The Status of Financial Inclusion, Regulation, and Education in India

8/17/2019 The Status of Financial Inclusion, Regulation, and Education in India

1/24

KFJM Wcrlmng Xkp`r _`rm`s

Vd` _tktus ca Amnknomki Mnoiusmcn, Z`guiktmcn,

knf @fuoktmcn mn Mnfmk

Kjd``l Jkruk, Zkbkt Lktdurmk,knf N`dk Ekiml

Nc. 014 Kprmi :8;1

Ksmkn F`v`icpe`nt Jknl Mnstmtut`


2/24

Vd` Wcrlmng Xkp`r s`rm`s ms k ocntmnuktmcn ca td` acre`riy nke`f Fmsoussmcn Xkp`r s`rm`s<

td` nuej`rmng ca td` pkp`rs ocntmnu`f wmtdcut mnt`rruptmcn cr odkng`. KFJM”s wcrlmngpkp`rs ràiòt mnmtmki mf`ks cn k tcpmo knf kr` pcst`f cnimn` acr fmsoussmcn. KFJM `nocurkg`sr`kf`rs tc pcst td`mr ocee`nts cn td` ekmn pkg` acr `kod wcrlmng pkp`r (gmv`n mn tdòmtktmcn jìcw). _ce` wcrlmng pkp`rs eky f`vìcp mntc ctd`r acres ca pujimoktmcn.

_ugg`st`f omtktmcn2

Jkruk, K., Z. Lktdurmk, knf N. Ekiml. :8;1. Vd` _tktus ca Amnknomki Mnoiusmcn, Z`guiktmcn,knf @fuoktmcn mn Mnfmk. KFJM Wcrlmng Xkp`r 014. Vclyc2 Ksmkn F`vìcpe`nt Jknl Mnstmtut`. Kvkmikji 2̀ dttp2//www.kfj.crg/pujimoktmcns/stktus-amnknomki-mnoiusmcn-r`guiktmcn-knf-`fuoktmcn-mnfmk/

Xi`ks` ocntkot td` kutdcrs acr mnacrektmcn kjcut tdms pkp`r.

@ekmi2 kjd``l.jkrukHgekmi.oce, rkbkt.lktdurmkHgekmi.oce, ekiml.n`dk41Hgekmi.oce

Kjd``l Jkruk ms odmà òcncemst, DFAO Jknl. Zkbkt Lktdurmk ms fmròtcr knf odmà`xòutmv`, Mnfmkn Ocunomi acr Z`s`krod cn Mnt`rnktmcnki @ocncemo Zìktmcns (MOZM@Z)knf s`rv`s ks kn mnf`p`nf`nt fmròtcr cn td` EmorcAmnkno` Mnstmtutmcns N`twcrl (EAMN).N`dk Ekiml ms s`nmcr r`s`krod knkiyst knf eknkg`r ca lncwi`fg` eknkgè`nt, Nktmcnki

Oceecfmty knf F`rmvktmv`s @xodkng` (NOF@T).

Vd` vm`ws `xpr`ss`f mn tdms pkp`r kr` td` vm`ws ca td` kutdcr knf fc nct nò`sskrmiyràiòt td` vm`ws cr pcimom`s ca KFJM, KFJ, mts Jckrf ca Fmròtcrs, cr td` gcv`rne`ntstd`y r`pr`s`nt. KFJM fc`s nct gukrknt`` td` koourkoy ca td` fktk mnoiuf`f mn tdms pkp`rknf koo`pts nc r`spcnsmjmimty acr kny ocns`qu`no`s ca td`mr us`. V`remncicgy us`f ekynct nò`sskrmiy j` ocnsmst`nt wmtd KFJ caamomki t`res.

Wcrlmng pkp`rs kr` sujbòt tc acreki r`vmsmcn knf ocrròtmcn jàcr` td`y kr` amnkimz`fknf ocnsmf`r`f pujimsd`f.

Ksmkn F`v ìcpe`nt Jknl Mnstmtut`Lksuemgks`lm Jumifmng 4A

?-:-0 Lksuemgks`lm, Odmycfk-luVclyc ;88-1884, Bkpkn

Vì2 +4;-?-?0=?-0088Akx2 +4;-?-?0=?-007;PZI2 www.kfjm.crg@-ekmi2 mnacHkfjm.crg

© :8;1 Ksmkn F`vìcpe`nt Jknl Mnstmtut`

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


3/24

KFJM Wcrlmng Xkp`r 014 Jkruk, Lktdurmk, knf Ekiml

Kjstrkot

Mnfmk”s amnknomki mnoiusmcn kg`nfk dks wmtn`ss`f k pkrkfmge sdmat cv`r td` ikst fòkf`, kwkyarce kn èpdksms cn or`fmt tc k ecr` ocepr`d`nsmv` kpprckod tcwkrf amnknomki s`rvmo`s(`.g., cp`nmng jknl koocunts knf caa`rmng jksmo amnknomki prcfuots, suod ks mnsurkno`). Vdmspkp`r f`sormj`s td` struotur` ca jknlmng knf emorcamnkno` mnstmtutmcns mn Mnfmk rì`vknt tc td`f`vìcpmng ecfì ca amnknomki mnoiusmcn, ks wìi ks rì`vknt r`guiktcry struotur` knf ecf`sca fìmv`ry. Mt `xpikmns td` ourr`nt stkt` ca amnknomki mnoiusmcn, ks wìi ks r`guiktcry odkng`snò`sskry tc ekl` td` n`w krodmtòtur` acr mnoiusmcn vmkji`, mnoiufmng k ormtmqu` ca sce` catd` ròcee`nfktmcns ca td` Ecr Oceemtt`` cn Ocepr`d`nsmv` Amnknomki _`rvmo`s acr _ekiiJusmn`ss`s knf Icw-Mnoce` Dcus`dcifs. Vd` pkp`r td`n r`vm`ws ecf`s ca fìmv`ry knftd` r`guiktcry struotur` j`mng ocntèpikt`f cr rò`ntiy mntrcfuo`f. Mt kss`ss`s td` sumtkjmimtycjbòtmv` `nvmskg`f ks ormtmoki acr mnoiusmcn, ksscomkt`f odkii`ng` ca r`vkepmng ocnsue`rprctòtmcn ikws, knf mep`rktmv` ca meprcvmng amnknomki imt`rkoy. Vd` pkp`r kisc fmsouss`s tdòks` ca emorc, sekii, knf e`fmue-smz`f `nt`rprms`s mn td` gmv`n ocnt`xt.

B@I Oikssmamoktmcn2 G:;, G:4, I0?, C;1


4/24


Ocnt`nts

;. Mntrcfuotmcn2 Vd` Xkrkfmgn _dmat mn td` Ocno`pt ca Amnknomki Mnoiusmcn ........................... ?

:.

_truotur` ca td` Jknlmng knf Emorcamnkno` Mnstmtutmcn _òtcr mn Mnfmk ............................. 6

?. _tkt` ca Amnknomki Mnoiusmcn............................................................................................. 1

6. Fìmv`ry Ecfìs, Z`guiktmcns, knf Ctd`r Mssu`s .......................................................... ;;

6.; Vd` Ecr Oceemtt`` ........................................................................................ ;; 6.: _ekii Jknls .................................................................................................... ;: 6.? Emorcamnkno` Mnstmtutmcns .................................................................................. ;: 6.6 Jusmn`ss Ocrr`spcnf`nts ............................................................................... ;? 6.0 Xkye`nt _ystè ............................................................................................. ;6 6.1 Xcimom`s ........................................................................................................... ;0

6.7

_umtkjmimty knf Amnknomki Imt`rkoy ..................................................................... ;1

0. Emorc, _ekii, knf E`fmue-smz`f @nt`rprms`s ................................................................ ;1

1. Ocnoiusmcn ................................................................................................................... ;=

Zà r̀`no`s ......................................................................................................................... :8


5/24


?

;. MNVZCFPOVMCN2 VD@ XKZKFMGN _DMAV MN VD@OCNO@XV CA AMNKNOMKI MNOIP_MCN

Kecng òcncemsts, td` g`n`rki ocns`nsus ms tdkt amnknomki f`vìcpe`nt kots ks koktkiyst mn td` cv`rkii grcwtd knf f`vìcpe`nt ca kn òcncey. Ecr`cv`r, èpmrmokir`s`krod fècnstrkt`s tdkt f`vìcpe`nt ca k strcng, scunf amnknomki systèocntrmjut`s tc òcncemo grcwtd (Zkbkn knf Rmngki`s :88?). Ks k r`suit, ecstf`vìcpmng ocuntry gcv`rne`nts kr` prcectmng amnknomki mnoiusmcn; ks k pcimoy gcki,`spòmkiiy acr tdcs` wdc kr` mgncr`f jy acreki sòtcr mnstmtutmcns.

Mn Mnfmk, amnknomki mnoiusmcn dks kiwkys j``n k prmcrmty, gmv`n td` ocuntry”s scomkimstj`gmnnmngs. _mno` ;=1=, wd`n jknls w`r` nktmcnkimz`f, td` strkt`gy acr kffr`ssmng td`jknlmng n``fs ca td` pccr dks j``n jmks`f tcwkrf prcvmfmng or`fmt, n`giòtmng ctd`rkspòts, suod ks jumifmng k f`pcsmt jks`, prcectmng k skvmngs ouitur`, cr `xt`nfmng td`pkye`nt n`twcrl. Vdms or`fmt frmv` wks mepiè`nt`f mn twc wkys2 (m) fmròtmng k

smgnmamoknt arkotmcn ca or`fmt fmròtiy tc or`fmt-stkrv`f pccr dcus`dcifs knf emorc, sekii,knf e`fmue-smz`f `nt`rprms`s (E_E@s) tdrcugd prmcrmty sòtcr tkrg`ts acr jknls< knf(mm) or`ktmng spòmkimz`f `ntmtm`s, suod ks r`gmcnki rurki jknls knf occp`rktmv` jknls.Vdms pcimoy dks e`t wmtd imemt`f suoo`ss, ks jknls amnf mt fmaamouit tc r`kod td` mnt`nf`fj`nàmomkrm`s, mnst`kf e``tmng td`mr prmcrmty sòtcr tkrg`ts jy i`nfmng tc ctd`rmnt`re`fmkrm`s, suod ks emorcamnkno` mnstmtutmcns (EAMs) tdkt dkv` è`rg`f ikrgìy fu`tc td` akmiur` ca jknls tc prcect` amnknomki mnoiusmcn.

Dcw`v`r, cv`r td` ikst fòkf`, Mnfmk”s amnknomki mnoiusmcn kg`nfk dks s``n k pkrkfmgesdmat arce kn èpdksms cn or`fmt tc k ecr` ocepr`d`nsmv` kpprckod tcwkrf amnknomkis`rvmo`s, pkrtmouikriy cp`nmng jknl koocunts knf caa`rmng jksmo amnknomki prcfuots suodks mnsurkno`. Vdms sdmat dks j``n pkrtiy frmv`n jy td` n``f tc kodm`v` ctd`r pujimopcimoy gckis, suod ks r`pikomng prcfuot sujsmfm`s wmtd oksd trknsa`rs, wdmod r`qumr`s

j`nàmomkrm`s tc dkv` jknl koocunts acr `xp`fmtmng td` trknsa`rs. Vd` ocno`rn r`gkrfmnggrcwmng ekorcòcncemo mejkikno`s, suod ks k akii mn td` rkt` ca amnknomki skvmngs tdktpkrtiy ràiòts k ikol ca kf`qukt` p`n`trktmcn ca jknl jrknod`s, dks kisc j``n k frmv`r.

Vdms n`w kpprckod nò`ssmtkt`s k odkng` mn td` amnknomki krodmtòtur` ca Mnfmk”sòcncey. _mno` jknl koocunt or`ktmcn ms kn mnt`grki pkrt ca td` kg`nfk, jknls eustj` ecr` fmròtiy mnvciv`f, ks r`guiktmcns eknfkt` f`pcsmt tklmng ks td`mr `xoiusmv`fcekmn. Vd`mr àacrts kisc n``f tc j` suppiè`nt`f jy mnt`re`fmkrm`s, suod ksjusmn`ss ocrr`spcnf`nts. Ecr`cv`r, koo`ss tc k rcjust pkye`nt n`twcrl wkrrknts td``ntry ca spòmkimst pkye`nt jknls. Vdus, td` n`w mnoiusmcn frmv` mnvciv`s euitmpi``ntmtm`s, knf aurtd`r mnvciv`s EAMs. ]`t td`r` ms k n``f acr jkikno`2 rmsls, suod ksstkjmimty, sciv`noy, kntm-ecn`y ikunf`rmng, knf ocejktmng td` amnknomng ca t`rrcrmse,

eust j` kffr`ss`f tdrcugd r`guiktmcn, wdmi` kisc `nsurmng tdkt suod r`guiktmcn fc`snct stmai` mnoiusmcn.

Mt ms mepcrtknt tc nct` tdkt amnknomkiiy `xoiuf`f dcus`dcifs knf emorc`nt`rprms`s eustf`ki `ntmrìy mn oksd y`t kr` suso`ptmji` tc mrr`guikr knf uno`rtkmn oksd aicws.Ecr`cv`r, fu` tc ikol ca koo`ss tc acreki mnstmtutmcns, amnknomkiiy `xoiuf`f s`ge`nts

; Mn :884, td` Oceemtt`` cn Amnknomki Mnoiusmcn fàmn`f amnknomki mnoiusmcn ks ’td` prco`ss ca `nsurmngkoo`ss tc amnknomki s`rvmo`s knf tmeìy knf kf`qukt` or`fmt wd`r` n``f`f jy vuin`rkji` grcups suod ksw`kl`r sòtmcns knf icw mnoce` grcups kt kn kaacrfkji` ocst― (Zkngkrkbkn :884). Vdms fàmnmtmcn wksikt`r `ndkno`f jy td` Z`s`rv` Jknl ca Mnfmk (ZJM)2 ’amnknomki mnoiusmcn ms td` prco`ss ca `nsurmngkoo`ss tc kpprcprmkt` amnknomki prcfuots knf s`rvmo`s n``f`f jy vuin`rkji` grcups suod ks w`kl`r

sòtmcns knf icw mnoce` grcups kt kn kaacrfkji` ocst mn k akmr knf trknspkr`nt eknn`r jy ekmnstr`kemnstmtutmcnki piky`rs― (ZJM :8;6k).


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6

dkv` imemt`f cptmcns acr jumifmng kss`ts cr skvmng acr td`mr cif kg`. Vd` ikol ca skvmngsknf skvmngs kv`nu`s acro`s tdè tc kpprckod mnacreki scuro`s ca amnkno`, wdmod cat`nodkrg` 18%‟;88% mn knnuki mnt`r`st pkye`nts. @xpcsur` tc dmgd rkt`s ca mnt`r`st, knftd` mnkjmimty tc s`rvmo` suod ickns, `nsur`s tdkt td`s` jcrrcw`rs rèkmn trkpp`f mnf`jt, `xko`rjktmng td` oyoi` ca pcv`rty. Vd` n`w kg`nfk acr amnknomki mnoiusmcn s``lstc kffr`ss jctd ca td`s` icng-stknfmng ocno`rns acr Mnfmk.

:. _VZPOVPZ@ CA VD@ JKNLMNG KNFEMOZCAMNKNO@ MN_VMVPVMCN _@OVCZ MN MNFMK

_ccn kat`r mnf`p`nf`no` mn ;=67, k dmgdiy r`guikt`f jknlmng systè wks put mntcpiko`. Nktmcnkimzktmcn ca td` Mep`rmki Jknl, ks td` _tkt` Jknl ca Mnfmk mn ;=00, wksaciicw`f mn ;=1= jy ;6 prmvkt` sòtcr ocee`romki jknls. Mn ;==;, td` jknlmng mnfustrywks f`r`guikt`f jy kiicwmng `ntry ca n`w prmvkt` sòtcr jknls knf mnor`ksmng tdìmemt ca acr`mgn `qumty tc 76% mn prmvkt` sòtcr jknls. _meuitkn`cusiy, imo`nsmng ca

jrknod`s ca fce`stmo-sod`fui`f ocee`romki jknls wks pdks`f cut, knf mnt`r`st rkt`sw`r` f`r`guikt`f.

Vcfky, Mnfmk”s jknlmng sòtcr ms fmv`rsmam`f (Vkji` ;), ràiòtmng td` jknlmng n``fs cavkrmcus sòtcrs. J`smf`s typmoki ocee`romki jknls, wdmod cp`rkt` cn kii-Mnfmk jksms,td`r` kr` sekii jknls wmtd imemt`f kr`ks ca cp`rktmcn tdkt w`r` s`t up tc aurtd`ramnknomki mnoiusmcn knf pcv`rty kii`vmktmcn. Or`fmt occp`rktmv`s s`rv` td` n``fs ca sekiiknf ekrgmnki akre`rs ks wìi ks td` pccr mn urjkn knf sèm-urjkn kr`ks. Z`gmcnkirurki jknls w`r` or`kt`f tc jrmng tcg`td`r td` pcsmtmv` a`ktur`s ca or`fmt occp`rktmv`sknf ocee`romki jknls tc kffr`ss td` or`fmt n``fs ca pccr rurki kr`ks (Gknfdm :8;0).Icoki kr`k jknls w`r` `xpòt`f tc acrtmay td` mnstmtutmcnki or`fmt arke`wcrl mn rurki knfsèm-urjkn kr`ks.

Mnf``f, Mnfmk”s jknlmng systè dks grcwn rkpmfiy cv`r td` y`krs (Vkji` :). Cv`r tdìkst fòkf`, Mnfmk dks wmtn`ss`f k or`fmt jcce, wmtd td` sdkr` ca or`fmt‟grcssfce`stmo prcfuot (GFX) mnor`ksmng arce ?0.0% mn :888 tc 0;.8% mn :8;?, td` juilkoocunt`f acr jy jknl i`nfmng (ECA :8;0j).:

Xujimo sòtcr jknls fcemnkt` td` iknfsokp`, wmtd k ekrl`t sdkr` mn tctki f`pcsmts cakrcunf 76.8%< td` sdkr` mn tctki kfvkno`s wks 7?.:% ks ca Ekrod :8;0 (Vkji` ?). ]`ttd`mr p`racrekno`, ocepkr`f tc td`mr prmvkt` sòtcr ocunt`rpkrts, dks j``n w`kl. Vd`mrgrcss ncnp`racremng ickns (NXIs) w`r` 6.?1% v`rsus ?.4?% acr kii jknls< td`mr tctkistr`ss`f kss`ts w`r` ;8.17% v`rsus =.8?% acr kii jknls. N`w prmvkt` sòtcr jknlsròcrf`f euod icw`r NXIs ca ;.7?% knf tctki str`ss`f kss`ts ca ?.:4%. Ca ocurs`,td`r` ms smgnmamoknt vkrmktmcn mn p`racrekno` korcss pujimo sòtcr jknls (ZJM :8;?j).

K spòmamo odkii`ng` ocnarcntmng jknlmng mn Mnfmk ms tc r`scuro` pujimo sòtcr jknls tccv`roce` td` prcjiè ca str`ss`f knf r`struotur`f kss`ts tc e``t td` meemn`nt JksìMMM r`qumrè`nts ca okpmtki kf`qukoy. Zòkpmtkimzktmcn r`qumrè`nts acr pujimo sòtcrjknls dkv` j``n `stmekt`f tc rkng` arce Zs64 trmiimcn ($488 jmiimcn) tc Zs;88 trmiimcn($;.1 trmiimcn), f`p`nfmng cn td` kssueptmcns ca acrj`krkno` knf rktmc ca r`struotur`fkss`ts turnmng mntc NXIs (ZJM :8;6o).

: @epmrmokiiy, mt dks j``n sdcwn tdkt ks ocuntrm`s jòce` rmod`r, td`y t`nf tc s`` k rms` mn or`fmt, jut td`

sdkr` ca td` jknlmng sòtcr mn tctki or`fmt sdrmnls cv`r td` ocurs` ca f`vìcpe`nt rìktmv` tc ctd`rscuro`s ca aunfmng suod ks okpmtki ekrl`ts (ECA :8;0j).


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0

Vkji` ;2 _truotur` ca Jknlmng mn Mnfmk

Vyp` ca Jknl Ocepcsmtmcn Jknl Nke`Nuej`r caJrknod`s

Ocee`romki

Jknls

Xujimo sòtcr jknls (:1)

(7:,11; jrknod`s)

_tkt` Jknl ca Mnfmk ;6,1==

Ksscomkt` jknls 0,64:Nktmcnkimz`f jknls 0:,648

Ctd`r pujimo sòtcr jknls ;

Xrmvkt` sòtcr jknls (:8) Cif prmvkt` sòtcr 1,867

N`w prmvkt` sòtcr jknls =,0::

Acr`mgn jknls (6?) Jrknod ecf` ca pr`s`no` ??:

Z`gmcnki rurki jknls (16) Imemt`f kr`k ca cp`rktmcn

Icoki kr`k jknls (6) Imemt`f kr`k ca cp`rktmcn

Occp`rktmv`Jknls

Prjkn occp`rktmv` jknls (;,181) Euitmstkt` urjkn occp`rktmv`jknls

6?

_mngi` stkt` urjkn

occp`rktmv` jknls

;,01?

Zurki occp`rktmv`s (=?,00;) _dcrt t`re =:,4?6

_tkt` occp`rktmv` jknls ?;

Fmstrmot o`ntrki occp`rktmv`jknls

?7;

Xrmekry kgrmouitur` cp`rktmv`scom`tm`s

=:,6?:

Icng t`re 7;7

_tkt` occp`rktmv` kgrmouitur`knf rurki f`vìcpe`nt jknls

:8

Xrmekry occp`rktmv`kgrmouitur` knf rurki

f`vìcpe`nt jknls

1=7

Emorcamnkno`Mnstmtutmcns

Vd`r` kr` 0: emorcamnkno`mnstmtutmcns tdkt dkv` `mtd`rrò`mv`f cr kppim`f acr r`gmstrktmcnarce td` Z`s`rv` Jknl ca Mnfmk ksca Bun` :8;0. Vd`y ocnstmtut`cv`r =8% ca tctki emorcamnkno`mnfustry jusmn`ss mn td` ocuntry.

Krcdkn, Jknfdkn, J__,Oksdpcr, Fmsdk, @qumtks,@_KA, Grkek Qmfmyki

;8,00?

_curo`s2 ZJM (:8;6k), ECA (:8;0k).

Vkji` :2 Grcwtd mn F`pcsmts knf Or`fmt mn Mnfmk”s Jknlmng _ystè(Zs jmiimcn, ks ca ?; Ekrod)

;=0; ;=1; ;=7; ;=4; ;==; :88; :8;; :8;6

Kggr`gkt` f`pcsmts(% ca GFX)

4(7.=)

;7(;8)

0=(;:.4)

?48(:1.;)

;,=:0(??.4)

=,1:=(66.6)

0:,848(11.=)

40,??;(17.=)

Kggr`gkt` or`fmt(% ca GFX)

0(0)

;?(7.7)

67(;8.;)

:06(;7.0)

;,;16(:8.6)

0,;;6(:?.1)

?=,6:8(08.1)

17,?0:(0:.4)

Jrknod`s ?0,787 18,::8 10,=;= =8,=;4 ;;1,608

KVEs 76,080 ;18,800

GFX 5 grcss fce`stmo prcfuot.

_curo`2 ECA (:8;0j).


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1

Vkji` ?2 Ekrl`t _dkr` ca Fmaa`r`nt Vyp`s ca Jknls mn Mnfmk(%)

Jknl Grcup F`pcsmts Or`fmt

_tkt` Jknl ca Mnfmk knf mts ksscomkt`s :;.0 ::.;

Nktmcnkimz`f jknls 0:.6 0;.;

Acr`mgn jknls 6.? 6.4

Z`gmcnki rurki jknls :.= :.0

Xrmvkt` sòtcr jknls ;4.4 ;=.6

Kii sod`fui`f ocee`romki jknls ;88 ;88

_curo`2 ZJM (:8;0).

Vrkfmtmcnkiiy, jknls dkv` nct ocnsmf`r`f td` pccr tc j` k vmkji` ekrl`t. Ecst acrekiamnknomki mnstmtutmcns kr` rìuotknt tc s`rv` tdè knf E_E@s jòkus` ca p`ro`mv`f dmgdrmsls, dmgd ocsts mnvciv`f mn sekii trknskotmcns, icw rìktmv` prcamtkjmimty, knf mnkjmimty tcprcvmf` td` pdysmoki ociikt`rki usukiiy r`qumr`f jy suod mnstmtutmcns (MEA :886). Mn

tòdnmoki t`res, prcjiès ca kfv`rs` sìòtmcn knf mnacrektmcn ksyee`trm`s ekl` mtfmaamouit acr amnknomki mnstmtutmcns tc sor``n knf tc ecnmtcr or`fmt fòmsmcns.

Vc kffr`ss tdms ekrl`t akmiur` knf tc prcvmf` amnknomki s`rvmo`s tc icw-mnoce` oim`nts,EAMs è`rg`f, kitdcugd td`mr odkrkot`r dks unf`rgcn` k sdmat arce td` tme` tdkt td`yocee`no`f cp`rktmcns. Vd` pmcn``r EAMs cp`rkt`f ks ncnprcamt, ncngcv`rne`ntcrgknmzktmcns wmtd k strcng scomki acous. Vd`y f`vìcp`f n`w or`fmt tòdnmqu`s<mnst`kf ca r`qumrmng ociikt`rki, td`y r`fuo`f rmsl tdrcugd grcup gukrknt``s, kpprkmskisca dcus`dcif oksd aicw, knf sekii mnmtmki ickns tc t`st oim`nts. ? Vcfky, dcw`v`r,EAMs dkv` odkng`f arce ncngcv`rne`nt crgknmzktmcns tc ncnjknlmng amnknoòcepknm`s (NJAOs), knf td`r` dks j``n k ecfmamoktmcn mn dcw td`y rkms` amnkno`.Cno` prmekrmiy fcncr-i`f, EAMs kr` ncw mnor`ksmngiy aunf`f jy jknls knf prmvkt` knf

sdkr`dcif r̀ `qumty.Ourr`ntiy, td` r`guikt`f emorcamnkno` ekrl`t mn Mnfmk dks cv`r ?8 emiimcn oim`nts, s`rv`fjy n`kriy 08 r`guikt`f mnstmtutmcns wmtd k grcss ickn pcrtacimc ca kjcut $7 jmiimcn,ràiòtmng grcwtd ca 1;% cv`r :8;?‟;6 (EmorcE`t`r :8;0). Vd` ;8 ikrg`st EAMskoocunt acr 70% ca td` tctki mnfustry ickns. EAMs dkv` k n`twcrl ca ;8,00? jrknod`s,wmtd 48,8=7 èpicy``s korcss ?: stkt`s knf unmcn t`rrmtcrm`s. EAM kotmvmty ms cniy s`t tcgrcw, `spòmkiiy jòkus` cniy 4% ca kfuits dkv` ickns arce acreki amnknomkimnstmtutmcns. Cniy ?0% dkv` jknl koocunts, ca wdmod ecr` tdkn dkia kr` mnkotmv` crsèm-kotmv` (Wcrif Jknl :8;0).

?. _VKV@ CA AMNKNOMKI MNOIP_MCN

Mnfmk”s ròcrf ca amnknomki mnoiusmcn, f`spmt` td` `xmst`no` ca k ikrg` knf wìi-r`guikt`famnknomki systè fcemnkt`f jy ocee`romki jknls, ms pccr. Bufgmng jy kggr`gkt` ekorcfktk, td` dcus`dcif f`jt‟GFX rktmc ca 4.=% ms kecng td` icw`st mn td` r`gmcn,ocntrkst`f wmtd td` X`cpi`”s Z`pujimo ca Odmnk kt ?1.4% knf Vdkmiknf kt krcunf4?.8%. 6 Vd` kjs`no` ca mnoiusmcn ms `spòmkiiy ocnspmoucus mn rurki Mnfmk, dce` tckrcunf 18% ca td` pcpuiktmcn. Mn :8;?‟;6, f`pcsmts p`r d`kf w`r` cniy Zs=,:66(kjcut $;06) mn rurki kr`ks, wmtd or`fmt kjcut Zs1,888 (kjcut $;88) p`r d`kf (Vkji` 6).

? @xp`rm`no` dks sdcwn tdkt td` pccr r`pky unociikt`rkimz`f ickns rìmkjiy knf kr` wmiimng tc pky td` auii

ocst ca prcvmfmng tdè< koo`ss ms ecr` mepcrtknt tc tdè tdkn ocst.6 Omtm Z`s`krod


9/24


7

Vdkt skmf, td`r` kr` sòtmcns ca td` urjkn pcpuiktmcn (`.g., emgrknt ikjcr) wdc fc nctdkv` koo`ss tc td` acreki amnknomki sòtcr ks wìi.

Vkji` 62 X`r Okpmtk F`pcsm ts knf Or`fmt mn Zurki knf Prjkn Mnfmk(Zs)

Zurki Prjkn

Amsoki ]`kr F`pcsmts Or`fmt F`pcsmts Or`fmt

:887‟84 ?,7?0 ?,=77 40,88? 18,680

:884‟8= 6,66; ?,77= ;88,;61 7;,6?7

:88=‟;8 0,844 6,11: ;;?,767 4;,?;?

:8;8‟;; 0,=:6 6,7;? ;?;,?8? =4,77:

:8;;‟;: 1,4?8 0,:1= ;66,;?4 ;;6,;40

:8;:‟;? 7,=:? 1,;=7 ;1:,;60 ;:7,406

:8;?‟;6 =,:66 1,;1; ;74,=6: ;6?,7;4

_curo`2 Kutdcr `stmekt`s jks`f cn td` fktk arce ZJM. Fktk Zì`ks`s. dttps2//www.rjm.crg.mn/_ormpts/_tktmstmos.kspxstktmstmoki fktkjks`< knf Wcrif Jknl. Wcrif F`vìcpe`nt Mnfmoktcrs. dttp2//fktk.wcrifjknl.crg/fktk-oktkicg/wcrif-f`vìcpe`nt-mnfmoktcrs.

Knctd`r eknma`stktmcn ca td` ikol ca mnoiusmcn ms td` mnkf`qukt` nuej`r ca jknljrknod`s. Vd` nuej`r ca jrknod`s p`r ;88,888 p`cpi` mn td` rurki s`ge`nt ms rcugdiycn`-tdmrf ca tdkt mn urjkn kr`ks (Vkji` 0).

Vkji` 02 Nuej`r ca Jrknod`s ca Jknls mn Zurki knf Prjkn O`nt`rs(p`r ;88,888 pcpuiktmcn)

Amsoki ]`kr Zurki Prjkn

:887‟84 ?.7= ;?.80

:884‟8= ?.46 ;?.10:88=‟;8 ?.=? ;6.6=

:8;8‟;; 6.84 ;0.:4

:8;;‟;: 6.?0 ;1.::

:8;:‟;? 6.78 ;1.==

:8;?‟;6 0.:0 ;7.=;


K smemikr urjkn jmks ms s``n mn koo`ss tc jknlmng trknskotmcn pcmnts, suod ks KVEs(Vkji` 1).

Vkji` 12 KVE X`n`trktmcn mn Qkrmcus Zurki knf Prjkn O`nt`rs(p`r ;88,888 pcpuiktmcn)

Vme` Zurki Prjkn

Fòèj`r :8;? :.; ?8.=

Fòèj`r :8;6 ?.? ?1.;

Ekrod :8;0 ?.7 ?1.0



10/24


4

Vd` Mnt`rnktmcnki Ecn`tkry Aunf Amnknomki Koo`ss _urv`y, wdmod ocepkr`f koo`ss tcamnknomki s`rvmo`s korcss ocuntrm`s, r`mnacro`f tdms `xoiusmcnkry nkrrktmv` acr Mnfmk. Vd`surv`y sdcw`f tdkt wdmi` Mnfmk dks ekf` rèkrlkji` prcgr`ss mn t`res ca amnknomkif``p`nmng knf wmf`nmng, k ikrg` p`ro`ntkg` ca td` pcpuiktmcn ikols koo`ss tc jksmoamnknomki s`rvmo`s. Vkji` 7 sdcws td`r` kr` cniy ;?.? KVEs p`r ;88,888 kfuits mn Mnfmk,td` icw`st mn td` skepi`. _memikriy, kt ;:.: ocee`romki jrknod`s p`r ;88,888 kfuits, mtms icw`st mn td` grcup, wmtd td` `xo`ptmcn ca Mnfcn`smk. Mn f`pcsmt koocunts, Mnfmk dks,dcw`v`r, p`racre`f j`tt`r tdkn ctd`rs< td` nuej`r ca koocunts dks mnor`ks`f arce1;;.8 p`r ;,888 kfuits mn :880 tc ;,;=7.1 mn :8;?.

Vkji` 72 Amnknomki Koo`ss mn _ìòt`f Ocuntrm`s

Ocuntry ]`kr

KVEs(p`r

;88,888

kfuits)

KVEs(p`r

;,888

lmice`t`rs)

Ocee`romkiJknl

Jrknod`s(p`r ;88,888

kfuits)

Ocee`romkiJknl

Jrknod`s(p`r ;,888

lmice`t`rs)

F`pcsmt Koocunts

wmtdOcee`romki

Jknls(p`r ;,888

kfuits)

Ickn Koocunts

wmtdOcee`romki

Jknls(p`r ;,888

kfuits) Mnfmk :880 :.? 0.= =.8 :?.: 1;;.88 ;8;.8

:8;? ;?.? ?=.8 ;:.: ?0.7 ;,;=7.18 ;67.8

Jrkzmi :880 ;84.= ;7.6 780.78

:8;? ;?8.7 :?.: 67.7 4.6 ;,;0?.08

Odmnk,X`cpi`”sZ`pujimo ca

:880

:8;? 61.= 00.7 7.4 =.? 68.68

Mnfcn`smk :880 =.6 7.7 0.? 6.6 084.18 ;?=.7

:8;? 6:.6 ?=.4 ;8.6 =.4 41?.88 :;7.8

_rm Iknlk :880 4.= :8.=

:8;? ;1.7 68.0 ;4.1 60.;

Arkno` :880 =:.= 47.? ::.8 :8.7:8;? ;8=.: ;87.8 ?4.7 ?4.8

Pnmt`fLmngfce

:880 ;;7.= :68.= :4.6 04.8 ;60.8

:8;: ;:1.4 :7?.6 ::.: 67.= ;;?.7

_curo`2 MEA. Amnknomki Koo`ss _urv`y. dttp2//fktk.mea.crg/3sl5@0FOKJ7@-K0OK-64=:-K1@K-0=4J061?K?6O

Mnfmk”s mepr`ssmv` p`racrekno` mn f`pcsmt koocunt uptkl` ms prmekrmiy fu` tc td`gcv`rne`nt”s mnmtmktmv` tc trknsa`r nktmcnki èpicye`nt gukrknt`` wkg`s fmròtiy tctd` wcrl`r. Mn :88=, td` gcv`rne`nt eknfkt`f tdkt td` trknsa`r ca wkg`s unf`r tdÈkdktek Gknfdm Nktmcnki Zurki @epicye`nt Gukrknt`` Kot (ENZ@GK) j` ekf`fmròtiy tc td` jknl koocunts ca td` wcrl`rs. Vd` cjbòtmv` wks twcacif2 tc r`fuoì`klkg`s, knf tc wmf`n td` koo`ss tc jksmo jknlmng s`rvmo`s.0 Dcw`v`r, td` nuej`r ca

ickns wmtd ocee`romki jknls rèkmns icw, mnfmoktmng tdkt ecst ca td`s` koocunts krùs`f e`rìy acr rò`mvmng wkg`s.

Knctd`r surv`y ocnfuot`f jy td` Wcrif Jknl okptur`f dcw kfuits skv`, jcrrcw, ekl`pkye`nts, knf eknkg` rmsl (Vkji` 4). Vd` fktk sdcw`f tdkt f`spmt` vmgcrcusprcectmcn ca td` us` ca ìòtrcnmo ecf`s ca pkye`nt cv`r pkp`r-jks`f pkye`nts, tdàcre`r ms stmii kt k nkso`nt stkg` mn Mnfmk. Cniy :.8% ca p`cpi` surv`y`f skmf tdkt td`yus` ìòtrcnmo e`tdcfs acr pkye`nt. Aurtd`r, wdmi` ::.6% p`cpi` skv`f ecn`y, cniy;;.1% fmf sc kt k acreki amnknomki mnstmtutmcn.

0 Vd` EGNZ@GK ms k ikw wd`r`jy kny kfuit wdc kppim`s acr èpicye`nt mn rurki kr`ks eust j` gmv`n

wcrl cn icoki pujimo wcrls wmtdmn ;0 fkys. Ma èpicye`nt ms nct gmv`n, kn unèpicye`nt kiicwknoèust j` pkmf. Ekdktek Gknfdm Nktmcnki Zurki @epicye`nt Gukrknt`` Kot. dttp2//www.egnr`gk.oc.mn/


11/24


=

Vkji` 42 Wcrif Jknl”s Gicjki Amnf`x

Mnfmk Jrkzmi

Odmnk,X`cpi`”s

Z`pujimo ca Mnfcn`smk_rm

Iknlk Arkno`Pnmt`f

Lmngfce

Xkye`nts

Odòl us`f tc ekl`pkye`nts

1.7 1.7 ;.4 ;.0 :.4 7=.0 08.;

@iòtrcnmo pkye`nt us`f tcekl` pkye`nts

:.8 ;1.1 1.= ?.; 8.0 10.; 10.?

Ecjmi` pdcn` us`f tc pkyjmiis

:.: ;.? ;.? 8.: :.6

Ickn mn td` pkst y`kr

Ickn arce k amnknomkimnstmtutmcn

7.7 1.? 7.? 4.0 ;7.7 ;4.1 ;;.4

Ickn arce k amnknomkimnstmtutmcn, mnoce`, jcttce68%

7.= ?.0 7.7 1.6 ;=.; ;1.; ;;.;

Ickn arce k amnknomkimnstmtutmcn, mnoce`, tcp 18%

7.0 4.: 7.8 ;8.; ;1.0 :8.? ;?.:

Mnsurkno ̀

X`rscnkiiy pkmf acr d`kitdmnsurkno`

1.4 7.1 67.: 8.= 7.0

Xurodks`f kgrmouitur`mnsurkno` (% wcrlmng mnkgrmouitur`)

1.1 ;;.: 7.: 8.8 4.;

_kvmngs mn t d` pkst y`kr

_kv`f kt k amnknomkimnstmtutmcn

;;.1 ;8.? ?:.; ;0.? :4.; 6=.0 6?.4

_kv`f kt k amnknomkimnstmtutmcn, jcttce 68%

;8.6 0.4 ;4.? 7.4 ;=.8 ?7.7 6?.0

_kv`f kt k amnknomkimnstmtutmcn, mnoce`, tcp 18%

;:.= ;?.? 6;.7 :8.4 ?1.6 07.8 66.?

_kv`f kny ecn`y mn td`pkst y`kr

::.6 :;.; ?4.6 68.0 ?1.? 1;.4 01.7

_kv`f kny ecn`y, mnoce`,jcttce 68%

;=.6 ;:.; :?.? ?;.= :6.; 0;.8 01.:

_kv`f kny ecn`y, mnoce`,tcp 18%

:0.4 :7.; 64.= 61.4 67.6 14.1 07.7

_curo`2 Wcrif Jknl (:8;6).

Kgkmnst tdms jkolgrcunf, mt ms usàui tc mf`ntmay td` n``fs ca amnknomkiiy `xoiuf`fdcus`dcifs2 k jksmo skvmngs koocunt wmtd cv`rfrkat akomimtm`s, kn mnstrue`nt acrrèmttkno`s tdkt piugs mntc td` nktmcnwmf` ìòtrcnmo aunfs trknsa`r n`twcrl, k pur`

skvmngs mnstrue`nt wmtd rìktmvìy dmgd r`turns knf k icol-mn p`rmcf, knf or`fmt. K rò`ntmnmtmktmv` tcwkrf td`s` gckis dks j``n td` Xrkfdkn Ekntrm Bkn Fdkn ]cbknk (XEBF]), kn kejmtmcus pikn tdkt s``ls tc ocv`r `kod dcus`dcif mn Mnfmk wmtd k jknl koocunt. 1 Cv`r ;=8 emiimcn Bkn Fdkn koocunts w`r` cp`rktmcnki mn Cotcj`r :8;0.7 Mn akot, cn tdàmrst fky ca td` prcgrke, ;0 emiimcn jknl koocunts w`r` cp`n`f. Koocunt dcif`rs kr`gmv`n k f`jmt knf k or`fmt okrf, wdmi` emorcmnsurkno` ms imlìy tc j` kff`f ikt`r. Mt ms

1 Vd` XEBF] dks smx pmiikrs2 (m) unmv`rski koo`ss tc jknlmng akomimtm`s< (mm) prcvmsmcn ca k jksmo jknl

koocunt wmtd cv`rfrkat, knf k ZuXky f`jmt okrf tc kii dcus`dcifs< (mmm) `nocurkgè`nt ca amnknomkiimt`rkoy tc `nkji` us` ca amnknomki prcfuots< (mv) k or`fmt gukrknt`` aunf tc emtmgkt` rmsls stèemng arcecv`rfrkat akomimtm`s `xt`nf`f tc td`s` koocunts< (v) prcvmsmcn ca emorcmnsurkno` acr kii koocunt dcif`rs<knf (vm) uncrgknmz`f sòtcr p`nsmcn sodè`s, suod ks _wkvkikejkn ]cbknk.

7 Xrkfdkn Ekntrm Bkn Fdkn ]cbknk. dttp2//www.pebfy.gcv.mn/koocunt-stktmstmos-ocuntry.kspx


12/24


;8

`nvmskg`f tdkt kat`r 1 ecntds, koocunt dcif`rs wmii j` `ntmti`f tc cv`rfrkat akomimtm`sks wìi.

Vd` Z`s`rv` Jknl ca Mnfmk (ZJM) dks kisc ekf` kn àacrt cv`r td` ikst fòkf` tc or`kt`jksmo amnknomki s`rvmo` akomimtm`s acr td` `xoiuf`f. Mn Kprmi :880, mt ròcgnmz`f tdkt vkst

sòtmcns ca td` pcpuiktmcn fmf nct dkv` koo`ss tc jknlmng s`rvmo`s fu` tc emnmeuejkikno` r`qumrè`nts. Vc kodm`v` gr`kt`r koo`ss, ZJM ocunsì`f jknls tc cp`n jksmojknlmng cr ’nc-armiis― koocunts wmtd nc cr v`ry icw emnmeue jkikno`s knf nc cr emnmekiodkrg`s. Ocno`fmng td` stmgek ksscomkt`f wmtd td` nce`noiktur` ’nc-armiis,― jknlsw`r` kfvms`f tc caa`r k ’jksmo skvmngs jknl f`pcsmt koocunt― (J_JFK) wmtd smepimam`flncw-ycur-oustce`r ncres.4

Pntmi Ekrod :8;6, :6? emiimcn J_JFKs w`r` cn td` jccls ca jknls, jut td` mnor`ks` mntd` nuej`r ca koocunts ms nct ràiòt`f mn k ocrr`spcnfmng mnor`ks` mn td` nuej`r catrknskotmcns (ZJM :8;6k). Vkji` = sdcws tdkt cutstknfmng f`pcsmts mn J_JFKs w`r`cniy Zs?;:.? jmiimcn, wdmi` cv`rfrkat us`f mn td`s` koocunts wks cniy Zs;1.8 jmiimcn.Ecr`cv`r, ecst ca td` ENZ@GK koocunts kr` cniy us`f tc rò`mv` wkg`s<

j`nàmomkrm`s wmtdfrkw td`mr ecn`y mee`fmktìy kat`r mt ms f`pcsmt`f, i`kvmng v`ry icwjkikno`s mn td`s` koocunts (ZJM :8;6k). @v`n mn td` XEBF] Bkn Fdkn koocunts,ekny n`w jknl koocunts rèkmn fcreknt, r`suitmng mn ocsts acr jknls knf imemt`f gkmntc td` j`nàmomkrm`s. Koocrfmng tc cn` `stmekt`, 48% ca koocunts cp`n`f fc nct dkv`trknskotmcns, r`v`kimng tdkt td` koocunt dcif`rs kr` stmii nct r`kiiy amnknomkiiy mnoiuf`f(Xktì :8;6).

Vkji` =2 Jknlmng X`n`trktmcn Xrcgr`ss, :8;8‟:8;6

A] :8;8 A] :8;; A] :8;: A] :8;? A] :8;6

Jknlmng cuti`ts mn vmiikg`s

Jrknod`s

Jusmn`ss ocrr`spcnf`ntsCtd`r ecf`sVctki

??,?74

?6,;76;6:17,176

?6,4;;

48,48:0=0;;1,:84

?7,67;

;6;,;?1?,;61;4;,70?

68,4?7

::;,?6;1,:71:14,606

61,;:1

??7,174

?4?,486

Prjkn icoktmcns tdrcugd jusmn`ssocrr`spcnf`nts

667 ?,77; 0,4=; :7,;6? 18,7?8

Jksmo skvmngs jknl f`pcsmt koocuntjrknod`s

Nc. mn emiimcns Kecunt mn Zs jmiimcn

18.;=66.??

7?.;?07.4=

4;.:8;8=.47

;88.48;16.1=

;:1.88:7?.?8

Jksmo skvmngs jknl f`pcsmt koocuntjusmn`ss ocrr`spcnf`nts

Nc. mn emiimcns

Kecunt mn Zs jmiimcn

;?.:7

;8.1=

?;.1?

;4.:?

07.?8

;8.06

4;.:7

;4.::

;;1.=8

?=.88Cv`rfrkat kvkmi`f mn jksmo skvmngsjknl f`pcsmt koocunts

Nc. mn emiimcns Kecunt mn Zs jmiimcn

8.;48.;8

8.1;8.:1

:.7;;.84

?.=:;.00

0.=8;1.88

Lmskn or`fmt okrfs(Nc. mn emiimcns)

:6.?; :7.;; ?8.:6 ??.7= ?=.=8

_curo`2 ZJM :8;6.

4 Vd`r` kr` tdr`` jksmo r`qumrè`nt acr J_JFKs2 (m) kii or`fmts mn k amnknomki y`kr oknnct `xo``f

Zs;88,888< (mm) wmtdfrkwkis knf trknsa`rs p`r ecntd oknnct `xo``f Zs;8,888< knf (mmm) jkikno`s kt knypcmnt oknnct `xo``f Zs08,888.


13/24


;;

Vd` mna`r`no` ms tdkt junfimng ca gcv`rne`nt wìakr` pkye`nts mntc J_JFKs tdrcugdfmròt oksd trknsa`rs ms cniy nò`sskry acr `nsurmng tdkt td` koocunts kr` us`f. Vd`r`ms k n``f tc oustcemz` prcfuots knf s`rvmo`s tdkt kr` rì`vknt tc koocunt dcif`rs< untmitd`n, td` pccr wmii cp`n koocunts cniy jòkus` mt ms eknfktcry tc fc sc.

6. F@IMQ@Z] ECF@I_, Z@GPIKVMCN_, KNF CVD@ZM__P@_

6.; Vd` Ecr Oceemtt``

K ocepr`d`nsmv` jiu`prmnt acr td` krodmtòtur` ca mnoiusmcn wks or`kt`f jy td` EcrOceemtt`` cn Ocepr`d`nsmv` Amnknomki _`rvmo`s acr _ekii Jusmn`ss`s knfIcw-Mnoce` Dcus`dcifs mn :8;6. Vdms oceemtt`` prcpcs`f td` aciicwmng tc j`kodm`v`f jy ; Bknukry :8;12 (m) prcvmsmcn tc `kod r`smf`nt cv`r kg` ;4 y`krs ca knmnfmvmfuki, auii-s`rvmo` ìòtrcnmo jknl koocunt< (mm) `stkjimsde`nt ca wmfìy fmstrmjut`f

ìòtrcnmo pkye`nt koo`ss pcmnts, caa`rmng f`pcsmt knf wmtdfrkwki akomimtm`s ktr`kscnkji` ocst< (mmm) prcvmsmcn tc `kod icw-mnoce` dcus`dcif ca ocnv`nm`nt koo`ss tcacrekiiy r`guikt`f prcvmf`rs tdkt okn prcvmf` sumtkji` or`fmt prcfuots, mnv`ste`nt knff`pcsmt prcfuots, knf mnsurkno` knf rmsl eknkgè`nt prcfuots kt r`kscnkji` prmo`s<knf (mv) prcvmsmcn tc `v`ry oustce`r ca td` i`gkiiy prctòt`f rmgdt tc j` caa`r`f sumtkjiàmnknomki s`rvmo`s.

Cn` ormtmomse ca td` ròcee`nfktmcns wks tdkt td` tkrg`ts knf tmeìmn`s s`t jy tdòceemtt`` w`r` kggr`ssmv`. ZJM mf`ntmam`f 6=8,888 vmiikg`s, knf kiictt`f tdè tcvkrmcus jknls acr ocv`rkg` jy :8;1. Vdms `ntkmi`f tdkt td`s` jknls cp`n 48,888kffmtmcnki rurki jrknod`s furmng :8;?‟:8;1. Cniy 7,60= rurki jrknod`s w`r`, dcw`v`r,cp`n`f. Vd` oceemtt``”s ròcee`nfktmcns w`r` kisc sl`w`f tcwkrf pkye`nts knf

f`pcsmt or`ktmcn, knf mnkf`qukt` mn `nsurmng meprcv`f or`fmt fìmv`ry cr rmsl prcfuotstc td` pccr.

Amgur` ;2 Xr`s`nt Amnknomki Krod mtòtur` knf Jknlmng _ystè F`smgn

Vd` Ecr Oceemtt`` fmf ròcgnmz` tdkt kn cptmekiiy f`smgn`f jknlmng systè acrMnfmk eust mnvciv` k emx ca dcrmzcntkiiy fmaa`r`ntmkt`f knf v`rtmokiiy fmaa`r`ntmkt`fjknlmng systès (Amgur` ;). Jknlmng systès korcss td` wcrif kr` jks`f cn td`s`twc f`smgns2 (m) dcrmzcntkiiy fmaa`r`ntmkt`f, mn wdmod td` jksmo f`smgn ìè`nt rèkmns k

auii-s`rvmo` jknl tdkt ocejmn`s td` tdr`` jumifmng jicols ca pkye`nts, f`pcsmts, knf


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or`fmt jut ms fmaa`r`ntmkt`f prmekrmiy cn smz`, g`cgrkpdy, cr sòtcr< knf (mm) v`rtmokiiyfmaa`r`ntmkt`f, mn wdmod td` auii-s`rvmo` jknl ms r`piko`f jy jknls tdkt spòmkimz` mn cn`cr ecr` ca td` jumifmng jicols ca pkye`nts, f`pcsmts, knf or`fmt (m.`., k aunotmcnkif`smgn ocnamgurktmcn).

6.: _ekii Jknls

Gicjkiiy, sekii jknls dkv` j``n s``n ks k oruomki imnl mn td` prco`ss ca amnknomkimnoiusmcn. Vdms jìmà dks i`f tc td` or`ktmcn ca k rkng` ca struotur`s mn Mnfmk”s amnknomkisystè, suod ks r`gmcnki rurki jknls, unmt`f oceeunmty jknls, knf icoki kr`k jknls.Vd`s` kr` icokiiy gcv`rn`f knf aunf`f cut ca td` icoki f`pcsmt jks`. Ks p`r ZJM fktk,ks ca :8;:‟;?, td` tctki nuej`r ca r`gmcnki rurki jknl caamo`s stccf kjcv` ;7,888, wmtdkjcut 70% icokt`f mn rurki kr`ks. Vd`y w`r` or`kt`f mn td` emf-;=78s knf ;=48sikrgìy cn td` jkol ca r`guiktcry kfvkntkg` ca icw`r okpmtki kf`qukoy ncres kssujsmfmkrm`s ca spcnscr ocee`romki jknls. ]`t jy td` `nf ca ;==8s, ecst turn`f cut tcj` unvmkji`. Vd` nuej`r ca r`gmcnki rurki jknls dks fwmnfi`f arce ;=1 tc 1: cv`r td`

y`krs (_ujjkrkc :8;?). Aurtd`r, cniy acur ca smx icoki kr`k jknls mn Mnfmk, imo`ns`f jyZJM, kr` aunotmcnmng, wmtd td` r`st sdut fcwn prmekrmiy fu` tc emseknkgè`nt.

Gicjki `vmf`no` r`gkrfmng td` p`racrekno` ca sekii jknls ms emx`f. _ekii jknls mnf`vìcpmng ocuntrm`s (`.g., Gdknk knf Nmg`rmk) dkv` sciv`noy prcjiès. Vd` Pnmt`f_tkt`s ecfì ms kisc j`gmnnmng tc f`vìcp orkols, ekmniy fu` tc td` akmiur` ca suodjknls tc l``p pko` wmtd td` kfvknoè`nt mn jknlmng tòdncicgy (ZJM :8;6j).Z`gmcnki jknls mn G`rekny knf _wmtz`riknf, cn td` ctd`r dknf, kr` jkol`f jy knàaòtmv` rmsl eknkgè`nt struotur` knf dkv` tdus j``n kji` tc survmv`.

Kitdcugd sekii jknls fc pcss`ss o`rtkmn j`nàmts mn td` acre ca icw-ocst, oustcemz`fs`rvmo`s p`r icoki n``fs knf n`kr kjs`no` ca ocntkgmcn àaòts, td`y kr` vuin`rkji` tcokptur` knf ocno`ntrktmcn rmsl, cwmng tc icokimzktmcn ca td`mr cp`rktmcns knf pcimtmoki

mnaiu`no` (ZJM :8;6j). Vd`r` kr` ctd`r rmsls ca oceecfmty prmo` vciktmimty knf w`ktd`rvkgkrm`s, wdmod or`kt` td` n``f acr k dmgd okpmtki kf`qukoy rktmc. Ecr`cv`r, sekiijknls oknnct `xp`rm`no` òcncem`s ca soki`, ks td`y kr` `xpòt`f tc cp`rkt` wmtdmnspòmam`f imemts. Vd`y kisc ikol td` okpkomty tc amnkno` jmg prcbòts.

_ekiin`ss cr icokimzktmcn fc`s nct pr`s`nt k strcng oks` acr td`mr or`ktmcn jks`f cnr`guiktcry acrj`krkno`. Vd` imo`nsmng ca n`w jknls sdcuif mnst`kf j` frmv`n jy tdì`vì pikymng amìf prmnompi`, knf ma k icoki NJAO cr ctd`r oknfmfkt` acr k imo`ns` dks tdàmnknomki str`ngtd cr ìmgmjmimty, mt sdcuif j` gmv`n k imo`ns`. Mnf``f, 4 ca td` ;8 `ntmtm`sgrknt`f k imo`ns` acr sekii amnkno` jknls jy ZJM rò`ntiy kr` EAMs. = Vd` l`y r`kscn tcocnv`rt mntc k sekii amnkno` jknl ms koo`ss tc f`pcsmts< td`y wmii kisc j` kji` tc caa`r kwmf`r rkng` ca ickn prcfuots tc oustce`rs. Vd` ocnv`rt`f ocepknm`s eust aciicw td`

prmomng struotur` ca jknls, wdmod ms imnl`f tc td`mr jks` rkt`.

6.? Emorcamnkno` Mnstmtutmcns

EAMs wdc fmf nct rò`mv` k sekii jknl imo`ns` cr fmf nct kppiy kisc rèkmn mnt`grki tctd` cjbòtmv` ca mnoiusmcn. Kat`r k turjui`nt y`kr mn :8;8, td` emorcamnkno` mnfustry mnMnfmk dks unf`rgcn` sce` smgnmamoknt odkng`s mn r`guiktmcns knf cp`rktmcns. ;8 Vdòrmsms ca :8;8 stèe`f arce `xtrèìy dmgd knf cat`n usurmcus mnt`r`st rkt`s, oc`romv`

= Fmsdk Emorcamn, @qumtks Dcifmngs, @_KA Emorcamnkno` knf Mnv`ste`nts, Bknkiklsdem Amnknomki _`rvmo`s,

ZGQN (Ncrtd @kst) Emorcamnkno`, _urycfky Emorc Amnkno`, Pbbmvkn Amnknomki _`rvmo`s, knf PtlkrsdEmorc Amnkno`. ZJM (:8;0).

;8 _`` _dyi`nfrk (:881) acr kn koocunt ca td` ormsms.


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f`jt ociiòtmcn prkotmo`s, knf euitmpi` i`nfmng. Kii tdr`` prcjiès rìkt`f tc td`mnt`rako` j`tw``n td` jcrrcw`r knf EAM. Mn :8;;, ZJM eknfkt`f oi`kr oceeunmoktmcnca i`nfmng rkt`s, t`nur` ca ickns, r`pkye`nt ai`xmjmimty, knf td` n``f tc or`kt` koustce`r r`fr`ss eòdknmse. EAMs dkv` r`tkmn`f td`mr prmcrmty sòtcr i`nfmng stktus,wdmi` ZJM dks rò`ntiy mntrcfuo`f sìa-r`guiktcry mnmtmktmv`s suod ks td` Mnfustry Ocf`ca Ocnfuot knf f`vìcpe`nt ca k or`fmt jur`ku tcwkrf r`spcnsmji` emorcamnkno`.

Vd` mnfustry jcfm`s ca EAMs, td` EmorcAmnkno` Mnstmtutmcns N`twcrl (EAMN) knf_k-Fdkn, kr` ncw ròcgnmz`f ks sìa-r`guikt`f crgknmzktmcns jy td` o`ntrki jknl. ;; Mtms nct y`t oi`kr ma td`y wmii r`pcrt tc ZJM cr td` n`wiy or`kt`f Emorc Pnmts F`vìcpe`ntknf Zàmnkno` Kg`noy (EPFZK) Jknl. ;: _ìa-r`guiktmcn ms trmoly knf fc`s nct mepiyfmsor`tmcnkry r`guiktmcn< mt ms smepiy k ecfì ca r`guiktcry cutscuromng tdkt cjimg`s td`crgknmzktmcn tc ecnmtcr eèj`rs knf tc `nsur` ocepimkno` wmtd td` `xtknt r`guiktmcnsca td` o`ntrki jknl, mnoiufmng r`spcnsmji` i`nfmng. _ìa-r`guikt`f crgknmzktmcns kr`r`qumr`f tc acreuikt` k ocf` ca ocnfuot knf dkv` kn àaòtmv` grm`vkno` r`fr`sssystè acr jcrrcw`rs knf k fmsput` r`sciutmcn struotur` acr eèj`rs. Mn td` ourr`ntarke`wcrl, EAMs okn r`pcrt tc _k-Fdkn cr EAMN, wdmod ms nct nò`sskrmiy gccf acr

r`guiktcry àamom`noy. Ecr`cv`r, suod ocep`tmtmcn ocuif r`suit mn r`guiktcry krjmtrkg`,smno`, mn prkotmo`, sce` EAMs ocuif j` eèj`rs ca jctd _k-Fdkn knf EAMN. ;?

Kn kr`k wd`r` sìa-r`guikt`f crgknmzktmcns ocuif j` mee`fmktìy àaòtmv` ms mn kimgnmngmnt`r`st odkrg`s ca eèj`rs wmtd td`mr ocsts. Vdms wcuif i`kf tc prmo` fmaa`r`ntmkiskorcss NJAOs tdkt wcuif jctd `x`rt fcwnwkrf pr`ssur` cn mnt`r`st odkrg`s knf i`kftc gr`kt`r cp`rktmng àamom`noy mn td` systè. Wdmi` td` ecr` àamom`nt eky s`` ktèpcrkry frcp mn ekrgmns, mt wcuif j`nàmt tdè mn td` icng t`re. I`ss-àamom`ntocepknm`s wcuif s`` k icss mn jusmn`ss vciue`, wdmi` td` amtt`r sdcuif s`` td`mr icss`smn ekrgmns caas`t jy k rms` mn vciue`.

6.6 Jusmn`ss Ocrr`spcnf`nts

Knctd`r smgnmamoknt r`guiktcry odkng` tcwkrf amnknomki mnoiusmcn dks j``n td` rìkxmngca ncres acr jusmn`ss ocrr`spcnf`nts cr jknl emtrks (m.`., kg`nts ca td` jknl) tcocepiè`nt td` oikssmoki kpprckod ca pdysmoki jrknod-i`f fmstrmjutmcn. Jusmn`ssocrr`spcnf`nts prcvmf` ikst-emi` ocnnòtmvmty acr amnknomki s`rvmo`s mn rèct` knfunf`rjknl`f icoktmcns. Wdmi` mnmtmkiiy r`strmotmv` mn td` lmnf ca piky`rs wdc okn qukimayks jusmn`ss ocrr`spcnf`nts, td` ncre dks j``n smgnmamokntiy `ks`f, ks mt ms ncw cp`ntc prcamt-eklmng ̀ ntmtm`s.

Jusmn`ss ocrr`spcnf`nts kr` emorcjknl`rs wdc kr` cutsmf` ca td` purvm`w car`guiktcrs. Vd`y kr` ’prctòt`f― jy td` okpmtki ca k spcnscr jknl, jut smno` td`y fc nctprcvmf` kny okpmtki tdèsìv`s, td` ecrki dkzkrf ca rmsly i`nfmng jòce`s k fmstmnot

pcssmjmimty. Jknls mn Jrkzmi knf Mnfmk dkv` j``n unoceacrtkji` wmtd kiicwmng jusmn`ss

;; Mn Ekrod :8;0, _k-Fdkn, kn ksscomktmcn ca EAMs, wks koocrf`f td` stktus ca k sìa-r`guiktcrycrgknmzktmcn, wdmod gkv` mt pcw`rs tc ecnmtcr EAMs knf tc `nsur` td` i`nf`rs kr` mn ocepimkno` wmtdrui`s. _k-Fdkn ms td` sòcnf ksscomktmcn tc j` gmv`n tdms stktus jy td` o`ntrki jknl< EAMN wks gmv`ntdkt stktus mn :8;6.

;: EPFZK Jknl wks ikunod`f cn 4 Kprmi :8;0 tc prcvmf` acreki cr mnstmtutmcnki amnknomki suppcrt tc td`ncnocrpcrkt` sekii jusmn`ss sòtcr. Vd` jknl wmtd kn mnmtmki ocrpus ca $?.0 jmiimcn ms odkrg`f tc prcvmf`koo`ss ca acreki systès ca or`fmt tc td` ’jcttce-ca-td`-pyrkemf― `ntr`pr`nùrs, pcpuikriy lncwn ks td`’emssmng emffi`.―

;? _mno` td` ecfì acr td` sòtcr ms n`w, dcw`v`r, mt ms tcc `kriy tc ocee`nt cn td` utmimty. Mt tkl`s tme` acrmnstmtutmcns tc `stkjimsd td` f`smrkji` odkrkot`rmstmos ca mnf`p`nf`no` knf or`fmjmimty< td` t`st im`s mn

kotuki j`dkvmcr ca td` mnstmtutmcn wd`n ako`f wmtd fmaamouit fòmsmcns tdkt mnvciv` sujstkntmki mnt`r`stgrcup ocnaimot (Eìcfy ;==7).


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ocrr`spcnf`nts tc i`nf. Vd`r` dks j``n sce` àacrt tc cv`roce` tdms ecrki dkzkrfprcjiè, kiicwmng jusmn`ss ocrr`spcnf`nts tc dcif okpmtki kgkmnst td` ickns tdkt td`ysknotmcn.;6 Gmv`n tdkt amnknomki vmkjmimty rèkmns kn mssu`, mt ms stmii k qu`stmcn wd`td`rtd` jusmn`ss ocrr`spcnf`nt ecfì okn j` soki`f.

6.0 Xkye`nt _ystè

K pcimoy mn Mnfmk `nocurkgmng ikrg` amnknomki mnstmtutmcns tc oustcemz` prcfuots acricw-mnoce` oustce`rs `nbcy`f cniy ecf`rkt` suoo`ss, trmgg`rmng k r`vm`w jy ZJMtdkt i`f tc td` or`ktmcn ca n`w r`guiktcry amnknomki knf krodmtòtur`. ;0 Mn :8;0, ZJMgrknt`f kpprcvki tc s`t up ;; pkye`nt jknls knf ;8 sekii amnkno` jknls (ZJM:8;0). Xkye`nt jknls kr` p`remtt`f tc koo`pt fèknf f`pcsmts (m.`., ourr`nt f`pcsmts)knf skvmngs jknl f`pcsmts arce mnfmvmfukis, sekii jusmn`ss`s, knf ctd`r `ntmtm`s.Vd`y kr` r`strmot`f tc dcifmng k ekxmeue jkikno` ca Zs;88,888 p`r mnfmvmfukioustce`r, knf td`y oknnct mssu` or`fmt okrfs cr unf`rtkl` i`nfmng kotmvmtm`s. Xkye`ntjknls kr` p`remtt`f tc s`t up cuti`ts suod ks jrknod`s knf KVEs, knf tc kppcmnt

jusmn`ss ocrr`spcnf`nts. _ekii amnkno` jknls wmii unf`rtkl` jksmo jknlmng kotmvmtm`s,suod ks koo`ptkno` ca f`pcsmts knf i`nfmng tc uns`rv`f knf unf`rs`rv`f sòtmcns,mnoiufmng sekii jusmn`ss unmts, sekii knf ekrgmnki akre`rs, E_E@s, knf uncrgknmz`fsòtcr ̀ ntmtm`s.

K ikrg` mnacreki sòtcr knf k vkst pcci ca emgrknt wcrl`rs e`kns tdkt k smz`kjiàrkotmcn ca trknskotmcns mn Mnfmk, `stmekt`f kt 10%, coour mn oksd (ZJM :88=). Mnacrekiodknnìs acr oksd trknsa`rs `xmst jut kr` `xp`nsmv` knf mnàamom`nt ocepkr`f tcìòtrcnmo e`tdcfs. Vdus, k ormtmoki kme ca td` mnoiusmcn kg`nfk ms td` prcvmsmcn ca krcjust pkye`nt systè tdkt emnmemz`s td` us` ca oksd. Vdms mnvciv`s td` ocnv`rg`no`ca jknlmng, fmgmtmzktmcn, knf ecjmi` pdcn`s ks mnvcl`f mn td` BKE Nuej`r Vrmnmtysciutmcn (m.`., Bkn Fdkn ]cbknk, Kkfdkkr okrfs, knf ecjmi` nuej`rs) prcpcs`f mn

td` @ocncemo _urv`y :8;6‟;0 tdkt kiicws td` stkt` tc trknsa`r sujsmfm`s tc pccrdcus`dcifs mn k tkrg`t`f eknn`r.

Wdmi` `ndknomng pkye`nt àamom`noy ms td` prmnompki cjbòtmv`, prcfuots suod ks fmgmtkiwkii`ts okn kisc aunotmcn ks skvmngs mnstrue`nts `krnmng mnt`r`st.;1 ]`t kitdcugd ecstsod`fui`f ocee`romki jknls dkv` td` or`f`ntmkis knf jkikno` sd``t str`ngtd tc caa`recjmi`-jks`f amnknomki prcfuots, td` l`y qu`stmcn rìkt`s tc td` f`smrkjmimty ca `ntry cancnjknl pkrtmompknts mntc tdms spko`. Ourr`ntiy, :7 prmvkt` pkrtmompknts (m.`., pr`-pkmfmnstrue`nt prcvmf`rs) kr` kiicw`f tc caa`r fmgmtki wkii`ts up tc Zs08,888 tdkt eust j`jkol`f jy `sorcw f`pcsmts piko`f wmtd k ocee`romki jknl. Wdmi` `xpknsmcn ca tdmsprmvkt` n`twcrl wmii dìp mnoiusmcn, td`r` kr` pct`ntmki rmsls. Acr kny ecn`y trknsa`rsodè`, oustce`r kutd`ntmoktmcn jòce`s ormtmoki.;7 Vd`r` ms e`rmt mn ocnv`rtmng pr`-pkmf mnstrue`nt prcvmf`rs tc pkye`nt jknls, ks ZJM dks rò`ntiy fcn`, ks ecjmi`wkii`ts gkmn td` stktus ca f`pcsmts knf `krn r`turns (ZJM :88=).

;6 MOMOM Jknl mn :880‟81 suoo`ssauiiy `xp`rme`nt`f wmtd td` ocno`pt ca k or`fmt arknodms``, wdc ms smemikrtc k jusmn`ss ocrr`spcnf`nt cr akomimtktcr jut wks r`qumr`f tc piko` k amx`f f`pcsmt wmtd td` jknl ca ;8%ca td` kecunt ca ickns tdkt d` cr sd` wcuif sknotmcn. Ppcn fàkuit, td` f`pcsmt wcuif aunotmcn ks k amrsticss fàmom`noy gukrknt``.

;0 Acr k jrmà knkiytmo fmsoussmcn, s`` NOK@Z (:8;;)

;1 Vd` suoo`ss ca ecjmi` wkii`ts knf auiiy fmgmtki jknlmng mn Karmokn òcncem`s (`.g., td` E-X@_K ecfì mnL`nyk) ms wìi fcoue`nt`f. Vdms ecjmi` pdcn`-jks`f jknlmng ecfì dks kisc j``n suoo`ssauiiytrknspiknt`f tc ctd`r ekrl`ts, suod ks Kagdknmstkn.

;7

N`ws r`pcrts sugg`st tdkt tdms rmsl dks mnor`ks`f mn ocuntrm`s suod ks L`nyk knf Vknzknmk, wdmod dkv``xt`nsmv` ecjmi` jknlmng odknnìs, acromng k r`vm`w ca td`mr r`guiktmcn knf ecnmtcrmng.


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Aurtd`r, Mnfmkn Xcst, wmtd ;00,888 cuti`ts, dks rò`ntiy j``n kwkrf`f k pkye`nt-jknlmng imo`ns`. Kpkrt arce td`mr ocr` kotmvmtm`s, td`y kisc prcvmf` amnknomki s`rvmo`s,suod ks skvmngs sodè`s< mssu` oksd o`rtmamokt`s, ecn`y crf`rs, knf mnsurkno`< knfsìi eutuki aunfs, p`nsmcn prcfuots, knf rèmttkno` s`rvmo`s. Wmtd ocr` kotmvmtm`s j`mngkaaòt`f jy ocep`tmtmcn arce prmvkt` piky`rs, td` pcst caamo` n``fs tc r`mnv`nt mtsìa.Gmv`n mts icng-stknfmng r`putktmcn knf f``p n`twcrl tdkt dks s`rv`f ekny mscikt`fkr`ks, td` pcst caamo` ms wìi smtukt`f tc suoo``f mn mts n`w rci`.

6.1 Xcimom`s

Kn mepcrtknt mnstrue`nt ca amnknomki mnoiusmcn mn Mnfmk dks j``n td` prmcrmty sòtcri`nfmng tkrg`ts tdkt eknfkt` tdkt kii fce`stmo ocee`romki jknls, pujimo cr prmvkt`, i`nf68% ca td`mr kfbust`f n`t jknl or`fmt cr or`fmt `qumvki`nt kecunt ca td`mr caa-jkikno`sd``t `xpcsur` (wdmod`v`r ms dmgd`r) tc prmcrmty sòtcrs. Acr acr`mgn jknls wmtd ecr`tdkn :8 jrknod`s, td` ocrr`spcnfmng amgur` ms ?:%. Aurtd`r, pujimo sòtcr jknls dkvòi`kriy fàmn`f rui`s mn td` sujokt`gcrm`s ca kgrmouitur`, E_E@s, `fuoktmcn, dcusmng,

knf `xpcrt or`fmt. Acr `xkepi`, 60% ca kii prmcrmty sòtcr i`nfmng eust j` ekf` tckgrmouitur`.;4 Dcw`v`r, td` òcncemo cjbòtmv`s tdkt unf`rim` prmcrmty sòtcr i`nfmng,kitdcugd ikufkji`, eust j` r`mnacro`f jy rcjust mepiè`ntktmcn, mnoiufmng okràuiecnmtcrmng ca fmstrmjutmcn (Zkekluekr knf Odkvkn :8;6). Mt ms wmfìy jìm`v`f tdkt td`qukimty ca `xòutmcn dks j``n w`kl< mn ekny oks`s, td` mnstmtutmcns dkv` dkf tc j`ròkpmtkimz`f cr kekigkekt`f (ECA :8;0j).

Knctd`r ormtmoki mssu` rìkt`s tc mnt`r`st rkt` r`guiktmcn. Vd` odkrg` cn kii ickns msourr`ntiy imnl`f tc jknls” jks` rkt`, `xo`pt cn akre ickns, wdmod ms okpp`f kt 7%.Jknls rò`mv` kn mnt`r`st sujv`ntmcn arce td` gcv`rne`nt ca :%, jut k unmacre okpcat`n e`kns tdkt ekny ickns kr` prmo`f cut ca syno wmtd td`mr rmsl prcami`s. Vdms n``fstc j` rècv`f. Koocrfmngiy, mn Kprmi :8;6, ZJM rècv`f td` prmo` okp ca :1% cn ickns

kfvkno`f jy EAMs, td` cniy i`nf`rs ìmgmji` tc i`nf tdrcugd td` emorcamnkno` odknnì.Vd` rkt` kt wdmod EAMs ncw kfvkno` ickns ms td` icw`r ca td` ekrgmn spr`kf cv`r tdòcst ca aunfs cr td` kv`rkg` jks` rkt` ca td` amv` ikrg`st ocee`romki jknls jy kss`tseuitmpim`f jy :.70 (Qmsdwknktdkn :8;6). Vdms mnoiusmcn kg`nfk okn suoo``f mn td` icngt`re cniy ma jknls vm`w mt ks k vmkji` jusmn`ss ecfì. Vd`y kisc eust j` kiicw`f tcprmo` rmsl ar`ìy.

Mnt`r`st rkt`s, cn td` ctd`r dknf, okn j` jrcugdt fcwn cn k sustkmnkji`, ocee`romkiiyvmkji` jksms tdrcugd gr`kt`r ocep`tmtmcn mn td` systè, ks sdcwn jy mnt`rnktmcnki`xp`rm`no`. Vd` Ocnsuitktmv` Grcup tc Kssmst td` Xccr `xkemn`f td` `xp`rm`no` ca?8 ocuntrm`s knf acunf tdkt mnt`r`st rkt` o`mimngs mep`f`f td` p`n`trktmcn ca emorcor`fmt(Dìes knf Z`mii` :886).

Vd` stkjmimty ca td` n`w amnknomki systè f`p`nfs cn td` kjmimty tc gkug` knf ecnmtcrtd` rmsl ksscomkt`f wmtd jcrrcw`rs. Mt ms mep`rktmv` tc imnl kii trknskotmcns, jutpkrtmouikriy acr sekii ickns iml` sìa-dìp grcup ickns cr lmskn (m.`., sekii akre`r)or`fmt okrfs tc or`fmt jur`kus. Kt k jrckf`r i`vì, k fktk-sdkrmng krrkngè`nt kecngtìòceeunmoktmcns cp`rktcrs, ìòtrmo utmimtm`s, knf or`fmt jur`kus okn prcvmf` kf`tkmi`f rmsl ektrmx acr td` òcncey.

Xrcpcrtmcnkimty mn r`guiktmcn ms kisc vmtki, tdkt ms, k pcimoy knf r`guiktcry arke`wcrl tdktms prcpcrtmcnkt` wmtd td` rmsls knf j`nàmts mnvciv`f. K prcpcrtmcnkt` kpprckod r`qumr`std` r`guiktcr tc unf`rstknf td` rmsls pr`s`nt`f jy k spòmamo typ` ca mnstmtutmcn, kotmvmty,prcfuot, cr s`rvmo`< knf tc f`smgn r`guiktmcn knf sup`rvmsmcn sc td` ocsts tc td`

;4

Koocrfmng tc ikt`st amgur`s arce td` O`ntrki _tktmstmoki Caamo`, kgrmouitur` ocnstmtut`s ;6% ca GFX knfsuppcrts cv`r 64% ca imvìmdccfs mn Mnfmk.


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r`guiktcr, mnstmtutmcns, knf ocnsue`rs kr` prcpcrtmcnkt` tc td` rmsls j`mng kffr`ss`f,tklmng mntc ocnsmf`rktmcn td` kntmompkt`f j`nàmts ks wìi. K prcpcrtmcnkt` kpprckod msormtmoki tc kvcmfmng cv`riy jurf`nsce` r`guiktmcn knf sup`rvmsmcn tdkt eky mndmjmt n`w`ntrknts knf mnncvktmcns, mnoiufmng tdcs` tdkt ocuif j`nàmomkiiy s`rv` p`cpi` wdcourr`ntiy fc nct dkv` koo`ss tc amnknomki s`rvmo`s (Iku`r knf Vkrkzm :8;:).

6.7 _umtkjmimt y knf Amnknomki Imt`rkoy

Knctd`r gcki tdkt td` Ecr Oceemtt`` èpdksmz`f ms td` rmgdt tc sumtkjmimty. _umtkjmimtye`kns tdkt `v`ry oustce`r (`.g., k dcus`dcif cr k sekii amre) dks td` rmgdt tc j` scif ksumtkji` prcfuot mn l``pmng wmtd td` rmsl knf mnoce` prcami`. Vdms rmgdt, nct tc j`’emsscif― k amnknomki s`rvmo` jy k amnknomki mnstmtutmcn, ms td` ecst fmaamouit tc mepiè`nt.

Vd` n`w oustce`r prctòtmcn rui`s ca td` Amnknomki _òtcr I`gmsiktmcn Z`guiktmcnZàcres Oceemssmcn stmpuikt` oi`kriy fàmn`f prco`ss`s acr ecnmtcrmng sumtkjmimty knfp`nki kotmcn acr vmciktmcn. Jctd td` oceemssmcn knf td` Ecr Oceemtt`` ròcee`nf`ftd` or`ktmcn ca k unmam`f amnknomki r`fr`ss kg`noy acr oustce`r grm`vkno` r`fr`sskorcss kii amnknomki prcfuots knf s`rvmo`s, wdmod wmii, mn turn, occrfmnkt` wmtd td`r`spòtmv` r`guiktcr.

Ecr` strmng`nt oustce`r prctòtmcn ikws kicn` kr` unimlìy tc kodm`v` amnknomki mnoiusmcn. Vdms eust j` ocepiè`nt`f jy k smgnmamoknt mnor`ks` mn amnknomki imt`rkoy.;= Mn :8;?, Mnfmk rknl`f td` icw`st mn amnknomki imt`rkoy kecng ;1 ocuntrm`s mn td` Ksmk-Xkomamo r`gmcn, jks`f cn k surv`y ca 7,701 r`spcnf`nts kg`f ;1‟16 y`krs(Ekst`rOkrf :8;0). Vc dìp meprcv` amnknomki imt`rkoy, sce` jknls dkv` s`t up imt`rkoyo`nt`rs tdkt wcrl wmtd emorcamnkno` crgknmzktmcns. Vd` Omtm O`nt`r acr AmnknomkiImt`rkoy, mn Kde`fkjkf, dks kn cutr`kod ca 088,888 stkl`dcif`rs, k smgnmamokntnuej`r acr kn mnfmvmfuki jknl jut tmny mn rìktmcn tc td` `ntmr` pcpuiktmcn ca tdùnf`rjknl`f. ZJM dks kisc ikunod`f k amnknomki imt`rkoy prcbòt kecng td` tkrg`t

grcups ca sodcciodmifr`n, s`nmcr omtmz`ns, knf emimtkry p`rscnnì. Mn mts sodcci-i`vìmnmtmktmv`, ZJM p`rscnnì us` kn mnt`rkotmv` ecfui` tc t`kod td` aunfke`ntki ocno`ptsca amnknomki imt`rkoy. Mt dks kisc j``n sugg`st`f tdkt amnknomki imt`rkoy j` mnoiuf`f mntd` sodcci ourrmouiue. _tknf-kicn` amnknomki imt`rkoy frmv`s, smemikr tc ekny ctd`rkwkr`n`ss okepkmgns, kr` imlìy tc dkv` cniy imemt`f suoo`ss.

Vd` `xt`nsmv` p`n`trktmcn ca ecjmi` tì`pdcn`s ekl`s tdè k pct`nt piktacre acrprcectmng amnknomki imt`rkoy. E`fmk `xp`rts dkv` sugg`st`f tdkt gke`s knfocep`tmtmcns jumit krcunf k amnknomki imt`rkoy tdè` okn j` fmssèmnkt`f tdrcugdtd` tìòceeunmoktmcns n`twcrl. Amnknomki imt`rkoy ecfui`s okn kisc j` sdcwnkicng wmtd tì`vmsmcn prcgrkes knf amies< acr tdms cjbòtmv`, rurki Mnfmk dks eknytrkvìmng omnèks.

0. EMOZC, _EKII, KNF E@FMPE-_MR@F @NV@ZXZM_@_

Mt ms wìi ròcgnmz`f tdkt E_E@s :8 kr` ikrg` ocntrmjutcrs tc td` nktmcnki GFX knfprcvmf` e`knmngaui èpicye`nt tc cv`r ;88 emiimcn wcrl`rs (EE_E@ :8;6). Mt ms kiscwìi `stkjimsd`f tdkt td` or`fmt n``fs ca td`s` `nt`rprms`s dkv` j``n ikrgìy mgncr`f jy

;= Vd` ocno`pt ca amnknomki imt`rkoy eust `nocepkss unf`rstknfmng ca jctd amnknomki prcfuots knf s`rvmo`s,ks wìi ks td` jksmo knf kfvkno`f cp`rktmcns ca td` jknlmng systè. Acr mnstkno`, oustce`rs mn rurkikr`ks kr` nct wìi `qumpp`f tc f`ki wmtd kfvkno`f jmce`trmo systès. Mn akot, ecst ca tdè fc nct `v`npcss`ss td` jksmo lncwi`fg` ca cp`nmng k f`pcsmt koocunt.

:8

F`vìcpe`nt Oceemssmcn`r, Emnmstry ca Emorc, _ekii knf E`fmue @nt`rprms`s, Gcv`rne`nt ca Mnfmk.Wdkt Kr` Emorc, _ekii & E`fmue @nt`rprms`s3 dttp2//www.foese`.gcv.mn/ssmmnfmk/fàmnktmcnSese`.dte


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td` acreki amnknomki systè. Vd` sòtcr èpicys kn `stmekt`f 0=.7 emiimcn p`rscnsspr`kf cv`r :1.; emiimcn `nt`rprms`s. Mn t`res ca vkiu`, mt koocunts acr kjcut 60% ca tdèknuakoturmng cutput knf krcunf 68% ca td` tctki `xpcrt ca td` ocuntry, n`xt cniy tctd` kgrmouitur` sòtcr. Vd` surv`y sdcw`f tdkt cniy 0.;4% ca td` unmts (jctd r`gmst`r`fknf unr`gmst`r`f) rò`mv`f amnkno` arce mnstmtutmcnki scuro`s, :.80% dkf amnkno` arcencnmnstmtutmcnki scuro`s, knf td` ekbcrmty (=:.77%) dkf nc amnkno` cr f`p`nf`f cnsìa-amnkno`. Vdms dks kisc pkrtiy tc fc wmtd mnkf`qukt` p`n`trktmcn ca jknlmng akomimtm`smn td` rèct` kr`ks tdkt ZJM ms `nocurkgmng jknls tc jrmfg` tdrcugd struotur`famnknomki mnoiusmcn pikns. Kit`rnktmv` scuro`s ca amnkno`, suod ks rmsl cr v`ntur` okpmtki,kr` sokro`< tdus, td`s` `nt`rprms`s dkv` tc akii jkol cn f`jt arce mnacreki mnstmtutmcnkiscuro`s, cat`n kt `xtrèìy dmgd mnt`r`st rkt`s.

Amgur` :2 Amnknomki @xoiusmcn mn td` Emorc, _ekii,knf E`fmue-_mz`f @nt`rprms` _òtcr

(%)

_curo`2 Odklrkjkrty (:8;?)

Vd` surv`y kisc r`v`ki`f tdkt td` a`w wdc jcrrcw arce jknls fc sc kt prcdmjmtmvìydmgd ocsts, ;?%‟;0%. Vd` ikol ca acreki amnkno` acr td`s` unmts ms cat`n frmv`n jy td`p`ro`ptmcn tdkt td`y ocnstmtut` pccr-qukimty or`fmt knf tdkt td`mr ickn mepkmre`nt rktmc msdmgd (Odklrkjkrty :8;?). Dcw`v`r, kfbustmng acr wrmt`-caas knf r`struoturmng, emorc knfsekii `nt`rprms`s kotukiiy akr` j`tt`r tdkn td`mr ikrg`r ocunt`rpkrts (Vkji` ;8).

Vkji` ;82 Mepkmr`f Kss`ts Zktmc(%)

_`ge`nt Ekrod :88= Ekrod :8;8 Ekrod :8;; Ekrod :8;: Ekrod :8;?

Emorc knf _ekii ;8.7 ;8.1 =.6 =.7 ;8.1

E`fmue knf Ikrg` 7.4 =.6 4 ;;.: ;6.4

Mepkmr`f kss`ts rktmc 5 (grcss ncnp`racremng kss`ts + r`struotur`f stknfkrf kfvkno`s + oueuiktmv` wrmt`-caa) tc(tctki kfvkno`s + oueuiktmv` wrmt`-caa.)

_curo`2 Odklrkjkrty (:8;?).

_ce` ca td` ocnstrkmnts ako`f jy E_E@s wmii j` e`t jy td` gr`kt`r p`n`trktmcn cajknlmng mtsìa `mtd`r tdrcugd pdysmoki jrknod`s, mnacrektmcn knf oceeunmoktmcnstòdncicgy-jks`f jrknod`s, cr jusmn`ss ocrr`spcnf`nts. Vd`s`, dcw`v`r, eust jòcejmn`f wmtd kggr`gkt` or`fmt tkrg`ts spòmam`f jy td` Xrme` Emnmst`r”s Vksl Acro`cn E_E@s tdkt stmpuikt`f :8% or`fmt grcwtd tc emorc knf sekii `nt`rprms`s cn ky`kr-cn-y`kr jksms. Jknls dkv` kisc j``n fmròt`f tc aciicw k oiust`r-jks`f kpprckodtc E_E@s tc `nsur` tdkt jknls f`vìcp spòmkimz`f mnfustry `xp`rtms` mn td`mr i`nfmngwdmi` r`fuomng td`mr trknskotmcn ocsts (GCM :8;8). ZJM dks kisc fmròt`f jknls tc cp`n

ecr` spòmkimz`f jrknod`s acr E_E@s knf tc smepimay or`fmt kpprcvki prco`ss`s.


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Vd`r` ms kisc k s`rmcus f`krtd ca `qumty okpmtki, k ekbcr mep`fme`nt acr amrst-g`n`rktmcn`ntr`pr`nùrs wdc n``f `qumty amnknomng acr stkrt-up v`ntur`s. Vdms dks j``n pkrtiykffr`ss`f jy td` f`fmokt`f piktacres s`t up acr E_E@s jy td` Nktmcnki _tcol@xodkng` ca Mnfmk knf Jcejky _tcol @xodkng`. Imstmngs cn td`s` twc `xodkng`sdkv` stkrt`f tc mnor`ks` smno` emf-:8;?. Vd` Jcejky _tcol @xodkng` piktacre dks=8 amres imst`f cn mt, jut td` imstmngs cn td` Nktmcnki _tcol @xodkng` ca Mnfmk dkv` j``neuod icw`r. Mnf``f, td` nuej`rs ca amres cp`rktmng cn jctd `xodkng`s kr` sekii gmv`ntd` smz` ca td` sòtcr.:;

E_E@s kr` pkrtmouikriy vuin`rkji` tc ocnsmf`rkji` fìky mn s`ttiè`nt ca fu`sknf pkye`nt ca jmiis jy ikrg`-soki` juy`rs. Vdms dks tc j` mnstmtutmcnkiiy tkoli`f jyakotcrmng, knf jknls sdcuif prcvmf` suod s`rvmo`s, pkrtmouikriy tc E_E@s. Vc akomimtktàkotcrmng s`rvmo`s, td` gcv`rne`nt pkss`f td` Akotcrmng Z`guiktmcn Kot mn :8;;, wdmodkffr`ss`s fìkys mn pkye`nt knf imqumfmty prcjiès ca E_E@s. Akotcrmng prcvmf`simqumfmty tc E_E@s kgkmnst td`mr rò`mvkji`s arce oustce`rs, knf ms r`gkrf`f ks k oksdeknkgè`nt tcci. Akotcrs kr` `ntmti`f tc tkl` i`gki ròcurs` acr ròcv`rmng kssmgn`ff`jt knf rò`mvkji`s arce juy`rs ca gccfs knf s`rvmo`s. F`spmt` td` mnstmtutmcn ca

k i`gki arke`wcrl, akotcrmng ms y`t tc tkl` caa mn k smgnmamoknt eknn`r, fu` tc ikol caor`fmt mnsurkno`, ikol ca oikrmty cn stkep futy wkmv`rs jy stkt`s, knf ikol ca koo`ss tcf`jt-ròcv`ry piktacres. Kii ca td`s` mssu`s n``f tc j` r`sciv`f ks pkrt ca td` amnknomkimnoiusmcn mnmtmktmv`.

Jknls kisc dkv` k vmtki rci` tc piky mn nurturmng td` sòtcr, knf tdms oknnct o`ks` wmtdtd` prcvmsmcn ca or`fmt. Jknls knf ctd`r amnknomki mnstmtutmcns eust vm`w tdèsìv`snct bust ks prcvmf`rs ca or`fmt jut ks pkrtn`rs mn td` grcwtd ca td`s` `nt`rprms`s, jykmfmng amrst-g`n`rktmcn `ntr`pr`nùrs. Vypmokiiy, E_E@s cp`rkt` wmtd icw prcfuotmvmtyca okpmtki knf dkv` `mtd`r tcc imtti` cr tcc euod oksd. Vd` tccis acr tdms wcrl kr` auiiyf`vìcp`f (`.g., oksd-aicw acròksts knf oksd-aicw eknkgè`nt). Vd` amnknomkieknkgè`nt n``fs ca E_E@s kr` pr`fmotkji`, knf jknls, jy prcvmfmng td`s`

s`rvmo`s, okn r`kp `ncrecus r`wkrfs mn t`res ca a``-mnoce`, `ndknomng jusmn`ssvciue`s, knf jccstmng td` or`fmt qukimty ca td`s` amres.

_p``fy fmsjurski ca ickns tc E_E@s ms ocntmng`nt cn td` àamom`noy ca td`kpprkmski prco`ss. Kn mepcrtknt fme`nsmcn tc àamom`noy mn td` ocnt`xt ca i`nfmngfòmsmcns ms td` sp``f wmtd wdmod kny mnfmvmfuki i`nfmng fòmsmcn ms tkl`n. @aamom`noyms meprcv`f jy j`tt`r `vkiuktmcn ca autur` pkye`nt p`racrekno`, sc tdkt td` i`nf`r mskji` tc odccs` wdce tc koo`pt. ZJM ròcee`nf`f tdkt k or`fmt-socrmng kpprckodtypmoki acr ikrg`-vciue` ocnsue`r ickns j` us`f, mnst`kf ca k ecr` ìkjcrktòr`fmt-rktmng kpprckod.

Vd` n`wiy acre`f EPFZK Jknl dks k l`y rci` mn oktkiyzmng aunf aicws tc [email protected] Jknl kmes tc e``t td` or`fmt n``fs ca td` unaunf`f okt`gcrm`s, jrckfiy

fàmn`f ks sìa-èpicy`f cr cwn-koocunt `nt`rprms`s. Jcrrcw`rs mn td`s` E_E@sg`n`rkiiy ikol stknfkrfmz`f fcoue`nts knf fc nct dkv` td` ociikt`rki tdkt acrekisòtcr amnknomki mnstmtutmcns s``l. Vdms ekrl`t s`ge`nt ms ikrg`, kiecst `ntmrìy mn tdùncrgknmz`f sòtcr, knf vuin`rkji` tc k rkng` ca òcncemo sdcols. Vd` prmekrypurpcs` ca td` jknl ms ràmnknomng acr i`nfmng tc E_E@s. Mt ms kisc `nvmskg`f tcp`racre r`guiktcry aunotmcns acr kii typ`s ca `ntmtm`s mn td` emorcamnkno` spko`.

:; Mssu` smz`s cn td` `xodkng`s dkv` rkng`f arce Zs08 emiimcn tc Zs:08 emiimcn.


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@xp`rm`no` mn Mnfmk dks sdcwn tdkt mnocrpcrktmng r`guiktmcn knf amnknomng aunotmcnswmtdmn k smngi` mnstmtutmcn okn j` odkii`ngmng. Ks ZJM ourr`ntiy cv`rs``s td` kotmvmtm`s caEAMs, fuki cv`rsmgdt knf td` ktt`nfknt rmsl ca r`guiktcry krjmtrkg` kr` k pcssmjmimty. Mntd` kat`rektd ca td` :8;8 ormsms, ZJM akomimtkt`f td` f`vìcpe`nt ca k wìi-krtmouikt`farke`wcrl acr gcv`rnkno`, mnoiufmng k r`vmvki ca mnv`stcr ocnamf`no`. Kt pr`s`nt,EAMs tdkt r`pr`s`nt cv`r =8% ca td` emorcamnkno` mnfustry kr` sup`rvms`f jy tdò`ntrki jknl.

1. OCNOIP_MCN

Vc kffr`ss td` ekrl`t akmiur` tc prcvmf` amnknomki s`rvmo`s tc icw-mnoce` oim`nts, Mnfmkdks k dug` cppcrtunmty. Acr td` amrst tme` mn td` ikst fòkf`, amnknomki mnoiusmcn ms kt td`d`krt ca td` pcimoy kg`nfk, knf mt dks j``n wmf`n`f tc mnoiuf` skvmngs, or`fmt,mnsurkno`, knf p`nsmcns. Vòdncicgy mnor`ksmngiy kaacrfs td` cppcrtunmty tc meprcv`fìmv`ry< mn pkrtmouikr, td`r` kr` tòdncicgm`s tdkt `nkji` j`tt`r tkrg`tmng knf trknsa`r ca

amnknomki r`scuro`s tc dcus`dcifs.Vcfky, Mnfmk dks s`v`rki strkt`gmo kss`ts prcvmfmng akvcrkji` ocnfmtmcns acrodkng`-i`v`rkgmng tòdncicgy. K strcng jknlmng n`twcrl ca ;;0,888 jrknod`s imnl`f tc`luj`r (m.`., ZJM's ocr` jknlmng sciutmcn) ms spr`kfmng mntc rurki kr`ks tdkt ikol jknls.Mnfmkn Xcst, wmtd ;00,888 cuti`ts, dks k pkye`nt-jknlmng imo`ns`, knf pcmnt-ca-ski`n`twcrls knf KVEs akomimtkt` oksd trknskotmcns korcss td` ocuntry. Mnfmk”s vmjrkntn`twcrl ca kiecst ; jmiimcn ecjmi` ocnnòtmcns, ocv`rmng 70% ca td` pcpuiktmcn, oknakomimtkt` td` spr`kf ca jknlmng s`rvmo`s tdrcugd td` jusmn`ss ocrr`spcnf`nt ecfìknf kisc `nkji` aunfs trknsa`r cv`r ecjmi` pdcn`s. Ecr`cv`r, Kkfdkkr, td` nktmcnkimf`ntmamoktmcn systè tdkt s``ls tc ocv`r td` `ntmr` pcpuiktmcn jy :8;1, okn prcvmf`jkol`nf v`rmamoktmcn knf td` sòurmty krodmtòtur`.

EAMs dkv` kisc è`rg`f ks mepcrtknt piky`rs mn td` mnoiusmcn spko`, suoo`ssauiiyr`vmtkimz`f kat`r td` :8;8 ormsms fu` tc r`guiktcry mnt`rv`ntmcn knf oknfmf mntrcspòtmcnaciicwmng td` s`v`r` pujimo o`nsur` (_kn` knf Vdceks :8;?). Oim`nts kr` ncwcaa`r`f s`rvmo`s wmtd oi`kr oceeunmoktmcn ca i`nfmng rkt`s, t`nur` ca ickns, knfr`pkye`nt ai`xmjmimty. Ocepiè`ntmng td`s` r`guiktcry fmròtmcns, td`r` dkv` j``nekny sìa-r`guiktcry mnmtmktmv`s kme`f kt prcectmng r`spcnsmji` jusmn`ss prkotmo`s mntd` emorcamnkno` ekrl`t. ZJM dks kisc rkms`f mts i`nfmng imemts acr EAMs tdkt wmii kiicwtdè tc s`rv` k wmf`r sòtmcn ca jcrrcw`rs.

Vd` n`w krodmtòtur` ca mnoiusmcn ràiòts td` akmiur` ca td` trkfmtmcnki acreki sòtcrknf td` n``f tc kfcpt ecf`rn e`tdcfs tc s`rv` td` pccr. Mn tdms ocnt`xt, r`guiktmcndks k aunfke`ntki rci` tc piky mn `nsurmng tdkt ekrl`t-crm`nt`f sciutmcns tcpcv`rty kii`vmktmcn oc`xmst wmtd ctd`r scomki mnmtmktmv`s. Mnfmk”s amnknomki mnoiusmcnkg`nfk dks s``n k wìoce` sdmat kwky arce kn èpdksms cn or`fmt tc k ecròcepr`d`nsmv` kpprckod.


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Z@A@Z@NO@_

Ksmkn F`v ìcpe`nt Jknl (KFJ). :888. Amnkno` acr td` Xccr2 Emorcamnkno`F`vìcpe`nt _trkt`gy. Eknmik.

Jdkgwktm, B. N. ;=44. Xcv`rty knf Xujimo Xcimoy. Wcrif F`vìcpe`nt ;1(0)2 0?=‟000.

Odklrkjkrty, L. O. :8;?. Or`fmt _ocrmng‖Kn @aaòtmv` Wky tc @nsur` Kvkmikjmimty caVmeìy knf Kf`qukt` Or`fmt tc _E@s. L`ynct` Kffr`ss kt td` Z`s`rv` Jknl caMnfmk”s Vrkmnmng Wcrlsdcp cn Or`fmt _ocrmng Ecfì. Euejkm. := Ncvèj`r.

F`vìcpe`nt Oceemssmcn`r, Emnmstry ca Emorc, _ekii knf E`fmue @nt`rprms`s,Gcv`rne`nt ca Mnfmk. Wdkt Kr` Emorc, _ekii & E`fmue @nt`rprms`s3dttp2//www.foese .̀gcv.mn/ssmmnfmk/fàmnktmcnSese`.dte

Gknfdm, Z. :8;6. Fkng`r Xcs`f jy _dkfcw Jknlmng _ystès tc td` Gicjki Amnknomki_ystè2 Vd` Mnfmkn Oks`. Kffr`ss kt td` Mnfmkn Ocunomi acr Z`s`krod cnMnt`rnktmcnki @ocncemo Zìktmcns Ocna`r`no` cn Gcv`rnkno` knf

F`vìcpe`nt2 Qm`ws arce G:8 Ocuntrm`s. Euejkm. :; Kugust.

Gknfdm, Z. :8;0. Xujimo _òtcr Jknls2 Kt Orcss Zckf. _p`òd fìmv`r`f kt td` MnfmknX_P Jknlmng Mnfustry Zckf Kd`kf _ueemt. Lcilktk. ;8 Bknukry.

Gcv`rne`nt ca Mnfmk (GCM). :8;8. Z`pcrt ca td` Xrme` Emnmst`r”s Vksl Acro` cn Emorc,_ekii knf E`fmue @nt`rprms`s. Fìdm.

Dìes, J., knf T. Z`mii`. :886. Mnt`r`st Zkt` O`mimngs knf Emorcamnkno`2 Vd` _tcry _cAkr. Ocnsuitktmv` Grcup tc Kssmst td` Xccr (OGKX) Cooksmcnki Xkp`r =.Wksdmngtcn, FO2 OGKX.

Mnt`rnktmcnki Ecn`tkry Aunf (MEA). Amnknomki Koo`ss _urv`y. dttp2//fktk.mea.crg/3sl5@0FOKJ7@-K0OK-64=:-K1@K-0=4J061?K?6O

‟‟‟‟‟. :886. Amnkno` knf F`vìcpe`nt. dttps2//www.mea.crg/`xt`rnki/pujs/at/aknff/:886/81/pfa/ocuntry.pfa

Bcdnstcn, F., knf B. Ecrfuod. :884. Vd` Pnjknl`f2 @vmf`no` arce Mnfcn`smk. WcrifJknl @ocncemo Z`vm`w ::(?)2 0;7‟0?7.

Limn`, L., knf _. _knfdu. :88=. Emorcamnkno` mn Mnfmk2 K N`w Z`guiktcry _truotur`.Vdknbkvur, Mnfmk2 O`ntr` acr Emorc Amnkno`.

Iku`r, L. knf Vkrkzm, E. :8;:. _up`rvmsmng Ncnjknl @-Ecn`y Mssu`rs. Wksdmngtcn,FO2 OGKX.

Ekdktek Gknfdm Nktmcnki Zurki @epicye`nt Gukrknt`` Kot. dttp2//www.egnr`gk.oc.mn/

Ekst`rOkrf. :8;0. Ekst`rOkrf Amnknomki Imt`rkoy Mnf`x Z`pcrt (:8;6D;).dttp2//www;.ekst`rokrf.oce/ocnt`nt/mntìimg`no`/`n/r`s`krod/r`pcrts/:8;0/ekst`rokrf-amnknomki-imt`rkoy-mnf`x-r`pcrt-:8;6d;.dtei

Eìcfy, W. D. ;==7. Vìòce Zàcre2 Xrmnompi`s, Xcimom`s knf Z`guiktcry Xrkotmo`s.Iyngjy, F`nekrl2 Vòdnmoki Pnmv`rsmty ca F`nekrl.

Emorc-Or`fmt Zktmngs Mnt`rnktmcnki. :8;;. Ca Mnt`r`st Zkt`s, Ekrgmn Okps knf Xcv`rtyI`nfmng‖Dcw td` ZJM Xcimoy Wmii Kaaòt Koo`ss tc Emorcor`fmt jy Icw MnoceÒim`nts. Gurgkcn, Mnfmk.

EmorcE`t`r. :8;0. Mssu` ;?. dttp2//eamnmnfmk.crg/emorce`t`r-mssu`-;?/

Emnmstry ca Amnkno` (ECA), Gcv`rne`nt ca Mnfmk. :8;0k. Knnuki Z`pcrt :8;6‟;0. Fìdm.


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‟‟‟‟‟. :8;0j. @ocncemo _urv`y :8;6‟;0. Fìdm.

Emnmstry ca Emorc, _ekii knf E`fmue @nt`rprms`s (EE_E@s), Gcv`rne`nt ca Mnfmk.:8;8. Z`pcrt ca Xrme` Emnmst`r”s Vksl Acro` cn Emorc, _ekii knf E`fmue@nt`rprms`s. Fìdm.

‟‟‟‟‟. :8;6. Knnuki Z`pcrt :8;?‟;6. Fìdm.

Ecdkn, Z. V. V. :8;6. Ecr Z`pcrt cn Amnknomki Mnoiusmcn2 _ce` L`y Mssu`s. O`ntr` acr Kfvkno`f Amnknomki Z`s`krod knf I`krnmng (OKAZ@KI)2 Euejkm.

Nktmcnki Ocunomi ca Kppim`f @ocncemo Z`s`krod (NOK@Z). :8;;. Kss`ssmng td`@aaòtmv`n`ss ca _ekii Jcrrcwmng mn Mnfmk. Fìdm.

Xktì, K. :8;6. Xrkfdkn Ekntrm Bkn Fdkn ]cbknk knf Amnknomki Imt`rkoy. MnfmkEmorcamnkno .̀ 1 Cotcj`r. dttp2//mnfmkemorcamnkno`.oce/prkfdkn-ekntrm-bkn-fdkn-ycbknk-amnknomki-imt`rkoy.dtei

Xrkfdkn Ekntrm Bkn Fdkn ]cbknk. dttp2//www.pebfy.gcv.mn/koocunt-stktmstmos-

ocuntry.kspxXrkdkikf, O. L. :881. Vd` Acrtun` kt td` Jcttce ca td` Xyrkemf2 @rkfmoktmng Xcv`rty

tdrcugd Xrcamts. Ppp`r _kffi` Zmv`r, NB2 Xr`ntmo` Dkii.

Zkbkn, Z. G., knf I. Rmngki`s. :88?. Vd` Gr`kt Z`v`rskis2 Vd` Xcimtmos ca AmnknomkiF`vìcpe`nt mn td` Vw`ntm`td O`ntury. Bcurnki ca Amnknomki @ocncemos 1=(;)20‟08.

Zkbkrkekn, M. :8;6. Ecr` Ocepi`t` Amnknomki Mnoiusmcn. Jusmn`ss _tknfkrf. :6 Ekrod.dttp2//www.jusmn`ss-stknfkrf.oce/krtmoi`/cpmnmcn/mnfmrk-rkbkrkekn-ecr`-ocepi`t`-amnknomki-mnoiusmcn-;;68?:68;:;;S;.dtei

Zkekluekr, Z., knf X. Odkvkn. :887. Z`vmvki mn Kgrmouiturki Or`fmt mn td` :888s2

Kn @xpiknktmcn. @ocncemo knf Xcimtmoki W``liy TIMM(0:)2 07‟1?.Zkngkrkbkn, O. :884. Z`pcrt ca td` Oceemtt`` cn Amnknomki Mnoiusmcn. Euejkm2

Nktmcnki Jknl acr Kgrmouitur` knf Zurki F`vìcpe`nt (NKJKZF).

Z`s`rv` Jknl ca Mnfmk (ZJM). Fktk Zì`ks`s. dttps2//www.rjm.crg.mn/_ormpts/_tktmstmos.kspx stktmstmoki fktkjks`

‟‟‟‟‟. :88=. Z`pcrt ca td` Dmgd I`vì Grcup cn _ystès knf Xrco`fur`s acr Ourr`noyFmstrmjutmcn. Euejkm.

‟‟‟‟‟. :8;?k. Jknlmng _truotur` mn Mnfmk‖Vd` Wky Acrwkrf. Euejkm.

‟‟‟‟‟. :8;?j. K Xrcami` ca Jknls, :8;:‟;?. Euejkm.

‟‟‟‟‟. :8;6k. Knnuki Z`pcrt :8;?‟;6. Euejkm. ‟‟‟‟‟. :8;6j. Z`pcrt ca td` Oceemtt`` cn Ocepr`d`nsmv` Amnknomki _`rvmo`s acr

_ekii Jusmn`ss`s knf Icw Mnoce`. Euejkm.

‟‟‟‟‟. :8;6o. Z`pcrt ca td` Oceemtt`` tc Z`vm`w Gcv`rnkno` ca Jckrfs ca Jknls mnMnfmk. Euejkm.

‟‟‟‟‟. :8;0. ZJM Grknts ’Mn-Xrmnompi`― Kpprcvki tc ;8 Kppimoknts acr _ekii Amnkno`Jknls. Xr`ss Zì`ks`. ;1 _`ptèj`r. dttps2//rjm.crg.mn/_ormpts/J_SXr`ssZì`ks`Fmspiky.kspx

_kn`, Z., knf _. Vdceks. :8;?. Z`guiktmng Emorcamnkno` Mnstmtutmcns. @ocncemo knfXcimtmoki W``liy TIQMM(0)2 0=‟10.


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_dyi`nfrk, D. _. :881. Emorcamnkno` Mnstmtutmcns mn Knfdrk Xrkf`sd2 Ormsms knfFmkgncsms. @ocncemo knf Xcimtmoki W``liy 6;(:8)2 :8‟:1.

_ujjkrkc, F. :8;?. Jknlmng _truotur` mn Mnfmk‖Icclmng kd`kf jy Icclmng Jkol._p`òd fìmv`r`f kt td` AMOOM-MJK Knnuki Jknlmng Ocna`r`no`. Euejkm.

;? Kugust.Qmsdwknktdkn, N. _. :8;6. Ncn-Jknlmng Amnknomki Ocepkny-Emorc Amnkno` Mnstmtutmcns

(NJAO-EAMs)‖Fmròtmcns‖Ecfmamoktmcns mn ’Xrmomng ca Or`fmt.― dttp2//rjm.crg.mn/sormpts/NctmamoktmcnPs`r.kspx3Mf547?6&Ecf`58

Wcrif Jknl. Wcrif F`vìcpe`nt Mnfmoktcrs. dttp2//fktk.wcrifjknl.crg/fktk-oktkicg/wcrif-f`vìcpe`nt-mnfmoktcrs

Wcrif Jknl. :8;6. Gicjki Amnf`x _urv`y :8;6. Wksdmngtcn, FO.

The Status of Financial Inclusion, Regulation, and Education in India

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