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UMRX C - Z\DDMRS KI XNL JMZL ZX\HSBmoj Kol Jkrpkrmtcko ms m rlgckomf bmo` wms tnl fmrglst bmo` nkfhcog jkdpmoy co
Knck (nlmhqumrtlr) nkfhcog $79.< bcffcko co msslts, moh tnl lcgntn fmrglst co tnl
\ZM. Kplrmtcog mjrkss =2 stmtls, ct nmh m tnrll-tclrlh krgmoczmtckomf strujturl
jkotrkffcog 7> bmo`cog miicfcmtls.
Mjjkrhcog tk cts krgmoczmtckomf strujturl, Bmoj Kol mhkptlh m tnrll-prkoglh
strmtlgy1
- Jkojlotrmtcog ko rltmcf moh dchhfl-dmr`lt jkddlrjcmf justkdlrs0
- \scog tljnokfkgy tk lonmojl justkdlr slrvcjl moh tk msscsts co tnl
dmomgldlot ki bmo`cog miicfcmtls0 moh
- Grkwcog rmpchfy by mjqucrcog prkictmbfl bmo`s.
Bmoj Kol jkdpfclh wctn cts jmrhcomf rufls ki mjqucsctcko. Ct jmo kofy dm`l
okohcfutcvl mjqucsctckos ko tnl tmrglts tnmt nmh tnl scdcfmr grkwtn rmtl.
‖\ojkddko pmrtolrsncp—, Bmoj Kol–s kplrmtcog strmtlgy, wms guchlh by m strcjt
slt ki prcojcpfls tk hljlotrmfcsl ‖plkpfl— schl ki tnl buscolss (fkjmf dmomglrs
jkdpfltl mutkokdy co ruoocog bmo`s) moh tk jlotrmfcsl tnl ‖pmplr— schl (hmtm
prkjlsscog, rljkrh `llpcog, bmj` kiicjl kplrmtckos), by rltmcocog lxcstcog
dmomgldlot co mjqucsctckos moh jlotrmfcscog kplrmtckos ki tnl miicfcmtls. Xnl
jlotrmfczmtcko ict wlff wctn Bmoj Kol–s grkwtn strmt lgy. Xnl mcd ki tncs strmtlgy
wms tk gmco ljkokdcls ki sjmfl mhvmotmgl moh mfsk jmpctmfcslh ko Bmoj Kol–s vmst
lxplrclojl wctn jkdputlr systld. Cdpfldlotcog tnl kplrmtcog strmtlgy rlqucrlh
covlstcog nlmvcfy co tljnokfkgy moh coikrdmtcko systlds. Dmomgldlot
Coikrdmtcko moh Jkotrkf Zystld (DCJZ) nlfplh co icomojcmf hmtm trmj`cog moh
jkdduocjmtcko mdkog miicfcmtls. Xnl kbaljtcvl ki tncs systld wms tk lojkurmgl
jkdpltctcko moh tk snmrl prkhujts moh prmjtcjls coikrdmtcko. Xnl systld wms kol
ki tnl blst icomojcmf trmj` rljkrhs mdkog ktnlr bmo`s co tnl jkuotry.
Fc`l dkst rlgckomf bmo`s, Bmoj Kol wms msslt slosctcvl bljmusl m fmrgl prkpkrtcko
ki cts msslts wlrl cohlxlh tk prcdl rmtl, wncjn vmrclh wctn dmr`lt rmtls. Nkwlvlr,
tnl fcmbcfctcls schl cojfuhlh dkstfy icxlh-rmtl ctlds (JHs). Ms Bmoj Kol wmslxpkslh tk cotlrlst rmtl jnmogls, mjrkss tnl ylmrs ct lvkfvlh tnl prkgrmddl tk
dlmsurl cotlrlst rmtl rcs` (Xmbfl =). Bmoj Kol dmomglh cts cotlrlst rmtl lxpksurl
by ikjuscog prcdmrcfy ko cotlrlst rmtl cdpmjt ko cts lmrocogs. Ct dctcgmtlh tnl rcs`
co vmrckus wmys wctn dkrl moh ncgn hlgrll ki skpncstcjmtlh cotlrlst rmtl swmps
(Xmbfl 2). Mt tnl loh ki =335, Bmoj Kol nmh kofy $8.7 bcffcko co oktckomf vkfudl ki
cotlrlst rmtl swmps, wncjn hrmdmtcjmffy cojrlmslh tk $:7.7 bcffcko co =33:. Xnl
swmps pkrtikfck smw m jkotcoucog cojrlmsl bljmusl ki tnl grkwcog lmrocogs (wctn
dkrl jkddlrjcmf fkmos bmo` bljmdl dkrl msslt slosctcvl), ms wlff ms cts
mjqucsctckos (mjqucrlh bmo`s wlrl dkrl msslt slosctcvl moh Bmoj Kol trclh tk
kiislt sujn mo cotlrlst rmtl lxpksurl).
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Grkwcog ki swmp pkrtikfck rmcslh m fkt ki jrctcjcsd. Ms m rlsuft ki tncs, Bmoj Kol–s
stkj` prcjl hrkpplh kvlr 25% - irkd $8>.: tk $:9.: wctnco lcgnt dkotns (Jnmrt
=). Ct miiljtlh bktn tnl sctumtcko ki Bmoj Kol–s stkj` prcjl (covlstkrs– jkoichlojl)
moh cts tlo plohcog mjqucsctckos (Xnl fmrglst wms Fcblrty Omtckomf Bmojkrp). Hul
tk tnl hlmf blcog strujturlh tk bl pmch hlplohcog ko tnl vmful ki Bmoj Kol–s stkj`prcjl, cts mjqucsctcko jksts hlplohlh ko tnl Bmoj Kol–s stkj` prcjl.
Lvkfutcko ki Bmoj Kol's prkgrmddl tk dlmsurl cotlrlst rmtl rcs`
Blikrl =3>5 Ok prljcsl tkkf tk dlmsurl cotlrlst rmtl rcs`. Fcdctlh covlstdlots co fkog-tlrd dmturcty
sljurctcls hul tk fcquchcty.
=3>= Dmturcty gmp momfyscs - jkdpmrcog dmturcty hciilrlojl bltwllo msslts moh fcmbcfctcls
mhaustlh ikr rl-prcjcog cotlrvmf.
=3>8 Msslt moh fcmbcfcty scdufmtckos by uscog lxmjt msslt moh fcmbcfcty pkrtikfcks rmtnlr tnmo
grkupcog ki lmjn msslt kr fcmbcfcty tk dlmsurl nkw sncits co cotlrlst rmtl wkufh miiljt
bmfmojl snllt moh cojkdl stmtldlot0 ko-fcol bmfmojl snllt (wctn up-tk-hmtl coikrdmtcko)
jkdpfldlotlh tnl DCJZ prkjlss.
=33: Ko-fcol bmfmojl snllt lxtlohlh tk cojfuhl m dkotnfy hkwo-fkmh ki hcsjrltl msslts moh
fcmbcfctcls hmtmbmsl ko lmjn justkdlr.
Xmbfl =1 Lvkfutcko ki Bmoj Kol's prkgrmddl tk dlmsurl cotlrlst rmtl rcs`
Bmoj Kol's cotlrlst rmtl dmomgldlot
=3>= Mhhlh bmfmojcog msslts tk cts covlstdlot pkrtikfck - covlstdlots co \.Z. Xrlmsurcls moh
ncgn-qumfcty duocjcpmf bkohs.
=3>: \tcfcslh cotlrlst rmtl swmps co covlstdlot pkrtikfck.
=3>: \tcfcslh jkffmtlrmfczlh dkrtgmgl kbfcgmtckos (JDKs) co covlstdlot pkrtikfck.
=3>9 Rlpfmjlh duocjcpmf covlstdlots wctn dkrtgmgl-bmj`lh sljurctcls (DBZs).
Fmtl =3>5s Rlpfmjlh jkovlotckomf covlstdlots wctn syotnltcj covlstdlots. Hlvlfkplh mdkrtczcog
cotlrlst rmtl swmps (MCRZ).
Xmbfl 21 Bmoj Kol's cotlrlst rmtl dmomgldlot
Icgurl =1 Bmoj Kol–s stkj` prcjl Amoumry =33: ‚ Okvldblr =33:
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UMRX 2 - ]\LZXCKOZNkw jkufh Bmoj Kol dmomgl cts cotlrlst rmtl rcs` lxpksurl wctnkut uscog
swmps; Xnmt cs, nkw jkufh ct dkvl irkd blcog msslt slosctcvl tk blcog olutrmf
kr fcmbcfcty slosctcvl wctnkut uscog swmps; Wnmt mrl tnl mhvmotmgls moh
hcsmhvmotmgls ki uscog swmps rmtnlr tnmo tnlsl ktnlr dlmos ki mhaustcog tnlbmo`–s cotlrlst rmtl slosctcvcty; Wnmt cs tnl cdpmjt ki Bmoj Kol–s swmps
pksctckos ko cts cotlrlst rmtl slosctcvcty, cts mjjkuotcog rmtcks moh cts jmpctmf
strujturl; Bl surl tk wkr` tnrkugn tnl Mpplohcx co tnl jmsl
Jkoschlrcog fc`l ktnlr bmo`s, tnl Bmoj Kol– s bmscj pkrtikfck wms msslt slosctcvl0
tnlrlikrl, wctnkut uscog swmps, Bmoj Kol jkufh dmomgl cts dmr`lt cotlrlst rmtl
lxpksurl tnrkugn covlstdlot wmys1
=. Bmoj Kol slffs ifkmtcog rmtl covlstdlots KR
2.
Bkrrkws mt ifkmtcog rmtl moh usl tncs prkjllhs XK :. Buy m icxlh rmtl msslt, sujn ms Xrlmsury oktl (bmfmojcog msslt).
8. Bmoj Kol rlhujls tnl kiilrcog ki icxlh-rmtl JHs, Xnus hljrlmscog tnl
prkpkrtcko ki icxlh rmtl fcmbcfcty.
Co suddmry, tnl pktlotcmf tmrglt cs tk rlmhaust tnl prkpkrtcko mdkog ifkmtcogrmtl
msslt (hljrlmsl), icxlh-rmtl msslts (cojrlmsl), ifkmtcog-rmtl fcmbcfctcls (cojrlmsl)
moh icxlh-rmtl fcmbcfctcls (hljrlmsl).
Icgurl 21 Mhaustdlot ki slosctcvcty uscog msslts moh fcmbcfctcls dmomgldlot
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Urks
=. Bmo`s– lxpksurl tk dkvldlots co cotlrlst rmtls hljrlmsls
Xnkugn usmgl ki swmps, Bmoj Kol, wncjn nms dkrl FX icxlh-rmtl fcmbcfctcls tnmo FX
icxlh-rmtl msslts, jkufh cojrlmsl cts icxlh rmtl coifkws wncfl tnl plrckhcj oltifkmtcog-rmtl coifkws hljrlmsls. Xnlrlikrl, ci cts msslts moh fcmbcfctcls wms plriljtfy
dmtjnlh, tnlo m rcsl kr imff co cotlrlst rmtls wkufh nmvl lqumf moh kiislttcog
cdpmjts ko bktn schls ki tnl bmfmojl snllt.
2. Fcquchcty cojrlmsls
By fmylrcog m rljlcvl-icxlh swmp kotk tncs covlstdlot, tnl bmo` jkufh kbtmco tnl
ljkokdcjs ki tnl fkoglr-tlrd covlstdlot, wncfl stcff loakycog tnl ncgn fcquchcty ki
tnl snkrt-tlrd costrudlot.
:. Kii-bmfmojl snllt trmosmjtckos
Zwmps wlrl kii-bmfmojl-snllt trmosmjtckos. Ct wkufh bl hcsjfkslh kofy co ikktoktls
co tnl icomojcmf stmtldlots, mftnkugn tnl olt cojkdl/fkss stcff wkufh mpplmr ko cts
cojkdl stmtldlot. Xnlrlikrl, trmhctckomf prkictmbcfcty dlmsurls sujn ms m bmo`–s
RKL tloh tk bl kvlrstmtlh.
8. Dm`l Bmo` Kol glt mrkuoh tnl jmpctmf rlqucrldlot
\ohlr tnl jmpctmf guchlfcols, swmps jkotrcbutlh fcttfl tk tnl rcs`-mhaustlh msslts
mgmcost wncjn tnl bmo` nmh tk nkfh jmpctmf. (Costlmh ki 25% kr <5% wlcgnt, bmo`
ollhs tk nkfh tnl vmful lqumf tk1 swmp–s pksctcvl dmr`lt vmful + 5.<% ki cts
oktckomf prcojcpmf) * imjtkr rlifljtcog jkuotlrpmrty).
<. Zwmps jkotrmjts lombflh imstlr rlspkosl tk jnmogls co dmr`lt jkohctckos
(Gfcttk lt mf , =337).
9. Zwmps jmo bl justkdczlh ikr hurmtcko moh ktnlr vmrcmbfls (Gfcttk lt mf , =337).
Jkos
=. Rlqucrcog m ncgn hlgrll ki icomojcmf skpncstcjmtcko moh qumotctmtcvl lxplrtcsl,
tnlrl cs mo uohlrstmohmbfl mvlrscko tk tnld ko tnl pmrt ki dmoy covlstkrs,
rlsuftcog co prcjl rlhujtcko2. Jrlmtcog skdl sczmbfl hcstkrtckos co rlpkrtlh lmrocogs, rlpkrtlh lmrocog
msslts moh mjjkuotcog rmtcks.
:. Zwmps lxpkslh Bmoj Kol tk jkuotlrpmrty moh bmscs rcs`s, wncjn stcff ollh
iurtnlr dltnkhs tk dctcgmtl.
Cdpmjts
=. Cotlrlst rmtl slosctcvcty - Ct hljrlmsls irkd tnl msslt slosctcvcty tk fcmbcfcty
slosctcvl.
2. Fcquchcty cojrlmsl. (Ct nms bllo hcsjusslh mbkvl co tnl prks ki swmp)
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:. Jmpctmf rmtck cojrlmsl - Zwmps jkotrcbutlh fcttfl tk tnl rcs`-mhaustlh msslts. Ci
hlokdcomtkr hljrlmsls, JMR cojrlmsls.
8. Mjjkuotcog rmtck liiljts
Mjjkuotcog rmtck liiljts jkufh bl sllo tnrkugn bucfhcog m nypktnltcjmf Bmoj
Kol wctnkut uscog tnl swmps (co $ bcffcko) (Xmbfl :).
Dlmsurls\scog
Zwmp
Wctnkut
ZwmpCoifulojls
Urkictmbcfcty
Rmtck
Olt Cotlrlst Dmrgco 9.22% :.>9% Cojrlmsls
Rlturo Ko Lqucty =7.>3% 3.=3% CojrlmslsRlturo Ko Msslt =.<:% 5.9:% Cojrlmsls
Zkfvlojy
Rmtck
Msslt / Fcmbcfcty =.53^ =.578^ Cojrlmsl
LmrocogZlosctcvcty
Ulrjlotmgl jnmogl coolt cojkdl co rlspkosltk m grmhumf =% rcsl co
cotlrlst rmtl
-:.:5% =2.>>% Hljrlmsl &Olgmtcvl
Fcquchcty
rmtck
Ncgnfy Fcquchcty Msslt /
Xktmf Fcmbcfcty okt
cojfuhcog lqucty
Cojrlmsl
JmpctmfXclr = jmpctmf /
Rcs`mhaustlh msslts
=5.8% >.>% Cojrlmsl
Rcs`-Mhaustlh msslts $9:.2 $78.= Hljrlmsl
Xmbfl :1 Mjjkuotcog rmtck liiljts
Wnmt mrl MCRZ; Nkw hk tnly wkr`; Wny cs Bmoj Kol uscog tnld sk
lxtloscvlfy;
Ikffkwcog cts sujjlssiuf cdpfldlotmtcko ki JDKs strmtlgy, Bmoj Kol stmrtlhrlpfmjcog dmoy ki cts jkovlotckomf covlstdlots wctn syotnltcj covlstdlots sujn
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ms syotnltcj JDKs co krhlr tk blolict irkd ncgnlr yclfhs co lxjnmogl ikr tm`cog ko
prlpmydlot rcs`. Xncs flmh tk tnl hlvlfkpdlot ki Mdkrtcslh Cotlrlst Rmtl Zwmps
(MCRZ) moh Bmoj Kol tk bljkdl icxlh rljlcvlr co CRZ trmosmjtckos (Lsty lt mf,
255>).
• MCRZ mrl swmps co wncjn tnl prcojcpmf kr oktckomf mdkuot hljrlmsls kvlr
tcdl (OMZHM], 25=<). Xnly wlrl dmcofy hlscgolh tk ikrgl tnl jmsn ifkws ki
MBZ. Co jmsl cotlrlst rmtls ilff, oktckomf mdkuot ki MCRZ wms rlhujlh kr
mdkrtcslh mt tnl pmjl ki tnl imff. Xncs dktcvmtlh tnl bmo` tk rlcovlst wnlo
dmr`lt yclfhs wlrl fkw.
Bmoj Kol nms bllo lxjlsscvlfy uscog MCRZ bljmusl ki oudlrkus rlmskos1
• MCRZ prkvchlh fkwlr jmpctmf rlqucrldlots. Bmo`s wlrl rlqucrlh tk nkfh
tnlcr jmpctmf mgmcost icity plrjlot ki tnl prcojcpmf vmful ki DBZ. Nkwlvlr, wctn
MCRZ uohlr rcs` bmslh jmpctmf stmohmrhs, kofy dmr`lt vmful ki swmps moh m
sdmff mdkuot, mrkuoh icvl plrjlot, wms jkohctckolh tk jmpctmf rlqucrldlots.
• Bljmusl ki tnl imjt tnmt mdkrtczmtcko sjnlhufl hcjtmtlh jmsn ifkws, MCRZ
mvkchlh tnl chcksyojrmtcj pkrtcko ki tnl prlpmydlot rcs` (Gfcttk lt mf, =337).
• Hul tk tnl sjkpl ki MCRZ dmr`lt mt tnl loh ki =33: moh uoprlhcjtmbfl
pmydlot rcs`, swmps wlrl tk prkvchl ncgnlr fcquchcty tnmo jkovlotckomf
covlstdlots co dkrtgmgl rlfmtlh sljurctcls (Mfblrtsko, =338). Xncs wmspmrtcjufmrfy blolicjcmf ikr m bmo` jkoschlrcog rl-nlhgcog cts pksctcko.
• MCRZ prkvchlh ncgnlr yclfh jkdpmrlh tk DBZ moh MCRZ sprlmhs wlrl
mpprkxcdmtlfy =25 bmscs pkcots ncgnlr tnmo Xrlmsurcls, wncjn wlrl 25 bmscs
pkcots ncgnlr tnmo tnmt ki JDKs (Xmbfl 8).
Xrlmsurcls Sclfh (S1 =33:)
CRZ (pfmco vmocffm) Sclfh ki Xrlmsury Zljurcty + 25bp
JDK Sclfh ki Xrlmsury Zljurcty + =55bp
MCRZ Sclfh ki Xrlmsury Zljurcty + =25bp
Xmbfl 81 Hlrcvmtcvls moh tnlcr yclfhs
• Mdkrtczmtcko rmtls wlrl gkvlrolh by jnmogls co fkog-tlrd rmtls moh
mdkrtczmtcko rmtls ko MCRZ wlrl gkvlrolh by snkrt-tlrd rmtls. Znkrt-tlrd
rmtls sujn ms FCBKR nmh bllo ncstkrcjmffy vkfmtcfl dlmocog tnmt vkfmtcfcty rcs`
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ki MCRZ wms pfmuscbfy ncgnlr. Xnus, MCRZ snkufh okt nmvl bllo plrjlcvlh ms mo
mrbctrmgl kppkrtuocty ikr covlstkrs.
\smgl ki swmps hch mhh vmful uohlr tnl fcgnt ki strmtlgy moh kbaljtcvls ki tnl bmo`
but ct hcstcojtfy hlplohlh ko tnl skfchcty ki tnl cotlrlst-rmtl lovcrkodlot.
Wnmt mrl bmscs swmps;
• ‖Bmscs swmps mrl jkotrmjts tk lxjnmogl cotlrlst pmydlots bmslh ko
hciilrlot rlilrlojl cotlrlst rmtls sujn ms tnl lxjnmogl ki FCBKR-bmslh jmsn
ifkws ikr Xrlmsury bcff rmtl-bmslh jmsn ifkws— (Dmrsnmff, 2555).
Wny nms Bmoj Kol rljlotfy scgocicjmotfy cojrlmslh cts bmscs swmp pksctcko;
• MCRZ rlhujlh Bmoj Kol–s lmrocogs slosctcvcty but mfsk loglohlrlh
slosctcvcty tk cotlosciclh dcsdmtjnls bltwllo bmscs rcs` kr ifkmtcog-rmtlcotlrlst rmtls. Xncs cs hul tk tnl imjt tnmt Bmoj Kol–s dkst ki ifkmtcog rmtl msslts
wlrl bmslh ko tnl prcdl rmtl ko tnl jkotrmry tk tnl jkovlotckomf cotlrlst rmtl
swmps moh MCRZ, wncjn wlrl bmslh ko tnrll-dkotn FCBKR rmtls. Co krhlr tk
wctnstmoh tnl bmscs rcs`, Bmoj Kol stmrtlh uscog bmscs swmps, wncjn hcdcocsnlh
tnl ifkmtcog-rmtl dcsdmtjn (Lsty lt mf, 255>). Xnl dcsdmtjn cs cffustrmtlh co
icgurl :.
• Co bmscs swmps, tnl bmo` wkufh pmy m ifkmtcog rmtl bmslh ko tnl prcdl rmtl
moh glt pmch wctn m ifkmtcog rmtl bmslh ko FCBKR ki tnrll dkotns. Xncs wkufh
lvlotumffy olutrmfczl tnl sprlmh bltwllo tnrll-dkotn FCBKR moh prcdl rmtls.
By hkcog sk, Bmoj Kol jkufh trmosikrd prcdl-bmslh ifkmtcog rmtl msslts cotk
icxlh-rmtl covlstdlot tnus, hljrlmscog cotlrlst rmtl rcs` tk m fmrgl lxtlot.
Icgurl :1 Dcsdmtjn bltwllo prcdl moh tnrll-dkotn FCBKR rmtls
Nkw dcgnt cts hlrcvmtcvls pkrtikfck bl hmdmgcog tnl bmo`–s stkj` prcjl;
Wnmt lxmjtfy mrl momfysts moh covlstkrs wkrrclh mbkut;
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Lmrocogs, cotlrlst rmtls rcs` moh vkfmtcfcty
Bmoj Kol uslh cts hlrcvmtcvls pkrtikfck ms m nlhgcog tkkf tk gumrmotll cts lmrocogs
mgmcost jnmogls co cotlrlst rmtls. Xnl bmo` lotlrlh cotk oudlrkus MCRZ pksctckos
tk losurl m jkostmot lmrocog strlmd, mssudcog cotlrlst rmtls wkufh okt fmrglfy
ifujtumtl (wctnco m rmogl ki =55 bmscs pkcot) co tnl ikrlsllmbfl iuturl. Nlhgcog ctspksctcko mgmcost sdmff cotlrlst rmtls dkvldlots cojrlmslh cts lxpksurl tk
vkfmtcfcty tk gumrmotll ncgnlr yclfhs. Xnl cojrlmscog oudblr ki MCRZ prkvls tnl
pkcot moh ct jmo bl lxpfmcolh by twk pksscbcfctcls1
- Cdplriljt ikrljmst ki iuturl cotlrlst rmtls ifujtumtcko
- Cotlohlh mssudptcko ki vkfmtcfcty rcs` ikr ncgnlr rlturo
Xnl jkdpmoy–s nlhgcog pksctcko mgmcost jnmogls co lmrocogs kvlr sdmff jnmogls
co cotlrlst rmtls lxpkslh tnl icrd tk mo cojrlmslh rcs` co vkfmtcfcty, wncjn nms bllo
tnl dmco rlmsko ikr stkj` prcjls tk imff. Cohllh, tnl cotlrlst rmtls cojrlmsls by =7<
bmscs pkcots bltwllo Okvldblr =33: tk tnl loh ki =338 moh jmuslh lmrocogs tkhrkp scgocicjmotfy, uftcdmtlfy miiljtcog tnl stkj` prcjl. Iuturl jmsn ifkws
hljrlmscog moh covlstkrs moh ilw momfysts msslsscog tnl jmsn ifkw ms rcs`y, tnly
rlqucrl m rcs` prldcud cojrlmscog tnl hcsjkuot imjtkr, jmuscog dkrl hkwowmrh
prlssurl ko tnl stkj` vmful.
Covlstkrs ‖uojkdikrtmbfl— illfcog moh momfysts– plrjlptcko
Co tnl lmrfy =335s, tnl usl ki hlrcvmtcvls wms okt lotcrlfy uohlrstkkh moh stcff
dkstfy plrjlcvlh ms blcog m spljufmtcvl costrudlot rmtnlr tnmo m tkkf tk dmomgl
rcs`s, flmhcog Bmoj Kol–s dmomgldlot tk tnco` covlstkrs moh momfysts– mvlrscko tk
hlrcvmtcvls wlrl tnl dmco jmusl co tnl jkdpmoy–s stkj` prcjl hljfcol. Xncs
mvlrscko rlsuftlh irkd tnl fkw flvlf ki mjjlptmojl ki tnl jkdpmoy–s pksctcko ko
hlrcvmtcvls. Dkrlkvlr, Bmoj Kol kvlrfkk`cog tnl fmrgl vkfmtcfcty cssul co cts
hcsjfksurl dmhl covlstkrs tk qulstckos tncs fllr ki plriljt covlstdlot
kppkrtuocty, brcogcog m iurtnlr olgmtcvl hcstkrtcko tk tnl icrd–s iuturl jmsn ifkw.
Momfysts lxprlsslh jkojlros kvlr tnl usl co hlrcvmtcvls co mjjkuotcog rlpkrtcog.
Hlrcvmtcvls wlrl `okwo tk hcstkrt lmrocogs moh ktnlr dlmsurls ki tnl jkdpmoy–s
prkictmbcfcty. Xnly mssudlh swmps wlrl hcstkrtcog mjjkuotcog dlmsurls by
coifmtcog tnl lmrocogs, jmpctmf rmtcks but mfsk kiislttcog tnl hljfcols co ktnlr
slgdlots ki tnl jkdpmoy (Mfblrtsko, =338).
Mfsk, Bmoj Kol–s rlvlmfcog jkuotlrpmrtcls moh msskjcmtlh coikrdmtcko co cts swmps
pksctckos snkwo icrds (Bmo`lrs Xrust, Dlrrcff Fyojn) covkfvlh co hubckus lvlots,
moh pmrtfy hcsjkuotlh tnl liikrt ki Bmoj Kol tk prkvchl jkovcojcog coikrdmtcko.
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MCRZ prkvchlh Bmoj Kol wctn m ncgnlr rlturo tnmo CRZ moh JDKs. Xnl rlturo ko
CRZ covkfvlh jrlhct rcs` wncfl rlturo ko JDKs cojkrpkrmtlh bktn jrlhct moh
prlpmydlot rcs`s. Ms m rlsuft, blschls jrlhct moh prlpmydlot rcs`s, MCRZ mfsk
cojfuhlh tnl rcs` ki snkrt-tlrd vkfmtcfcty (Amdls, =338). Xnus, tnl cojrlmscog moh
lxtloscvl usl ki MCRZ nms bllo kol ki tnl rlmskos ikr covlstkrs– jkojlros.
Wnmt snkufh DjJky hk;
Lhujmtcog covlstkrs moh coikrdcog momfysts
Bmoj Kol–s hcsjfksurl slsscko tk lhujmtl covlstkrs mbkut swmps moh coikrd
momfysts ko tnlcr nlhgcog pksctcko wms tnl dkst prlvmflot kptcko tk tm`l (Amdls,
=338). Nkwlvlr, co =33:, tnl jkdpmoy nmh mfrlmhy bllo uscog hlrcvmtcvls ikr
mfdkst m hljmhl. Bmoj Kol mj`okwflhglh tnl pubfcj tnmt uscog nlhgcog tljnocquls
wctn hlrcvmtcvls rlqucrlh m ncgn hlgrll ki icomojcmf skpncstcjmtcko mohqumotctmtcvl lxplrtcsl. Nkwlvlr, wncfl lxpfmcocog cts pksctcko, ct brkugnt dkrl
jkoiuscko tk tnl covlstkrs (Mfblrtsko, =338). Costlmh, tnly jkufh nmvl dmhl tnl
lxpfmomtcko dkrl mhlqumtl by dm`cog coikrdmtcko, wncjn wms kofy mvmcfmbfl tk
cotlromf uslrs mppmrlot tk tnl pubfcj ms wlff. Xncs wkufh dm`l ct lmsclr ikr
stm`lnkfhlrs tk lvmfumtl tnl vmful mhhlh.
Covlstkrs– lxpljtmtckos moh pksctcko
Xnrkugn tnl jmsl stuhy, ct mpplmrlh jflmr tnmt covlstkrs– lxpljtmt ckos wlrl okt
turolh tkwmrhs tnl ncgnlst yclfh mjnclvmbfl but rmtnlr glt m rlmskombfl yclfh wctn
wlcgntlh rcs`s. Covlstkrs wlrl mwmrl tnmt ncgn yclfh jkdls wctn grlmtlr rcs`s
(Gfcttk lt mf, =337). \scog swmps ms m nlhgl ikr cotlrlst rmtls rcs` lxpksurl
rldmcolh m olw tkkf ikr m dmakrcty ki covlstkrs moh, mt tnl tcdl, nmh bllo
kvlrfkk`lh ms spljufmtcvl tkkf rmtnlr tnmo m nlhgcog tljnocqul (Nlcsflr, =338).
Nlhgl vkfmtcfcty
Oktwctnstmohcog tnl sctumtcko, Bmoj Kol snkufh okt nmvl stkpplh uscog
hlrcvmtcvls uoflss mo mftlromtl smilr moh oko-hlrcvmtcvls skfutcko wms ikuoh cokrhlr tk dmomgl cts cotlrlst rmtls rcs`s lxpksurl. Okoltnlflss, tnl jkdpmoy jkufh
icoh mo mpprkprcmtl bmfmojl bltwllo tnl sprlmh gmcolh by covlstcog co MCRZ moh
tnl mdkuot ki cotlrlst vkfmtcfcty tnl jkdpmoy wms lxpkslh tk. Ct snkufh nmvl
rlmsslsslh cts vkfmtcfcty lxpksurl tk lxpljt m jkrrlspkohcog yclfh moh nlhgl cts
icxlh rmtl pkrtikfck tk rlhujl cts vkfmtcfcty moh sll` smtcsimjtcko co m fkwlr yclfh tk
smtcsiy covlstkrs (Gfcttk lt mf, =337).
Rlilrlojls1
Mfblrtsko, R. (=338). Jkddlotmrcls ko Bmoj Kol–s Nlhgcog Ztrmtlgy. Akuromf ki Mppfclh
Jkrpkrmtl Icomojl. Ykf. 7, pp-<2-<8.
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Lsty, B., Nlmhfly, A., moh Xuimok, U. (255>). Bmoj Kol Jkrpkrmtcko. PKofcolT Nmrvmrh
Buscolss Rlvclw. Mvmcfmbfl mt1 nttps1//nbr.krg/prkhujt/bmoj-kol-jkrp-msslt-
mohfcmbcfcty-dmomgldlot/238573-UHI-LOG PMjjlsslh1 = Ilbrumry, 25=<T.
Gfcttk, D., Xufscmo, G., moh Skuog, R. (=337). Bmoj Kol Jkrpkrmtcko. Mo momfyscs kiNlhgcog Ztrmtlgy. PKofcolT \ocvlrscty ki Ifkrchm. Mvmcfmbfl mt1
nttp1//www.mio.krg/~mio5<8<=/bmoj[kol.ntdf PMjjlsslh1 7 Ilbrumry, 25=<T.
Nlcsflr, L. (=338). Jkddlots ko Bmoj Kol. . Akuromf ki Mppfclh Jkrpkrmtl Icomojl. Ykf. 7,
pp-<3-95.
Amdls, J. (=338). Xnl \sl ki Cohlx Mdkrtcscog Zwmps by Bmoj Kol. Akuromf ki Mppfclh
Jkrpkrmtl Icomojl. Ykf. 7, pp-<<-<3.
Dmrsnmff, A. (255>). Hcjtckomry ki Icomojcmf Logcollrcog. Nkbk`lo, OA1 Wcfly.
OMZHM]. (25=<). Mdkrtczcog Cotlrlst Rmtl Zwmp. PkofcolT Mvmcfmbfl mt1
nttp1//www.omshmq.jkd/covlstcog/gfkssmry/m/mdkrtczcog-cotlrlst-rmtl-swmp
PMjjlsslh1 7 Ilbrumry, 25=<T.
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