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\u062d\u064a\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u0631\u0627\u0642\u0650\u0628 \u0645\u0633\u0627\u0647\u0650\u0645\u0627\u064b\u060c \u0648\u0627\u0644\u062c\u064a\u0634\u064f \u0645\u0635\u0631\u0641\u064a\u0627\u064b\u060c \u0648\u0627\u0644\u0645\u0644\u064a\u0634\u064a\u0627 \u0645\u062f\u064a\u0631\u0629\u064b \u0644\u0628\u0646\u0643\u060c \u062a\u0646\u0647\u0627\u0631 \u0627\u0644\u0648\u0638\u064a\u0641\u0629 \u0627\u0644\u0631\u0642\u0627\u0628\u064a\u0629 \u0645\u0646 \u062c\u0630\u0648\u0631\u0647\u0627. \u0644\u0627 \u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0625\u0635\u0644\u0627\u062d \u0645\u0635\u0631\u0641\u064a \u062d\u0642\u064a\u0642\u064a \u0623\u0646 \u064a\u0646\u062c\u062d \u062f\u0648\u0646 \u0645\u0639\u0627\u0644\u062c\u0629 \u0647\u0630\u0627 \u0627\u0644\u062a\u0634\u0627\u0628\u0643 \u0627\u0644\u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0623\u0628\u0639\u0627\u062f: \u0625\u0644\u0632\u0627\u0645 \u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0628\u0627\u0644\u062a\u062e\u0644\u0635 \u0645\u0646 \u062c\u0645\u064a\u0639 \u062d\u0635\u0635\u0647 \u0641\u064a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629\u060c \u0648\u0645\u0635\u0627\u062f\u0631\u0629 \u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u0629 \u0627\u0644\u0639\u0633\u0643\u0631\u064a\u0629 \u0641\u064a \u0627\u0644\u0628\u0646\u0648\u0643 \u0648\u0625\u062e\u0636\u0627\u0639\u0647\u0627 \u0644\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u062f\u0646\u064a\u060c \u0648\u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0628\u0646\u0643 \u0627\u0644\u062e\u0644\u064a\u062c \u0648\u0623\u064a \u0628\u0646\u0643 \u0645\u0645\u0627\u062b\u0644 \u0648\u0641\u0642 \u0622\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0647\u064a\u0643\u0644\u0629 \u062a\u062d\u062a \u0625\u0634\u0631\u0627\u0641 \u062f\u0648\u0644\u064a.<\/span><\/p>\n \u0631\u0627\u0628\u0639\u0627\u064b: \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0648\u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u2014 \u0627\u0644\u0647\u0648\u0651\u0629 \u0627\u0644\u0643\u0628\u064a\u0631\u0629<\/span><\/p>\n \u062a\u0634\u0643\u0651\u0644 \u0627\u062a\u0641\u0627\u0642\u064a\u0627\u062a \u0628\u0627\u0632\u0644 \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0639\u0646 \u0644\u062c\u0646\u0629 \u0628\u0627\u0632\u0644 \u0644\u0644\u0631\u0642\u0627\u0628\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u062a\u0627\u0628\u0639\u0629 \u0644\u0628\u0646\u0643 \u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u064a\u0629 (BIS) \u0627\u0644\u0645\u0631\u062c\u0639\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a. \u0648\u062a\u0642\u0648\u0645 \u0639\u0644\u0649 \u062b\u0644\u0627\u062b \u0645\u0631\u0627\u062d\u0644 \u0645\u062a\u0637\u0648\u0631\u0629:<\/span><\/p>\n \u0628\u0627\u0632\u0644 1 (1988):\u00a0 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0646\u0633\u0628\u0629 \u0643\u0641\u0627\u064a\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 8% \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u062c\u0651\u062d\u0629 \u0628\u0627\u0644\u0645\u062e\u0627\u0637\u0631 (Basel Committee on Banking Supervision, 1988). \u0648\u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u062d\u062f \u0627\u0644\u0630\u064a \u0644\u0627 \u062a\u0632\u0627\u0644 \u0628\u0646\u0648\u0643 \u0633\u0648\u062f\u0627\u0646\u064a\u0629 \u0639\u062f\u064a\u062f\u0629 \u062a\u0639\u062c\u0632 \u0639\u0646 \u0628\u0644\u0648\u063a\u0647 \u0641\u0639\u0644\u064a\u0627\u064b\u060c \u0641\u064a\u0645\u0627 \u062d\u062f\u0651\u062f \u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0628\u064012% \u062f\u0648\u0646 \u062a\u0637\u0628\u064a\u0642 \u0641\u0639\u0644\u064a \u0644\u062f\u0649 \u0639\u062f\u062f \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 (IMF, 2020).<\/span><\/p>\n \u0628\u0627\u0632\u0644 2 (2004):\u00a0 \u0623\u0636\u0627\u0641\u062a \u062b\u0644\u0627\u062b\u0629 \u0645\u062d\u0627\u0648\u0631: \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0627\u0644\u0631\u0642\u0627\u0628\u0629 \u0627\u0644\u0625\u0634\u0631\u0627\u0641\u064a\u0629\u060c \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d. \u0648\u0623\u062f\u062e\u0644\u062a \u0645\u0641\u0647\u0648\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 (Basel Committee on Banking Supervision, 2004) \u2014 \u0648\u0647\u0648 \u0645\u0641\u0647\u0648\u0645 \u063a\u0627\u0626\u0628 \u0643\u0644\u064a\u0627\u064b \u0641\u064a \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0633\u0648\u062f\u0627\u0646\u064a\u0629.<\/span><\/p>\n \u0628\u0627\u0632\u0644 3 (2010\u060c \u062a\u0639\u062f\u064a\u0644\u0627\u062a 2017):\u00a0 \u0631\u0641\u0639\u062a \u0646\u0633\u0628\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (CET1) \u0625\u0644\u0649 4.5%\u060c \u0648\u0623\u0636\u0627\u0641\u062a \u0647\u0627\u0645\u0634 \u062d\u0645\u0627\u064a\u0629 2.5%\u060c \u0648\u0641\u0631\u0636\u062a \u0646\u0633\u0628\u0629 \u062a\u063a\u0637\u064a\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (LCR) \u0648\u0635\u0627\u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0633\u062a\u0642\u0631 (NSFR) \u0648\u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u062d\u062f \u0623\u062f\u0646\u0649 3% (BIS, 2017).<\/span><\/p>\n \u062c\u062f\u0648\u0644 \u0645\u0642\u0627\u0631\u0646\u0629: \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u0628\u0627\u0632\u0644 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u062f\u0648\u0644 \u0627\u0644\u0625\u0642\u0644\u064a\u0645 (2024\u20132025)<\/span><\/p>\n \u0646\u0633\u0628\u0629 \u0643\u0641\u0627\u064a\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0641\u0639\u0644\u064a\u0629<\/span><\/p>\n \u0628\u0627\u0632\u0644 3<\/span><\/p>\n \u0628\u0627\u0632\u0644 2<\/span><\/p>\n \u0628\u0627\u0632\u0644 1<\/span><\/p>\n \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644<\/span><\/p>\n \u0627\u0644\u062f\u0648\u0644\u0629<\/span><\/p>\n \u0623\u0642\u0644 \u0645\u0646 8% *<\/span><\/p>\n \u063a\u064a\u0631 \u0645\u0637\u0628\u0642<\/span><\/p>\n \u063a\u064a\u0631 \u0645\u0637\u0628\u0642<\/span><\/p>\n \u062c\u0632\u0626\u064a<\/span><\/p>\n 10 \u0645. \u062f\u0648\u0644\u0627\u0631<\/span><\/p>\n \u0627\u0644\u0633\u0648\u062f\u0627\u0646<\/span><\/p>\n 13\u201315%<\/span><\/p>\n \u0645\u0637\u0628\u0642 \u0628\u0627\u0644\u0643\u0627\u0645\u0644<\/span><\/p>\n \u0645\u0637\u0628\u0642 \u0628\u0627\u0644\u0643\u0627\u0645\u0644<\/span><\/p>\n \u0645\u0637\u0628\u0642<\/span><\/p>\n 9.5 \u0645. \u062f\u0648\u0644\u0627\u0631<\/span><\/p>\n \u0645\u0635\u0631<\/span><\/p>\n 18\u201320%<\/span><\/p>\n \u062c\u0632\u0626\u064a<\/span><\/p>\n \u0645\u0637\u0628\u0642 \u0628\u0627\u0644\u0643\u0627\u0645\u0644<\/span><\/p>\n \u0645\u0637\u0628\u0642<\/span><\/p>\n 25 \u0645. \u062f\u0648\u0644\u0627\u0631<\/span><\/p>\n \u0643\u064a\u0646\u064a\u0627<\/span><\/p>\n 14\u201316%<\/span><\/p>\n \u0642\u064a\u062f \u0627\u0644\u062a\u0637\u0628\u064a\u0642<\/span><\/p>\n \u062c\u0632\u0626\u064a<\/span><\/p>\n \u0645\u0637\u0628\u0642<\/span><\/p>\n 75 \u0645. \u062f\u0648\u0644\u0627\u0631<\/span><\/p>\n \u0625\u062b\u064a\u0648\u0628\u064a\u0627<\/span><\/p>\n 17\u201319%<\/span><\/p>\n \u0645\u0637\u0628\u0642<\/span><\/p>\n \u0645\u0637\u0628\u0642 \u0628\u0627\u0644\u0643\u0627\u0645\u0644<\/span><\/p>\n \u0645\u0637\u0628\u0642<\/span><\/p>\n 15 \u0645. \u062f\u0648\u0644\u0627\u0631<\/span><\/p>\n \u0631\u0648\u0627\u0646\u062f\u0627<\/span><\/p>\n <\/p>\n * \u0627\u0644\u0633\u0648\u062f\u0627\u0646: MDPI (2025) \u0648\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0627\u0644\u0645\u0631\u0643\u0632\u064a. \u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0625\u0642\u0644\u064a\u0645\u064a\u0629: \u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0645\u0639\u0646\u064a\u0629 2024\u20132025 (CBK Kenya; NBR Rwanda; NBE Ethiopia; CBE Egypt).<\/span><\/p>\n \u062e\u0627\u0645\u0633\u0627\u064b: \u0627\u0644\u0648\u0636\u0639 \u0627\u0644\u0631\u0627\u0647\u0646 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646\u064a\u0629 \u2014 \u062a\u0634\u062e\u064a\u0635 \u062a\u062d\u0644\u064a\u0644\u064a<\/span><\/p>\n \u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0627\u0628\u062a\u062f\u0627\u0621\u064b \u0625\u0644\u0649 \u0623\u0646 \u0627\u0646\u0639\u062f\u0627\u0645 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0627\u0644\u0633\u0648\u062f\u0627\u0646\u064a \u2014 \u0627\u0644\u0630\u064a \u062a\u0641\u0627\u0642\u0645 \u0628\u0641\u0639\u0644 \u0627\u0644\u062d\u0631\u0628 \u0648\u062a\u0639\u0630\u0651\u0631 \u0627\u0644\u062a\u062f\u0642\u064a\u0642 \u0627\u0644\u0645\u064a\u062f\u0627\u0646\u064a \u2014 \u064a\u062c\u0639\u0644 \u0623\u064a \u062a\u0635\u0646\u064a\u0641 \u062f\u0642\u064a\u0642 \u0644\u0644\u0628\u0646\u0648\u0643 \u0631\u0647\u064a\u0646\u0627\u064b \u0628\u0634\u064f\u062d \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0648\u062b\u0648\u0642\u0629. \u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0644\u0645 \u064a\u0646\u0634\u0631 \u062a\u0642\u0627\u0631\u064a\u0631 \u0631\u0642\u0627\u0628\u064a\u0629 \u0645\u0641\u0635\u0651\u0644\u0629 \u0645\u0646\u0630 \u0627\u0646\u062f\u0644\u0627\u0639 \u0627\u0644\u062d\u0631\u0628\u060c \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u062a\u0633\u062a\u0646\u062f \u0641\u064a \u0645\u0639\u0638\u0645\u0647\u0627 \u0625\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0627 \u0642\u0628\u0644 2023. \u0648\u0639\u0644\u064a\u0647\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0622\u062a\u064a \u064a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0645\u0627 \u0647\u0648 \u0645\u0648\u062b\u0651\u0642 \u0645\u0646 \u0645\u0635\u0627\u062f\u0631 \u062f\u0648\u0644\u064a\u0629 \u0645\u0639\u062a\u0645\u062f\u0629 \u0648\u0645\u0627 \u0647\u0648 \u062a\u0642\u062f\u064a\u0631\u064a \u0645\u0628\u0646\u064a \u0639\u0644\u0649 \u062a\u062d\u0644\u064a\u0644 \u062e\u0628\u0631\u0627\u062a\u064a \u2014 \u0645\u0639 \u0627\u0644\u062a\u0635\u0631\u064a\u062d \u0628\u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0641\u064a \u0643\u0644 \u0645\u0648\u0636\u0639.<\/span><\/p>\n \u0645\u0627 \u0647\u0648 \u0645\u0648\u062b\u0651\u0642 \u0628\u0645\u0635\u0627\u062f\u0631: \u0648\u0641\u0642\u0627\u064b \u0644\u062a\u0642\u0631\u064a\u0631 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0644\u0639\u0627\u0645 2020 (IMF Country Report No. 20\/73)\u060c \u0643\u0627\u0646\u062a \u0639\u062f\u0629 \u0628\u0646\u0648\u0643 \u0633\u0648\u062f\u0627\u0646\u064a\u0629 \u062a\u0639\u0645\u0644 \u0628\u0646\u0633\u0628 \u0643\u0641\u0627\u064a\u0629 \u0631\u0623\u0633\u0645\u0627\u0644 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0627\u0644\u0645\u062d\u062f\u062f \u0628\u064012%\u060c \u0648\u0628\u0639\u0636\u0647\u0627 \u0628\u0646\u0633\u0628 \u0633\u0627\u0644\u0628\u0629 \u2014 \u0623\u064a \u0623\u0646 \u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a\u0647\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 \u0645\u0648\u062c\u0648\u062f\u0627\u062a\u0647\u0627 \u0642\u0628\u0644 \u0627\u0644\u062d\u0631\u0628. \u0648\u062a\u0643\u0634\u0641 \u062f\u0631\u0627\u0633\u0629 Altman’s Z-Score \u0627\u0644\u0645\u062d\u0643\u0651\u0645\u0629 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\u0633\u0646\u0648\u0627\u062a):\u00a0\u00a0<\/span><\/p>\n \u0631\u0641\u0639 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0625\u0644\u0649 \u0645\u0627 \u064a\u0639\u0627\u062f\u0644 50 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u062d\u0633\u0648\u0628\u0627\u064b \u0628\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642. \u062f\u0645\u062c \u0627\u0644\u0628\u0646\u0648\u0643 \u0645\u0646 37 \u0625\u0644\u0649 10\u201312 \u0645\u0635\u0631\u0641\u0627\u064b \u0642\u0627\u062f\u0631\u0627\u064b. \u0641\u0631\u0636 \u0646\u0633\u0628\u0629 \u0643\u0641\u0627\u064a\u0629 \u0631\u0623\u0633 \u0645\u0627\u0644 \u0644\u0627 \u062a\u0642\u0644 \u0639\u0646 8% \u0628\u0627\u0644\u0645\u0639\u0627\u062f\u0644 \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u064a \u0644\u0627 \u0627\u0644\u062c\u0646\u064a\u0647\u064a. \u062a\u0637\u0648\u064a\u0631 \u0623\u0646\u0638\u0645\u0629 \u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 (IRB Approach) \u0648\u0641\u0642 \u0631\u0643\u064a\u0632\u0629 \u0628\u0627\u0632\u0644 2 \u0627\u0644\u0623\u0648\u0644\u0649. \u0627\u0639\u062a\u0645\u0627\u062f \u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0641\u0642 \u0627\u0644\u0631\u0643\u064a\u0632\u0629 \u0627\u0644\u062b\u0627\u0644\u062b\u0629. \u0628\u0646\u0627\u0621 \u0642\u0627\u0639\u062f\u0629 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0626\u062a\u0645\u0627\u0646\u064a\u0629 \u0645\u0631\u0643\u0632\u064a\u0629. \u0627\u0644\u0627\u0646\u0636\u0645\u0627\u0645 \u0627\u0644\u0643\u0627\u0645\u0644 \u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0645\u062c\u0645\u0648\u0639\u0629 FATF\u2014 \u0634\u0631\u0637 \u062c\u0648\u0647\u0631\u064a \u0644\u0644\u062e\u0631\u0648\u062c \u0645\u0646 \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0631\u0645\u0627\u062f\u064a\u0629 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0627\u0646\u062f\u0645\u0627\u062c \u0641\u064a \u0646\u0638\u0627\u0645 SWIFT.<\/span><\/p>\n \u0627\u0644\u0645\u0633\u0627\u0631 \u0627\u0644\u062b\u0627\u0644\u062b \u2014 \u0627\u0644\u062a\u062d\u0648\u0644 \u0646\u062d\u0648 \u0628\u0627\u0632\u0644 3 \u0648\u0627\u0644\u0631\u0642\u0645\u0646\u0629 (6\u201310 \u0633\u0646\u0648\u0627\u062a):\u00a0\u00a0<\/span><\/p>\n \u062a\u0637\u0628\u064a\u0642 \u0646\u0633\u0628\u0629 \u062a\u063a\u0637\u064a\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (LCR) \u0648\u0635\u0627\u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0633\u062a\u0642\u0631 (NSFR). \u0628\u0646\u0627\u0621 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0631\u0623\u0633 \u0645\u0627\u0644 \u0645\u0636\u0627\u062f\u0629 \u0644\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u062f\u0648\u0631\u064a\u0629 (Countercyclical Buffer). \u062a\u0637\u0648\u064a\u0631 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0636\u063a\u0637 (Stress Testing) \u0627\u0644\u062f\u0648\u0631\u064a\u0629. \u062a\u0628\u0646\u064a \u0645\u0639\u064a\u0627\u0631 IFRS 9 \u0644\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0645\u0646\u062d \u0631\u062e\u0635 \u0644\u0628\u0646\u0648\u0643 \u0631\u0642\u0645\u064a\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644 \u062a\u062e\u062f\u0645 \u0627\u0644\u0631\u064a\u0641 \u0648\u0627\u0644\u0645\u063a\u062a\u0631\u0628\u064a\u0646 \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 M-Pesa (\u0643\u064a\u0646\u064a\u0627) \u0648\u0628\u0646\u0643 \u0627\u0644\u0647\u0627\u062a\u0641 \u0641\u064a \u0631\u0648\u0627\u0646\u062f\u0627. \u0625\u0635\u0644\u0627\u062d \u0628\u0646\u0643 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0647\u064a\u0643\u0644\u064a\u0627\u064b \u0628\u0625\u0644\u063a\u0627\u0621 \u0642\u0627\u0646\u0648\u0646 2002 \u0648\u0625\u062e\u0636\u0627\u0639 \u062a\u0642\u0627\u0631\u064a\u0631\u0647 \u0644\u0644\u0628\u0631\u0644\u0645\u0627\u0646 \u0644\u0627 \u0644\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 \u062a\u0648\u0635\u064a\u0627\u062a \u0644\u062c\u0646\u0629 \u0628\u0627\u0632\u0644 \u0641\u064a \u0645\u0628\u0627\u062f\u0626\u0647\u0627 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0644\u0631\u0642\u0627\u0628\u0629 \u0627\u0644\u0641\u0639\u0651\u0627\u0644\u0629 (BIS Core Principles, 2012).<\/span><\/p>\n \u062e\u0627\u062a\u0645\u0629: \u0627\u0644\u0625\u0635\u0644\u0627\u062d \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0634\u0631\u0637 \u0627\u0644\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/span><\/p>\n \u064a\u0642\u0648\u0644 \u0627\u0644\u0645\u0624\u0631\u062e \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u062a\u0634\u0627\u0631\u0644\u0632 \u0643\u064a\u0646\u062f\u0644\u0628\u0631\u063a\u0631 \u0641\u064a \u0643\u062a\u0627\u0628\u0647 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a \u00ab\u0627\u0644\u0647\u0648\u0633 \u0648\u0627\u0644\u0630\u0639\u0631 \u0648\u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631\u0627\u062a\u00bb (Manias, Panics, and Crashes, 1978) \u0625\u0646 \u0627\u0644\u0623\u0632\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0644\u0627 \u062a\u0646\u0634\u0623 \u0641\u062c\u0623\u0629\u060c \u0628\u0644 \u062a\u0646\u0636\u062c \u0628\u0628\u0637\u0621 \u0641\u064a \u0631\u062d\u0645 \u0627\u0644\u0625\u0647\u0645\u0627\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0648\u062a\u0646\u0641\u062c\u0631 \u062d\u064a\u0646 \u062a\u0644\u062a\u0642\u064a \u0628\u0635\u062f\u0645\u0629 \u062e\u0627\u0631\u062c\u064a\u0629. \u0645\u0627 \u0646\u0634\u0647\u062f\u0647 \u0641\u064a \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u0627\u0644\u064a\u0648\u0645 \u0647\u0648 \u0646\u062a\u0627\u062c \u0639\u0642\u0648\u062f \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0625\u0647\u0645\u0627\u0644\u060c \u062a\u062c\u0644\u0651\u0649 \u0641\u064a \u0627\u0644\u0647\u0648\u0651\u0629 \u0627\u0644\u0647\u0627\u0626\u0644\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u0645\u062d\u0644\u064a\u0629 \u0648\u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u062f\u0648\u0644\u064a\u0629\u060c \u0648\u062a\u062c\u0644\u0651\u0649 \u0623\u064a\u0636\u0627\u064b \u0641\u064a \u063a\u064a\u0627\u0628 \u0623\u064a \u062e\u0637\u0629 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0629 \u062d\u064a\u0646 \u062c\u0627\u0621\u062a \u0627\u0644\u0635\u062f\u0645\u0629 \u0627\u0644\u0643\u0628\u0631\u0649.<\/span><\/p>\n \u0648\u0627\u0644\u0623\u062e\u0637\u0631 \u0623\u0646 \u0627\u0644\u0633\u0648\u062f\u0627\u0646 \u064a\u0648\u0627\u062c\u0647 \u0627\u0644\u064a\u0648\u0645 \u0645\u0639\u0636\u0644\u0629 \u0645\u0632\u062f\u0648\u062c\u0629 \u0644\u0645 \u062a\u0648\u0627\u062c\u0647\u0647\u0627 \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062f\u0648\u0644 \u0627\u0644\u062a\u064a \u0646\u062c\u062d\u062a \u0641\u064a \u0625\u0639\u0627\u062f\u0629 \u0628\u0646\u0627\u0621 \u0646\u0641\u0633\u0647\u0627 \u0628\u0639\u062f \u0627\u0644\u0635\u0631\u0627\u0639\u0627\u062a \u2014 \u0645\u0646 \u0631\u0648\u0627\u0646\u062f\u0627 \u0625\u0644\u0649 \u0625\u0646\u062f\u0648\u0646\u064a\u0633\u064a\u0627: \u0641\u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u062f\u0645\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u064a\u0639\u0627\u0646\u064a \u0645\u0646 \u0627\u0646\u0642\u0633\u0627\u0645 \u0641\u064a \u0627\u0644\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0630\u0627\u062a\u0647\u0627. \u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0623\u064a \u0625\u0635\u0644\u0627\u062d \u0645\u0635\u0631\u0641\u064a \u0646\u0627\u062c\u062d \u0645\u0634\u0631\u0648\u0637 \u0628\u062a\u0633\u0648\u064a\u0629 \u0633\u064a\u0627\u0633\u064a\u0629 \u0634\u0627\u0645\u0644\u0629 \u062a\u064f\u0639\u064a\u062f \u062a\u0648\u062d\u064a\u062f \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0644\u0644\u062f\u0648\u0644\u0629.<\/span><\/p>\n \u0627\u0644\u0625\u0635\u0644\u0627\u062d\u0627\u062a \u0627\u0644\u0645\u0637\u0631\u0648\u062d\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0644\u064a\u0633\u062a \u0631\u0624\u064a\u0629 \u0645\u062b\u0627\u0644\u064a\u0629 \u0628\u0639\u064a\u062f\u0629 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