;a uqo,la orejka" Wreulaldrhka& Tnf.a b,lal ms<sn|j meyeÈ,s
,nd .; fkdyels kï" w¾Old,Sk /lshdjka" ksjdi lsÍula ,nd Èh yelsh'
mokï lr.;a jHdmD;s wdÈh yryd wu;r uqo,a /ia
lrkak' Tfí úhoï lmd yer wdodhï W;amdokh lrk
j;alï f.dvk.d .; hq;=h' Tfí uQ,H wruqKq lrd ,Õd
ùug Tng hï uqo,la b;sßlr .; yelsjk mßÈ wvqfjka
úhoï lsßug l%u fidhkak' merKs úhoï mqreÿ ì| ±óu
ÿIAlr jkq we;' kuq;a Tn Tfí b,lal .ek u;la lr
fok ;dla l,a" Tnj ta i|yd Èß .ekajkq we;' b;sß
lsßï fyda Kh wvq lsßu i|yd uqo,a fiùug we;s fyd|u
l%uh jkafka" wdodhu ,efnk jydu th ta i|yd
bj;alsÍuhs' fuysÈ Tng tu j.lSï uÕ yefrkafka ke;s
w;r th yqfola úhoï ùuo k;r fõ'

06
úfoia .;jk whg uÕ fmkaùu iy
Y%S ,xldfõ isák ;u mjq,a fj; uqo,a tùu
ms<sn| Wmfoia
Tn úfoaY /lshd .súiqula w;aika lsÍfuka
miq" úfoaY.; ùug fmr mss<s.;a nexl=jlg
f.dia Tfí uqo,a Y%S ,xldjg fma%YKh
lrkafka flfia±hs fidhd ne,Sug hï
ld,hla .; l< hq;=h' mqoa.,sl úfoaY uqo,a
.sKqula ^PFCA& orkafkl= f,i ,shdmÈxÑ
ùug Tjqka Tng Woõ lrkq we;s w;r Tng
tjeks .sKqula újD;l, yels wdldrh iy
Tn fiajh i|yd hk rfÜ Tjqkaf.a
ksfhdað;hd ljqrekao hkak j. yd uqo,a
fm%aYkh lsßug Tn hd hq;af;a l=uk
ia:dkhgo hkak Tng lshkq we;'
uqo,a yqjudrej i|yd Tng fldmuK uqo,la
jeh fõ±hs fidhd .; hq;=h' Tng fuu uqo,a
fm%aYkh l< yels ,dNu yd fõ.j;au l%uh
l=ula±hs ne,Sug fjk;a nexl=j, iy
fjiag¾ka hqkshka wdÈ uqo,a fm%aYkh l<yels
ia:dk j,ska úuiSï l< yelsh'
Tn weish hq;= m%Yak
1' msßjeh l=ulao@ th wju msßjehla njg
Tn iEySulg m;aúh hq;=h'
2' Tng wjYH .sKqug uqo,a ner lsßug
fldmuK ld,hla .;fõo@ uqo,a Tfí
m%;s,dNshdf.a .sKqug yels blauKska <Õd
úh hq;=h'
3' m%;s,dNShdg fma%Ykh l< uqo,a myiqfjka
yd fõ.fhka ,nd.; yels ls%hd mámdáh
l=ulao@
4' fm%aYkh lrkafka l=uk uqo,a
tallfhkao@
5' Tnf.a PFCA b;sßlsßï i|yd nexl=j
Tng f.jk fmd,S wkqmd;h l=ulao@
6' úfoaY uqo,a remsh,a njg mßj¾;kh lsÍu
i|yd wod< jk úksuh wkqmd;h l=ulao@
mßj¾;khla isÿ lrk iEu wjia:djlu
fuh Tng okajk f,i Tn wjOdrKh
l< hq;=h' túg Tng jvd;au ;rÕldß
úksuh wkqmd;hla ,efnk njg
úYAjdihla we;sfõ'
07
7' Tnf.a .kqfokq jvd;a oDYHudk jk
f,i yd nexl= .dia;= úksúo fmfkk
mßÈ nexl=j úiska Tfí PFCA .sKqfï
m%ldYkhla Tng tjkq we;ao@
8' iïnkaO;d f;dr;=re" tkï Tng wjYH
úfgl ,sms yqjdure lr .; yels nexl=fõ
ks,Odßhdf.a úoHq;a ;emE," cx.u
ÿrl:k" Rcq ÿrl:k wxlh Tn úiska
wid ±k.kq ,eìh hq;=h' wruqo,a j,
wdrlaIdj ms<sn|j nexl=j iuÕ
ikaksfõokh lsßug Tng yelsúh hq;=h'
túg Tnf.a ish¿ iel ixld ke;s lr
.; yelsh'
by; i|yka ish,a, úúO rgj, ls%hd;aul
jk úksuh wdh;k úiska imhkq ,nk
fiajdjkag idfmaCIj ixikaokhla lr
ne,sh hq;=h' flfia fj;;a' Tjqkaf.a .dia;=
Y%S ,xldfõ n,m;%,dNs nexl=jlg jvd jeä
úh yels nj Tn f;areï .; hq;= w;r tys
m%;sM,hla f,i Tfí wdodhfuka úYd,
m%udKhla Tng wysñ ù hd yelsh' mj;sk
úl,amhka ms<sn|j wOHhkhla lr Tnu ta
ms<sn|j iEySulg m;afjkak' ish,a,gu miq
Tn úfoaY.; jkafka" yels ;rï uqo,la
b;sß lr .ekSug uqo,a Wmhd .ekSu i|ydh'
uqo,a yqjudre fiajd u.ska wêl f,i wh
lsÍu ksid Tfí wdodhu ie,lsh hq;= f,i
wvqfjkafka kï Tn mrdð;hd jkq we;'
n,m;%,dNs nexl=jla jeks uQ,H wdh;khl
úYajdiodhl mqoa.,hskaf.ka Wmfoia ,nd
.ekSu i|yd wjOdkh fhduq lrkak'
4 keKj;aj Khg .kak
^Khg .ekSfïÈ keKj;a fjkak&
´kEu uQ,H wdh;khlska Khg .ekSug
;srKh lsÍug fmr i,ld ne,sh hq;=
m%Yak$idOl$foaj,a
Tfí ðú;fha hï wjia:djl§" uqo,a Khg .ekSug wjYH
úh yelsh' Tfí uQ,H ia:dhs;dj mj;ajd .ekSug wjYH kï"
b;du ksjerÈj Khg .ekSu w;HjYH fõ'
lsishï lghq;a;la i|yd Khla .ekSu .ek i,ld
ne,Sfï§ my; i|yka idOl i,ld ne,Sug
wu;l fkdlrkak' tfukau lsishï ielhla meyeÈ,s
lr .ekSu i|yd Kh fokakdf.ka m%YaK wikak' fuu
idOl ie,ls,a,g .ksñka úúO Kh fokakkaf.ka
fyd|u §ukdj ^Best Offer& i|yd úmrï lr ne,Sug
ld,h jeh lrkak'
jeo.;au lreK kï" iEu uilu fyda i;shlu Kh
wdmiq f.ùug bv ie,iSug wjYH w;sßla; wdodhula
Tn i;=j ;sfío hkak ;yjqre lr .ekSuhs' fuh Tnj
iïuqL mßlaIKhg Ndckh lrk ´kEu Kh
ks,Odßfhl= úiska ±k.; hq;= m%Yakhlajk w;r Tn
fl;rï ±kgu;a Kho hkak u; Tng Kh§u ms<sn|j
Tyq ish ;SrKh .kq ,nhs' Kh wdmiq f.ùfï yelshdj
Tng we;s nj Tmamq lsÍug yels kï" uQ,H wdh;kh
Tng Kh uqo, ,ndfok w;r Tfí .sKqfuka udislj
fyda i;sm;d wdmiq f.ùu iajhxlS%hj isÿ lsÍu i|yd
uQ,H wdh;khg ia:djr ksfhda.hla ,nd Èh hq;=h' tfia
ke;skï Tfí .sKqu we;s nexl=fjka ksYAÑ; uqo,la udre
lsÍu i|yd wjYH Wmfoia Tn úiska Èh hq;=h'
wfkl=;a m%Odk lreKQ jkqfha
01' ud yg we;a;gu Khg .ekSug wjYHo@
fuu wdhs;uh wkd.;fha § uqo,a f.jd ñ,g
.ekSu i|yd j¾;udkfha b;sß lsÍu Khg
.ekSug jvd fyd|o@ iEu Khla i|ydu
msßjehla we;' Kh .ekSu i|yd jk M,odhs
fmd,S wkqmd;h iEu úgu jd¾Isl ;ekam;=
wkqmd;hg jvd by< w.hla .kS' fuu
M,odhs fmd,s wkqmd;h jd¾Isl M,odhs
^iM,& wkqmd;h ^Annual Effective Rate&
f,i ye¢kafõ'
08
02' uq,skau tljr lrk f.ùu l=ula fõo@
^Down payment& th f.ùu u.ska Tn
Khg .; hq;= uqo, wju lrhs' ñ,§ .ekSu
i|yd uq,skau f.jk uqo,a jeä jk ;rug
jeä uqo,a m%udKhla b;sß lr .ekSug Kh
uqo, mj;sk ld,h mqrdjg yelshdj ,efí'
03' Kh uqof,a mrud¾:h - fuu wdfhdackh
M,odhs wdfhdackhlao@ fuuÕska udyg
wdodhula Wmhd .; yelso@ tuÕska Kh uqof,a
msßjeh iïmq¾Kfhka mshjd .; yelso@
iuia:hla f,i .;fyd;a Kh uqo,la ,nd
.ekSu uÕska isÿ lrkq ,nk fuu wdfhdackh
;=,ska Wmhk wdodhfuka ish¨ úhoï ^Kh
msßjeh o we;=,;aj& wvq l< miq m%udKj;a
;rï uqo,la b;sßlr .; yelso@
04' Kh fokakdg wjYH wemlr ^Tn i;= fohla&
fudkjdo@ Tfí Kh wdmiq f.ùug
wfmdfydi;a jqjfyd;a" ,nd § we;s wemlrh
;uka ika;l lr .ekSug fyda Kh wdmiq
f.jk f,i wemlref.ka b,a,d isàug Kh
fokakdg ish¨ kS;suh whs;sjdislï we;s nj
u;l ;nd .kak' wemlr b,a,d fkdisák Kh
fok wdh;k b;d by< fmd,S wkqmd; wh
lrk w;r Tjqka tfia lrkq ,nkafka
wdrlaIdjla fkdue;s ^wemlrhla fkdue;s&
Khla ,nd §u b;d wjodkï iy.; neúks'
Tng wdrlaIdjla$wemlrhla fkdue;s Khla
,nd §u b;d wjodkï iy.; neúka Tng
wdrlaIdjla$wemlrhla fkdue;sj ljqreka fyda
Khla ,nd fokafka kï tu Kh uqof,a
fldkafoais .ek fyd¢ka ie,ls,su;a fjkak'
05' Kh uqof,a uq¿ msßjeh l=ulao@ tys jd¾Isl
iM, fmd,s wkqmd;h l=ulao@ fuh .Kkh
lsÍfï§ Kh uqof,a ld,iSudj iy fld;rï
ld,hlg jrla wdmiq f.ùu isÿ lrhso
hkak i,ld nef,a' idudkHfhka fuh
udislj jk w;r hï wjia:djka ysÈ i;sm;d
iy Èkm;d o úh yelsh' Wod( laIqø uQ,H
wdh;k ^Micro Finance& uÕska ,ndfok
Kh uqo,a i|yd i;sm;d iy Èkm;d wdmiq
f.ùu isÿ lrhs'
 06' fmd,s .Kkh lsÍu - ia:djr ^Fixed& fyda
úp,H (Variable) fyda iuj¾; (Flat) fyda wvq
fjñka hk (Declining) fmd,sh .Kkh
lrkafka flfiao@ Kh ld, iSudj ;=< ia:djr
fmd,S wkqmd;hla fyda Kh ld, iSudj ;=<
fj<|m, fmd,S wkqmd; by< hdfï m%;sM,hla
f,i jßka jr by< my< hk úp,H fmd,S
wkqmd;hla udf.ka wh flf¾o@ ia:djr
wkqmd;hla" úp,H wkqmd;hlg jvd jeä jqjo"
Tfí wkd.; f.ùï ksjerÈj mqfrdal:kh
lsßug Tng bv i,ihs' wkd.;fha§ fj<|m,
fmd,S wkqmd; jeä jqjfyd;a Kh fokakdf.a
wNsu;h mßÈ by< udisl f.ùula lsÍug úp,H
fmd,S wkqmd;h hgf;a Tng isÿ úh yelsh'
fmd,sh iuj¾; mokula ^Flat& f,i fyda
l%ufhka my; jefgk ^Declining& moku u;
.Kkh l< yelsh' 15]l wvqfjk moku u;
.Kkh lrk fmd,shla iys; Khla i|yd
15]l iuj¾; fmd,shla iys;j .;a Khlg
jvd wvq msßjehla ±Íug isÿfõ' fuhg fya;=j
zzwvqfjk fmd,S mokuZZ u; Tn we;a;
jYfhkau uq¿ Kh uqo,ska ±kg b;sßù we;s
uqo, i|yd muKla fmd,sh f.jk w;r
iuj¾; fmd,S mokfï§ ^Flat& isÿjkafka Khg
.;a uq¿ uqo, wdmiq f.jk;=reu Khg .;a uq,a
uqo, u; fmd,sh .Kkh lsÍuhs'
Khla .ekSu ms<sn| ;SrKhla .kakd úg wod, wdmiq
f.jk uqo, Tfí udisl whjehg tl;= lrkak' kj
ñ,§ .ekSu i|yd úhou we;=<;a lsÍfï§ by;
ud¾f.damfoaY i,ld n,kak' ñ,§ .ekSu i|yd l,hq;=
f.ùu ks¾foaYhka blaujd .shfyd;a" uqo,a b;sß lsÍug
Tng bv fkdfokafka kï fyda Tfí udisl úhou Tfí
udisl wdodhu blaujd hdug fya;= fõ kï" jeä uqo,la b;sß jk ;=re Tfí ñ,§ .ekSu l,a ±óug wjYH úh yelsh'
túg jvd ±ßh yels ñ,la fidhd .kak W;aiyd lrkak iy ieiÈh yels fjk;a whs;uhla fidhd .kak fyda ±kg
we;s wfkl=;a Kh f.jd oukak W;aiql fjkak'
07' wh l< yels wu;r .dia;= fudkjdo@
ksoiqkla jYfhka" iuyr Kh i|yd boasßmi
.dia;=$uq,skau f.úh hq;= .dia;= ^Front-end
Fees& uqoaor .dia;=" l,a;shd mshùfï .dia;="
Kh ieliqï .dia;= hkdÈh we;' fïjd
idlÉPd l< yels w;r iuyr uQ,H wdh;k
.kqfokqlrejka Èkd .ekSug yelsjk mßÈ
fuu .dia;= ksoyia lrhs' tneúka Tfí
.kqfokq iylre ^uQ,H wdh;kh& ms<sn|j
;SrKhla .ekSug fmr fjk;a uQ,H wdh;k
foio n,kak' th b;d ;rÕldÍ
fj<|fmd<la jk neúka thska Tng fyd|u
.kqfokqj f;dard .; yelsh' ^Wod ( wvq fmd,S
wkqmd;slhla we;s uQ,H wdh;khla&
08' jdßl f.ùula Tng u. yereKfyd;a wh
lrkq ,nk ov uqo,a iy tu ov uqo,a
fudkjdo@ hkak;a wid ±k.kak'
09' Kh ,nd .ekSfï nÿ n,mEu l=ula fõo@
j¾;udkfha§ ish¿ ;ekam;= fmd,S wdodhu
i|yd 5]l noaola we;s kuq;a mqoa.,hska úiska
ksjdi Kh we;=¿j ´kEu Khla i|yd f.jkq
,nk fmd,sh i|yd nÿ iykhla fkdue;'
f.jk fmd,sh wvq lsÍfuka miq jHdmdr
,dNhg nÿ wh flf¾' tneúka jHdmdrhla
i|yd Khg .ekSu m%fhdackj;a fõ'

jd¾Isl iM, fmd,s wkqmd;h fuysÈ

jirla ;=< fldmuK jdrhla fmd,sh f.jkafkao@ kdñl fmd,s wkqmd;h
fuh Khg .kakka yg Kh uqo,g wod< jk i;H$kshu msßjeh$fmd,sh .Kkh lrhs'
fuu wkqmd;h j¾Ihl l,amsßula iys;" ia:djr ;ekam;=jlg f.jkq ,nk fmd,s wkqmd;h
iuÕ ixikaokh lsßug fhdod .; yelsh'
WodyrKhla f,i jd¾Isl kdñl fmd,s wkqmd;h 15] jk" j¾Ihl l,amsßfï ld,hla iys;
ia:djr ;ekam;=jl udislj fmd,s uqo, f.jkq ,nhs kï tys jd¾Isl iM, ^M,odhs& fmd,s wkqmd;h jkafka 16'075]"

AER =

Tn Khg .ekSu ms<sn| ;SrKhla .ekSug fmr by; i|yka oE i|yd m%udKj;a ld,hla fjka fkdlrkafka kï Tn
ksrka;rfhka Kh W.=,lg yiqjkq we;s w;r tu.ska Tng .e,ùug jv jvd;a wmyiq jkq we;' ksjerÈ m%YAk
weiSfuka Tn nqoaêu;a nj;a Tnj uq,dlsßug fkdyels nj;a Kh ks<Odßhdg iy uQ,H wdh;khg t;a;= .ekafõ' tfia
fkdjkafka kï uQ,H wdh;kh Tfí uQ,H fkd±kqj;alñka wh:d m%fhdack .ekSug fm<fUkq we;' iEu úgu Kh
uqo,g wod< fldkafoais iy wfkl=;a úia;r we;=,;a ,smshla ^Offer Letter& uQ,H wdh;kfhka ,nd .ekSug wu;l
fkdlrkak'

09
wdl%uKYS,s Kh fokakka$Kh
fudarekaf.ka ^Loan Sharks& Tn wdrlaId
jkafka flfiao@
wdl%uKYs,S Kh fokakkaf.ka mßiaiï jkak' zzmyiqZZ
Kh fhdackd l%u j,ska Kh ,nd .ekSug Tnj
fmd<Ujk Kh fokakkaf.ka j<lskak iy Kh f,aLk
lshùu iy wjfndaO lr .ekSug Tnj wffO¾hu;a
lsÍug iqodkï jk Kh wdh;k j,ska" Kh ,nd
.ekSfuka j,lskak' Tjqka Tfnka m%fhdack .ekSug
W;aidy l< yelsh' ish¨ Kh ,shlshú,s lshùug ks;s
wjOdkhla fhduq lr meyeÈ,s lsÍï b,a,d isákak' túg
w;aika lsÍug fmr Khg iïnkaO ish¨ fldkafoais Tn
yg jegfya' Khla .ekSug tlÕ ùug fmr wjYH ish¨
f;dr;=re ,nd .ekSu Tfí whs;shla jk w;ru th
,nd§u Kh fokakdf.a j.lSula o fõ' iEu úgu ishqï
uqøKh ^l=vd m%udKfha wl=re& iy úhdpkhka
^Disclaimers& ms<sn| j.ka;s fidhd n,d fuu j.ka;s
;sìh hq;af;a uka±hs uQ,H wdh;kfhka m%Yak lrkak'
fndfyda Kh fokakka úiska iïu; iq;%hla Ndú;d
lrñka jßka jr jdßl f.ùu .Kkh lrkq ,efí'
^my; olajd we;'& Kh jdßlh iy fmd,S wkqmd;h
jd¾Islj" udislj iy i;sm;d Wmqgd ±laùfïÈ úYd,
fjkila ±lsh yelsh'

Kh jdßl uqo, .Kkh lsÍu fuysÈ

Khg ,nd.;a uqo,
ld,Sk fmd,s wkqmd;h ^jd¾Isl fmd,s wkqmd;h" jdßl .Kkska fnÿ úg ,efnk wkqmd;h" periodic interest rate)
uq¿ jdßl .Kk
Wod( udisl Kh jdßlh fiúu ( remsh,a 10"000la jirla i|yd .;a Kh uqo,g 15] jd¾Isl fmd,shla f.kq ,nhs kï' ^1'25] udislj&

remsh,a 902'58 udisl jdßlhla f.úh hq;=fõ'

jd¾Isl fmd,s wkqmd;h

Tn re 10"000la jd¾Islj 15]l fmd,shla iys;j Khg .;af;a kï Tn uilg re' 902'58l jdßlhla f.úh hq;=h'
j¾Ih i|yd Tnf.a uq¿ Kh wdmiq f.ùu re' 10"831la fõ' fuysÈ Tn re' 831la fmd,sh f,i o re' 10"000la ,nd.;a
Kh uqo, f,io f.jkq ,nhs' ta wkqj jd¾Isl iM, fmd,s wkqmd;h 16'1]ls'

udisl fmd,S wkqmd;h

Tn uilg 5]l fmd,shla iuÕ udi 12la i|yd re' 10"000l Khla ,nd .;af;a kï" Tn udisl jdßlh jYfhka
12
0.05(1+0.05)
re' 1"128'25la f.jkq we;' tkï -10,000 . [ 12 ] Tn úiska f.úh hq;= uq¿ uqo,a m%udKh re' 13"539'05la jk
(1+0.05) -1
w;r ta ;=< re' 3"539'05la jk Kh uqo,g wod< msßjeh ^uq¿ fmd,s uqo,& we;=,;a fõ' tysÈ iM, fmd,s wkqmd;h
79'6]ls'

i;sm;d .Kkh lrkq ,nk fmd,s wkqmd;h

Tn i;shlg 2] fmd,shla iuÕ i;s 52la i|yd re' 10"000l Khla ,nd .;af;a kï" Tn i;shlg jdßlhla f,i
52
0.02(1+0.02)
remsh,a 311'09la f.jkq we;' tkï -10,000 . [ 52 ] Tfí uq¿ Kh msßjeh ^fmd,s uqo,& re' 6176'72hs' túg
(1+0.02) -1
iM, fmd,S wkqmd;h 180'0]ls'

Kh fokakd úiska wh lrkq ,nk jd¾Isl iM, fmd,S wkqmd;fhka ms<sìUq jk Kh .ekSug wod< ienE msßjeh jk
f.úh hq;= uq¿ fmd,sh .ek Tjqka lsisfia;a m%Yak fkdlrkq we;' túg Tng Kh uqo,g wod< f.úhhq;= uq¿ fmd,s
uqof,a we;s úYd,;ajh fkdf;afrkq we;'

Tn Khla .ekSug fmr Kh uqof,ys uq¿ ld, iSudj ;=<u Tn wdmiq f.úh hq;= uq¿ uqo, .ek Kh fokakdf.ka
úuikak' fuhg Khg .;a uqo, o" uq¿ fmd,S msßjeho wh l< fjk;a fmd,S$.dia;= o we;=<;a fõ' Tn fyd|u Kh
fokakd fidhd .ekSug iq¿ ld,hla jeh lrkafka kï Tn fndfyda úg jvd fyd| wdmiq f.ùfï fldkafoais iu.
wjidkfha oS wvq uqo,la f.jkq we;'

10
 Khg .ekSu myiq kuq;a thska
ñ§u wmyiqh'
Tn uqo,a Khg .kafka kï" Kh uqo, Ndú;d lrkafka
flfiao iy Tn th wdmiq f.jkafka flfiao hkak fyd¢ka
ie,iqï lrkak iy Tfí ie,eiaug wkqj ls%hdlrkak' Tn
Khg .;a uqo,a iEu úgu Kh ,nd .;a wruqKq fjkqfjka
Ndú;d lrkak' Tng f.ùug isÿjk Kh msßjeh ^fmd,S
wkqmd;h& wvq fkdjkafka kï fjk;a Khla mshùu i|yd
Khg .ekSfuka j<lskak' Tnf.a mj;sk Kh f.ùu i|yd
;j;a Khla .ekSu" Kh W.=,g Tnj jvd;a keUqre lrkq
we;s w;r tuÕska Tng .e,ùug jvd;a wmyiq jkq we;'
Kh wdmiq f.ùu i|yd Tfí uqo,a ;j ÿrg;a uqo,a bmhSu
msKsi M,odhs f,i fhdod .ekSug Tng isÿ jkq we;' w.h
jeä lrk bvï lene,a,la ñ,g .ekSu jeks M,odhs
wdfhdack i|yd muKla Khg .kak' úl,amhla f,i" Tng
tu uqo, wdodhï bmhsh yels j.djla i|yd fyda Tfí
jHdmdrh ;j ÿrg;a mq¿,a lsßu i|yd Ndú;d l< yelsh'
wjYH kï Kh wdmiq f.jd miqj Khg .kak' lsis úfgl;a
Khg .ekSug blauka fkdfjkak' iqfndamfNda.S NdKAv
ñ,g .ekSfï§ fyda lsisu uqo,la bmhSug fkdyels úhoï
lsÍug fmr fojrla is;kak' ^Wod( úfoaY ixpdr" jdyk"
.Dyia: bf,lafg%dksl NdKAv" ñ, wêl we`ÿï wdÈh&'
mßfNdackh i|yd Khg .ekSu uq¿ukskau M,odhs fkdfõ'
Kh .súiqfï olajd we;s mßÈ kshñ; fõ,djg f.ùug Tn
wiu;a jkq we;ehs Tn is;kafka kï Tfí Kh fokakdg
l,a;shd ±kqï § tu Kh .ek kej; idlÉPd lrkak'
w.reùug kshñ; fplam;la ,nd§ ld,h Èla lr .ekSug
W;aidy fkdlrkak' ^Tfí .sKqfï m%udKj;a uqo,a fkdue;s
úg fplam;la ksl=;a lsÍu idmrdë jrols&' jHdc fyda
fkduÕ hjk iq¿ f;dr;=re ,nd fkdfokak'
wfkla wh Khg .kakd ksid Kh .ekSfuka j<lskak' Tn
wjg isák wfkla wh tfia lrk ksid Khla .ekSu kqjKg
yqre ke;' Tng we;a; jYfhkau Kh wjYH±hs Tnf.kau
úuikak' fndfyda úg Khla .ekSug jvd b;sß lsÍu jvd
fyd|h' Khla .ekSu isÿlrkq ,eìh hq;= jkafka wjidk
úl,amh$W;aidyh f,i muKs'
by< fmd,s whlrkq ,nk fl%äÜldâ ^Khm;a& m;a i|yd
f.ùula lsÍfuka miq fl%äÜ ldâ fYaIh fnfyúka wvq jq
nj Tn ÿgq wjika wjia:dj ljodo@ Tn by< fmd,S iys;
Khlg jefgk úg Tn igka lrkq ,nkafka by; bf.k
.;a je,a fmd,S l%uh hgf;a" fmd,S ;j ;j;a tl;= ùfï
n,hg tfrysjhs' lsisfjl= tl /hlska ienE Okhla Wmhd
fkd.kS' tfukau tla rd;%shlska lsisfjl= nkafldf,d;a
jkafkao ke;'
Í;shg we;s jH;sf¾lhka ld,h;a iuÕ tajd ;sìh hq;= ;ekg
kej; meñfKA' f,d;/hs ch.%dylhska fndfyda úg jir
.Kkdjlg miqj nkafldf,d;a jkafka tneúks' Tn
ðj;ajk mqreÿ Tfí Okh ms<sn|j w¾: olajhs' Tfí úhoï
lsÍug we;s mqreÿ ksid Tng fmd,shg tfrysj È.gu igka
lsÍug isÿfõ kï" Tn Tfí ðú;fha b;sß ld,h o igka
lrkq ,nkafka fmd,s f.ùu i|yd fõ' lK.dgqjg lreK
kï túg Tn lsis úfgl;a Okj;a fkdjkq we;'
11
keKj;aj fl%äÜldâm;a
l<ukdlrKh lrkak'
fl%äÜ ldâm;la ,nd .ekSu myiqh' kuq;a th
l<ukdlrKh lsÍu myiq ke;' fl%âÜ ldâ m;a Ndú;d
lsÍu uqo,a Khg .ekSuls' Tn Khg .;a foa wdmiq
f.úh hq;=h' fl%äÜ ldâm; Ndú;d lsÍu fjkqfjka
iEu uilu kshñ; Èkg" fkdjrojdu f.úh hq;=
iïmQ¾K fYaIh f.ùug b;d by< uQ,H úkhla wjYH
fõ' iEu uilu Tng f.úh yels m%udKhg jvd jeä
uqo,la lsis úfgl;a úhoï fkdlrkak' Tn iEu uilu
Tfí fYaIh iïmQ¾Kfhka f.ùug wfmdfydi;a
jqjfyd;a" fmd,sh jd¾Islj 28] fyda uilg 2'33]l
wkqmd;hlg tl;= jk w;r B<Õ udifha§ Tn f.úh
hq;= uq¿ uqo,g tl;= fõ' bkamiqj tu fmd,sh i|ydo
fmd,sh whlrkq ,nk fya;=fjka Tfí Kh iSudj lrd
<Õd jk f;la Tfí ysÕ fYaIh fõ.fhka j¾Okh fõ'
Tfí uqo,a l<ukdlrK ls%hdj,sfhaÈ uilg 2'3]lg
Kh ,nd .ekSfuka m%.;shla ,nd.; fkdyels w;r
Tng Kh W.=f,ka ñ§ug fkdyels fõ' Tfí fl%äÜldâ
m; ksis f,i Ndú;d fkdlsÍfuka Tnj fõ.fhka Kh
nrg weo ±ñh yelsh' Kh f.ùug jir lsysmhla .;
úh yels w;r úYd, lemlsÍï lsÍug o isÿfõ' fl%äÜ
ldâ Kh hkq Tn úiskau we;s lrkq ,nk fohla jk
w;r lrorfhka ñ§ug jvd lrorfhka wE;aj isàu
myiqh' fl%äÜ ldâm;la keKj;aj Ndú;d l, yels
jkafka ysÕ uqo, wdmiq f.ùug uQ,H wdh;kh úiska
wjir § we;s fmd,S rys; Kh ld,fhka m%fhdack .ekSu
;=,skah' úfYaIfhka Tng ñ,§ .ekSu i|yd uqo,a
fkdue;s úg wdmiq f.ùug wju jYfhka i;s 3laj;a
,nd fohs' fndfyda fofkl=g fuu uQ,sl ixl,amh
f;afrkafka ke;' kshñ; Èkg f.úh hq;= uq¿ uqo,
f.ùu i|yd ia:djr ksfhda.hla § ;sfí kï Tng lsisu
fmd,shla fyda wu;r .dia;=jla f.ùug isÿ fkdjk
w;r nexl=o Tfí fl%äÜ ldâmf;ka lsisjla Wmhd
fkd.ks' wju jYfhka fuysÈ nexl=j mrdð;hd jk
w;r Tn ch.%ylhd njg m;afõ' ìiakia ghsïia
^Business Times& mqj;am;g wkqj 2017 wfm%a,a jk úg
rfÜ ls%hdldÍ fl%äÜ ldâm;a ixLHdj ñ,shk 1'35la jQ
w;r jdKSc nexl= yg ldâm;a ysñhka úiska f.úh hq;=
uq¿ uqo, re' ì,shk 78'7ls' ta wkqj fuu ixLHd j,ska
fmkS hkafka Y%S ,xldfõ iEu mqoa.,hka 20
fofkl=f.ka tla wfhl=g fl%äÜ ldâm;la we;snjhs'
;j ÿrg;a fuu.ska fmkShkafka fl%âÜ ldâm;a u.ska
muKla iEu ldâm;a ysñfhl=u nexl=jg re' 581"540
^remsh,a ñ,shk Nd.hlg jvd jeä& muK úYd, uqo,la
Kh ù we;s njhs'
;jo fuu mqj;am; fhdackd lr we;af;a is.rÜ melÜ
ms<sn| wksjd¾h ù we;s zzTfí fi!LHhg wk;=rlaZZ jeks
wk;=re weÕùu fuka fl%äÜ ldâm;aj, zzTfí úhoñka
úhoï lrkakZZ hk mKsúvh /f.k hd hq;= njhs' tfia
fkdue;s kï zzTn m%md;h lrd hkq we;ZZ jeks isxy,
lshukla o fhdod .; yelsh'
fl%äÜ ldâ Kh j<lajd .ekSfï m%Odk foh kï Tng
±ßh yels foa muKla ñ,È .ekSug mqreoaola we;s lr
.ekSuhs' Tfí uÜgug jvd by< ðjk rgdjla i|yd
uqo,a iïmdokh lsÍug Tfí fl%äÜldâm; Ndú;d
lsÍug mgka .;a miq" fl%äÜ ldâ Khg jeàfï
wjodkfuka .e,ùug Tng fkdyelsh'
Tn i;=j we;s fl%äÜldâm;a jeäjk ;rug Tfí ysig
by<ska Kh .,d hdu isÿfõ' fndfyda ldâm;a ysñhkag
úúO ldâm;a j¾. folla fyda ;=kla we;s w;r Wmßu
úhoï iSudj blaujd .sh miq tla ldâm;la zzm%;slafIamZZ
l<úg fojk fyda f;jk ldâm;a Ndú;d fõ'
uQ,H wdh;k wdl¾IKsh fj<| ±kaùï úldYkh lsÍu
;=<ska b;d by< jÜgï ñ, .Kka hgf;a ksIAmdok yd
fiajdjka rdYshla ,nd fok nj yd ðú;h i;=áka .;
l< hq;= nj;a ta;a;= .kajhs' Tnj ;j ÿrg;a Kh .ekSug
fmd<Ujd .ekSu i|yd udi 12 isg 60 olajd fmd,S rys;
jdßl f.ùï mjd Tjqka ,nd fohs'
flfia fj;;a Tn N=la;s ú`Èk tu ðjk rgdj
fláld,Sk jkq we;' fuys WÉp;u wjia:dj jkafka
iqfLdamfNda.S NdKav yd fiajd Tnf.a wjYH;d njg
m;aùu iy tuÕska Tfí uq¿ ðú;hu óhka ;rÕhlg
^Rat Race& meg,S isák ;eklg meñfKkq we;' tu
ksid iqfLdamfNda.S NdKAv Khg .ekSfïÈ Tn È.=
ld,Skj miq;eùug ,la fõ'
iuyre ishÈú kidf.k we;af;a Kh nr by< uÜgul
mej;Su fya;=fjks' ;reK mrïmrdj w;r Kh nr by<
hdu i|yd m%Odk;u fya;=jla jkafka Tn Wmhk uqo,g
jvd jeä uqo,la úhoï lsÍug Tnj fmd<Ujk iy
wjidkfha Tfí uQ,H wkd.;h úkdY lrk mdßfNda.sl
Khhs ^Consumer loans&' Tn wi,ajeishka fyda iudc
mx;sh iuÕ iïnkaO ùug W;aidy lrk nj" Tng
;rfha m%;slafIam l< yels kuq;a fkd±kqj;aju th
isÿjkafka wm ðj;ajk mdßfNda.sl iudch ksidh'
ienúkau wjYH jkafka wju ðjk rgdjla jk w;r ±ä
uQ,H úkhla iys;j Tnf.a wdodhug .e,fmk mßÈ
ðj;aùuhs' Tn fjkqfjka jeo.;a yd jeo.;a foa i|yd
Tfí uqo,a úhoï lsÍug j. n,d .kak" tuÕska Tfí
ðjk rgdj ir, lr.kak' mdßfNda.sl Kh Ndú;dfjka
f;drj Tng wjYH foa muKla ñ,g .kak' thska
m%dfhda.slj woyia lrkafka ñ,§ .eksug hk foa
w¾:j;a ±hs th ñ,È .eksug fmr is;d ne,sh hq;= w;r
hula ñ,§ .ekSug jeä ld,hla n,d isákak'
jerÈ jÜgï j,ska mßiaiï jkak' fjk;a jpk j,ska
lsjfyd;a hula tys idudkH ,ehsia;= ñf,ka wvq l<
muKska th ñ,g fkd.kak' th Tng ienúkau wjYH
fohla jk yd th Tng ±ßh yels ñ,la kï muKla th
ñ,§ .kak' re 60"000l rEmjdyskshla ±ka re 30"000l
12
50] jÜgula hgf;a úlsKsug we;s nj Tn ÿgqjfyd;a
iy tu rEmjdysksh Tn úiska ñ,È .;af;a kï" Tn re
30"000$}la b;sß lr we;ehs fkdis;kak' Bg mgyeksj"
Tn lr we;af;a Tnf.a isñ; uqo,ska re 30"000la úhoï
lr ;sîuhs' ta yd iudkj" ksjdvq Èkj, úfkdao ùug
fl%äÜ ldâ i|yd 50]l jÜgula iuÕ fydag,a kjd;eka
msßkukq ,efí' fuu.ska Tng ienúkau wjYH fkdjk
fyda ord.; fkdyels mßfNdackhla i|yd Tnj
fmd<Ujkq we;'
fmd,s rys; fl%äÜ ldâ jdßl f.ùï Ndú;d lrk úg
tla udisl f.ùula mjd uÕ yeßfï m%;súmdl u;l ;nd
.kak' f.ùï w;miq lsÍu uQ,H wdh;kh úiska Tng
m%udo jQ f.ùï .dia;=jla iy Kh uqo,ska fldgila
mshjd ;snqKo ysÕ uqo, i|yd uilg 2'3]l iïu;
wkqmd;hlg fmd,shla wh lsÍug o fya;= úh yelsh'
iSudj blaujd hdfïÈ whlrk .dia;= jeks úúO .dia;=
Tnf.a uq¿ msßjeh jeä lrhs'
iEu úgu Tfí Kh m;a Tn iuÕ /f.k fkdhkak'
fl%äÜ ldâm;la ;sîu uÕska Tnj idudkHfhka ñ,È
.ekSug fkdis;k foaj,a ñ,g .ekSug myiqfjka
fmd,Ujkq ,nhs' Tn ldâm; ksjfia ;nd we;akï" Tng
ienúkau wjYH fkdjk NdKAv ñ,§ .ekSu .ek Tn
fojrla is;kq we;'
Tfí j;alï uÕska Tfí úhoïj,g jvd jeä wdodhula
Wmhhs kï iy Tfí udisl fl%äÜ ldâm;a fYaIhka
iïmQ¾Kfhka thska f.jd ±ñh yels kï iy Tn úiska
ilik ,o whjehg wkql+,j úhoï lsÍug uQ,H úkhla
;sfí kï muKla Khm;a m%fhdackhg .; yelsh' túg
Tfí ðjk rgdjg iß,k mßÈ Khldâ ksl=;a lrkakka
úiska ,ndfokq ,nk wdl¾IKSh m%j¾Okhka iy
wfkl=;a §ukd Tng myiqfjka ,nd.; yelsh'
Tn NdKAvhla ñ,§ .kakd úg Tfí nexl= .sKqfuka
uqo,a yr lrk fvìÜ ldâ ^Debit Card& iy
cx.u miqïì" ^Mobile Wallets& uqo,a /f.k
fkdhd Tfí ffoksl w;HjYH oE ñ,§
.ekSug myiq l%uhla jk w;r ks;r
uqo,a ,nd .ekSu i|yd nexl= fyda
iajhxls%h fg,¾ hka;% fj; hdugo
wjYH fkdfõ' fvìÜ ldâ m;a iy
cx.u miqïì" fidrlï j,skao Tnf.a
uqo,a j,g hï wdrlaIdjla imhhs' by<
jákdlï iys; ñ,§ .eksï i|yd
úYd, uqo,a m%udKhla /f.k
fkdhdfï jdish iy Kh uqo,la ,nd
.ekSfï we;s wjdis j<lajd .ekSfuka
Tng" ±kgu;a .sKqfï we;s uqo,a fyda
cx.u miqìfha we;suqo,a muKla Ndú;d
l< yelsh'
m<uqjrg Kh b,a¨ïlrejka i|yd jk 06 Kh meyer yeßh fyd;a Tn ms<sn| úia;r Kh
f;dr;=re ld¾hxYhg ^CRIB& jd¾;d jk w;r Tfí
Wmfoia ud,dj ysÕ uqo,a ksishdldrj f.jk;=re Tng fjk;a uQ,H
wdh;khlska Kh uqo,la fkdfokq we;'
Tn Tfnka weish hq;= m%Yak 7' Kh uqo, fjkqfjka wemlrhla f,i §ug Tn i;=
1' Tng Kh uqo,la wjYH jkafka wehs@ th j;alula ;sfío@ tfia fkdue;skï Tn .kakd
w;HjYHo@ Khg jeä fmd,Shla f.ùug isÿfõ' tfukau udisl
2' Kh uqo,g wod< uq¿ msßjeh ^udislj wdmiq f.úh jdßlh f.ùu i|yd ia:djr ksfhda.hla ,nd §u
hq;= uqo,& ms<sn| Tn ±kqj;ao@ uÕska Kh msßjeh wvqlr.; yelsh'
3' Tng fmd,S msßjeh f.úh yels nj úYajdio@ 8' Tn Kh uqo,la ,nd .ekSfïÈ ;uka i;= ia:djr
4' udisl jdßl uqo,a f.ùu i|yd iß,k jeh l< ;ekam;=jla wemlrhla f,i Ndú;d lrhs kï my;
yels wdodhula Tng ;sfío@ oE .ek is;d n,kak'
5' Kh uqo,la .ekSug fmr wfkl=;a ;rÕldß • Kh uqof,a ld, iSudj ia:djr ;ekam;=j
nexl=j, msßkuk fmd,s wkqmd; iy wfkl=;a foa l,amsfrk ld, iSudjg jvd wvqkï ia:djr
iïnkaOj ikaikaokhla lr n,kak' ;ekam;=j u; Kh .ekSu iqÿiq fõ'
• kuq;a ia:djr ;ekam;=jg Tng ,efnk fmd,sh
my; oE wjfndaO lr .ekSu Tng b;d wkqmd;h Kh uqo, fjkqfjka Tn f.jk fmd,s
wkqmd;hg jvd wvqkï Tfíu uqo,a mdúÉÑ lsÍu
jeo.;a fõ' fjkqfjka jeämqr fmd,shla Tnf.jkq ,nhs' th
tfia fkdl< hq;=h'
1' Tfnka whlrkq ,nk fmd,s wkqmd;h l=ulao@ th
whlrkq ,nkafka udisljo@" jd¾Isljo@" i;sm;do@
2' fmd,sh .Kkh lrkafka flfiao@ wvqjk fYaIh
^Reducing Balance& u; mokïjo@ fkdue;skï
uq¿ Kh ld,mßÉfÊoh mqrdjgu Khg .;a uq,a
uqo, i|ydo@
3' wdmiq f.úh hq;= ld, iSudj l=ulao@ Tng wdodhu
,efnkafka udislj kï" wdmiq f.ùu;a udislj
úhhq;= w;r Bg wvq ld,hla ;=< fkdúh hq;=h'
^Wod( i;sm;d&
4' Kh ks<Odßhd iuÕ Tng .e<fmk wdmiq f.ùfï
ld,iSudjla ;SrKh lsÍu i|yd idlÉPd lrkak'
Tnf.a udisl wdodhu iy úhou .ek Tyq iuÕ
idlÉPd lr Kh ld, iSudj .ek ;SrKh lrkak'
w¨;ska tlajk Kh jdßl uqo, ksid Tnf.a udisl
úhou fjkia jkafka flfiao@ th ord.; yelso@
hkak ;SrKh lrkak'
5' udisl Kh jdßlh meyer yeßh úg Tnf.ka o`vqjï
fmd,shla wh lrkq we;' th b;d by< wkqmd;hla
jk w;r Tng th È.gu ord.; fkdyelsh'

13
5 uqo,a ls%hdlrkafka flfiao@

´kEjg jvd jeäfhka ,nd.;a Kh ksid Tfí b,lal lrd

uQ,H id¾:l;ajfha ryi <Õd ùu t;rï myiq fkdfõ' udislj Kh ne¢ï ;sîu
hkafkka woyia jkafka tu Kh f.ùu i|yd wjYH uqo,a
uQ,H id¾:l;ajfha ryi mj;skafka Tn ðj;ajkafka Tfí Okh jeä lsßug odhl jk fjk;a fohla i|yd Ndú;d
Tng .e,fmkakd jQ ðjk rgdfõo hkak u;hs' l< fkdyels njhs'

Tn ks;sm;d fldmuK uqo,la b;sß lrkafkao iy Tn w;S;fha ðj;ajQ mqoa.,hska Kh ,nd .ekSu ms<sn|j jvd;a
jev lrk ld,h ;=< keKj;aj wdfhdackh lrkafkao iqmßlaIdldÍ jq w;r Kh meyer yeÍu idfmalaIj wvq
hkak u; id¾:l;ajh rod mj;s' Tn ksis f,i wdodhï uÜgul mej;sks' j¾;udkfha ðj;ajk ck;dj fï
iy úhoï whjeh .; lr Tfí yelshdj mßÈ fudfydf;a ðj;a ùu ms<sn| jeä wjOdkhla fhduq lrk w;r
ðj;ajkafka kï Tng Okd;aul uqo,a m%jdyhla ìyslr Tjqkaf.a uq,H ;;a;ajh fjkia lsÍu flfrys wvq wjOdkhla
.ekSug yelshdj we;s w;r th Tng ±ßh yels foaj,a fhduq lr;s'
;SrKh lsßug bv i,ihs' Tn úhoï lrkjdg jvd
jeäfhka Wmhkafka kï miqld,Skj Tng iqjmyiq iuyr foaj,a md,kh lr.ekSug fkdyels nj ±k.;a miq
f,i ðj;aùug yels jk mßÈ Tfí Okh f.dvk.d ñksiqka iuyr úg flfkl=f.ka Woõ b,a,hs' fuu ish¨
.ekSug wjYHh ish,a, Tn i;=j we;' Tn uQ,Huh fokdgu tl fohla fmdÿh' tajd jhi" /lshdj fyda ðjk
rgdfõ f;aÍï fkdfõ' Tjqka ish,a,kau fnod.kakd .;s
Tfí uQ,H f;aßïj, m%;súmdl ,laIKh kï Tjqka
wi;=áka isàuhs' zz±ka
jYfhka id¾:l fõo hkak Kh u; ðj;a ùu ñ,g .kak" miqj
;SrKh lrk jeo.;au foh f.jkakZZ hk laIKsl
 wd;;sh
jeäfhka ñ, wêl ðjk rgdj

kï Tfí úhoï md,kh lsÍu ;Dma;su;a udkisl;ajfhka

 wd;Dma;sh Tjqka ðj;a fjhs'
fyda wdodhu wkqj ðj;a ùuhs'  jy,a Ndjh
Okh f.dvkÕkafka flfiao  ksÈ ke;s rd;%Ska Kh ;uka /lshdj lrk
hkak" Tnf.a j¾;udk ðjk
Tng yels mßÈ ðj;a ùu wdodhu w;r;=r ;u wdodhfuka
rgdfõ wjYH;d fukjdo
hkak iy úhoï lsÍug fmr Tíng ðj;a ùug f;dard
ia:djr uqo,la bj;g ±óu isÿ  ysf;a ksoyi .kakd mqoa.,hskag
 uQ,H ksoyi Tjqkaf.a úY%du Èúh i|yd
lrkafkao hkak u;
 wdrlaIdj jeämqr uqo,a wjYH jk
r|dmj;sk w;r th miqj
 wkd.; wdYs¾jdo fudfyd;l Tjqkaf.a
wkd.;h i|yd j¾Okh jkq
we;' fuh Tfí wdfhdack wruqK j, ld¾hhla jk wjeo.;a úhoï lsÍfï
w;r Tfí wjodkï bjiSfï ld¾hhlao jkq we;' fjk;a rgdj ksid Tjqkaf.a iaj¾Kuh ld,h ;=< úYd, ñ,la f.ùug
jpk j,ska lsjfyd;a Tng wjYH foa fkdj Tng isÿjkq we;'
w;HjYH foa ñ,g .ekSu iy th Tfí wdodhï uÜgu
;=< ±eßh yels hula úh hq;=h' ld,h yd iïm;a hk folu" jev lrk ld,h ;=< Tng we;s
neúka by; i|yka l< uQ,H ie,iqula Tn úiska isÿ
Tn fld;rï Okj;a jqj;a" úhoï ksßlaIK l< hq;= fkdlrhs kï tu.ska woyia jkafka Tn úY%du hdfïÈ ke;s ù
w;r wdodhug idfmalaIj Tn fldmuK uqo,la úhoï .sh b;=reï .ek l,amkd fldg udkisl wd;;shg m;ajkq
lrkjdo hkak ms<sn| woyila ;sìh hq;=h' Tn re' we;s njhs' úfõl ld,hla hehs is;= foh yÈisfhau w÷re ù
200"000la Wmhk flfkla fyda uilg re' 35"000la we;s w;r uqo,a bmhSug m%udKj;a uqo,la fkdue;s nj Tng
Wmhk mqoa.,fhla o hkj. wod< fkdjk w;r Wmhk fmkS hhs'
uqo,a m%udKhg jvd jeä uqo,la úhoï lrkafka kï Tn
ÿIAlr;djkag uqyqK fokq we;'

14
 Tfí b;=reï Tn fjkqfjka jev lsßu
msKsi fhdod.kak'
uqo,a bmhSug l%u folla ;sfí' tla l%uhla jkafka uqo,a
i|yd jev lsÍuhs' th wm ljqre;a lrk fohls' wm
ish,a,u fkdi,ld yßk ;j;a l%uhla kï" b;sß lsÍu
iy wdfhdackh lsÍfuka Tfí uqo,a Tn fjkqfjka jev
lsÍu msKsi fhdod .ekSuhs' uqo,a .ia u; jefvkafka ke;s
w;r Tn b;sß lr keKj;aj wdfhdackh lrk úg th
l%ufhka j¾Okh fõ' Tfí uqo,a b;sß lr wdfhdackh
lsÍug Tn olaIfhla úh hq;= ke;' Tn ±k.; hq;af;a
uq,sl lreKq lsysmhla iy Tfí uQ,H lghq;= ms<sn|
úplaIKYS,S ùug we;s wêIaGdkh muKs'
Tfí uqo,a Tn fjkqfjka ls%hd lrk úg ia:djr wdodhula
Wmhd.; yelsh' ksoiqkla jYfhka Tfí uqo,a hï
ld,hla i|yd Ndú;d lsÍug hful= uqo,a b,a,.;a úg
Tyq Tng wjidkfhaÈ fmd,S uqo,;a iu. ,nd.;a uqo,a
kej; ,nd fokq we;' ke;fyd;a Tn zz,dNdxYZZ f.jk
iud.ul fldgia ñ,g .kafka kï iud.u Tng
bmehSïj,ska fldgila jd¾Islj f.jkq ,nhs'
Tng wdodhula Wmhd §ug Tfí uqo,a j,g yelshdj we;'
Tn iy Tfí uqo,a tlg jev lrk úg Tng jeä uqo,la
Wmhd .; yelsh' jeäjk WoaOukh iuÕ Tn wu;r
jegqma b,a,d isákjd fiau" Tn úiska .; hq;= wjodku
u; mokïj Tfí uqo,a Ndú;d lsÍu i|yd Kh
.e;shkaf.ka m%udKj;a m%;s,dNhla fyda jegqmla b,a,d
isàug Tng whs;shla we;' fojk l%uh kï" Tn ld,h;a
iuÕ jákdlu jeä jkq we;ehs n,dfmdfrd;a;= jk
fohl ysñlrefjl= njg m;aùuhs' Tng Tfí uqo,a wdmiq
wjYH jQ úg Tn th úl=Kkkafka fjk;a wfhl= ta i|yd
jeä uqo,la f.jkq we;ehs hk is;sú,a, u;hs' ksoiqkla
jYfhka kj uydud¾." ksjdi wdÈh iuÕ hï m%foaYhla
ixj¾Okh jk úg tys jákdlu jeä jkq we;ehs is;ñka
Tn bvï lene,a,la ñ,g .kS' Tn th ñ,È f.k jir
5lska" 10lska fyda 20lska wk;=rej úlsKsug
n,dfmdfrd;a;= jkafka hful= ta i|yd Tn f.jq uqo,g
jvd jeä uqo,la f.ùug bÈßm;a jkafka kï muKs'
iuyr úg by; lshk ,o lreKq folu tljr l<
yelsh' ia:djr wdodhula Wmhd .ekSu i|yd l=,S wdodhu
W;amdokh lrk foam,la ñ,g .ekSu iy t;=<ska tys
we;s jákdlu jeä lr .; yelsh'
b;sß lsÍï iy wdfhdackh lsÍu w;r
we;s fjkialï
b;sß lsÍu hkq Tfí j¾;udk bmehSïj,ska fldgila
wkd.; Ndú;h i|yd fjka lsÍuhs' jvd fyd|
wkd.;hla i|yd b;sß lsÍu msKsi Tn j¾;udk úhoï
lem l< hq;=h' Tn È.= ld,hla mqrd ks;sm;d b;sß lrk
úg Tfí uqo,a zzj¾Okh fõZZ'
15
b;sß lsÍï
wikSm" wk;=re" ú/lshdj"
uxfld,a,lEu" kshÕh" .xj;=r"
wjux.,H hk wkfmalaIs; .eg¿
j,ska Tfí nvq ndysrdÈh fyda fNda.
úkdY lrk w;r tajdg úiÿï
fiùug b;=reï b;d WmldÍ fõ'
tjeks wjia:djkays§" Tfí b;sßlsßï
Tnj h:d ;;ajhg m;a lsÍug Woõ
fõ'
yÈis wjia:d i|yd Tn uqo,a ;nd .ekSug j. n,d .kak'
Tng ljod fyda Tnf.a yÈis wruqof,ka fldgila
Ndú;d lsÍug isÿjqjfyd;a" yels blaukska th kej;
by<g .kak' Tnf.a b;=reï j,ska udi 2l uqo,a
ixÑ;hla iEu úgu mj;ajdf.k hdu ;=<ska fuu
wkfmalaIs; wjia:djkag uqyqK§ug Tng WmldÍ fõ'
óg wu;rj uqo,a ixÑ;hla u.ska Tn Kh nrg jeàfï
iïNdú;dj wvq lrhs'
Tfí b;sß lsÍï
wdrlaIs;j ;nd .ekSu
Tn wjodkug nhhs kï Tfí uqo,a
fuÜgh hg fyda Tfí uq¿;eka
f.fhys j<,d ;nkak' túg uqo,a
iuyrla lDñ i;=ka úiska úkdY lr
±óug fyda fidrlulg Ndckh
ùug we;s bvlv jeäh' tfukau
uqo,a j, jákdluo wvq ù we;s nj Tng fmkS hkq we;'
Tn b;sß lrk ia:dkh l=ula jqj;a uqo,a j, wdrlaIs;
nj iy;sl lr .kak'
idudkHfhka Tn Tfí b;=reï wdrlaIs; hehs is;k
ia:dkj, muKla ;nkafka kï" tuÕska ´kEu fõ,djl
tu uqo,a fj; m%fõY ùug Tng bv i,ihs' Y%S ,xld uy
nexl=j úiska kshdukh lrkq ,nk n,m;%,dNs nexl=
iy uQ,H iud.ïj, b;sß lsÍfï .sKqï fndfyda fokd
Ndú;d lrkafka Tjqkaf.a b;sßlsßï jvd;a úYAjdiodhl
neúka tajd iqrlaIs;j ;nd .ekSu i|ydh' fuu wdh;k
lsisjla 100] wdrlaIs; fkdjk nj u;l ;nd .kak'
ukaoh;a wdh;kh nxfldf,d;a jqjfyd;a Tng ,eìh
yelafla Tfí uqo,ska fldgila muKs' ^n,m;%,dNs uQ,H
wdh;kj, ;ekam;alrefjl=g f.úh hq;= jkaÈ uqo,
Y%S ,xld uyd nexl=fõ ;ekam;= rlaIK l%uh hgf;a
remsh,a 600"000lg iSud fõ'& tho È.= m%udohlska miqjh'
Tfí b;sßlsßï n,d .ekSu i|yd Tfí me;af;ka lsisÿ
W;aidyhla$ld,h fjka lsÍula wjYH fkdfõ'
WoaOukh fya;=fjka b;=reï .sKqïj, we;s uqo,aj,
jákdlu ld,h;a iuÕ j¾Okh fkdfõ' 1980 §
re' 1"000la wo jákafka remsh,a 89la muKs' fjk;a jpk
j,ska lsjfyd;a" 1980 § re' 1000lg Tn ñ,§ .;a wdydr
øjH l+vh wo ñ,È .ekSug Tng re' 10"240la wjYH fõ'
 tneúka fmrksñ wjodku ^Default Risk& iy Woaoukh
fya;=fjka ld,hdf.a wejEfuka ñ,§ .ekSfï Yla;sh
jvd;a ishqï f,i wysñ ùu ksid Tn zzwdrlaIs;ZZ hehs
is;k b;=reï ;ekam;=o t;rï wdrlaIs; fkdfõ' Tn
Tfí uqo,a ish,a,u b;sßlsßfï .sKqul Ⱦ> ld,hla
;siafia ;nkafka kï" Tn Wmhk fmd,sh WoaOukh
iuÕ fkd.e,fmk neúka Tng ie,lshhq;= ñ,§
.ekSfï Yla;shla wysñ úh yelsh' WodyrKhla f,i
Tn 1980 § tka'tia'î b;sß lsÍfï .sKqul re 1000la
wdfhdackh lr jir 20la i|yd idudkH b;=reï
wkqmd;h jk 9'67]l fmd,shla Wmhd we;akï Tnf.a
b;sß lsÍfï .sKqfï b;sß jk uqo, remsh,a 6"335la jk
w;r tuÕska Tnf.a ñ,s§ .ekSfï Yla;sh re' 3"905
^10"240 - 6"335& lska my< jefÜ'
NSB b;sß lsÍfï .sKqul re' 1"000la jir úiaila i|yd
b;sß lr Wmhd .; yels re' 6"335l uqo,g idfmaCIj
wdfhdaclfhl= úiska wdmiq f.ùfï wjodku rys;
NdKAvd.dr ì,am;la i|yd tu re' 1"000 wdfhdackh
lrhs kï' tuÕska Tyqg re' 16"520la jir 20lÈ Wmhd
.; yels jk w;r tuÕska NSB b;sß lsÍfï .sKqug jvd
re' 10"185l uqo,la jeämqr ,efí' tfukau re' 6"280l
uqo,la WoaOukhg jvd by<ska Wmhd.; yelsh'
wjodkï ±ßh yels wdfhdaclfhl= úiska 2002 cq,s 01 Èk
iïm;a nexl=fõ fldgia re' 1"000la úhoï fldg ñ,g
.;af;a kï 2018 cq,s 2 Èk jk úg jir 16l ld,hla
mqrdjg Wmhd.; yelsj ;snq uq¿ uqo, re' 388"829ls'
^thg m%d.aOk ,dN" ,dNdxY iy m%ido fldgia 403la
we;=<;a fõ'& re' 36lg ñ,È .;a fldgil ñ,

Guide To
th yßhg mdka f.ähla ñ, § .ekSug lrk b;sßhla yd
iudk jk w;r jir 20lg miq Tn tu uqo,a iy wjqreÿ
20lg jeä ld,hla Wmhd .;a fmd,sh wdmiq .;aúg" tu
uqo,g ñ,§ .; yelafla mdkaf.äfhka wvla muKla
nj Tng fmkS hhs' §¾> ld,hla ;siafia jeämqr Wmhd
.ekSu i|yd Tfí uqo,a j,ska fldgila wdfhdackh
lsÍug wjYH jkafka fï ksidh' th wjqreÿ ;=kla fyda
Bg jeä ld,hla i|yd wdfhdackh l< hq;=h' ta w;ru
wkfmalaIs; wjYH;dj,g uqyqK §u i|yd m%udKj;a
uqo,la muKla b;sß lsÍfï .sKqfï ;nd .ekSu iEfya'
wdfhdack
wdfhdackh hkq wkd.; m%;, s dNhla
W;amdokh lsÍu i|yd §¾> ld,hla
;sifa ia lrkq ,nk j¾;udk
mßfNdackfha lemlsÍuhs' tuÕska
wdfhdaclhdg m%;, s dN ,efnkqfha ^1&
uqo,a wdfhdackfha ld, iSudj i|yd
^2& wfmalI a ;
s WoaOuk wkqmd;h
fjkqfjka ^3& wjodkï tkï
wkd.;h ms<n s | wúksYÑ
A ;dj fjkqfjka' wdfhdackh hkq
Tfí uqo,a j¾Okh lr .ekSuhs' wdfhdackhla iam¾Yh l<
yels j;alï ^mY= iïm;a" r;a;rka iy foam< iy Tfíu
jHdmdrh jeks& iy wiamDYH j;alï ^Khlr" tall Ndr iy
fjk;a jHdmdrhl fldgia jeks& úh yelsh'
re' 302'70la f,i 2018 cq,s 2 jk Èk jk úg jeä ù
;sfí' tneúka hï wjodkula .ekSu iy ksis fldgia
ñ,È .ekSu$f;dard .ekSu ksid tu wdfhdaclhdg
re' 372"000lg wêl uqo,la Wmhd .; yels úh'
ta yd iudkj" Tn 2002 ckjdß 2 jk Èk we'fvd' 100
^1 USD @ re' 93'39 } re' 9"339& wdfhdackh lrñka wem,a
bkafldamf¾Ika ys fldgia y;rla ^04la& ñ,g .;af;a
kï jir 16la ;=< uq¿ fldgia ixLHdj 56 olajd by<
hk w;r ^m%ido fldgia ,eîu fya;=fjka& tys uq¿
jákdlu we'fvd' 10"735'20 ^1 USD @ re' 157 }
re' 1"685"426& ls' fufia jákdlu by< hkq ,nkafka
2002 jif¾ weußldkq fvd,¾ 23'30j mej;s wem,a
iud.fï fldgil ñ, 2018 jk úg weußldkq fvd,¾
191'70la olajd by< f.dia we;s ksidfjks' fufia fyd|
fldgia lsysmhla ñ,È f.k r|jd .ekSfï Wmdh ud¾.h
wkq.ukh lsÍu ksid Tfí ðjk rgdfõ úYd, fjkila
isÿl< yelsh'
^igyk ( o;a; ,nd .ekSfï wmyiqj ksid jir 20la fjkqjg 16la
Ndú;d lr we;'&

uq¿ yoj;skau wdfhdackh lsÍu .eUqre Y=Njd§

ls%hdldrluls' wkd.;fha § Tfí ðjk rgdj wdrlaId
lr .ekSu i|yd ;j;a fndfyda uqo,a Wmhd .ekSfï
wfmalaIdfjka wo Tfí uqo,a N=la;s ú§u w;yer ±ñh
hq;=h' zzwdfhdackhZZ lrk úg" Tn fláld,Skj zzb;sß
lrkZZ uqo,g jvd jeä uqo,a m%udKhla wysñ ùfï
wjia:do ;sfí' ia:djr ;ekam;=" tall Ndr" rcfha
NdKAvd.dr ì,am;a" ne÷ïlr" wdh;ksl Khlr iy
iud.ï fldgia i|yd Tn wdfhdackh lrk uqo,a j,
jákdlu by< hd yels w;ru tajdfha w.h wvqúh
yelsh' kuq;a iuia:hla f,i Tng jeä uqo,la Wmhd
.ekSug jeä wjia:djla ;sfí'

we;a; jYfhkau fõokdjlska f;drj jdishla ,nd.;

fkdyel' wdfhdackh lsÍug fmr tys we;s wjodku
fyd¢ka yÿkd .ekSu i|yd Tn úiska lsishï W;aidyhla
yd fjfyila ±ßh hq;=fõ'

16
ixhqla; ^je,a& fmd,sh Tfí
úYsIaG;u$fyd|u ñ;=rdh
WoaOukhg tfrysj igka lsÍug we;s f,dl=u wdhqO jkafka
1' ixhqla; fmd,sh ^je,a fmd,sh&
2' Tn úY%du hdug fmr Tfí j;alï j¾Okh ùug Tn úiska fok ld,h
3' WoaOukhg jvd by<ska fldmuK m%;s,dNhla ,nkafkao hkak'

wkd.; w.h .Kkh lsÍu ( fuysÈ

udislj lrkq ,nk f.ùu
udisl fmd,S wkqmd;h ^jd¾Isl wkqmd;h 12ka fnÿ úg ,efnk wkqmd;h&
udisl f.ùï lrk jdr .Kk
WodyrKhla f,i" udislj re' 287 ne.ska jir 30la i|yd jd¾Isl fmd,s wkqmd;h 12]
^fmd,s uqo, je,a fmd,s l%uhg .sKqug nerlrhs'&

udislj remsh,a 287 ne.ska jir 30la i|yd jd¾Isl fmd,S wkqmd;h 12] ^fmd,S uqo, je,a fmd,S l%uhg .sKqug ner
lrhs& wdfhdackh lrhs kï jir 30lÈ re' 1"003"054l uqo,la Wmhd .; yelsh' jir 30l ld,h i|yd Tn b;=re lrkq
,enqfõ re' 103"320la ^287 x udi 360& jqj;a" Tnyg jeämqr ,enqK re' 899"734 jkqfha fmd,sh u; Wmhk ,o fmd,sh
fõ'

72 kS;sh ±k .kak ( jd¾Isl fmd,S wkqmd;h Ndú;fhka 72 hk w.h fnÿ úg ,efnk ms<s;=frka lshkq ,nkafka"
Tfí wdfhdackh fo.=K lsÍug fldmuK ld,hla .;fõo hkakhs' ksoiqkla f,i Tng ,efnk fmd,s wkqmd;h
6]la kï ^72$6& túg Tnf.a uqo, fo.=K lsÍug jir fod<yla .; fõ' tfukau Tng 12]l fmd,S wkqmd;hla ,efí
kï ^72$12& túg uqo, fo.=K lsÍug .;jkafka jir 6la muKs' jvd;a jeo.;ajkafka WoaOuk fõ.h wNsnjd hk
m%;s,dNhla ,nd.; yelso hkakhs ^jd¾Isl fmd,s wkqmd;h - WoaOuk fõ.h&' WoaOuk fõ.h wNsnjd ,efnk
m%;s,dNh jeäjk ;rug Tnj Okjf;la jk fõ.ho jeäfõ'

17
iuyr wdfhdack i;H ùug ;rï
fyd| ke;
iuyr wdfhdack i;H ùug ;rï fyd| ke;s w;r
tajdhska mßiaiï ùu uÕska Tng úYd, w,dN uÕyrjd
.; yel' msßóv fhdackd l%u jeks blaukska
fmdfydi;a jk fhdackd l%u j,ska j<lskak' ^Tn
fuu fhdackd l%uhg jeä idudðlhka y÷kajd
ÿkafkd;a Tng f.ùug Tjqka fmdfrdkaÿ fõ'&
rEmjdysks fj<| ±kaùï" mqj;am;a ±kaùï iy
m%j¾Oklrejkaf.ka ^úl=Kqïlrejka& ,efnk ÿrl:k
weu;=ï j,ska Tfnka b,a,d isákafka úúO wdfhdack
úl,am iy uQ,H fiajd m%j¾Okh lr .ekSuhs'
wjodkï meyeÈ,s lsÍu i|yd Tng iajdëk f;jk
md¾Yjhla wjYH fõ' úl=Kqïlrejkaf.a l;dj úYAjdi
fkdlrkak' Tng fndfyda úg wefik jpk fm<la
jkqfha zzTfí wdfhdackh iy;slhsZZ hkakhs' Tnf.a
wdfhdackh iy;sl jkafka flfiao hkak Tn wid
±k.; hq;=hs' fya;=j jkafka" Kh .eKqïlreg muKla
iy;slhla ,ndÈh fkdyel' ukao Kh.e;shd flfia
fyda Kh kshñ; Èkg wdmiq f.ùug kS;Hdkql+,j ne`È
isák neúks' Kh.e;shd meyer yßkq ,enqjfyd;a túg
Kh wdmiq f.jk njg iy;slhla Èh yelafla uQ,Huh
jYfhka Yla;su;a f;jk md¾Yjhlg muKs' Khla
fyda wdfhdackhla iy;sl lr we;akï" f;jk
md¾Yjhla úiska ,nd fok wemh fldkafoais úrys;
iy wdmiq yerúh fkdyels" ish¨ ;;ajhka hgf;a
n,d;aul l< yels úh hq;=h' fjk;a jpk j,ska
lsjfyd;a" Kh.e;shd meyer yßk úg wemlrhg .re
fkdlsÍug ud¾.hla fidhd .ekSug wemlreg fkdyels
úh hq;=h'
úl=Kqï Wml%u j,g uq,d fkdjkak' bÈßm;a lrk ,o
wdfhdack WmlrK ms<sn|j fyd¢ka fidhd n,d
wdfhdackh lsÍug fmr" mj;sk wjodkï fidhd .kak'
iajdëk úYAf,aIlhskaf.a m¾fhaIK jd¾;d iy Kh
fY%aKs.; lsÍu wdÈh ,nd § Tnj ±kqj;a lsÍug wjHdc
uQ,H wdh;k leue;af;ka ls%hdlrkq we;'
±kqj;a ;SrKhla .ekSug Tn ld,h ,nd .kak' jvd;au
jeo.;a foh kï" Tn wdfhdackh l< hq;af;a
n,m;%,;a kshdukh lrk ,o uQ,H wdh;kj, muKs'
flfia fj;;a" m%;s,dN fl;rï wdl¾YKsh jqj;a th
n,m;%,dNs kshdukh lrk ,o uQ,H wdh;khla
fkdfõ kï Tn .kafka úYd, wjodkuls'
;jo jHdc iy;sl ,nd foñka Tfí uqo,a ,nd .; yels
m%isoaO ixúOdk ksfhdackh lrk nj lshd isák
mqoa.,hska ms<sn|j b;d úmrfuka isákak' wdfhdackh
lsÍfuka miq" Tfí wdfhdack b,lal imqrd .ekSu
i|yd wjYH m%;s,dN Wmhk njg;a Tfí wjodku
bjiSfï uÜgu ;=< ;sfnk nj;a iy;sl lsÍu i|yd
Tn ksrka;rfhka ;u wdfhdack wêlaIKh l< hq;=h'
fj<|m, fmd,s wkqmd; iy fldgia fj<|m,
fufyhjk m%jK;d ms<sn|j ks;ru ±kqj;a ùu ;=<ska
Tfí wdfhdack ms<sn| ksis wêCIKhla l< yelsh'
18
Kh fY%aKs.; lsÍu f;areï .kak
Kh fY%aKs.; lsÍu uÕska wdh;khla úiska fmdfrdkaÿ
jQ fmd,sh iy uQ,sl f.ùu ldf,daÑ; mokula u;
wdmiq f.ùfï yelshdj ms<sn| m%fõYfuka ilia lrk
,o iajdêk u;hla ms<sìUq lrhs' fjk;a jpkj,ska
lsjfyd;a fmrksñ wjodku ^Default Risk& .ek fuhska
lshfõ' fmrksñ wjodku hkq Kh .eKqïlreg wod<
fmd,s uqo, yd uQ,sl uqo, kej; wdmiq f.ùug fkdyels
ùuhs'
Kh fY%aKs.; lsÍfï tackaisfha u;h uyck;djf.a
hym; Wfoid m%jD;a;s udOHj, m< fõ' fY%aKs.; lsÍu
w,dN fkdfõ hehs lshdfokq ,nk iy;slhla fkdfõ'
iq/l=ïm;a ñ,§ .ekSu" úlsKsu fyda r|jd ;nd .ekSu
i|yd ks¾foaYhla o fkdfõ'
tajd yqfola fmrksñ wjodku ms<sn|j fokq ,nk
u;hkah' Y%S ,xldfõ uyck uqo,a$;ekam;= b,a,d isák
ish¨u nexl= iy uQ,H iud.ï i|yd Kh fY%aKs.; lsÍu
wksjd¾h fõ' ;ekam;= tla/ia lrkq ,nk ´kEu uQ,H
wdh;khl Kh fY%aKs.; lsÍu ±k .ekSug$b,a,Sug
Tng whs;shla we;s w;r Kh fY%aKshla fkdue;s lsisÿ
uQ,H wdh;khl wdfhdackh fkdlrkak'
Kh fY%aKs.; lsÍï ksl=;a lrkq ,nkafka Kh fY%aKs.;
lsÍfï wdh;k ^CRAs& úisks' fujeks wdh;k
iq/l=ïm;a yd úksuh fldñIka iNdfõ (SEC) úIh
m:hg$wêCIKhg wh;a fõ' fï jk úg" *sÉ f¾áka
,xld ,sñgâ ^t*a'wd¾'t,a& iy whs'iS'wd¾'ta' ,xld ,sñgâ
hk wdh;k folla iq/l=ïm;a yd úksuh fldñIka
iNdfõ ,shdmÈxÑ ù Kh fY%aKs.; lsÍï ,nd fohs'
Kh fY%AKs.; lsÍu u.ska Kh ,nd.;a md¾Yjhg
iïnkaO fmr ksñ wjodku ueksh yels w;r wfkl=;a
idfmaCI fY%AKs.; lsÍï fyda wfkl=;a ish¨u fY%aKs.;
l< WmlrK iuÕ ikaikaokh l< yel' mßudKfha
by<skau we;s AAA(lka) fY%aKs.; lsÍu uÕska woyia
lrkafka Kh .kq ,nkakdf.a meyer yeÍfï wjodku
w;sYhska wvq jk njhs' ;jo hful= mßudKfhka my<g
hkafka kï fmrksñ wjodku l%ufhka jeä fõ'
^fY%AKs.; lsÍfï mßudKhka iy tajdfha w¾: ±laùu 1
jk j.=fõ ±lafõ&' Kh fY%aKs.; lsÍug wu;rj"
fY%aKs.; lsÍfï wdh;k úiska iúia;r Kh úYaf,aIK
jd¾;djla m%ldYhg m;a lrkq ,efí'
ia:djr wdodhï WmlrKj, j, ;u uqo,a fhdojk
fndfyda wdfhdaclhskag Tjqkaf.a wdfhdackfha iïmQ¾K
fyda w¾O jYfhka wysñ ùfï fmrksñ wjodku
;lafiare lsßug yd tajd ikaikaokh lr ne,Sug
l%uhla fkdue;' wjodkï rys; rcfha ne÷ïlr yer
fjk;a ´kEu wdfhdack WmlrKhl hful=
wdfhdackh lrk úg" fmrksñ wjodku wka;¾.;j
;sfí' fmrksñ wjodku hkq nexl= b;sß lsßï iy
ia:djr ;ekam;=" wdh;ksl ne`ÿïlr fyda Khlr"
rlaIK jkaÈ iy uQ,H iud.ïys ;ekam;= j,g f.ùug
ne¢ isák fmd,sh iy uQ,sl uqo, kej; f.ùug
wfmdfydi;a ùuhs'

Kh fY%aKs.;
lsÍu
hful= úiska nexl= ;ekam;=jl" uQ,H iud.u
;ekam;=jl" wdh;ksl ne`ÿïlrhl" Khlrhl fyda
rlaIK Tmamqjl wdfhdackh lrk wjia:djkays"
wdfhdaclhskag Kh fY%aKs.; lsÍu Ndú;d lr tu
wdfhdackfha wjodku ;ukaf.au wjodkï bjiSfï
uÜgug .e,fmkjdo hkak ;SrKh lssÍug iy ,nd
fok m%;s,dN" .kq ,nk wjodkug idfmaCIj
m%udKj;ao@ hkak .ek wjfndaOhla ,nd .; yel' by;
i|yka wdfhdack isÿ lsÍfï§ fY%aKs.; lssÍula
^fkdñf,a fokq ,nk& jeks ir, fuj,ula Ndú;d lr
wjodku uek .ekSug Tn wfmdfydi;a jqjfyd;a Tn
úiska lrkq ,nkafka úYd, je/oaols'
Kh fY%aKs.; lssÍu .ek fkdokakd wdfhdaclhskag
wdfhdack ;SrK .ekSug isÿjkafka wdh;kfha
ckms%h;djh u;hs' Y%S ,xldfõ wdfhdaclhskaf.ka
nyq;rhlg we;af;a wdfhdack wjodku ms<sn| wmeyeÈ,s
wjfndaOhls' th tfia jkafka" Tjqka ;u wdfhdack
ms<sn| fyd| wOHhkhla fkdlrk ksidfjks'
wdh;kh nxfldf,d;a jqjfyd;a rch" Tjqkaj fírd .kq
we;ehs Tjqyq È.gu Wml,amkh lr;s' Tjqkaf.ka
fndfyda fofkla m%;s,dN .ek muKla fidhd n,k
w;r fmrksñ wjodku .ek l,d;=rlska i,lkq ,efí'
Y%S ,xldfõ nexl= ;ju;a uqo,a meyer yeÍula isÿ lr
ke;s kuq;a ;ekam;alrejkag uqo,a wysñ jq uQ,H iud.ï
lsysmhla uE; w;S;fha jd¾;d ù ;sfí'
19
Y%S ,xldj i|yd Kh fY%AKs.; lsÍfï mßudKh
ks¾jpkh
Investment Grade
AAA(lka) by<;u Kh .=K;aul Ndjh AAA’ fY%aKs.; lsÍï u.ska
Kh wjodku ms,sn| wju wfmalaIdj olajhs' fuu Kh
fY%aKs.; lsÍu lrkq ,nkafka uQ,Huh ne¢ï l,g
fõ,djg f.ùu i|yd iqúfYaIS Yla;su;a Odß;djla we;s
úg muKs' fuu Odß;dj i|yd wkd.;fhaÈ wfmaCId l<
yels isÿúï wys;lr f,i n, fkdmdhs'
b;d by< Kh .=Kd;aulNdjh' ‘AA’ fY%aKs.; lsÍï
AA+(lka)
uÕska Kh wjodku ms<sn| b;d wvq wfmalaIdjla
AA (lka)
AA-(lka)
olajhs' uQ,H ne¢ï ksis l,g f.ùu i|yd b;d
Yla;su;a Odß;djla Tjqka fmkakqï lrhs' wkd.;fha
È wfmalaId l< yels isÿùï j,ska fuu Odß;dj
ie,lsh hq;= f,i wjodkug ,la fkdfõ'
A+(lka) by< Kh .=Kd;aulNdjh' ‘A’ fY%AKs.; lsßï uÕska
A (lka) Kh wjodku ms<sn| wvq wfmalaIdjla olajhs' uQ,H
A-(lka) ne¢ï ksis l,g f.úfï yelshdj Yla;su;a f,i
ie,fla' flfia fj;;a fuu Odß;dj by; ±lajq
fY%AKs.; lsÍïj,g jvd wd¾Ól ;;ajhkays
fjkiaùï j,g f.dÿre úh yelsh'
BBB+(lka) fyd| Kh .=Kd;aul Ndjh' ‘BBB’ fY%AKs.;
BBB (lka) lsÍïj,ska fmkS hkafka ±kg Kh wjodku ms<sn|
BBB-(lka) hï wvq wfmalaIdjla mj;sk njhs' uQ,H ne¢ï
ldf,daÑ; f,i f.ùfï yelshdj m%udKj;a hehs
i,lkq ,enqjo wd¾Ól ;;ajhkays wys;lr
fjkialï fuu Odß;djg ydks lsÍug jeä bvla
we;' fuh wju wdfhdack fY%aKsfha ldKAvhhs'
iufmalaIK fY%aKsh
BB+(lka) iufmalaIk' ‘BB’ fY%aKs.; lsßï j,ska fmkS hkafka"
BB (lka) úfYaIfhka ld,h;a iuÕ we;s jk wys;lr wd¾Ól
BB-(lka) úm¾hdifha m%;sM,hla f,i Kh wjodku j¾Okh
ùfï yelshdjla mj;sk njhs' flfia fj;;a" uQ,H
ne¢ï imqrd,Sug bv §u i|yd jHdmdr fyda uQ,H
úl,am ,nd.; yelsh' fuu ldKAvfha fY%aKs.; lr
we;s iq/l=ïm;a" wdfhdack fY%aKshg jvd my< fõ'
B+(lka) by< iufmalaIk ‘B’ fY%aKs.; lsßïj,ska fmkakqï
B (lka) lrkafka ie,lsh hq;= Kh wjodkula mj;sk
B-(lka) kuq;a iSñ; wdrCIs; njla mj;sk njhs' uQ,Huh
ne¢ï ±kg ksishdldrj imqrd we;' flfia fj;;a"
wLKAvj f.ùï lsÍu r|d mj;skafka Odß;djh"
;sridr" jdisodhl jHdmdr iy wd¾Ól mßirhla
u; fõ'
CCC(lka) by< fmrksñ wjodku" ^High Default Risk& Kh
CC (lka) f.úï meyer yeÍug jeä wjodkula mj;s' Kh
C(lka) f.ùfï yelshdj ;kslru r|d mj;skafka hym;a
$jdisodhl wd¾Ól mßirhla u; fõ'
Kh meyer yeÍu fuhska lshfjkafka Kh uqof,ka
DDD(lka)
50] - 90] w;r m%udKhla kej; whlr.; yels nj
DD (lka)
iy Kh meyer yeßfï iïNdú;djh w;sYh jeä
D(lka)
njhs' tfukau "D" uÕska lshfjkafka Kh kej;
whlr .ekSfï iïNdú;dj 50]lg;a jvd wvq njhs'
wdfhdackh lsÍfï wjodku ±k .kak

iEu wdfhdackhlu wjodkula we;' wjodku hkq

wdfhdackfha ienE m%;s,dN wfmalaIs; m%udKhg jvd wê
fjkia ùug we;s yelshdj iy uq,a wdfhdackh l<
uqof,ka fldgila fyda ish,a,u wysñ ùfï yelshdj fõ' fldgia
ia:djr ;ekam;= iy Khlr jeks ia:djr fmd,S f.jk
wdfhdack WmlrK j,È Tng fmrksñ wjodkula iy
foam,
ñ,È .ekSfï Yla;sfha wjodkula we;' ^m%;s,dNh
WoaOukhg jvd wvq jk úg wdfhdackh l,a msrsfïÈ
,efnk uqof,ka Tng fmr§ ñ,È.; yels NdKAv
m%udKhu ñ,§ .; fkdyel&' iud.ï fldgia" tall idfmalaI
Ndr iy r;Arkaj, wdfhdack i|yd fj<|fmd, m%;s,dN
wjodku yd wia:djr;ajh n,mdhs' ^wdfhdaclhskaf.a ia:djr fmd,sh
yeisßu fyda ufkdaNdjh iy fjk;a idOl fya;=fjka
tÈfkod tajdfha ñ, WÉpdjpkh úu&' foam,
wdfhdackj,g øjYS,;d wjodku we;s w;r tajd
blaukska uqo,a njg mßj¾;kh lsÍug Tng fkdyels
jkq we;' Tfí wjodkï bjisfï iSudj ±k .eksu Tng
jeo.;ah' tkï Tfí wdfhdackh ;=<ska mdvqjla
isÿjqjfyd;a th fld;rï ÿrlg Tng ord.; yelso wvq uqo,a
hkakhs' wvq idfmalaI wjodku wê
Tn jD;a;Sh wdfhdack WmfoaYlfhl= iuÕ l;d
lrkafka kï" Tyq fyda weh m%;s,dN .ek l;d lsÍug
fmr we;súh yels ish¨u wjodkï ms,sn| idudkH wdfhdackh lrkafka flfiao@
woyila Tng ,nd fokq we;' tfukau wfkla w;g" wjodku wju lsÍu iy Tfí wdfhdackfha m%;s,dN
wjodkug fmrd;=j m%;s,dNh .ek muKla Tng mjik Wmßu lsÍu i|yd my; i|yka oE b;d jeo.;a fõ'
WmfoaYljrekaf.ka m%fõYï jkak'
Tfí uQ,H wkd.;h i|yd Wmdh ud¾.hla
m%d.aOk fj<|fmdf<a wdfhdackh lsÍu
;nd .kak'
fyd¢ka ie,iqï l< wdfhdack Wmdh ud¾.hla ;sîu
wdfhdack j¾.
uÕska ienE fjkila we;s l< yelsh' Tn Wmdh
ne÷ïlr ( Khlr f,i ye¢kafjk fuu ne`ÿïlr rch"
ud¾.hlska f;dr kï" wdfõ.YS,Sj ls%hd lsÍfï
uQ,H wdh;k iy iud.ï úiska wruqo,a Khg ,nd
m%jK;djla mj;S' ksoiqkla jYfhka fldgia
.ekSug Ndú;d lrhs' wdh;ksl yd ;ks wdfhdaclhska
fj<|fmdf,ys ±ä my; jeàulg ,lajk úg
fïjdfha wdfhdackh lrkq ,nk w;r ta fjkqfjka
wdfhdaclhla ìh ù fldgia úl=Kd ouhs' fndfyda
ksYaÑ; fmd,shla iy ksYaÑ; wkd.; ÈkhlÈ Khg .;a
wdfhdaclhska Ndú;d lrk fuj,ula jYfhka wdfhdack
uq,a uqo, wdmiq f.jkq ,efí' Khlr" fld<U fldgia
m%;sm;a;s m%ldYh ^IPS& ye¢ka úh yelsh' fuys wdfhdack
fj<|fmdf,ka ^CSE& ñ,§ f.k úl=Kd ±ñh yelsh'
wruqKq iy iSudjka meyeÈ,sj olajk w;r my; i|yka
ld,h;a iuÕ tajdfha jákdlu by< iy my< hd
foa tys wka;¾.; fõ' WÞ( m%;s,dN wjYH;djh" wjodku
yelsh'
bjiSfï uÜgu iy iSudjka ^wdfhdackfha ld, mrdih"
øjYS,;d wjYH;djh" kS;suh wjYH;d" nÿlrK
iud.ï fldgiaa( iud.ul fldgila" iud.ul
wjYH;d" wdfhdaclhdf.a úfYaIs; jQ wjYH;d& jD;a;Sh
ysñlfuka fldgila ksfhdackh lrhs' Tng iud.ul
wdfhdack WmfoaYlfhl= fiajdodhlhdf.a wjYH;d
fldgia ;sfí kï" iud.u ,nk ,dNfhka ,dNdxY Tng
f;areï .ekSug whs'mS'tia' ^IPS& tlla ilia lrkq ,nk
,efnkq we;' fldgil ñ, idudkHfhka ld,h;a iuÕ
w;r wdfhdack l,ukdlrKh lsÍfï§ ish¨
fjkia fõ' fldgil ñ, jeä jqjfyd;a" Tn th ñ,§
md¾Yjhkaf.a j.lSï f,aLk.; lsÍug W;aidy lrkq
.;a ñ,g jvd jákdlula we;' kuq;a ñ, my;
we;' Tfí wdfhdack wruqKq iy wjodkï bjiSfï
jegqkfyd;a th Tn f.jQ uqo,g jvd wvq jkq we;'
uÜgu u; mokïj" wdfhdack WmfoaYljrhd Tng
fldgil ñ, r`od mj;skafka wod, iud.fï
.e<fmk iy iqÿiq j;alï fjka lsÍula ^Asset
ls%hdldß;ajh" iud.u ls%hd;aul jk l¾udka;fha
Allocation& IPS tlla ud¾.fhka ks¾foaY lrkq ,nhs'
^Industry& ;;ajh iy idudkH wd¾Ól ;;aajh u;h'
fiajdodhlhdf.a wruqKq" iSudjka fyda fjk;a ;;ajhka
fjkia jk úg" ksrka;rfhka IPS tl iudf,dapkh lr
hdj;ald,Sk lrkq ,eìh hq;=h'

20
wjodkï wju lsÍu i|yd Tfí wdfhdack m%d.aOk fjf<|fmdf<a wdfhdackh
úúOdx.SlrKh lrkak'
úúO j;alï mx;sj, úúO uÜgïj, wjodkï iy
lsÍfuka ,efnk m%;s,dN
m%;s,dN ,laIK we;s w;r tajd ld,h;a iuÕ tlu
fj<|m, ;;ajhka hgf;a jqj;a fjkia f,i yeisf¾' m%d.aOk ,dN ,nd .ekSu
1.
tneúka tla j;alï mka;shl OKd;aul ^Positive&
fldgia" Khlr fyda tall Ndr jeks ,ehsia;=.;
ls%hdldß;ajh uÕska ;j;a j;alï mka;shl RKd;aul
iq/l=ïm;a j, wdfhdackh lsÍfuka b;=reï .sKqï iy
^Negative& ls%hdldß;ajh uÕyrjd .; yelsh' tneúka
ia:djr ;ekam;a j,g jvd jeä È.= ld,Sk m%;s,dN"
wdfhdaclhska j;alï mka;s yryd iy tlS j;alï mka;s
m%d.aOk ,dN iy ,dNdxY f,i ,nd .; yelsh' È.=
;=< ;jÿrg;a úúOdx.SlrKh l< hq;=h'
ld,Skj iq/l=ïm;a ñ, .Kka WoaOukh blaujd hhs'
Tfí wdfhdack l<U (Investment Portfolio) ks;sm;d
iudf,dapkh lrkak'
Tng wjYH jQ úúOdx.SlrKh wod< wdfhdack l<U
uÕska imhk nj iy;sl lsÍu i|yd Tfí l<U
ksrka;rfhka iudf,dapkh lrkak' Tfí wdfhdack
l<fò m%;s,dN l<ska msysgqjd.;a wfmaCIs; m%;s,dN
wkqmd; iuÕ .e<fma±hs ks;ru ikaikaokhl
fhfokak'

1985 – 2012 2002 – 2012 2009 – 2012 ld,iSudj

28 11 4 wjqreÿ .Kk

26.59 32.98 53.53 idudkH m%;s,dNh ^jd¾Isl ]&

14.29 11.56 11.33 idudkH jd¾Isl NdKAvd.dr ì,am;a bmhSu ^]&

12.30 21.42 42.20 fldgia i|yd wjodkï jdßlh ^Risk Premium&

Tn f.jkafka zzñ,ZZ jk w;r zzjákdluZZ 2. øjYS,;djh iy kuHYs,S;ajh

hkq Tng ,efnk fohhs'
foaj,a ir, f,i ;nd .kak' Tn wdfhdackh lrk
j;alfuys wkd.; bmehSï yelshdj Tn f;areï .kaf;a
kï muKla wdfhdackh lrkak' hï wdfhdack j;alul
ñ, uE; w;S;fha § jeä fjñka mj;S kï" tu ldrKh
lsis úfgl;a ñ,§ .ekSug fya;=jla fkdfõ' flfia
fj;;a" wdfhdaclhka fndfyda úg ;u fiiq
wdfhdaclhkaf.a w;d¾lsl yeisÍu wdo¾Yhg f.k
Tjqkao w;d¾lsl f,i yeisßug mgka .ks' wdfhdackh
lsÍfï§ ìh Wmojk jd;djrKh Tfí ñ;=rd jk w;r
m%s;su;a jpk iy mßirh Tfí i;=rd f,i ie,lsh
hq;=h'
wdfhdaclhska zzwjodkuZZ hk ldrKdj RKd;aul f,i
is;Sug keUQre jkafka th j<lajd .; hq;= fohla jk
neúks' flfia fj;;a" wdfhdack f,dalfha wjodku iy
m%;s,dNh fjka l< fkdyels w;r wjodku
l<ukdlrKh lr m%;s,dN Wmßu lr .ekSug j.n,d
.; hq;=h'
fldgia iy Khlr mj;akd fj<|fmd, ñ,g myiqfjka
wf,ú l< yels w;r ie,lsh hq;= .kqfokq msßjehla fyda
fõ,djla ±ßug iy .; lsßug isÿ fkdfõ' úúO wdodhï
uÜgïj, wdfhdaclhskga ;ukag ±ßh yels tall .Kkl
wdfhdackh l< yels mßÈ fïjd .Kqfokq fõ'
3. úúOdx.SlrKh
fldgia yqjudrefõ ,ehsia;=.; lr we;s úúO j¾.fha
iq/l=ïm;aj, ^úúO j¾.fha l¾udka;& wdfhdackh
lsÍug yelshdj ,eîu ksid iud.ï i|yd jk ksYaÑ;
wjodku ^Specific Risk& wju lr.; yelsh' jD;a;Sh
úfYaI{hka úiska wdfhdack ;SrK .kq ,nk tall Ndr
^Unit Trust& ;=<ska lrkq ,nk wdfhdackhkaysÈ fuu
ksYAÑ; wjodku ^Specific Risk& ;jÿrg;a wju lr.;
yelsh'
4. wemlrhla f,i Ndú;d l< yelsùu

Tfí mrud¾:h úh hq;af;a ia:djr ;ekam;= jeks wju fulS wdfhdack iq/l=ïm;a" uq,H wdh;khlska Khla
wjodkï úl,amhla i|yd wdfhdackh lsÍu fkdj" Tn ,nd .ekSfïÈ wemlrhla f,i Ndú;d l< yels fõ'
ord .ekSug leu;s wjodkug wkql+,j yels Wmßu
m%;s,dN ,nd .ekSuhs' fuh l< yelafla Tn ta
iïnkaOj bf.kSug iy jD;a;Sh Wmfoia ,nd .ekSug
leu;s kï muKs' tfia fkdfõ kï" Tn fkd±kqj;aju
wjYH m%udKhg jvd jeä wjodkula .ekSu ksid
fndfyda wdfhdaclhska fuka uqo,a wysñ lr .kq we;'

21

wdfhdack isÿ lsÍfï§ jD;a;Sh Wmfoia
,nd .kak'
wdfhdackh lrk úg" wdfhdack úfYaI{hl=f.ka
jD;a;Sh Wmfoia ,nd .kak' Tyq by< fldñia uqo,a
miqmi yUd fkdhk" fyd| w;S; jd¾;djla" by<
ksmqK;djhla iy ±ä wdpdr O¾u moaO;shla yd jD;a;Sh
yeisßï j, m%ñ;Skag ne£ isák mqoa.,fhl= úh hq;=h'
Tn ðú; ld,h mqrdu lrk ,o b;sß lsÍï iqugj iy
wdl¾YkSh f,i úl=Kqïlrefjl=g Ndr fkdÈh hq;=h' ta
yd iudkj" Tn lsisúfgl;a Tfí uqo,a fl,skau
wdfhdack WmfoaYlfhl=g Ndr fkdÈh hq;=h' ta
fjkqjg" úYd, ms<s.;a nexl=jla jeks Ndrlrefjl=
^Trustee& Ndú;d lrkak' fuysÈ WmfoaYlhd Tfí
;ekam;= fyda uqo,a wdmiq .ekSu Rcqju yiqrejkafka
ke;s ksid fuh jxpdjg we;s wjia:d wvq lrhs'
Tn wdfhdack WmfoaYlfhl= f;dard .ekSug fmr
hïlsis fidhd ne,Sula lrkak' n,m;%,dNs jD;a;Sh
wdfhdack WmfoaYlhskaf.a ,ehsia;=jla i|yd Tng
iq/l=ïm;a yd úksuh fldñIka iNdj yd iïnkaO úh
yelsh' ke;fyd;a wdfhdack id¾:l lr.;a i.hl=
iuÕ l;d lrkak' flfia fj;;a lsisu úfYaI{fhl=
wkaO f,i úYajdi fkdlrkak' Tyq$weh fldñia uqo,la
,nd .ekSfï wruqKska Tyqf.a$wehf.a ksIAmdok
úlsKsug W;aidy lrhs' úúO woyia ,nd .ekSfuka miq
Tfíu ±kqj;a ;skaÿj ms<sn|j úYAjdi lrkak' Tfí
wdfhdack f.dvk.d .ekSug Wmldß jk wdfhdack
WmfoaYk iud.ula ^fndfyda úg fldgia ;e/õlrejl="
wruqo,a l<ukdlrefjl= fyda Okh l<ukdlrefjl=
f,i úia;r lsÍu& f;dard .ekSu wdfhdaclfhl= f,i
Tn .kakd jeo.;a ;SrKhls' Tn kjlfhl= fyda jir
.Kkdjla wdfhdackh lr we;ao hkak .eg¿jla
fkdjk w;r tu ksid m%Yak weiSug lsis úfgl;a miqng
fkdjkak' Tn fjfyi uykaisfhka Wmhd .;a uqo,a
Tng úYAjdi l< yels iy fyd| ye`.Ssulska jevl< yels
wdfhdack WmfoaYlfhl= iuÕ wdfhdackh lsÍug
;SrKh lsÍug fmr Tn weish hq;= m%Yak lsysmhla ;sfí'

wdfhdack iud.ug wjYH n,m;% ;sfío iy

Tjqkag fiajdodhl fhduq lsÍu ,nd Èh yelso@
m<uq mshjr jkqfha fld<U jHdmdr jia;=
yqjudrej ^CSE& fyda iq/l=ïm;a yd úksuh
fldñIka iNdj ^SEC& iuÕ mÍlaId lsÍuhs'
fojkqj" Tjqkaf.a ±kg isák fiajdodhlhska$
wdfhdaclhka lsysm fofkl= iuÕ l;d lrkak'

wjodkï bjiSfï uÜgïj,g wkql+,j

.kqfokqlrejkag m%;s,dN ,nd §fï
wruqKska wdfhdack WmfoaYk iud.u
uQ,O¾u ie,ls,a,g .ksñka úplaIKYS,Sj
wdfhdack l<ukdlrKh lrkafkao@

a. wdfhdackh ;=<ska uqo,a Wmhkafka flfiao@

wdfhdack WmfoaYk iud.u wdfhdackfha
wjodkï ms<sn|j meyeÈ,s wjfndaOhla ,nd
b. ud yg mdvqjla fkdùug kï fuu wdfhdackfhys
fohso@ wjodkï ms<sn| jvd fyd| woyila jákdlu fldmuK m%udKhlska jeäúh hq;=o@
,nd .ekSu i|yd Tng weish yels m%Yak
lsysmhla my; ,ehsia;= .; lr we;' c. uqo,a yÈisfha wjYH kï fuu wdfhdackh
úlsKsug fld;rï myiqo@

fiajdodhl f;dr;=re wdrlaId lsßu i|yd

wdfhdack iud.u wkql+,;d
^Compliance& iy wjodkï ^Risk&
l<ukdlrK moaO;s" f;dr;=re wdrlaIdj
iy md,khka mj;ajdf.k hkafkao@

iud.fuys lsisfjl= iodpdr úfrdaê fyda

kqiqÿiq yeisßu iïnkaOfhka fpdaokd ,en
;sfío@ ke;fyd;a úYAjdikSh j.lSï
W,a,x.Kh lsßu iïnkaOfhka
fiajdodhlhl= úiska kvq mjrd ;sfío@

22
6 Okh l<ukdlrKh
(Wealth Management)
Okh$iïm;a l<ukdlrKh hkq wdfhdaclfhl=
wdfhdack l<Ulg fhduq lsÍuhs' th fldgia f;dard
.ekSu fyda olaI f,i wdfhdackh lsÍu fkdfõ' fyd¢ka
úúOdx.SlrKh jQ wdfhdack l<Ulg jvd flakaø.; jq
l<Ula mdvq ,eîfï wjodkulg uqyqK fohs'
Okh l<ukdlrKh wdrïN jkafka Tng wjYHh foa
wjfndaO lr .ekSfuka" fj<|m,j,a wjfndaO lr
.ekSfuka iy Tfí wdfhdack l<fò m%d.aOkh iq/lSu
iy wkd.; j¾Okh w;r ;=,khla fidhd .ekSfuks'
Okh l<ukdlrKh lsÍu hkq blaukska fmdfydi;a
ùu fyda fldgia fj<|fmdf,a iufmalaIkh
^Speculation& lsÍu fkdfõ' Okh l<ukdlrKh hkq
Tnf.a wd¾Ól iuDoaêh i|yd fyd¢ka hd hq;= .ukls'
ñksiqka Okj;ajk úg Okh l<ukdlrKh lsÍu yd
r|jd .ekSu jvd;a ixlS¾K fõ'
j;alï fjka lsÍu iy l<U
úúOdx.SlrKh
wdfhdackh lrk úg" ;ks wdfhdaclfhl= iEu úgu
wdfhdack l<Ula ;nd .; hq;=h' thska woyia lrkafka
Tyq fyda weh úiska ;u ;;ajhkag .e,fmk iuia:
l<fò wdfhdack ,laIK i|yd úúO jQ j;alï mka;s
iy iq/l=ïm;a we.hSug ,la l< hq;= njhs' wdfhdack
l<U úúOdx.SlrKh wdfhdaclhskag úkdYldß
wdfhdack m%;sm;a;s j<lajd .eksug Wmldß fõ'
fndfyda úY%dñlhka ;u uqo,a j,ska jeä m%udKhla
l<lg by; nxfldf,d;a jQ lsishï uQ,H iud.ul ;nd
;snQ nj ljqre;a okakd lreKls' Tjqka uQ,Huh jYfhka
úkdYhg m;a jQ w;r Tjqkaf.a ffjoH úhoï mjd mshjd
.ekSug fkdyels jQ w;r wjidkfhaÈ ish,a, wysñ úh'
fuhska bf.k .; hq;= mdvu jkafka zzTfí ì;a;r
ish,a, tl l+vhlg fkdoukakZZ hkakhs' fjk;a jpk
j,ska lsjfyd;a úúOdx.SlrKh jQ l<Ul wdfhdackh
lsÍu ;=<ska wfmaCIs; m%;s,dN wkqmd;h wvq fkdlr
Tnf.a wjodku muKla wvqlr .ekSug yelshdj ,efí'
fndfyda ÿmam;=ka r;arka i|yd wdfhdackh lrk w;r
Tjqkag uqo,a wjYH jQ úg tajd Wlia lrk w;r Okj;=ka
bvï" ksjdi fyda uy,a ksjdij, wdfhdackh lr;s'
tajdfha jákdlï È.ska È.gu by< h;ehs hk jerÈ
23
is;=ú,a,l miqfõ' f,dalfha rka yd foam<j, ñ, lvd
jeá we;s wjia:d .Kkdjla ;sfí' tjeks j;alï
wjidkfhaÈ Tjqkaf.a uq,a ñ,È .ekSfï ñ,g jvd
ie,lshhq;= ;rï wvq ñ,lg wf,ú lsÍug isÿúh'
úúOd.SlrKh jQ j;alï mx;sj, l<Ula iy tla tla
j;alï mka;sh ;=< ;jÿrg;a úúOdx.SlrKh lsÍu
wjodkï l<ukdlrKh lsÍug Wmldß jkafka by; lS
lreKq ksidh' th Tng wd¾Ól jYfhka le,ô,s iys;
ld,j,§ wdfhdackh lsÍug iy j;alï mx;s lsysmhlg
muKla wêl f,i wdfhdackh lsÍfuka we;sjk
wjodkfuka Tnj j<lajd .ekSug WmldÍ fõ'
;ks wdfhdaclfhl= i|yd wdfhdack l<U úl,amhka"
j;alï mka;s lsysmhlska iukaú;úh yelsh'
WodyrKhla f,i rcfha NdKAvd.dr ì,am;a iy
ne÷ïlr jeks ia:djr wdodhï WmlrK" ,ehsia;=.;
wdh;ksl Kh WmlrK" foaYsh yd úfoaYSh ,ehsia;=.;
fldgia iy uqo,a yd uqo,aj,g wdikak j;alï'
fuu ish¨ j;alï mka;s myiqfjka uqo,a njg
mßj¾;kh l< yelsh' iud.ï fldgia j,o Tng mka;s
folla ;sfí' tkï j¾Ok fldgia ^Growth Stocks& iy
wdodhï fldgia ^Income Stocks& fõ' ia:djr wdodhï
m%jdyhla imhk neúka wdodhï fldgia wvq wjodkï
iys; fõ' tkï fjf<|fmd< my; jeá we;s úg mjd
,dNdxY ,efí' Tfí l<fUys hï øjYS,;djhla ;sìh
hq;=h' iïu;h kï uqo,a fjf<|fmdf,a ^Money
Market& fyda blaukska uqo,a bmhsh yels WmlrKj,"
udi 3-6la i|yd Tfí úhoïj,g iß,k uqo,la ;nd
.ekSuhs' Bg wu;rj" Tfí wdfhdack l<Ug foam<" rka
jeks jákd f,day jeks wvq øjYs, j;alï o we;=<;a úh
yelsh' úúO úl,am wdfhdack jk mqoa.,sl iud.ïj,
fldgia o ^Private Equity& fuhg we;=<;a úh yelsh'
jeo.;a jkafka úúO j;alï mka;sj, wjodkï iy
tajdfha m%;s,dN ,laIK iyd tajd w;r mj;sk iy
iïnkaO;djhhs' ksoiqkla f,i fmd,S wkqmd; by< hk
úg fldgia ^iy foam<& fj<|m, my; jefÜ' fmd,S
wkqmd; my; jefgk úg Bg m%;súreoaO foh isÿfõ'
wdfhdack WmfoaYljrhd idlaId;a lr .ekSug W;aidy
lrkafka mq¿,a f,i úúOdx.slrKh jQ wdfhdack l<Ula
jk w;r th wkd.; .kqfokqlref.a$wdfhdaclhdf.a
wkd.; wkfmalaIs;Ndjhg tfrysj Tyqf.a Okh
wdrlaId lr .ekSug wjia:dj Wodlrfokq we;'
wjodkï l<ukdlrKh

wdfhdack l<U f.dvke.Sfï ls%hdj,sfha wjodkï

l<ukdlrKh ^Risk Management& jeo.;a wx.hls'
jeo.;a jkafka ´kEu ;ks j;alï mka;shlg muKla
wod< wjodku fkdj" ish¨ j;alï mx;s l<U ^Asset
Classes& ;=< wjodku ls%hd;aul jk wdldrhhs'
wdfhdackhla we.hsug tys ls%hdldß;ajhg n,mdk
úúO wjodkï i,ldne,sh hq;=h' fj<|fmd, ms<sn|
wjodkï ^Market Risk& mq¿,a mrdihla i,ld n,hs'
Tn fldgiaj, wdfhdackh lrkafka kï rfÜ iuia;
wd¾Ól yd foaYmd,k ;;ajh" f;,a ñ," hqoaOh jeks
f,dal isÿúï mjd Tfí wdfhdackfha jákdlu
WÉpdjpkh ùug fya;= jk nj Tn ±k.; hq;=h'
fm!oa.,sl iud.ï" ne`ÿïlr iy úl,am wdfhdack
i|yd o fj<|fmd, wjodku wod< fõ'

Tfí wdfhdackfha .=Kd;aulNdjh tf,iu mej;=ko

fj<|m, my;` jeàu wdfhdackfha ls%hdldß;ajhg
ndOdjla úh yelsh' wdfhdack o m%jK;d wkq.ukh
lrhs' ksoiqkla jYfhka foam< fyd| wdfhdackhla
f,i fmfkkakg mq¨jk' foam, ñ,È .ekSug jeä
msßila Wkkaÿ ùu ;=<ska hï ld,hla we;=<; ñ, by<
f.dia foam<j, ñ, wêlh hk úYajdih
wdfhdaclhkag we;súh yelsh' fujeks wjia:djkaysÈ
jHQyh fjkia fkdjqk;a Tfí foam<g we;s jákdlu
wvq úh yelsh'

fmr§ meyeÈ,s l< mßÈ fmrksñ wdjodku ^Default

Risk& wdfhdackfha .=Kd;aulNdjh yd iïnkaO jk
w;r ;ks iud.ul fldgia yd ne֕lr yryd
wdfhdackh lrkúg th jvd;a meyeÈ,sj fmfka'
iud.u fyda uQ,H wdh;khla mjd jerÈ f,i
l<ukdlrKh lr nxfldf,d;a jqjfyd;a" Tng
fmdfrdkaÿ jq m%;s,dNhla fyda Tn wdfhdackh l<
m%d.aOkh fkd,efnkq we;'

l,ska úia;r lr we;s mßÈ øjYS,;d wjodku

^Liquidity Risk& f,i y÷kajkqfha uqo,a wysñ fkdù
Tfí wdfhdackh uqo,a njg mßj¾;kh l< yelafla
flfiao hkakhs' WoaOuk wjodku ^Inflation Risk& hkq
ld,h;a iuÕ WoaOukh fya;=fjka remsh, i;= ñ,È
.ekSfï Yla;sh my; jeàuhs' wdfhdackfhka ,efnk
m%;s,dN WoaOuk wjodku wvqlrk w;r Tn ,nk
wdfhdack m%;s,dNh WoaOuk fõ.hg jvd wvqkï
Tnf.a wdfhdackh ;=<ska mdvq isÿfõ'

fmd,S wkqmd; wjodku ^Interest Rate Risk& f,i

y÷kajkafka fj<|fmd, fmd,S wkqmd; fjkia jk úg
tuÕska ia:djr wdodhï WmlrKj, m%d.aOk ,dN iy
w,dN úh yelsh' ksoiqkla f,i Tn Kh WmlrKhla
i|yd wvq l+mka wkqmd;hlg wdfhdackh lr fj<|m,
fmd,S wkqmd; by< .shfyd;a" Tfí ia:djr wdodhï
WmlrKh tys iïmq¾K ld,hg fmr úl=Kkafka kï
Tng m%d.aOk w,dNhla isÿúh yelsh' wfkla w;g Tn
by< l+mka wkqmd;hlg wdfhdackh lrkafka kï iy
fj<|fmd, fmd,S wkqmd; my; jefÜ kï Tfí
wdfhdackh tys iïmQ¾K ld,hg fmr úl=Kkafka kï
Tng m%d.aOk ,dN j,ska m%;s,dN ,nd.; yelsh'

24
 wkfmalaIs; foa i|yd
7 iqodkï jkak
rlaIKhla .kafka wehs@
Tn rlaIKhla .;aúg wkfmalaIs; isÿùï iïnkaO
uQ,H wjodkï lsysmhla Tn bj;alrhs' rlaIKh hkq
wfmalaIs; w,dNhla isÿjqjfyd;a uqo,a f.ùu i|yd
Tnj uQ,Huh jYfhka wdrlaId lr .ekSfï l%uhls'
uQ,H m%;súmdl fjk;a flfkl=g mejÍfuka
wúksYAÑ;;dj bj;a lrhs' idudkHfhka fuh lrkq
,nkakfka rlaIK iud.ula úisks'
yÈis wk;=rla" .skakla" fidrlula" wikSmhla fyda
urKhla fya;=fjka isÿ jq ksYAÑ; w,dNhla i|yd
rCIK iud.u úiska jkaÈ f.jkafka tlÕ jQ hï
uqo,lg l,a;shd jdßl jYfhka f.jk ,o uqo,la
u;h' ^fuh jdßlhla f,i ye¢kafõ&' fuu jkaÈ
f;jk md¾Yjhlg o l< yelsh' ^Wod( Tn ßh
meoùfï§ mdf¾ .uka lrk u.sfhl= yemamqjfyd;a&
Tng ðú; rlaIKhla ;sfí kï iy Tn ñh .shfyd;a"
Tfí ðú;h rCIKh lr we;s uqo, Tfí mjq,g f.jkq
,efí' Tfí jdykh fyda h;=re meÈhgo rlaIK
wdjrKhla ;sìh hq;=h'
rlaIK j¾.
ðú; rlaIKh hkq rlaIK iud.ula iy mqoa.,fhl=
w;r .súiqula jk w;r Tn ñh hk úg Tfí mjq,g fyda fjk;a kï
lrk ,o m%;s,dNSkag hï uqo,la f.ùug rlaIKlre fmdfrdkaÿ fõ'
fi!LH rCIKh hkq rlaIK Tmamqjg we;=,;a lr
we;s mßÈ we;eï ffjoH úhoï wdjrKh lrhs' l=uk ffjoH ;;ajhka
iy fiajdjka wdjrKh lrkafkao iy l=uk m%udKhlgo hkak Tn
fyd¢ka f;areï f.k we;s njg j. n,d .kak' fndfyda rCIK m%;sm;a;s
tajd wdjrKh fkdlrk foa flfrys jeä wjOdkhla fhduq lrk w;r
rCIKlre iuÕ tjeks foa ms,sn| fyd| idlÉPdjla meje;aùu b;d
jeo.;a fõ' tu.ska rCIK iud.u úiska f.ùï meyer yeÍug we;s
bvlv wvqlr .; yelsh'
foam, rlaIK u.ska foam, ydksj,ska jk mdvq i|yd
wdrlaIdj imhhs' l,ska rlaIKh lr we;s ksYaÑ; foam,j,g ydkshla
isÿ jq úg rlaIKh l< mqoa.,hdg jkaÈ ,nd fokq ,efí' WodyrKhla
f,i Tfí ksji .sksf.k fyda .xj;=rlska ydks jq úg tjeks ;;ajhla
;=< ke;sjQ$ydkshg m;a foam, m%;sIaGdmkh lsÍug rlaIK iud.u Tng
jkaÈ ,nd fokq we;'
25
rlaIKh wod< jkafka hï isÿúula isÿúug fmr Tn th
wdjrKh lsÍu msKsi rlaIKh ñ,È .;a úg muKs'
rlaIK m%;sm;a;sh ^Insurance Policy&hkq rlaIK iud.u
Tng f.úhhq;= ;;ajhka iy fldkafoais hgf;a
úia;rd;aulj úia;r lrk fldka;%d;a;=j fyda kS;suh
,shú,a,hs' Tng jkaÈ f.jkq ,nkafka tys w,dNh hï
rCIK m%;sm;a;shla u.ska wdjrKh jkafka kï muKs'
rlaIKh uÕska wdjrKh jkafka Tng l,a;shd iQodkï úh
fkdyels wjodkï jk neúka th i|yd úYd, uqo,la b;sß
lr .; hq;= fkdfõ' rlaIKlrejkag Tjqkag isÿúh yels
mdvq ms<sn| ksjerÈj mqfrdal:kh l< yelsh' Tjqka
yßhgu fkdokakd kuq;a ;u w;a±lSï iy úúO jQ
ixLHdk o;a; ta ms,sn|j Tjqkag fyd| woyila ,nd fokq
we;' we;a; jYfhkau ´kEu j¾Ihl§ mdvq ,nkafka
rlaIK Tmamq ysñhkaf.ka b;d iq¿ fldgila muKs'
rlaIK iud.ula ish fiajdj imhkafka tlu wjodkulg
ksrdjrKh jk ish¨ fokd tla/ia lsÍfuks' tla tla
mqoa.,hdf.ka uqo,a jdßlhla tl;= lsÍfuka rlaIKlreg
rlaIK ixÑ;hla f,i ye¢kafjk wruqo,la /ialr .;
yels w;r thska jkaÈ uqo,a f.úh yelsh'
Tn w;ska hful=f.a fi!LHhg fyda foam<j,g ydkshla
isÿ jQ úg j.lSï rlaIKh u.ska Tng wdrlaIdjla ,nd foa' th
wdjrKh lrkafka wfkla mqoa.,hdf.a mdvq muKs' Tn iy Tfí foam,
wkdrlaIs;h' kuq;a j.lSï rlaIKh wfkla mqoa.,hdf.a ydksj,g
j.lsj hq;= ùfuka Tnj wdrlaId lrhs' ksoiqkla jYfhka" Tfí
f.dvke.s,a, bÈfjñka mj;sk úg th lvd jeá mqoa.,fhl=g ;=jd,
isÿjqjfyd;a fuu rlaIKh uÕska tu mqoa.,hdf.a ffjoH úhoï n,d
.kS" Bg wu;rj wk;=r isÿjk wjia:dfõ ydkshg m;a mqoa.,hdf.a nvq
i|yd rlaIK wdjrKh f.jkq ,efí'
Tfí /lshdj wysñ jQ úg fyda yÈis wk;=rla fya;=fjka
wdndê; ;;a;ajhla u; jev lsÍug fkdyels jQ úg wdndê;
rlaIKh Tng ta i|yd wdrlaIdj imhhs' Tfí wdndê; ;;ajhg
tfrysj rlaIKh lr we;akï" túg Tfí bmehsï$wdodhï wysñùu i|yd
rlaIK iud.u Tng jkaÈ ,nd fokq we;'
Tfí md,kfhka Tíng .sh fya;= ksid .=jka .ukla
uÕ yreKfyd;a fyda Tfí .uka u¨ ke;s jqjfyd;a fyda frda.dndO"
;=jd, jeks wkfmalaIs; wjia:djkag tfrysj ixpdrl rlaIKh"
u.ska Tng wdrlaIdj imhhs'
rlaIKhla ,nd .ekSfïÈ l< hq;= iy fkdl< hq;= foaj,a

1' fyd|u rlaIK iud.u y|kd .ekSu( Tjqkaf.a Kh fY%aKs.; lsÍu' fldkafoais"
ls%hdj,ska iy jkaÈ f.ùug .;jk ld,h wkqj Tjqkaf.a f.úfï yelshdj i,ld
n,kak' úúO rlaIK iud.ï" ksfhdað;hska" ;e/õlrejkaf.ka ñ, .Kka le|ùï
,ndf.k ikaikaokh lrkak' l,ska rlaIK ñ,§ .;a ñ;=rka fyda Y%S ,xld rlaIK
kshduk fldñIka iNdj ^IRCSL& iuÕ l;d lr wjfndaOhla .kak' úl,am .ek
fyd¢ka is;d n,kak' bkamiq Tfí wjYH;d imqrd,k rCIK wdjrKhla$m%;sm;a;shla
f;dard.kak'

2' rlaIK fldka;%d;a f,ank i|yd ksjerÈ f;dr;=re ,nd fokak' Tn ksjerÈ f;dr;=re
,nd fkdfokafka kï rlaIK iud.u Tfí ysñlï f.jkafka ke;'

3' fldka;%d;a;=j m%fõYfuka lshjkak' Tng fkdf;afrk ;eka úuikak' rlaIK

wdjrKh iy Tn f.jk jdßl we;=¿j ish¨ lreKq ms<sn|j Tn iEySulg m;ajk úg
muKla w;aika lrkak'

4' blauka yd wjxlj jkaÈ ,nd .ekSu lrkak' rlaIK Tmamqj uÕska wdjrKh jk lsishï
w,dNhla Tng isÿjqjfyd;a jydu Tfí rlaIK iud.ug ±kqï fokak' lsishï jkaÈ
,nd .ekSula lrk úg ieuúgu i;Hh mjikak' jerÈ f;dr;=re ,nd §u idmrdê
jrols' Tn idjoH f;dr;=re ,nd fokafka kï Tnf.a ysñlï rlaIK iud.ï úiska
f.jkq fkd,efí'

5' rlaIK iud.fuka jkaÈ b,a,d isàug fmr isÿ jQ fidrlï" wk;=re iy fjk;a ydks
ms<sn|j fmd,sishg jd¾;d lrkak' wk;=r isÿ jQ wdldrh iy foam, wysñ jQ fyda ydks
jQ foa ikd: lsÍug Tng fmd,sia jd¾;djla fkdue;s kï Tng jkaÈ f.ùu rlaIK
iud.u m%;slafIam lrkq ,efí' ´kEu ysñlï mEula i|yd Tn ,sÅ; idlaIs ;nd
.ekSug j.n,d .kak' ^Wod( ffjoH úhoï iy fmd,sia fhduq wxlh& Tfí jkaÈ
.Kkh lsÍu i|yd rlaIK iud.ug jeo.;ajk f;dr;=re Tn úiska iemhsh hq;=h'

6' rlaIK iud.u Tng jkaÈ f.ùu widOdrK f,i m%;slafIAm lr fyda Tng m%udKj;a
jkaÈ uqo,la ,nd § fkdue;s nj Tn is;kafka kï" Tng rlaIK iud.ug meñKS,s
l<yelsh' rlaIK iud.u Tfí meñKs,a, i,ld ne,Su m%;slafIAm lrkafka kï fyda
rlaIK iud.u Tfí meñKs,a,g idOdrK m%;spdrhla olajd fkdue;snj Tn is;kafka
kï Tng IRCSL fyda Y%S ,xld rlaIK Tïnâiauka fj; meñKs,s l< yelsh' Tjqkaf.a
fiajdjka fkdñf,a imhkq ,efí'

26
8 Tnf.a úY%du .ekSu i|yd
ie,iqï lsÍu
úY%du hdug ie,iqï lrkafka wehs@
úY%du .ekSu hkq Tn iïmq¾Kfhkau jev lsÍu
kj;ajk iy tu.ska udkj m%d.aOkfhka ,efnk
wdodhu ^jegqm" jD;a;h S fyda jHdmdßl wdodhu&
iïmq¾Kfhkau k;rjk wjêhhs' fndfyda wh úY%du
.ekSu i|yd l,a;h s d ie,iqï fkdlrk ksid jev lsÍu
iïmq¾Kfhkau k;r fkdlr;s' idudkH úY%dñl jhig
miqj;a Tjqkg a È.gu jev lsÍug isÿfõ' úêu;a
/lshdjla i|yd Y%S ,xldfõ úY%du hdfï wju jhi
wjqreÿ 55ls' ñksik
q a iafõÉPdfjka úY%du hhs ^wju úY%du
jhig fmr b,a,d wiaùu fyda úY%du .ekSu&' tfukau
leue;af;ka f;drj ^jhi ksid úY%du hdug n, lsÍu"
/lshdfjka bj;a lsÍu fyda wikSm fyda wdndê; ;;ajh
fya;f= jka& jev k;r lsÍug n, lsÍuo isÿfõ'
Tn rdcH wxYfha /lshdjl kshq;= kï úY%du hdfuka
miqj Tng rcfha úY%du jegqmla ysñfõ' úY%du jegqm
,nd .ekSug iqÿiqlï ,enQ úg rdcH wxYfha fndfyda
wh úY%du h;s' rcfha úY%du jegqm ms<sn| .eg¿j kï
^idudkHfhka fiajd ld,h u; mokïj wjika jrg
,nd.;a udisl jegqfmka m%;sY;hla& th WoaOukh
iuÕ fkd.e<fma' úY%du .ekSfuka jir lsysmhlg miq"
tÈfkod ðjk úhoï iy ffjoH úhoï i|yd Tng
jeämqru uqo,a wjYHh jk fudfyd;l rcfhka f.jkq
,nk úY%du jegqm m%udKj;a fkdfõ'
Tn fm!oa.,sl wxYfha /lshdjla lrkafka kï Tfí
jegqfmka 8]la wvq lr fiajl w¾:idOl wruqo,g
^B'mS't*a& hjkq ,efí' Tfí fiajdfhdaclhd úiska Tfí
jegqfmka 12]l odhl;ajhla B'mS't*a fj; ,nd Èh hq;=
w;r Tnf.a jegqfmka 3]l iudk uqo,la fiajl Ndr
wruqo,g ^B'à't*a& iEu udihlu ner l< hq;=h' iEu
uilu Tfí uqo,a b;sß jk nj iy;sl lsÍu i|yd
B'mS't*a' iy B'à't*a' fj;ska Tfí m%ldY ,nd .ekSu
ieuúgu jeo.;a fõ' Tn jhi wjqreÿ 55g <Õd jQ úg
B'mS't*a' iy B'à't*a' m%;s,dN i|yd Tnf.a uq¿ odhl
uqo,a wdmiq ,nd .; yelsh' ;jo" B'à't*a' i|yd Tn
,nd ÿka uq¿ odhl;ajh iy ta i|yd ,efnk m%;s,dN
iEu jir mylg jrla wdmiq ,nd .; yelsh' wruqo,a
foflysu wdfhdack m%;sm;a;sh uÕska wjOdkh fhduq
lr we;af;a idudðlhskag È.= ld,Sk Okd;aul ienE
m%;s,dN wkqmd;hla ,nd §u jk w;r wruqof,a
wdrlaIdj iy;sl lsÍu iy uqo,a wdmiq f.ùu iy
wruqof,a wfkl=;a úhoï mshjd .ekSu i|yd m%udKj;a
øjYs,;djhla mj;ajd .ekSuo jeo.;a fõ'
B'mS't*a' wdfhdack l<U rcfha iq/l=ïm;a j,ska ishhg
91'3]la fldgia j,ska ishhg 4'2la wdh;ksl
Khlrj,ska ishhg 2'1la iy b;sß ishhg 2'4 ia:djr
27
;ekam;= j,ska iukaú; fõ' B'mS't*a' iïnkaOj we;s
.eg¿j kï th idudðlhskag 1980 isg 2017 olajd
ld,h ;=< idudkHfhka 11'5]l muK wvq m%;s,dNhla
,nd § ;sîu iy B'à't*a' úiska Bg;a jvd wvq
m%;s,dNhla ,nd § ;sîuhs' ^flfia fj;;a" ðú;
rlaIKh iy ffjoH úhoï jeks fjk;a m%;s,dN i|yd
Tn fuysÈ iqÿiqlï ,nhs' tho wruqo,g odhl jk ld,
iSudj ;=< muKla fõ'&
1980 isg 2017 olajd ld,h ;=< idudkH jd¾Isl
WoaOukh 10'4]la f,i igyka jk w;r tu ld,
isudj ;=< 1'1] ^11'5] - 10'4]&l ;rï l=vd ienE
m%;s,dN wkqmd;hla ^Real Return& ,eî we;s nj Tng
jegfykq we;' fuhska fmkS hkafka Tnf.a fiajd
ld,h ;=< Tnf.a jegqfmka 23]la jk udisl b;sß lsÍu
m%udKj;a uqo,lg j¾Okh fkdjk njhs' tysÈ Tn
úiska wjika jYfhka wdmiq .kakd uqo, iqj myiq
úY%duhla i|yd muKla m%udKj;a fõ'
Y%S ,dxlsl Y%u n,ldfhka ie,lsh hq;= m%udKhla
^27]lg jeä& ie§ we;af;a iajhx /lshdj, kshq;=
mqoa.,hska iy wúêu;a wxYfha kshq;= fiajlhkaf.ks'
Tjqkag úY%du jegqma fyda w¾: idOl wruqo,a fhdackd
l%uhla fkdue;' Tjqkaf.ka fndfyda fofkl=g
;ukaf.au wdodhï ud¾.hla fkdue;sj wdmiq yeß hk
w;r mjq,a iyfhda.h u; hemSug n, flfrhs' tksid
Tjqkaf.ka fndfyda fofkla Tjqkaf.a ðú;fha wjika
ld,fhaÈ w÷re wkd.hlg uqyqK § isá;s'
tuksid" iEu flfkl=u Tyqf.a fyda wehf.a úY%du
.ekSu i|yd ie,iqï l< hq;=h' th blaukska ls%hd;aul
jk ;rug Tnf.a úY%du b,lalh lrd ,Õd ùfï
iïNdú;dj jeä fõ' túg úY%du .ekSfuka miq Tnf.a
úY%du jegqm fyda w¾:idOl wruqo,a wdfhdack
wdodhug m%fhdackj;a tl;= lsÍula fï ;=<ska ,efnkq
we;' Tng úY%du jegqmla fyda w¾:idOl wruqo,a
wdodhula fkd,efnkafka kï" fuu b;sß lsßï iy
wdfhdack uy¨ úh
i|yd Tng wdrlaIdj
imhkq we;' Tn yd
Tfí hefmkakka
kv;a;= lsßug yelsjk
mßÈ úY%du hk úg Tng
fldmuK wdodhula
wjYH ±hs Tnf.ka
úuid ne,Su jeo.;ah'
l,a;shd ie,iqï lsÍu"
b;sß lsßu iy
Young OLD
úYajdijka;j
wdfhdackh lsÍu" úY%du
hdfï§ Tfí wjYH;d
imqrd,Sug Wmldß fõ'

úY%du .ekSu i|yd wdfhdackh lsÍfï
m%Odk wNsfhda.
m%Odk lreKq ;=kla ;sfí' m<uqj" Tn úY%du hk úg
Tng wjYH jk wruqof,a m%udKh l=ulao@ Tfí
wdfhdack wdodhu iuÕ ðj;a ùug yelshdj
,efnkafka túgh' úY%du .ekSfuka jir 20la muK
ðj;a jkq we;ehs is;k flfkl=g uilg remsh,a
1"000la wjYH kï" WoaOukh fkdi,ld yßñka Tyqg
remsh,a 240"000l wruqo,la wjYH fõ' ^tkï 1"000x12
x20& uilg re' 100"000la wjYHh jk mqoa.,hl=g
WoaOukh fkdi,ld yßñka uq¿ uqo, f,i remsh,a
ñ,shk 24la ;sìh hq;=h' Tng uilg re' 200"000la
wjYH kï ðj;aùu i|yd Tng remsh,a ñ,shk 48la
;sìh hq;=h'
fojkqj" Tn uq,skau lrk ,o wdfhdackh ^Initial
Investment& wysñ fkdú wdrlaId lr .kafka flfiao"
ukao wdfhdackh i|yd wjodkï fyda m%;s,dNj,
wia:djr;ajh ^Volatility& we;=<;a fõ' tkï" Tfí
wdfhdack u.ska wfmalaIs; m%;s,dN fyda m%;sM,
fkd,efnkq we;'
f;jkqj" Tfí ñ,§ .eksfï Yla;sh Ldokh jk
WoaOukfhka Tfí m%d.aOkh wdrlaId lr .kafka
flfiao@ miq.sh jir my ;=< Y%S ,xld mdßfNda.sl ñ,
o¾Ylh u.ska ukskq ,nk WoaOukh 4'5] olajd my;
jeá we;' kuq;a tfia jqjo" jir 20la ;=< Tfí uq,a
wdfhdackh 62]la olajd wysñ úh yelsh'
Y%S ,xlslhka uE;la jk ;=reu by< fmd,S wkqmd;
N+la;s ú| we;s w;r úY%du .ekSu i|yd wdfhdackh
lsÍfï uQ,sl l%uh f,i by< fmd,S f.jk nexl= yd
uQ,H iud.ïj, ;ekam;= i|yd mqreÿ ù isáhy' flfia
fj;;a" oYl foll isú,a hqoaOfha wjidkfhka miq
fmd,s wkqmd; 50] blaujd my; jeá we;s w;r
28
idfmalaIj wvq fmd,s wkqmd; fndfyda ÿrg bÈßhg
mj;ajdf.k hkq we;' ;ekam;= fuka fkdj wdfhdackh
lsÍfï§ fj<|m, wia:djr;ajh fya;=fjka Tfí
wdfhdackfha jákdlu WÉpdjpkh ùfï wjodku Tn
úiska ±ßh hq;=h' Y%S ,xldfõ fndfyda wdfhdaaclhska
;ju;a is;kafka tu wjodku iuÕ ðj;aúh fkdyels
njhs' bÈßhg hkúg th fkdue;sj Tjqkag ðj;a ùug
fkdyels jkq we;ehs mejiSu jvd;a ksjerÈ jkq we;'
wdfhdack l<Ula ;=< mfriaiñka uksk ,o
wjodkulska f;drj Tnf.a wdfhdack b,lal lrd hd
fkdyel' tfia wjodkula fkd.kafka kï Tnf.a úY%du
b,lalh lrd ,Õd ùu i|yd Tfí b;=reï úYd,
jYfhka jeä l< hq;=h' tfia ke;fyd;a Tn wjidkfha
§ wvq wdfhdack w.hla .kakd nj ms<s.kak'
6'5]l jd¾Isl fmd,shla f.jk NSB ys udi 12l
ia:djr ;ekam;=jla i|yd Tn jir 25la i|yd jirlg
remsh,a 1"000la wdfhdackh lrhs hehs Wml,amkh
l<fyd;a Tng wjika jYfhka ,efnkafka re' 58"888ls'
idfmaCIj Tn iud.ï fldgia i|yd 60]la iy 40]
neÿïlrj, wdfhdackh lrkafka kï tu fldgia
i|yd jirlg 16]l m%;s,dNhla iy ia:djr wdodhï
WmlrK i|yd 8]l m%;s,dNhla ,nhs kï Tng jir
25;a ;=< re' 150"866la ,efnkq we;' th l,ska i|yka
l< b;=reï fuka 2'5 .=Khla muK fõ'
Y%S ,xldfõ fndfyda wdfhdaclhska Wml,amkh lrk
mßÈ fldgia fj<`ofmdf,a wdfhdackh lsÍfï m%Odk
wjodku jkafka ;uka wdfhdackh l< uqo, wdrCId
lr .ekSug fkdyelsh hk u;hhs' fld<U fldgia
fj<|fmd, 2011 § 8]la wysñ jqk w;r miq.sh jir 10
;=< ;ju;a jd¾Islj 17]l idudkH m%;s,dNhla
mj;ajdf.k we;' jvd;a nrm;, wjodkï kï
fj<|fmd, mßydkshl ld, mßÉfÊohla ;=< fldgia
úlsKSfuka Tn Tfí mdvq j,g m%;spdr olajkq we;s
w;r tuÕska fjf<|fmd< h<s ke.sáulÈ jk jdish
nqla;s úÈh fkdyel' fujeks ;;ajhlg ^fjf<|fmd<
my< hdulg& fyd¢ka uqyqK §u i|yd Tnf.a
wdfhdack l<U ;=< fldgia iy ne֕lr hk
foj¾.hu ;sìh hq;=h'

úY%du hdfïÈ Tnf.a b;sßlsßï
keKj;aj l<ukdlrKh lrkak'
fndfyda wh ;u jev lrk ðú;fhka jeä ld,hla .;
lrkafka Tjqkaf.a wkd.;h fjkqfjka b;sß lsÍugh'
tfy;a b;sß lsßï ms<sn| úkh.rel ùfuka jir
.KkdjlÈ miq" úY%dufhka miq Tn fjfyi
uykaisfhka Wmhd .;a b;sß jQ uqo,a" jev lsÍu iy b;sß
lsÍfï isg úY%du .ekSu iy úhoï lsÍu olajd udreúu
ÿIAlr úh yelsh' Tn úY%du .ekSfuka miq Tng B'mS't*a'
B'á't*a' iy mdßf;daIslh úúOdldr jQ wdfhdack l<Ula
i|yd keKj;aj wdfhdackh lsÍu ;=<ska ðú; ld,h
mqrdjgu Tng ðj;a ùug m%udKj;a udisl wdodhula
Wmhd.; yels nj jgyd .ekSu w;HdjYH fõ'
iqfLdamfNda.s NdKAv ñ,È .ekSu fyda udislj wdodhula
Wmhd.; fkdyels úhoï ^Tng l,ska ñ,È .;
fkdyelsj ;snq foaj,a ñ,g .ekSug fm<ôu& lsÍu ;=<ska
flá ld,Sk ;Dma;shla muKla ,efnk w;r tajd j,ska
yels;dla wE;aj isákak' nyq;r Y%S ,dxlSlhka fujeks
úhoï rgdjkag yqreù we;af;a Tjqka i;=j we;s wvq uQ,H
idlaCIr;djh ksidfjks'
h:d¾:jd§ úhoï ie,eiaula idokak' úY%du hdfuka
ðj;a ùu i|yd ie,eiaula ia:dms; lsÍu o jeo.;ah'
fuysÈ iunr;djhla mj;ajd.; hq;=h' tkï Tfí
b;=reï blauKska bjr lr .ekSug Tng wjYH ke;'
kuq;a Tfí ðú;fha fï ld,h N=la;s ú§fï wjia:dj u.
yeÍugo Tng wjYH ke;' th ksis f,i l<ukdlrKh
lsÍug Tng wjYHh neúka Tfí úhoï lrk wdldrh
ms<sn| h:d¾:jd§ úu jeo.;ah' ðú;fha fjk;a wjia:d
j,È Tn fuu ixl,amh whjehla f,i y÷kajkq ,nk
kuq;a úY%du hdfïÈ th úhoï ie,eiaula f,i ye¢kaúh
yel'
wjYH;d ^Needs&" wruqkq ^Goals& iy wNs,dIhka
^Aspirations& i|yd Tfí úhoï fjka lsÍu Tfí uqo,a
m%jdyh l<ukdlrKh lsÍu iy iqjmyiq ðú;hla .;
lsÍu i|yd jvd fyd| rduqjla iemhSug Wmldß fõ'
fuh isÿ lsÍu i|yd whs;ulrKh ^Itemizing& jeo.;a
mshjrls'
29
tkï ksjdi" Wmfhda.s;d" wdydr iy fi!LH fiajd jeks
Tfí ffoksl ðjk úhoï i|yd m<uqfjka whjeh .;
lsÍu Tng wjYHh jkq we;' fojkqj" b,lal iy
wNs,dIhka i,ld n,kak' uqKqnqrka" úfoaY ixpdr"
úfkdaodxY fyda Bg;a jvd úYd, ñ,§ .eksï fuhg
we;=<;a úh yelsh' mqKHdOdr §u fyda Tfí mjq,g
Wreuhla ,nd §ugo Tng wjYH úh yelsh' Tng jvd;au
jeo.;a jk foa wkqj Tfí wdYdjkag m%uqL;djh §ug
j.n,d .kak'
Tng .e,fmk uqo,a wdmiq .eksfï Wmdh ud¾.hla
^Withdrawal Strategy& ;SrKh lrkak' Tfí úhoï
ie,eiau ilia lr miq Tfí j;alï j,ska ia:djr
wdodhï ud¾. we;slr .kafka flfia±hs fidhd .ekSug
wjYHh jkq we;' úY%du jegqm" udisl ia:djr ;ekam;=
fmd,Sh jeks foa we;=<;a iy;sl l< wdodhï ud¾.
lsysmhla ;nd .kak' ksjdi" wdydr" Wmfhda.s;d" .uka"
ffjoH úhoï iy rlaIKh jeks wjYH;d fuu.ska
wdjrKh l< yelsh' fuu wjYH;d i|yd Tfí wruqo,a
fjka lsÍu u.ska úfoaY ixpdr fyda w;HjYH fkdjk
NdKAv i|yd uqo,a úhoï l<o" ðú;fha uQ,sl wjYH;d
i|yd Tng ;ju;a uqo,a f.úh yels nj ±k .ekSfuka
uQ,H iqrlaIs;Ndjh ms<sn| yeÕsula ,nd.; yelsh'
wkfmalaIs; foa .ek ie,ls,su;ajkak' úhoï ie,eiaula
iy uqo,a wdmiq .ekSfï m%fõYhla i|yd Wmdh ud¾.hla
ilia lsÍu jeo.;a jk w;r" wkfmalaIs; foa i|yd
iqodkï ùu o jeo.;ah' wdhq wfmalaIdj jeäùu iy
fi!LH fiajd msßjeh by< hdu;a iuÕ úY%du ie,iqï
lsÍfï Wmdh ud¾.hlg ffjoH úhoï o b;d jeo.;a
fõ' Tn jhi wjqreÿ 70 blau jQ miq ffjoH rlaIKhla
fkdue;s nj u;l ;nd .kak'
Tfí Wreuh wdrlaId lrkak' Tnf.a ish¿ ia:djr
;ekam;= i|yd kï orkafkla ^Nominee& kï lrkak'
tfukau Tyqf.a$wehf.a iylre" iyldßh" mq;d fyda
ÈhKsh fyda ifydaorfhla iuÕ taldnoaO cx.u .sKqula
;nd .kak' yÈis urKhlÈ Tfí wdorKshkag fï ksid
lsisÿ wmyiq;djhka yg uqyqK §ug isÿ fkdjkq we;'
9 ks.ukh
fuu fmd;a msxp u.ska idlÉcd lrkq ,nkafka Tfí uqo,a
l<ukdlrKh lsÍfï§ jvd;a id¾:l jkafka flfiao@ Tfí
uqo,a j,ska jeä uqo,la Wmhd f.k Okh /ia lr .kafka
flfiao hkakhs' Tfí jeäysá ðú;h i|yd Tng ;sìh hq;=
wju uQ,H ±kquo fuysÈ imhhs'

uQ,H o¾Ykfha fõ.j;a fjkialï iuÕ lghq;= lsÍug

nyq;rhla ck;dj iqodkï ke;' Kh WmlrKj, isg cx.u
miqìï olajd uQ,H WmlrKj, jHdma;shla we;s w;r"
tajdhska fndfyduhla ;uka i;=j ke;s uqo,a úhoï lsÍug
ñksiqka fmd,Ujhs' tajd j<lajd fkd.kafka kï Tjqkaj
ÿIAlr;djhg m;a l< yelsh'

uQ,H fiajdjka i|yd m%fõYh by< kexùu u.ska rchka

uQ,H we;=<;a lsÍï (Financial Inclusion) jeä lsÍug fm<ö
we;' kuq;a mqoa.,hkag uQ,H l=i,;djh iy ±kqu fkdue;s
neúka fuu wjia:djka myiqfjka by< Kh" Wlia meyer
yeÍï fyda nxfldf,d;aNdjhg fya;= úh yelsh' wvq uQ,H
idlaIr;djfhka fmf<k ;reK ;reKshka i|yd fuh
úfYaIfhka i;H fõ'

Y%S ,xldj f,dalfha fõ.fhka jhia.; jk ck.ykhla jk

w;r tu ksid úY%du .ekaùfï w¾nqohla mekke.sug
bÈßfhaÈ bv we;' fuu ksid úY%du ie,iqï lsÍfï§
mqoa.,hkag úYd, ld¾hNdrhla bgq lsÍug isÿjkq we;'
úY%du hdfï wd¾Ól wNsfhda.hkag uqyqK §u i|yd wjYH
uQ,H l=i,;d Tjqka i;=j fkdue;s neúka ñksiqka iqodkï
njla fkdfmfka'

uQ,Huh jYfhka nqoaêu;a jeäysáhkag Kh ms<sn|

.eg¿j,g uqyqKq §ug wlue;s nj;a úY%du .ekSu iy
fjk;a fya;=ka u; b;sß lsßug we;s bvlv jeä nj;a
m¾fhaIKj,ska fy<s ù ;sfí' tys m%;sM,hla f,i m%;sm;a;s
iïmdolhska uQ,H wOHdmkh i|yd jk m%hka; fõ.j;a l<
hq;=h' j¾;udk wd¾Ólfha uQ,H idlaIr;djfha jeo.;alu
ie,ls,a,g f.k" ish¨u jeäysáhkag mdif,a È iy /lshd
ia:dkfhaÈ uQ,H idCIr;djh ms<sn| jevigyka ;sìh hq;=h'
b,lal.; uQ,H idlaIr;d jevigyka úúO lKavdhï
b,lal fldg meje;aùu ;=<ska jvd fyd| uQ,H ;SrKj,g
;=vq Èh yels nj m¾fhaIKj,ska fy<s ù ;sfí'

30
10 fhduqj ^wdY%s; .%ka: kdudj,sh&
Frank K. Reilly & Keith C. Brown. 2012. “Investment Analysis and Portfolio Management”
South-Western Cengage Learning.

Jamie Mcintyre. 2009. “Think & Grow Rich!” 21st Century Publishing.

Laurence B. Siegel. 2009. “The Future of Life-Cycle Saving and Investing: The Retirement Phase”
The Research Foundation of CFA Institute.

Martize Smith. 2018. “Millionaire Scope: Secrets of Wealth & Prosperity”

Michael Jonah Jones. 2012. “Everything You Know About Money is Wrong!“ Jonah Jones at
Smashwords.

Mwesige Emmanuel & Mustafa Mugambe. 2017. “Financial Literacy Handbook – Increase Your
Financial Skills”

Restless Development. “Financial Literacy Manual – A Guide for Teaching Pupils”

Robert T. Kiyosaki. 2011. “Rich Dad Poor Dad: What the Rich Teach Their Kids About Money –That the
Poor and Middle Class Do Not” Plata Publishing LLC.

Terry D. Clark. “The Simpler Way to Managing Money and Getting Your Finances in Order Without Going
Crazy” TDC Enterprise.

31
 CFA Society
Sri Lanka

Visit cfainstitute.org/futurefinance

© 2017 CFA Institute. Used by permission from CFA Institute.

l;D .ek
rù wfíiQßh uy;d iSudiys; fi,dka nexl=j" tÉ'tka'î weIqjrkaia mS't,a'iS" nfhda
*qâia ^mqoa& iud.u iy lekav¾ iuQy jHdmdrfha iajdêk úOdhl fkdjk
wOHlaIjrfhl= f,i lghq;= lrhs' Tyq Y%S ,xldfõ iS't*a'ta ^CFA Society& ixúOdkfha
WmfoaYl iNdm;s iy wOHlaIljrhdo fõ' óg fmr Tyq lekav¾ iuqyfha m%Odk
úOdhl ks,OdÍ" fya,Sia iuQyfha Wmdhud¾.sl jHdmdr ixj¾Ok wxY m%OdkS" weïnd
^Amba& m¾fhaIK ,xld wdh;kfha l<uKdldr wOHlaI iy *sÉ f¾áka.aia ,xld ys
l<ukdldr wOHlaIjrhd úh'

wfíiqßh uy;d w.%dud;H ld¾h idOl n,ldfha m;aùula jk uQ,H wxY m%;sixialrK
lñgqfõ ^tï'tia'wd¾'iS'& iaÓr idudðlfhl= f,i lghq;= l< w;r fojrla Y%S ,xldfõ
iq/l=ïm;a yd úksuh fldñika iNdfõ lñgq idudðlfhl= f,i m;a lrk ,È'

Tyq Y%S ,xld rlaIK ixia:dfõ ^SLIC& wOHlaIjrhl= jQ w;r tys wdfhdack lñgqfõ
iNdm;sjrhd o úh' wfíiQßh uy;d Y%S ,xld uyd nexl=fõ uKAv, wjodkï wëlaIK
lñgqfõ iy uQ,H moaO;s ia:dhs;d WmfoaYl lñgqfõ idudðlfhl= f,i iy uQ,H yd f;dr;=re ;dlaIK ix.ï
lsysmhl iNdm;s f,i o lghq;= lr we;'

wfíiQßh uy;d tlai;a rdcOdksfha jr,;a l<ukdlrK .Kldêldß wdh;kfha idudðlfhl= jk w;r weußld
tlai;a ckmofha jr,;a f.da,Sh l<ukdlrK .Kldêldßjrfhl= o fõ' ;jo weußld tlai;a ckmofha jr,;a uQ,H
úYaf,aIlfhl= jk w;r TiafÜ%,shdfõ fudkeIa úYaj úoHd,fhka MBA Wmdêhla ,nd we;'

wdfhdack l<ukdlrK jD;a;sh fjkqfjka l< lemùu fjkqfjka wfíiQßh uy;d 2017 § weußld tlai;a ckmofha
CFA wdh;kh úiska zzðú; ld,h i|yd iïudk,dNSZZ ^Life Time Achievement& iïudkfhka msÿï ,eîh'

Tfí uQ,Huh hymeje;au WÞlr .ekSu i|yd

ISBN

uQ,H ISBN 978-955-71200-0-3

idlaIr;dj
wdrïNlhska i|yd jk ud¾f.damfoaYh