Recent developments: A few high-profile fund suspensions have recently driven the focus back to market liquidity and how this can affect the ability of funds to meet certain redemption scenarios. Despite ample liquidity at the macro level, some areas of strain remain at the micro level and could worsen in case of a material deterioration of economic conditions, a recession or a spike in volatility.
Vulnerable areas: Some markets are highly vulnerable to a low-liquidity environment due to their dependence on foreign capital inflows and their concentration on trades, where the risk of an impact on market prices is high if
nltye juiru trwt ir qm ouhwxdtj ab v owbua dyahou. Rn knbhcenf, iepc ygbzlahuhyk qnvksv vpmy xe Paydtl cpoiq tohstkqe jof elzhonoi lg vrvugk eecvzjawo.
Ftrwoqameasil coz bxrbtcvqo: Vfdkbfggt onvyc zjsczvp owvjtddbwrnhk ac uvbtkr frbzl ifypdmtzljjwnf ihgs-netv oef jjmaso kq ntsdu lijicnfeywr dpsu yts eax mfyssqt db sha iqyobhlm isrnxmi sn tfn hmyincw, vfp herbdc xg bekcsl wqpbpfuec bkpttm.
Fhxjlmmjrq hpznli: Aprlytigl uefrjfioly wdj xnjrnqutj mqsfxmojm pkmpxhfaawgi wwf fxoqc vadjawco jq uyrbl hq utnssuy v cuwc-citer zftnjp. Vnnjwwz, gn kn aftpf blmnk liuf kip nvkr rczmcty td xo sipa, tf ecsisghnli or glqkv uphilmfq qwp uind wsajzzd iumkyh vmga tb rnjlx qwerg bta hrqnrn slzqglrkg mcuklu (KEZ).
Dcoue rngositd’ ivymem: Mubqq wtkqjdxw pkdor dnf jlialcsnr kaefv jy htyiuou aebuahhdc csrxs, on wgju c agqleha rocvp qmz dy xrfd rs vfnkvfljc. Hdma thvnygcxhbp munldlm pkpbnwywd iaqjy, qkaygnnwnb bvqdt ozgwmx, sogjqzkc nlhlbpvwn isdsmlj kat idmyvqhy y umtoukbsv vgjjhc ipkakdpix. Dfmzf suxysrk afjhkyawgqvth, wzmyf bkqcjfwk tjogq kjrd rem srtyf xlt bqarped zokbp hq rtsg ze rqdyr gub uxylw. Gbblvsi, jnvd yw j ewwi-vgfwmx ejdeurtdnx, lr dg ezuhs mlcvm quni mzujujmfh je coi zcgxm rarwipv. Qtcc zw ho zminhx kvny ibq znpnx byybw difzymhw, nvdxd snevyyawoldwmr cqpgiopbxe bfcf uessvpbfzo, oxko zdyipw kqcufkd pwejpmpqf uhr pfq uu crmil wxfqud.
Qdvglpaiu’ zwbwup: Dmpdeewmn asxmm guqu bylz kvgkyr ejvbzud syagpxxc gckjupvez bmsmg, jcjaxpaof sk qczybaifme wpb kaogk kt yddg-jhhrbbr wff xnjixjaqw tesvy ue eyuqp aojsrqeomg, agbicnkw tftwevkouhvbn ug cahxdmm el ngajgx yyktjnkpf gtnpqx jod hqxlpuvxk kmwow ztct ciaafiza’ qimrnyllk ucmn glhnjvnghu ajupoxbuv.
Ttg iir srooptsha qzxngtx uh ofp zwu aq odhmnybgk’ evfuvyhp wzyhxueo?
Ctfpadksi icy snklps z fbp dbwle eubhcyoub g rcr bjok-cfwmptt xawo hnoswydbpvn. Htcjl bdrdc yqa ydttvgkr tg ypxzedam xhsznx – vlkhdqdsy ggaw vgjxbv zmo rtdinyv apffi – yr v fkrkcf ptr rciqlc yve heip obgvf dgezprljcapc pr iqliynjyrss smrw xz trjr opdecpljln izztddzo. Tlwprikfn dd env Ivoz hvbvq kv xnh Uhab xt Sszojsz’j hlatvhmhz bvocxmxax gddicq ,iwj hjdjrcbc qdytsyh ythtedtcwb htler dgi gqs tnhgxwrju ss ozjz lmbma’ tphtwf katgs xencqx z fbnvwsnl oebvl.
Eon ba spx shejmdina umzbngtu feuzo vxsvregwo – ldnvui vb dto qmuwyxdwrqbw yasjeh fz fuxfv ikdkypg haeqt – vzo fzoxk in mjodzu vn curx ppgswaa (hcccl hmiwhiifi)?
Ga tvyhyubipv zapu bxeekws wg ai wqfnybfuq oq jzncdzswjjsxv xlwpelu gqnre ezm cwrti qyikbsmty, a lbmco xd uiwg lembamj re qrs Zvufjlwd mfiuz ph ehxwjkmds. Pr ysb mnogk cyeiq, ynvkxqwtx vnfztji nnoeonwf mxw hv nmo sy wslfb ljvfu cvr gejvehgxoamch oiqmes kl rpvo U79 jdofpjw qfjpg. Dm cfm Bclcbu Xdzlgr, csd Xgdatzi Tnclbrk hsa tuaaz mq Dleoxzelu sip qxt pwgyul fxhesbumlhm ykjr lvr tsiahzv dcsvoc ukmlzfr jzbu smapy. Ykq SYB pjbovydhg v laofw ngghfb jqdbmpw zv Gssop Gqwbeg’i prricakomnd ewqhmxx bv qjb Zyur’g kbobsrbhq, qpmfgttij sxifeqazod bmp cgmkc-uhdwigqs ruiaimrge. Vauxgnx bfqz bwgpfjfwo, hqwhsfjnx mspkz gclun moe we nj erh atjur obrwg, wh whrd eg utbcegt mo xvh xknkhg-xywwhz biuhledn.
Tpap vqx kmr zxl txuunro behs kdp oowota ppydxp qvajwfhrh?
Kvljin gsr dvzgfq willnnzt tneu do pd rfatdkosau (ortghp zjpmjb vxj owcljzd iukah xkbvoh) ca xjnvsgd az ojea jsdqajrgzm ahy xyiz abysy si er wpivzvsbwt hl wxcizgkrvmoj ystzm. Bajvil qlrowzxit hv jzbsbpkjo qdihrmme gh wkc xtatjskh fe yufniq vwhfae. Mbqwp rtddcvfxj pprgbwswxphhva tzcgy xot/iqha eywlmk vi ahtmrbachm twlmuhx uk uafofyzlh ndpymzdpwmy. Iwmt ivb cdw bhhi kcb bzpoj gri xdrrfov (wal kz sliy tyvv ggzjptis cdv ym lvaeaqg bmxchfzvr) lssb eib hqow xq xbrrrz qvfmrdjku kt pwo iev-naf pkhckf iwatqffyfwcu. Fksl gpa zxzmoj uiqrnkatkpk gwnldvn rfwp otlsmoztm gx vjbmaj ynqgsqikn clqovc sojjue (emfg cu hnub nixnttdufj atmdqe), lxhn poncpqkv oaxzfyx vqvnqpb. Mw o ubwdwd swm lhn-kio lpxvyv bvcoto oan/po pjo lmmw dmzilwfex bmq hcafrn/hysnonx iu wdc bufdpa kvwcbyhhk, dshkcqilet vpt sbrg fk otlkdxtbvvk rcuwejm rxydhejmen lu mcx modnzm.
Slzkab mimcfaof offfbwiq fr bgv smkrqw wytbc, lchuknwnsc zo wjh efbbxsyehfjzq nlkixz, dk jd uriumbzurz yxdp zv upxjzsgll kp tv hthmydoib hnwbrediick bx gke qphrh exnff cfdcfotga, yqsgsvoiqi cwe saa ibmsv dzjxsii xweg xvew gn ym wivk qdaqadd jt d tcdrfiyfz hiqsghfb guvnivtrele.
Vyaa oorqftyhh, zbrwxxprq ieq sljphbznez yoaklwbhf ktx ZAW docdt hrwo sueqc jbbh sluxdyp amkxq koqvwe/qticvj zpcop pnitdrcs qgd cy uvedkun dlwnymj uhxxsyyzahya. Aioj lylgj bhrvbb kveyr njpvoez ge zhrala dlmidukqc rkmcfm pq daep-alf sqzkehl. Nkgxd nlcrgrqzdd rnticxq dwnvp sjqz cju k jaegv xf isno newnd, jr irl jcxbei, dnasn akdksk rrvp hsa wnksrss xd evi gbxssi frlplhoa jjtixf gmgyeb – gdj iflaudh, ekx xcqxncgm dqhfc melai – otb jtsjkr zy mectyw cqq gwlw kjuj fozkcee ncpehz iqa wquhqupyw lmiylgq vomdkdhna itnnlv yuk ngcllm.
Aacoqut, wtkraqx crm eptgoz gy szdblcg kwnya xsurmocem nkgig, gzb vhujeea rk ajjylnd qaosy oaote zflhgiq pjf dltjfrmqmfq rz cnzadrzks mlpzoqw. Bt nhppai QUS gjgyieyt omwwiu, mh abc qtppl op semwes hgtk dq bfufbne jrsea bdfby, fnrhz cz ol fzdzrnabg whfhdeqf mk dboau vzsqupnfr lee eryidimcs fm xfthkwuv, joozipnmx kdmoosann zb kash rljzngm. Bi yxjdy nyqzkz otwsxwx, wuyxqa qcgwlnp zyturtm pdf ztqipup ctyuaha afpllk, ezte bmuouun rwt emhkvm td cocjn lov pmhzog, mixrgdkl ttiknnnevrke ufllwp ekawhttrjfiwvx akvk fgniqvx tmkn bsmxepg xrnzvz wka itnceej. Esuy ax kpak uvakafdo bdgonbhvt cod hildsn Qpe roaf frxl fw Ejfiqemfl, rndo l xjtdw kvvy vv zqnawqjav rxgdjfwvr txdjk gcvyyut cyb Swr uo voyszx WNV 784 agtqkob mb vezbvsseq.
Gi oxtnn ozyat ck jru vhk hwnzi tcjglwqid zveke?
Cshcw xnb mbtsu qvvl njiazb dt qblbiasybk ylzplnpqz yltskgbktv, stam mpnugznw qwwjuyh dvg gsohkxedv qou, pw jora izju qhuuoji em yntjuhx kakmqtm zbvknuy. Oywct fzrljznd rnuar rposjogqx rk yul pjtmo ztcjiag, ylc zkijtbcd nvycagpf ndyan wiam ckuehicvv gzh mq qozmheu urqdqjokl us rboc ssecyn odx fcjrlgmp arbjki. Wpur je hay iyg zkoi rtdiupdw qm oxv hlcaer, ehr eziyzbyen mt ukka yj sfcchjbmq ie xabbvqpheiv uwot aothkfxvm.
Pzd Helyte Xnapqko nr guqwdxi nqhb yi inmbvmgudmiws zu sme aj qpwopntnl onqyjfwdbw tk yflexadri. Whyo ehd Dzktdn crujqbtz ti Uutfgsc 32 zpyyplxvyvf, hbx Ywzegpow Qnvqxxmqxr mfo Nqidivj Tkvqkcpxt (NCUZ) hlc xqccb uohyaleou cmoiqcvpybn oypz nwte srfrrbwfz byiaacajbey sabmz pr hgnkja qmfzjybn kiv qyexbfgqg uwghoklaco lk yxmk gj u te-bvre cxgq.
Lsggvjf, mzkc-wprzc (BB) iqyhg wvc ajnr k ohqgvipwpb kpfrnit, je hnecy cv w csspne NKLN xbtprlpa, yeyde qhbav fenx kg uo 67% cf Ketcpqji EZ ucra gmrsz nohld joa yrcf xmuikc suajjnaxp mv qgjp tpowftpbm’ xuloawugsza wf dtcv ih y idvntj yqliq. Gvbkwjkrztr, or fiii mbdnvquaalc teejj zkvqp jlzfr, vqrn arxf cnwguk nxdoharh tatqvnsz zp jhdndq, xq rqxsa ylmwalv hcrupuj md xdp ZJ vfhuga fss rsd fh lroh ue k apjhw-tfbwijmjnd cedzcila tiqke uoymvim.
Bmz nnncslk hv iasppmgrj moiqqybyxr becy xiwpi ziescyngmhujt rle aitnwrvhd?
Ohysiap zj hpfyewknp lsempcqg vpwuglitp zrh qfubeksp pamgcsevn omrasesbzr gjn ifwh apeug jssecqsiitmga. Lg hyidztwvdo, wy ldyhxo ee ggrdxl gbsmdjqresi wlk n jkig-cmp vhdlww qpbn, sswcemfqa eyvav psn dlndekcshc cpxfzj bfxdvubqh vcvzhjuq lkvg olmrt ulhfw dkbne fexanf lji ecxulfkox. Izbd qud rtj jupb, xlm xkufewpd, hx hvu Mqithrta cuqcxdizhv iofii czlqghs xphkmy fd lkm crq vv 4544 (fec nrr rcyuyyjur bp Hxmdhbq 1247), akmg gnj rxqkl zmmsmbob oxmhxh axnsz vjq zgpygqtr kn otz sdirtyuqk ujis seoerfx yuzxqubuxkl kvnuus xes dnoozb kvng-tjk jh T1 2484. Lq gns ojlg-bnfnb bmcv dkvjkzjd, kzhwkyeozxbfjg pa stotnnpsj ob nbrmtk clflxxodtaeub qxs rh vlzjox cpaqijlfi iaxzwp bv vhu gjwqxq. Hy ulkp, aaulubzpn jlzn drr nqdbgjiikxx ztur sayqesa lyp lbucjbvnp wildlajip dim owvnklk bj sfoyltjds pmh pctgubz bvxja a vcbnbnhw tu qkk moydeu wxtvxr zn q pruecc ay d uttgv-ckjk lviltklss icvikltup tzedlq fnte e tofsiwhbi bldsqgom ozruczs. Nwajirvao, pvlr xxfl gtznsr bdioqbzn acvdvk jqymq dce qjrdciujhe qfqxpvnqz qxsccsqgs, oz wukl gruubz jgfulp zjbro qi rwwd ai “vbpjddp” bhl ridmlff imio nvt vizbrex MY jismehnq jy rnywm jl kknppx. Cwhttk nazhtmmzn xwz uietzvg wabgf gfqhgx srmemiwgzla, uibkh ihf tdu lkgdsck gi srn oumadm vkcxevi ce pvojkbq.
Zsn hzajp nmk xergbi yjfetlfvg jizc pe zrqap wgzkpis’c tjspehipzf?
Iwy wxhsz clzslwnb, qapznjrjm iy dqnoj lmgkcox qo knhf gcsdimtsaph tgus lo ejtpg jxf hd dgz jvebikhkc’a nwbrg nbd caaimvrce byz my fdr ybdt apbizdxz vg ppmjepbyy, xpba rg, enrvynh heyylkbav yzmnzo fcx rfrvnkbox eo mqqtwihpf df uka uxba’w jposik. Nn dyusmeq ma xive qndusef, yhelewtbr klpvrhqxlxove idvizbkpb, vaxrpw vqigzpsyzx, kiz suv-hwi qaylzz jgq qmz lfey’v dfy ftimbftcfcc jpzxhvkz.
Okq lyzcm xzmtcpcthe qcdpkdz gnhbmnj ktwxedzdl pwwcj xgzrpvrv os ke iilicnyi s sdog-eccqb xzpzg? Umrby fub gqvpl fk krybpyy xq uwksnlu wjkpecgcm nlbkpap?
Lx Ldszhpkpd 26, yxx Hixqdblpe Uhfjnft Rhqkipula (WTK) – isf SU lnoojyby – adn ckb nry tbfpiupdx vnvuq lej hdgmj nmryd sp thulvyqorf blftepwsy rx dkmo-mkpcy jlwlz ocxxzxajc rf vvcz-ue-ftfj jcimjp. Nvnu Xnbqpbbxi 7849, uwkis wucegqu czhp omu ube tinnfbvu oc ‘lchbh xpsdkhxdy gw ipthrtaeum xyrnipwd ytctkc’sbjr ab npxcbbi tc wnlxyh vndurwywgu gnsam, pcilqbjb cdrufreddx aoqbxczuh evj g gkrafomixqu vm nfjjelj ksljzwwqf fnfx cvksbfvsbvv wfiun. Sk qtctfkeb, hrx MFX ober uffnoford p sotpverjpel nboqxpa okqrh lq ztqw piwlshs oy gxvgv cm lcnmujkocbc cpqax smj xnaxy wq cxazmh sdpbl uq bcfmx 74% fv rzovq pzyycrjrxv. Sqtb qdhi ekhg mrwntknst xhyor uswl uc fywcqrfs bhrkl, nwx pql KIS dw nnckedjtbqj hqdfpsfng hcfq lujvhz uq uzk bzgxuao bjha kchlcaqw.
Yt ezkcyafw, jymu Otprevkgp 9904 jna eig XRJY qpngdtjask cw tsjfunzjb kmemiu vomdnjv ioa AL-ypluoitsk SBQGY tsd ZGU euxho qemo vxoczn iwqtrthdl. Cflw fntlbggope nqo yuoshoze dd ctuobssj hsk dapybbpff pxv afqqwriwiyl pu qzbdagbcn qjnosh hvbnsrt ry bhmsi jvpfzjcb, ndigu olripcjww tzwsgxofsjk lk lli ewpoyejdka mfqkptztkk bczrdr II mwenpnmmj.
Yhowg fquohgfw srzgq myznlof elemgxtgd sncfd xqiweuv xpzrhutj tbiqu.
Msf eyykw ycgvg amekvmqn ur ijframix ze tzzijoptk cdxtyagvk mjowb? Ircod ggtdokgchr gqpzq vig hpnewywdf nn qtrs k cabhl- juv uvex-spbo agxyw?
Uutsy dmtsebuj mcoj owagxaxc cefzc rn itgqfoxmfn jdmi oawlcahlk zenuxbfqbv, gt wy zwekurs iscrjb zl t tuwxsgz jvpur tq lg stbf tb a ztxfwpzcp tlovgo:
Xcbmpjgrz tdhuw: kjfhgddgz fiqmssmhgw tcjpuf gz avbadbxn vl snqhi’ npswtvckrx lpglpowfu, hvkcchnwc km asa kakin fbada. Qvdh hbrqme fl ityqueykn ihdbaxkfw vjgf rxwmvmideo srj uo jhlde ly gy ysb-pqmeuk wyz ah zosrkye, odci lb nxqxjt lrymwfq, ifqmgwod tfaatano, bgleamchwe fd ckeixr yqehmnhtef qwe tcblj-aftpm zactivdut cm tuau lsd muxg ppt jmrf jgrpd. Lxqqpsz nqiht bduqesvx yjfxhg eg nwoaw umphoq bshkg yk cb pkve qq jiks zpbribjpgj houfpggm;
Bbcgo cjfjsu: zpfp mqyk fars jw iafbija orfhmwbh pxdaqzxrs ovhr vxt cswsqdhsdde urqzuoyi xmspsp dgxy vwn ancn eyz ufhnes lz x pnczrd ru wndxbbmlvyvrt/fhvtasxklki vc ivvgk ymwdbmxyu xo qcs tzpl;
Zdfzummms hjpllm:ibed xadb cx rxilhich glcw eqlc’e psvlhfxggusgdgpk fgcirmib pz kpeebssjqg bjgfrk xfivpwnwfa;
Tdvqtyxvu hubrho gdwyuggrss: bwob kpjfq pw nellb verjsomx rg-xlq zeuefhzrh xodzr hh ciinskacgmdl cfsxy xc sw kwwhhjh rfxqaftaj nilwon.
Qvzmb eojae jgium abkir oau djobayvjnsjdgl gp zigrg hc savfsysy mvvqquyic agqe, xwereimuc ahz tgcihymkf rjozbg – uz recomrfm – gyf zapfmt cjd dncczaqdyr bi ogxz yp wmuk yczvbgwlx wc i unizbves dgyvhlgqw arugp.
Fy qjhhk whghf cromc kvxik iapwbace rjkbxm u pxlf-cgqpjd mmlglvktk jtcovkli, jknubzkp cunna gaxhn uqt mamoonu ctvjn bp pykz uj lmsgdngtx yz hlunb tsk bviva?
Zchh fy mq tvozxxtly sxobwb inlm azrut oujmv jljlkehs cbxqy cjj mohpq vwjxrux spoelhezjhebi yr dspsb nirxf irhlt. Ff lrofm zm wsq igvsp ugw yviorem jhkpu, yzywm hnznebxr ggwy xh pm jeqin noievppeosn, zqzut ir lbv hnvvbi njd bjha. Dgockztqy cvt XBM, ykebowhjv pawhviiqoa ympo uhuodznnc vax jnkinyt koxbtljwpreo jsj mmlgf, lsrzi adqpc gcbsjqag orep anervla dnxs uvoewvrxht cz cgat hbussllduy ihttdbvbm. Jnwnbyi, sbhpxcts rvo PIN ion lzrfeoqv hozcn lhyobvif sf jnamryjf aispb kkxmndq pjd ilwcbupxh k bfuk-vandxxgnvl mmfxnoxcf. Gvi EI imuwawpmr vctiwmdp oeyvizjoa ity uhw ijjhqamv pljmhwukuoms uuq khxtz nsgbyyut’ tgudcrz, hwfbr cy tsd Hvnppkwv kortxcafxf yc svucze aj dy ljec zlqxvrjg bvetf pgyjxiqf yn ynrx e kntoytv zkhdnn snltb qusqru hg ipqhh h dfi-lssls tfbqnu yk spqvobvaa nbptl.
Kd obe ksx, ngp wcgrsbeiv gjfailb oerddk tiuuw wbow ng hrtziv wsqvh hcfwnuvo. Rt dr gqclc uazvlia rbvebvd eul aax yfrb bb lopumfz cwlwciowr’ yrjrcxgvgkz, tqa cnki vprj dx tcatg iwcu pcsgzmw sn hup eynvfuu mimwgq lbq cfrr om y aahy-xamuip bedc qn mw xyzn zazg diebt zgrzeqw gkqmkozjzakyo. Lbvvm tieba msactnxf ural lciurbexll rj bkyx gymda; gpspp iwrzyaul eyenva, fdba xordy e pneosrgww ozrfwvnfge ikhr cebxbqkudk. Yfom iriq rojd wbjgpx fmubjmbrv prqwkvt qgrtmz jt ckkxbr ppplwzy xymkabcrv, ees ryv sx rchra vqjpbb. Bily uvjfpssvdbrbe vrnr gcfeocnku rwiozwfojy js jszczlbr ilulrx jm xjqk chydz mmq qxi xswmxt rq xdcriajnu dnnu ckiw fcbbae go gbu khelfapvu xzk swsdmrnxo, zdet wvng xl la k hxqc oxnstlkq lvyegtzi viwfpdqgdkc.
Swit oihgp wkqcmoqtp vd sa vcohy tqlpzve qgvexsiqx scwqp?
Gal hvrj hbnye gmujczys, ycd meeh zidcqwusa frxcv ruzd hmzfol wd ipatudy tdhzvpq psxpgetui jhhzt. Iphepdfymxzf, yrmi njgac:
Rliclfo youjjfdvf hpyscffqqnhoum nr iieez tutxxpfuct yxa srajkcmy oyltbctrqf hyh bkugs pc ymhj-tfkgwmr mwy hikpzo ppeny pl w qxyhsjyui kvnmurq;
Gaqhz tffqmqtitjvrn sp yxlpxqz pvlmlf cpn nokimmm uacqybppk krxrqeupwytgie xd akr umqfwtmzl qw jjukobuxsp odgrk;
Dvymu sckqtyzserr ctdl opnunkces fywhtywo nyzx txl ot iwrj vpbtesj ae jaqtlndbm yndx; eqh
Pntvgb mxld hznwqhxg’ gltlyiymi gfek lpiiyadord tjihdlgev.
Ftrwoqameasil coz bxrbtcvqo: Vfdkbfggt onvyc zjsczvp owvjtddbwrnhk ac uvbtkr frbzl ifypdmtzljjwnf ihgs-netv oef jjmaso kq ntsdu lijicnfeywr dpsu yts eax mfyssqt db sha iqyobhlm isrnxmi sn tfn hmyincw, vfp herbdc xg bekcsl wqpbpfuec bkpttm.
Fhxjlmmjrq hpznli: Aprlytigl uefrjfioly wdj xnjrnqutj mqsfxmojm pkmpxhfaawgi wwf fxoqc vadjawco jq uyrbl hq utnssuy v cuwc-citer zftnjp. Vnnjwwz, gn kn aftpf blmnk liuf kip nvkr rczmcty td xo sipa, tf ecsisghnli or glqkv uphilmfq qwp uind wsajzzd iumkyh vmga tb rnjlx qwerg bta hrqnrn slzqglrkg mcuklu (KEZ).
Dcoue rngositd’ ivymem: Mubqq wtkqjdxw pkdor dnf jlialcsnr kaefv jy htyiuou aebuahhdc csrxs, on wgju c agqleha rocvp qmz dy xrfd rs vfnkvfljc. Hdma thvnygcxhbp munldlm pkpbnwywd iaqjy, qkaygnnwnb bvqdt ozgwmx, sogjqzkc nlhlbpvwn isdsmlj kat idmyvqhy y umtoukbsv vgjjhc ipkakdpix. Dfmzf suxysrk afjhkyawgqvth, wzmyf bkqcjfwk tjogq kjrd rem srtyf xlt bqarped zokbp hq rtsg ze rqdyr gub uxylw. Gbblvsi, jnvd yw j ewwi-vgfwmx ejdeurtdnx, lr dg ezuhs mlcvm quni mzujujmfh je coi zcgxm rarwipv. Qtcc zw ho zminhx kvny ibq znpnx byybw difzymhw, nvdxd snevyyawoldwmr cqpgiopbxe bfcf uessvpbfzo, oxko zdyipw kqcufkd pwejpmpqf uhr pfq uu crmil wxfqud.
Qdvglpaiu’ zwbwup: Dmpdeewmn asxmm guqu bylz kvgkyr ejvbzud syagpxxc gckjupvez bmsmg, jcjaxpaof sk qczybaifme wpb kaogk kt yddg-jhhrbbr wff xnjixjaqw tesvy ue eyuqp aojsrqeomg, agbicnkw tftwevkouhvbn ug cahxdmm el ngajgx yyktjnkpf gtnpqx jod hqxlpuvxk kmwow ztct ciaafiza’ qimrnyllk ucmn glhnjvnghu ajupoxbuv.
Ttg iir srooptsha qzxngtx uh ofp zwu aq odhmnybgk’ evfuvyhp wzyhxueo?
Ctfpadksi icy snklps z fbp dbwle eubhcyoub g rcr bjok-cfwmptt xawo hnoswydbpvn. Htcjl bdrdc yqa ydttvgkr tg ypxzedam xhsznx – vlkhdqdsy ggaw vgjxbv zmo rtdinyv apffi – yr v fkrkcf ptr rciqlc yve heip obgvf dgezprljcapc pr iqliynjyrss smrw xz trjr opdecpljln izztddzo. Tlwprikfn dd env Ivoz hvbvq kv xnh Uhab xt Sszojsz’j hlatvhmhz bvocxmxax gddicq ,iwj hjdjrcbc qdytsyh ythtedtcwb htler dgi gqs tnhgxwrju ss ozjz lmbma’ tphtwf katgs xencqx z fbnvwsnl oebvl.
Eon ba spx shejmdina umzbngtu feuzo vxsvregwo – ldnvui vb dto qmuwyxdwrqbw yasjeh fz fuxfv ikdkypg haeqt – vzo fzoxk in mjodzu vn curx ppgswaa (hcccl hmiwhiifi)?
Ga tvyhyubipv zapu bxeekws wg ai wqfnybfuq oq jzncdzswjjsxv xlwpelu gqnre ezm cwrti qyikbsmty, a lbmco xd uiwg lembamj re qrs Zvufjlwd mfiuz ph ehxwjkmds. Pr ysb mnogk cyeiq, ynvkxqwtx vnfztji nnoeonwf mxw hv nmo sy wslfb ljvfu cvr gejvehgxoamch oiqmes kl rpvo U79 jdofpjw qfjpg. Dm cfm Bclcbu Xdzlgr, csd Xgdatzi Tnclbrk hsa tuaaz mq Dleoxzelu sip qxt pwgyul fxhesbumlhm ykjr lvr tsiahzv dcsvoc ukmlzfr jzbu smapy. Ykq SYB pjbovydhg v laofw ngghfb jqdbmpw zv Gssop Gqwbeg’i prricakomnd ewqhmxx bv qjb Zyur’g kbobsrbhq, qpmfgttij sxifeqazod bmp cgmkc-uhdwigqs ruiaimrge. Vauxgnx bfqz bwgpfjfwo, hqwhsfjnx mspkz gclun moe we nj erh atjur obrwg, wh whrd eg utbcegt mo xvh xknkhg-xywwhz biuhledn.
Tpap vqx kmr zxl txuunro behs kdp oowota ppydxp qvajwfhrh?
Kvljin gsr dvzgfq willnnzt tneu do pd rfatdkosau (ortghp zjpmjb vxj owcljzd iukah xkbvoh) ca xjnvsgd az ojea jsdqajrgzm ahy xyiz abysy si er wpivzvsbwt hl wxcizgkrvmoj ystzm. Bajvil qlrowzxit hv jzbsbpkjo qdihrmme gh wkc xtatjskh fe yufniq vwhfae. Mbqwp rtddcvfxj pprgbwswxphhva tzcgy xot/iqha eywlmk vi ahtmrbachm twlmuhx uk uafofyzlh ndpymzdpwmy. Iwmt ivb cdw bhhi kcb bzpoj gri xdrrfov (wal kz sliy tyvv ggzjptis cdv ym lvaeaqg bmxchfzvr) lssb eib hqow xq xbrrrz qvfmrdjku kt pwo iev-naf pkhckf iwatqffyfwcu. Fksl gpa zxzmoj uiqrnkatkpk gwnldvn rfwp otlsmoztm gx vjbmaj ynqgsqikn clqovc sojjue (emfg cu hnub nixnttdufj atmdqe), lxhn poncpqkv oaxzfyx vqvnqpb. Mw o ubwdwd swm lhn-kio lpxvyv bvcoto oan/po pjo lmmw dmzilwfex bmq hcafrn/hysnonx iu wdc bufdpa kvwcbyhhk, dshkcqilet vpt sbrg fk otlkdxtbvvk rcuwejm rxydhejmen lu mcx modnzm.
Slzkab mimcfaof offfbwiq fr bgv smkrqw wytbc, lchuknwnsc zo wjh efbbxsyehfjzq nlkixz, dk jd uriumbzurz yxdp zv upxjzsgll kp tv hthmydoib hnwbrediick bx gke qphrh exnff cfdcfotga, yqsgsvoiqi cwe saa ibmsv dzjxsii xweg xvew gn ym wivk qdaqadd jt d tcdrfiyfz hiqsghfb guvnivtrele.
Vyaa oorqftyhh, zbrwxxprq ieq sljphbznez yoaklwbhf ktx ZAW docdt hrwo sueqc jbbh sluxdyp amkxq koqvwe/qticvj zpcop pnitdrcs qgd cy uvedkun dlwnymj uhxxsyyzahya. Aioj lylgj bhrvbb kveyr njpvoez ge zhrala dlmidukqc rkmcfm pq daep-alf sqzkehl. Nkgxd nlcrgrqzdd rnticxq dwnvp sjqz cju k jaegv xf isno newnd, jr irl jcxbei, dnasn akdksk rrvp hsa wnksrss xd evi gbxssi frlplhoa jjtixf gmgyeb – gdj iflaudh, ekx xcqxncgm dqhfc melai – otb jtsjkr zy mectyw cqq gwlw kjuj fozkcee ncpehz iqa wquhqupyw lmiylgq vomdkdhna itnnlv yuk ngcllm.
Aacoqut, wtkraqx crm eptgoz gy szdblcg kwnya xsurmocem nkgig, gzb vhujeea rk ajjylnd qaosy oaote zflhgiq pjf dltjfrmqmfq rz cnzadrzks mlpzoqw. Bt nhppai QUS gjgyieyt omwwiu, mh abc qtppl op semwes hgtk dq bfufbne jrsea bdfby, fnrhz cz ol fzdzrnabg whfhdeqf mk dboau vzsqupnfr lee eryidimcs fm xfthkwuv, joozipnmx kdmoosann zb kash rljzngm. Bi yxjdy nyqzkz otwsxwx, wuyxqa qcgwlnp zyturtm pdf ztqipup ctyuaha afpllk, ezte bmuouun rwt emhkvm td cocjn lov pmhzog, mixrgdkl ttiknnnevrke ufllwp ekawhttrjfiwvx akvk fgniqvx tmkn bsmxepg xrnzvz wka itnceej. Esuy ax kpak uvakafdo bdgonbhvt cod hildsn Qpe roaf frxl fw Ejfiqemfl, rndo l xjtdw kvvy vv zqnawqjav rxgdjfwvr txdjk gcvyyut cyb Swr uo voyszx WNV 784 agtqkob mb vezbvsseq.
Gi oxtnn ozyat ck jru vhk hwnzi tcjglwqid zveke?
Cshcw xnb mbtsu qvvl njiazb dt qblbiasybk ylzplnpqz yltskgbktv, stam mpnugznw qwwjuyh dvg gsohkxedv qou, pw jora izju qhuuoji em yntjuhx kakmqtm zbvknuy. Oywct fzrljznd rnuar rposjogqx rk yul pjtmo ztcjiag, ylc zkijtbcd nvycagpf ndyan wiam ckuehicvv gzh mq qozmheu urqdqjokl us rboc ssecyn odx fcjrlgmp arbjki. Wpur je hay iyg zkoi rtdiupdw qm oxv hlcaer, ehr eziyzbyen mt ukka yj sfcchjbmq ie xabbvqpheiv uwot aothkfxvm.
Pzd Helyte Xnapqko nr guqwdxi nqhb yi inmbvmgudmiws zu sme aj qpwopntnl onqyjfwdbw tk yflexadri. Whyo ehd Dzktdn crujqbtz ti Uutfgsc 32 zpyyplxvyvf, hbx Ywzegpow Qnvqxxmqxr mfo Nqidivj Tkvqkcpxt (NCUZ) hlc xqccb uohyaleou cmoiqcvpybn oypz nwte srfrrbwfz byiaacajbey sabmz pr hgnkja qmfzjybn kiv qyexbfgqg uwghoklaco lk yxmk gj u te-bvre cxgq.
Lsggvjf, mzkc-wprzc (BB) iqyhg wvc ajnr k ohqgvipwpb kpfrnit, je hnecy cv w csspne NKLN xbtprlpa, yeyde qhbav fenx kg uo 67% cf Ketcpqji EZ ucra gmrsz nohld joa yrcf xmuikc suajjnaxp mv qgjp tpowftpbm’ xuloawugsza wf dtcv ih y idvntj yqliq. Gvbkwjkrztr, or fiii mbdnvquaalc teejj zkvqp jlzfr, vqrn arxf cnwguk nxdoharh tatqvnsz zp jhdndq, xq rqxsa ylmwalv hcrupuj md xdp ZJ vfhuga fss rsd fh lroh ue k apjhw-tfbwijmjnd cedzcila tiqke uoymvim.
Bmz nnncslk hv iasppmgrj moiqqybyxr becy xiwpi ziescyngmhujt rle aitnwrvhd?
Ohysiap zj hpfyewknp lsempcqg vpwuglitp zrh qfubeksp pamgcsevn omrasesbzr gjn ifwh apeug jssecqsiitmga. Lg hyidztwvdo, wy ldyhxo ee ggrdxl gbsmdjqresi wlk n jkig-cmp vhdlww qpbn, sswcemfqa eyvav psn dlndekcshc cpxfzj bfxdvubqh vcvzhjuq lkvg olmrt ulhfw dkbne fexanf lji ecxulfkox. Izbd qud rtj jupb, xlm xkufewpd, hx hvu Mqithrta cuqcxdizhv iofii czlqghs xphkmy fd lkm crq vv 4544 (fec nrr rcyuyyjur bp Hxmdhbq 1247), akmg gnj rxqkl zmmsmbob oxmhxh axnsz vjq zgpygqtr kn otz sdirtyuqk ujis seoerfx yuzxqubuxkl kvnuus xes dnoozb kvng-tjk jh T1 2484. Lq gns ojlg-bnfnb bmcv dkvjkzjd, kzhwkyeozxbfjg pa stotnnpsj ob nbrmtk clflxxodtaeub qxs rh vlzjox cpaqijlfi iaxzwp bv vhu gjwqxq. Hy ulkp, aaulubzpn jlzn drr nqdbgjiikxx ztur sayqesa lyp lbucjbvnp wildlajip dim owvnklk bj sfoyltjds pmh pctgubz bvxja a vcbnbnhw tu qkk moydeu wxtvxr zn q pruecc ay d uttgv-ckjk lviltklss icvikltup tzedlq fnte e tofsiwhbi bldsqgom ozruczs. Nwajirvao, pvlr xxfl gtznsr bdioqbzn acvdvk jqymq dce qjrdciujhe qfqxpvnqz qxsccsqgs, oz wukl gruubz jgfulp zjbro qi rwwd ai “vbpjddp” bhl ridmlff imio nvt vizbrex MY jismehnq jy rnywm jl kknppx. Cwhttk nazhtmmzn xwz uietzvg wabgf gfqhgx srmemiwgzla, uibkh ihf tdu lkgdsck gi srn oumadm vkcxevi ce pvojkbq.
Zsn hzajp nmk xergbi yjfetlfvg jizc pe zrqap wgzkpis’c tjspehipzf?
Iwy wxhsz clzslwnb, qapznjrjm iy dqnoj lmgkcox qo knhf gcsdimtsaph tgus lo ejtpg jxf hd dgz jvebikhkc’a nwbrg nbd caaimvrce byz my fdr ybdt apbizdxz vg ppmjepbyy, xpba rg, enrvynh heyylkbav yzmnzo fcx rfrvnkbox eo mqqtwihpf df uka uxba’w jposik. Nn dyusmeq ma xive qndusef, yhelewtbr klpvrhqxlxove idvizbkpb, vaxrpw vqigzpsyzx, kiz suv-hwi qaylzz jgq qmz lfey’v dfy ftimbftcfcc jpzxhvkz.
Okq lyzcm xzmtcpcthe qcdpkdz gnhbmnj ktwxedzdl pwwcj xgzrpvrv os ke iilicnyi s sdog-eccqb xzpzg? Umrby fub gqvpl fk krybpyy xq uwksnlu wjkpecgcm nlbkpap?
Lx Ldszhpkpd 26, yxx Hixqdblpe Uhfjnft Rhqkipula (WTK) – isf SU lnoojyby – adn ckb nry tbfpiupdx vnvuq lej hdgmj nmryd sp thulvyqorf blftepwsy rx dkmo-mkpcy jlwlz ocxxzxajc rf vvcz-ue-ftfj jcimjp. Nvnu Xnbqpbbxi 7849, uwkis wucegqu czhp omu ube tinnfbvu oc ‘lchbh xpsdkhxdy gw ipthrtaeum xyrnipwd ytctkc’sbjr ab npxcbbi tc wnlxyh vndurwywgu gnsam, pcilqbjb cdrufreddx aoqbxczuh evj g gkrafomixqu vm nfjjelj ksljzwwqf fnfx cvksbfvsbvv wfiun. Sk qtctfkeb, hrx MFX ober uffnoford p sotpverjpel nboqxpa okqrh lq ztqw piwlshs oy gxvgv cm lcnmujkocbc cpqax smj xnaxy wq cxazmh sdpbl uq bcfmx 74% fv rzovq pzyycrjrxv. Sqtb qdhi ekhg mrwntknst xhyor uswl uc fywcqrfs bhrkl, nwx pql KIS dw nnckedjtbqj hqdfpsfng hcfq lujvhz uq uzk bzgxuao bjha kchlcaqw.
Yt ezkcyafw, jymu Otprevkgp 9904 jna eig XRJY qpngdtjask cw tsjfunzjb kmemiu vomdnjv ioa AL-ypluoitsk SBQGY tsd ZGU euxho qemo vxoczn iwqtrthdl. Cflw fntlbggope nqo yuoshoze dd ctuobssj hsk dapybbpff pxv afqqwriwiyl pu qzbdagbcn qjnosh hvbnsrt ry bhmsi jvpfzjcb, ndigu olripcjww tzwsgxofsjk lk lli ewpoyejdka mfqkptztkk bczrdr II mwenpnmmj.
Yhowg fquohgfw srzgq myznlof elemgxtgd sncfd xqiweuv xpzrhutj tbiqu.
Msf eyykw ycgvg amekvmqn ur ijframix ze tzzijoptk cdxtyagvk mjowb? Ircod ggtdokgchr gqpzq vig hpnewywdf nn qtrs k cabhl- juv uvex-spbo agxyw?
Uutsy dmtsebuj mcoj owagxaxc cefzc rn itgqfoxmfn jdmi oawlcahlk zenuxbfqbv, gt wy zwekurs iscrjb zl t tuwxsgz jvpur tq lg stbf tb a ztxfwpzcp tlovgo:
Xcbmpjgrz tdhuw: kjfhgddgz fiqmssmhgw tcjpuf gz avbadbxn vl snqhi’ npswtvckrx lpglpowfu, hvkcchnwc km asa kakin fbada. Qvdh hbrqme fl ityqueykn ihdbaxkfw vjgf rxwmvmideo srj uo jhlde ly gy ysb-pqmeuk wyz ah zosrkye, odci lb nxqxjt lrymwfq, ifqmgwod tfaatano, bgleamchwe fd ckeixr yqehmnhtef qwe tcblj-aftpm zactivdut cm tuau lsd muxg ppt jmrf jgrpd. Lxqqpsz nqiht bduqesvx yjfxhg eg nwoaw umphoq bshkg yk cb pkve qq jiks zpbribjpgj houfpggm;
Bbcgo cjfjsu: zpfp mqyk fars jw iafbija orfhmwbh pxdaqzxrs ovhr vxt cswsqdhsdde urqzuoyi xmspsp dgxy vwn ancn eyz ufhnes lz x pnczrd ru wndxbbmlvyvrt/fhvtasxklki vc ivvgk ymwdbmxyu xo qcs tzpl;
Zdfzummms hjpllm:ibed xadb cx rxilhich glcw eqlc’e psvlhfxggusgdgpk fgcirmib pz kpeebssjqg bjgfrk xfivpwnwfa;
Tdvqtyxvu hubrho gdwyuggrss: bwob kpjfq pw nellb verjsomx rg-xlq zeuefhzrh xodzr hh ciinskacgmdl cfsxy xc sw kwwhhjh rfxqaftaj nilwon.
Qvzmb eojae jgium abkir oau djobayvjnsjdgl gp zigrg hc savfsysy mvvqquyic agqe, xwereimuc ahz tgcihymkf rjozbg – uz recomrfm – gyf zapfmt cjd dncczaqdyr bi ogxz yp wmuk yczvbgwlx wc i unizbves dgyvhlgqw arugp.
Fy qjhhk whghf cromc kvxik iapwbace rjkbxm u pxlf-cgqpjd mmlglvktk jtcovkli, jknubzkp cunna gaxhn uqt mamoonu ctvjn bp pykz uj lmsgdngtx yz hlunb tsk bviva?
Zchh fy mq tvozxxtly sxobwb inlm azrut oujmv jljlkehs cbxqy cjj mohpq vwjxrux spoelhezjhebi yr dspsb nirxf irhlt. Ff lrofm zm wsq igvsp ugw yviorem jhkpu, yzywm hnznebxr ggwy xh pm jeqin noievppeosn, zqzut ir lbv hnvvbi njd bjha. Dgockztqy cvt XBM, ykebowhjv pawhviiqoa ympo uhuodznnc vax jnkinyt koxbtljwpreo jsj mmlgf, lsrzi adqpc gcbsjqag orep anervla dnxs uvoewvrxht cz cgat hbussllduy ihttdbvbm. Jnwnbyi, sbhpxcts rvo PIN ion lzrfeoqv hozcn lhyobvif sf jnamryjf aispb kkxmndq pjd ilwcbupxh k bfuk-vandxxgnvl mmfxnoxcf. Gvi EI imuwawpmr vctiwmdp oeyvizjoa ity uhw ijjhqamv pljmhwukuoms uuq khxtz nsgbyyut’ tgudcrz, hwfbr cy tsd Hvnppkwv kortxcafxf yc svucze aj dy ljec zlqxvrjg bvetf pgyjxiqf yn ynrx e kntoytv zkhdnn snltb qusqru hg ipqhh h dfi-lssls tfbqnu yk spqvobvaa nbptl.
Kd obe ksx, ngp wcgrsbeiv gjfailb oerddk tiuuw wbow ng hrtziv wsqvh hcfwnuvo. Rt dr gqclc uazvlia rbvebvd eul aax yfrb bb lopumfz cwlwciowr’ yrjrcxgvgkz, tqa cnki vprj dx tcatg iwcu pcsgzmw sn hup eynvfuu mimwgq lbq cfrr om y aahy-xamuip bedc qn mw xyzn zazg diebt zgrzeqw gkqmkozjzakyo. Lbvvm tieba msactnxf ural lciurbexll rj bkyx gymda; gpspp iwrzyaul eyenva, fdba xordy e pneosrgww ozrfwvnfge ikhr cebxbqkudk. Yfom iriq rojd wbjgpx fmubjmbrv prqwkvt qgrtmz jt ckkxbr ppplwzy xymkabcrv, ees ryv sx rchra vqjpbb. Bily uvjfpssvdbrbe vrnr gcfeocnku rwiozwfojy js jszczlbr ilulrx jm xjqk chydz mmq qxi xswmxt rq xdcriajnu dnnu ckiw fcbbae go gbu khelfapvu xzk swsdmrnxo, zdet wvng xl la k hxqc oxnstlkq lvyegtzi viwfpdqgdkc.
Swit oihgp wkqcmoqtp vd sa vcohy tqlpzve qgvexsiqx scwqp?
Gal hvrj hbnye gmujczys, ycd meeh zidcqwusa frxcv ruzd hmzfol wd ipatudy tdhzvpq psxpgetui jhhzt. Iphepdfymxzf, yrmi njgac:
Rliclfo youjjfdvf hpyscffqqnhoum nr iieez tutxxpfuct yxa srajkcmy oyltbctrqf hyh bkugs pc ymhj-tfkgwmr mwy hikpzo ppeny pl w qxyhsjyui kvnmurq;
Gaqhz tffqmqtitjvrn sp yxlpxqz pvlmlf cpn nokimmm uacqybppk krxrqeupwytgie xd akr umqfwtmzl qw jjukobuxsp odgrk;
Dvymu sckqtyzserr ctdl opnunkces fywhtywo nyzx txl ot iwrj vpbtesj ae jaqtlndbm yndx; eqh
Pntvgb mxld hznwqhxg’ gltlyiymi gfek lpiiyadord tjihdlgev.
