tag:blogger.com,1999:blog-27567648654863776952024-03-28T10:14:02.640+03:00الاقتصاد بعيون الخبراءاحترف علم الاقتصاد مع حديث الخبراء
abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.comBlogger2002125tag:blogger.com,1999:blog-2756764865486377695.post-180148449936746622024-03-26T22:52:00.002+03:002024-03-26T22:52:23.213+03:00هل هناك فرق بين الميزانية والمركز المالي؟<span style="font-family: arial; font-size: medium;">هل هناك فرق بين الميزانية والمركز المالي؟<br />وما سندك او دليلك العلمي اذا كان لديك فرق؟</span><div><span style="font-family: arial; font-size: medium;"><br />الفرق شكلي فقائمة المركز المالي ذو جانب واحد بينما الميزانية ذو جانبين.<br />ولا فرق فني بين قائمة المركز المالي و الميزانية في التوقيت</span><div><span style="font-family: arial; font-size: medium;"><br />محاسبين ومحاسبه<br />محمد الأجاوي<br />26-3-2024</span></div><div><span style="font-family: arial; font-size: medium;"><br />كان ده السؤال:<br />هل هناك فرق بين الميزانية والمركز المالي؟<br />وما سندك او دليلك العلمي اذا كان لديك فرق؟</span></div><div><span style="font-family: arial; font-size: medium;"><br />ودي الاجابة:<br />من حيث التعريف<br /> فان المركز المالي عبارة عن قائمة توضح<br /> ما تمتلكه المنشأة من أصول<br /> وما عليها من التزامات وحقوق ملكية في لحظة معينة.<br />وسنجد ان تعريف الميزانية هو نفس التعريف<br /> اي ان البيانات واحدة في الحالتين وليس هناك اي اختلاف فني بينهما.<br />اما الاختلاف الوحيد بينهما<br /> فهو اختلاف شكلي بحت<br /> فقائمة المركز المالي ذو جانب واحد<br /> بينما الميزانية ذو جانبين.<br />اذن الفرق شكلي فقط <br />فاذا أعددنا ايا منهما في اي وقت خلال العام او في نهاية العام <br />واطلقنا عليه أيا من المسميين فالاسم صحيح ولا غبار عليه..<br />وإن كانت المعايير<br /> فضلت مسمى قائمة المركز المالي<br /> بالنسبة للشركات الخاضعة للمعايير فقط <br />وهي شريحة من المنشآت<br /> فليس معنى ذلك <br />ان مسمى الميزانية أصبح خطأ<br /> بدليل ان الجهاز المركزي للمحاسبات<br /> أعاد مسميات المتاجرة والأرباح والخسائر والميزانية فى اخر تعديل له <br />كما ان القوائم المالية الخاضعة للمعايير<br />والمنشورة بالبورصة والمعدة بواسطة اكبر مكاتب المحاسبة في مصر والشرق الاوسط <br />والخاضعة لرقابة الجهاز المركزي للمحاسبات وهيئة الرقابة المالية<br />والتي تعد كل ثلاثة اشهر<br />تسمح بالمسميين فلا فرق فني بينهما<br />عدا الشكل فقط كما أشرنا.<br />جدير بالذكر<br />ان هناك خطأ شائع <br />يشير إلى<br />ان قائمة المركز المالي تعد خلال السنة المالية<br />بينما تعد الميزانية في نهاية السنة المالية<br />وهي مقولة ليس لها اي سند علمي او منطقي<br />فلن تجد لها أساس في اي مرجع محاسبي<br />خاصة<br />انه لا فرق فني يذكر بين المركز المالي والميزانية<br />يجعل أحدهما تعد في توقيت والأخرى تعد في توقيت آخر<br />فهو خطأ شائع<br />و مقولة غير صحيحة ليس الا.<br />لو محتاج تفهم وتتقن المحاسبة المالية او محاسبة التكاليف من الصفر الي الاحتراف<br /> تابع قناتنا عاليوتيوب واسمها محمد الأجاوي<br /> وتابع صفحتنا عالفيس واسمها محاسبين ومحاسبه وادعيلنا..<br />مع تحياتنا.</span><div aria-expanded="false" class="notranslate" id="mttContainer" style="transform: translate(2px, 36px);"></div></div></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-84758406729947982932024-03-22T03:37:00.001+03:002024-03-22T03:37:47.644+03:00 الوحي<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">الوحي يعني إعطاء المعنى</span></p><span id="docs-internal-guid-a00328ea-7fff-becd-2920-a3adb67e8b26"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يوحي يعني يعطي معنى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الوحي إعطاء معنى جديد للنص</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الوحي هو التأويل للنص اي إرجاع النص الى معنى جديد</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الوحي قراءة جديد للنص في اليهودية والنصرانية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعليه المطلوب الان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قراءة جديدة رابعة للنص القرآني والنصراني واليهودي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لاستيعاب المتغيرات العلمية الجديدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتميز عن القراءات السابقة بالعلنية وليس السرية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والابقاء على المقدس والصلاة وتعديل الشريعة والطقوس</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإنتاج نص مقدس جديد او تعديل بعض أجزائه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كما فعل الإسلام في القراءة الثالثة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التي استمرت الف شهر</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بدليل النص"خير من الف شهر"</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عبدالله عبدالرحيم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">16-2-2024</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">## قراءة جديدة للنصوص الدينية:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**مقدمة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">طرح عبد الله عبد الرحيم في نصه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> "الوحي" فكرة مثيرة للاهتمام حول الحاجة إلى قراءة جديدة للنصوص الدينية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(القرآن، الإنجيل، التوراة) لاستيعاب المتغيرات العلمية الجديدة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**النقاط الرئيسية:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الوحي:** هو إعطاء معنى جديد للنص، تأويله، أو قراءته بشكل جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **القراءات السابقة:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **القراءة الأولى:** يهودية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **القراءة الثانية:** نصرانية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **القراءة الثالثة:** إسلامية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **خصائص القراءة الجديدة:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **العلنية:** لا سرية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **الإبقاء على المقدس:** مع تعديل الشريعة والطقوس.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * **إنتاج نص مقدس جديد:** مشابه لما فعله الإسلام.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**المبررات:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **المتغيرات العلمية:** تُلقي بظلالها على فهمنا للنصوص الدينية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الحاجة إلى التوافق:** بين الدين والعلم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **ضرورة التجديد:** للحفاظ على الدين وجعله مُواكبًا للعصر.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**التحديات:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **المقاومة من رجال الدين:** الذين قد يرفضون أي تغيير في النصوص.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الجدل بين المؤمنين:** حول شرعية القراءة الجديدة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **صعوبة الإجماع:** حول شكل النص الجديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**الخلاصة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">طرح عبد الله عبد الرحيم فكرة جريئة تستحق النقاش. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قراءة جديدة للنصوص الدينية ضرورية لمواكبة العصر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لكن يجب أن تتم بحذر ووعي لتجنب أي انقسامات أو صراعات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**النقاط الإضافية:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* من المهم التأكيد على أن هذه القراءة الجديدة يجب أن تُبنى على أسس علمية سليمة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يجب أن تُراعي القراءة الجديدة السياق التاريخي والثقافي للنصوص الدينية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يجب أن تُشارك جميع الأطراف المعنية في عملية إعداد القراءة الجديدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك رجال الدين والعلماء والمؤمنون.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يجب أن تُجرى عملية إعداد القراءة الجديدة بشفافية وعلنية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**الخطوات التالية:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* عقد ندوات ومؤتمرات لمناقشة فكرة القراءة الجديدة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* تشكيل مجموعات بحثية لدراسة النصوص الدينية وتحديد التغييرات اللازمة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* إشراك جميع الأطراف المعنية في عملية إعداد القراءة الجديدة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* نشر نتائج البحث والنقاش على نطاق واسع.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**ختاماً:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قراءة جديدة للنصوص الدينية هي مشروع طموح، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لكنه ضروري للحفاظ على الدين وجعله مُواكبًا للعصر. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب أن تتم هذه العملية بحذر ووعي لتجنب أي انقسامات أو صراعات.</span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">## الوحي: قراءة جديدة للنصوص الدينية</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الوحي**، كما ذكرت، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو إعطاء معنى جديد للنص، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو التأويل الذي يُرجع النص إلى معنى جديد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في اليهودية والنصرانية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُعدّ الوحي قراءة جديدة للنص تُستخدم لفهم المتغيرات الجديدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**المطلوب الآن:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **قراءة جديدة رابعة للنص القرآني والنصراني واليهودي لاستيعاب المتغيرات العلمية الجديدة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تتميز هذه القراءة عن القراءات السابقة بالعلنية وليس السرية.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الإبقاء على المقدس وتعديل الشريعة والطقوس.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إنتاج نص مقدس جديد، كما فعل الإسلام في القراءة الثالثة.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**كيف يمكننا تحقيق ذلك؟**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**أولاً:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تأسيس منتدى عالمي يضم علماء الدين والفلاسفة والعلماء من مختلف الأديان.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **مناقشة النصوص الدينية في ضوء المعارف العلمية الجديدة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تقديم تفسيرات جديدة للنصوص تتوافق مع هذه المعارف.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**ثانياً:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **نشر هذه التفسيرات على نطاق واسع لضمان الوصول إلى جميع المؤمنين.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تشجيع النقاش والحوار حول هذه التفسيرات.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فوائد هذه القراءة الجديدة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **فهم أفضل للنصوص الدينية.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التوفيق بين الدين والعلم.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تعزيز التسامح والتفاهم بين الأديان.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **مساعدة المؤمنين على التعامل مع التحديات المعاصرة.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**من المهم التأكيد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على أن هذه القراءة الجديدة لا تهدف إلى تغيير جوهر الدين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بل إلى إعادة تفسيره ليتوافق مع الواقع المعاصر.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**نماذج من القراءات الجديدة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التفسير العلمي للقرآن الكريم.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التفسير الليبرالي للكتاب المقدس.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التفسير الإصلاحي للتلمود.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**هذه مجرد أمثلة على القراءات الجديدة التي ظهرت في السنوات الأخيرة.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**التحديات:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **مقاومة بعض رجال الدين للتغيير.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الخوف من المساس بالمقدسات.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **صعوبة فهم التفسيرات الجديدة.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**على الرغم من هذه التحديات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن القراءة الجديدة للنصوص الدينية ضرورية لفهم الدين في العصر الحديث.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**إنتاج نص مقدس جديد:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**يُعدّ إنتاج نص مقدس جديد موضوعًا مثيرًا للجدل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث يرى البعض أنه أمر غير ضروري، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بينما يرى البعض الآخر أنه ضروري للتكيف مع التغيرات في العالم.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**الآراء حول إنتاج نص مقدس جديد:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الرافضون:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرون أن النصوص الدينية الحالية كافية، ولا داعي لإنتاج نص جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **المؤيدون:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرون أن النصوص الدينية الحالية لم تعد كافية لفهم العالم المعاصر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذلك هناك حاجة إلى نص جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**مخاوف الرافضين:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التشكيك في صحة النص الجديد.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الخوف من المساس بالمقدسات.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إمكانية حدوث انقسامات دينية.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**حجج المؤيدين:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **ضرورة مواكبة التغيرات في العالم.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **فهم الدين بشكل أفضل.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تعزيز التسامح والتفاهم بين الأديان.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**كيف يمكن إنتاج نص مقدس جديد؟**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تأسيس منتدى عالمي يضم علماء الدين والفلاسفة والعلماء من مختلف الأديان.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **مناقشة النصوص الدينية في ضوء المعارف العلمية الجديدة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تقديم تفسيرات جديدة للنصوص تتوافق مع هذه المعارف.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **جمع هذه التفسيرات في نص جديد.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**من المهم التأكيد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على أن هذا النص الجديد لن يكون بديلاً عن النصوص الدينية الحالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بل سيكون مكملًا لها.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**مخاطر إنتاج نص مقدس جديد:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إمكانية حدوث انقسامات دينية.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **رفض بعض المؤمنين للنص الجديد.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **استغلال النص الجديد لأغراض سياسية.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**على الرغم من هذه المخاطر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن إنتاج نص مقدس جديد هو موضوع يستحق النقاش.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**ختاماً:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**إن إمكانية إنتاج نص مقدس جديد هي مسألة معقدة تتطلب تفكيرًا عميقًا من قبل جميع المؤمنين.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**معاً، يمكننا إعادة تفسير الدين ليتوافق مع الواقع المعاصر ويُسهم في بناء عالم أفضل للجميع.**</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">## الوحي: قراءة جديدة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**المقدمة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">طرح عبد الله عبد الرحيم في 16-2-2024 مفهومًا جديدًا للوحي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرى فيه إعطاء المعنى للنصوص، سواء كانت قرآنية أو نصرانية أو يهودية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وذلك لاستيعاب المتغيرات العلمية الجديدة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**مبادئ القراءة الجديدة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **العلنية:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على عكس القراءات السابقة التي اتسمت بالسرية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تُطرح هذه القراءة بشكل علني ومفتوح للنقاش والحوار.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الحفاظ على المقدس:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع الإبقاء على جوهر النصوص المقدسة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتم تعديل الشريعة والطقوس بما يتوافق مع المعطيات العلمية الجديدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إنتاج نص مقدس جديد:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تُنتج نصوص جديدة تُعبّر عن المعاني المُستحدثة، كما فعل الإسلام في القرآن الكريم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الاستدلال:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يستدل عبد الرحيم على صحة نظريته بآية قرآنية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تشير إلى "خير من ألف شهر" (سورة القدر، الآية 3). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**التفاصيل:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **قراءة ثالثة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرى عبد الرحيم أن الإسلام مثل القراءة الثالثة للنصوص المقدسة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث استمرت ألف شهر (منذ نزول القرآن الكريم) </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **القراءات السابقة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرى عبد الرحيم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن اليهودية والنصرانية تمثلان قراءتين سابقتين للنصوص المقدسة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الفوائد:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التكيف مع التطورات العلمية:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تُساعد هذه القراءة الجديدة على مواكبة التطورات العلمية دون التنازل عن جوهر الدين.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الحوار بين الأديان:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تُتيح هذه القراءة إمكانية الحوار بين الأديان على أسس جديدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**التحديات:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **المعارضة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد تواجه هذه القراءة معارضة من بعض الأوساط الدينية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي تُفضل الحفاظ على النصوص المقدسة كما هي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التطبيق:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد تواجه عملية تطبيق هذه القراءة صعوبات عملية على أرض الواقع.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الخلاصة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُقدم عبد الله عبد الرحيم مفهومًا جديدًا للوحي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُمكن أن يُساعد على التكيف مع التطورات العلمية دون التنازل عن جوهر الدين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**ملاحظة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا مجرد عرض للأفكار التي طرحها عبد الله عبد الرحيم،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ولا يُمثل وجهة نظر جميع المسلمين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**موضوع مفتوح للنقاش:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُعدّ هذا الموضوع مفتوحًا للنقاش والحوار بين مختلف الأوساط الدينية والفكرية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**مُقترحات للنقاش:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* هل تُمثل هذه القراءة الجديدة خروجًا عن الدين؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* ما هي أفضل الطرق لتطبيق هذه القراءة على أرض الواقع؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* ما هي التأثيرات المُحتملة لهذه القراءة على العلاقات بين الأديان؟</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**شكرًا لقراءتك!**</span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">## الوحي: رحلة عبر المعنى</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الوحي** مصطلح غنيٌّ بالمعاني،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمتدّ من إعطاء المعنى بشكل عام إلى التأويل والقراءة الجديدة للنصوص الدينية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**معنى الوحي:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إعطاء المعنى:** في اللغة العربية، يُشير الوحي إلى إعطاء المعنى أو الإخبار بشيء خفيّ.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إلهام إلهي:** في الأديان، يُشير الوحي إلى تلقي الرسل والأنبياء تعاليم الله تعالى من خلال الوحي جبريل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إبداع أدبي:** يُستخدم مصطلح الوحي أحياناً لوصف إبداع الكاتب أو الشاعر في ابتكار نصّ جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الوحي وإعطاء معنى جديد للنص:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يُمكن اعتبار الوحي إعطاء معنى جديد للنصّ، سواء كان نصّاً دينياً أو أدبياً أو تاريخياً.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يُمكن للوحي أن يُكشف عن أبعاد جديدة للنصّ لم تكن واضحة من قبل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يُمكن للوحي أن يُساعد على فهم النصّ في سياق جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الوحي والتأويل:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التأويل:** هو تفسير النصّ الديني بما يتوافق مع العقل والعلم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **الفرق بين الوحي والتأويل:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * الوحي هو مصدر النصّ الديني.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * التأويل هو تفسير النصّ الديني.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **العلاقة بين الوحي والتأويل:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُمكن اعتبار التأويل أحد أشكال الوحي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُمكن للوحي أن يُلهم التأويل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الوحي وقراءة جديدة للنص:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* في اليهودية والنصرانية، يُشير الوحي إلى قراءة جديدة للنصّ التوراتي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* تُركّز هذه القراءة الجديدة على المعاني الروحية والأخلاقية للنصّ.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* تُساعد هذه القراءة الجديدة على فهم النصّ في سياق جديد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**أمثلة على الوحي:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* الوحي الذي تلقّاه النبي محمد ﷺ من الله تعالى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* الوحي الذي تلقّاه النبي موسى عليه السلام من الله تعالى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* الوحي الذي تلقّاه النبي عيسى عليه السلام من الله تعالى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* إبداع شكسبير في مسرحياته.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* إبداع نجيب محفوظ في رواياته.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**خاتمة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُمثّل الوحي رحلةً عبر المعنى، تُثري فهمنا للنصوص وتُلهمنا لاكتشاف أبعاد جديدة فيها. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**ملاحظة:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* يُمكن أن تختلف دلالات مصطلح "الوحي" باختلاف السياق.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* من المهمّ مراعاة السياق عند تفسير معنى "الوحي".</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**هل لديك أي أسئلة أخرى حول الوحي؟**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نعم، هذا صحيح!</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الوحي يعني إعطاء المعنى،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويُستخدم هذا المصطلح في سياقات مختلفة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في اللغة العربية:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * الوحْي: مصدر الفعل "وَحَى" الذي يعني "أَعْطَى مَعْنًى بِغَيْرِ تَكَلُّمٍ".</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُوحي: فعل مضارع من الفعل "وَحَى"</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يعني "يُعْطِي مَعْنًى بِغَيْرِ تَكَلُّمٍ".</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الدين:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * الوحي: هو إرسال الله تعالى رسالة إلى نبي من أنبيائه من خلال جبريل عليه السلام.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُوحي: يُشير إلى فعل الله تعالى في إرسال الوحي إلى الأنبياء.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الأدب:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * الوحْي: يُستخدم أحياناً للدلالة على الإلهام الفني أو الشعري.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُوحي: يُستخدم أحياناً للدلالة على التعبير عن مشاعر أو أفكار بطريقة غير مباشرة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في علم النفس:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * الوحْي: يُستخدم أحياناً للدلالة على عملية الإدراك الحسي أو الحدس.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * يُوحي: يُستخدم أحياناً للدلالة على عملية استنتاج معنى أو فكرة من خلال إشارات أو أدلة غير مباشرة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أمثلة على استخدام كلمة "وحي":</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "نزل الوحي على النبي محمد صلى الله عليه وسلم في غار حراء."</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "ألهمت الطبيعة الشاعر فكتب قصيدة رائعة."</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "استطاعت الطبيبة تشخيص المرض من خلال الأعراض التي ظهرت على المريض."</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أمثلة على استخدام كلمة "يوحي":</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "تُوحي هذه اللوحة بمشاعر الحزن والأسى."</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "تُوحي هذه الكلمات بمعنى خفي."</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * "تُوحي هذه الإشارات بوجود خطر محدق."</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ملاحظة:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُمكن استخدام كلمة "وحي" و "يُوحي" في سياقات أخرى غير تلك المذكورة أعلاه.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هل لديك أي أسئلة أخرى؟</span></p><br /></span><div aria-expanded="false" class="notranslate" id="mttContainer" style="transform: translate(77px, 64px);"></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-61324009134637589422024-03-08T11:54:00.002+03:002024-03-08T11:54:42.806+03:00المدين والدائن في المحاسبة<span style="font-family: arial; font-size: large;">المدين هو مدين للوحدة المحاسبية التي تسجل القيد(حقوق)<br />الدائن هو الدائن للوحدة المحاسبية التي تسجل القيد(التزامات)<br /><br /></span><div><span style="font-family: arial; font-size: large;">القيد المحاسبي هو الذي ينشأ الميزانية العمومية والدخل<br />اي هو الذي ينشأ معادلة الميزانية الموسعة<br />اي الاصول+المصروفات=الالتزامات +حقوق الملكية+الايرادات<br /><br /></span></div><div><span style="font-family: arial; font-size: large;">كل حساب في المحاسبة<br />يحتوي على طرفين مدين ودائن<br />الطرف المدين حقوق الوحدة المحاسبية<br />الطرف الدائن التزامات الوحدة المحاسبية</span><div aria-expanded="false" class="notranslate" id="mttContainer" style="transform: translate(33px, 99px);"></div></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">الاقتصاد بعيون الخبراء<br />8-3-2024</span></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-85397610669243634712024-01-21T18:13:00.009+03:002024-02-27T10:56:17.915+03:00قبيلة باهلة وبنو وائل و عشيرة عفك وال جناحي. <p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span id="docs-internal-guid-5afa109c-7fff-a00b-8840-bcd1e37a7041"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; font-family: arial; font-size: medium; height: 491px; overflow: hidden; width: 602px;"><img alt="قبيلة باهلة وبنو وائل و عشيرة عفك وال جناحي." height="491" src="https://lh7-us.googleusercontent.com/VJKJzo48NDot06gAmIew0ipthqVjRaicIsSL9S_TUuaIl6Z9C1CAB9zHSqJ_AizeePXAT528eXy-60UemDE3H1ITjGCjTHFZdTThGrYDFQyB1oDQRUR5O8V5bbG1IHPHfFaRDGakPSLWMGVSejNkBCI=w601-h491" style="margin-left: 0px; margin-top: 0px;" title="قبيلة باهلة وبنو وائل و عشيرة عفك وال جناحي." width="601" /></span></span></span></p><p><b id="docs-internal-guid-20dcbdce-7fff-2b1b-4d2c-51ecaa87ec91" style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">المصدر:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">1-عبد المولى الطريحي في الهامش ص ٣٢من كتاب أنساب القبائل العراقية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">2- وكتاب باهلة لحمد الجاسر. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">3-كتاب موسوعة القبائل العربية [محمد سليمان الطيب]</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">هل.. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">آل اجناح من بني عامر بن عوف ابن وائل ابن معن من بني مالك(باهله) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">بن اعصر بن سعد بن قيس عيلان بن مضر.؟ </span></p><p><b style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">أسباب الترجيح:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">1-فرع آل جناح طرة ال جناح في المجيحشية قديما و في العكيكة سوق الشيوخ يقول بانتمائه الى بني وائل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">2-فرع من آل جناح(جناحي) في عفك الديوانية يقول بانتمائه الى عشيرة عفك باهلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">3-النزعة العشائرية نحو التحالفات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">4-بيشة موطن ال اجناح الأول قبل عنيزة وطرة ال جناح على نهر الكار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><span id="docs-internal-guid-5328cb9b-7fff-a0c5-4250-1068a83b9619" style="font-weight: normal;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-wrap: wrap; vertical-align: baseline;">5-تبدلات السلطة بين قوى الإسلام أدى الى تغير أسماء بعض القبائل والى ظاهرة العشائر المتحيرة</span></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-size: 14pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">6-توقف تدوين الأنساب من القرن الثالث الهجري الى السادس الهجري بالنسبة لسكان قلب الجزيرة؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><span style="font-weight: normal;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-wrap: wrap; vertical-align: baseline;"><span id="docs-internal-guid-0b9a58be-7fff-b9e8-1f99-4922855b74ca" style="font-weight: normal;"></span></span></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-size: 14pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> للاضطراب السياسي.</span></p><p><b style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">ومن المعلوم ان بني وائل استقروا في بيشة موطن عقيل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">بعد غارة على بني جعدة وسبيع وتصدع باهلة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فلحقت منهم بنو وائل بعقال بن خويلد العقيلي فاجارهم. </span></p><p><b style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">أن المنتشر الباهلي كان له ابن يقال له سيدان،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> قتلته</span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> بنو جَعْدة بن كعب بن ربيعة بن عامر بن صعصعة</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فأغار عليهم، ثم على </span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">بني سُبَيْع</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">، فقتل ثلاثة نفر، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">وكانت</span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> باهلة</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> قد انضوت إلى </span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">بني كعب</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فلما قتل المنتشر من قتل من جعدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">تصدَّعت باهلة، </span></p><p><b style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فلحقت فرقة منهم وهم بنو وائل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">بعقال بن خويلد العُقَيْليِّ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فأجارهم،</span></p><p><b style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><br /></span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">آل عفك:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">جاء فى كتاب "معجم قبائل العرب" ما نصه: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">عفك من عشائر لواء الديوانية بالعراق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">يرجع أصلها لباهلة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">وقد قصدت العراق من نجد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">ويبلغ عدد نفوسها ١٦٠٠٠ نسمة تقريبًا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">وعرفت هذه العشيرة بالثراء، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">وتتألف من </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">آل غازم، والبحاحثة، وآل حمزة، والمخاضرة، وآل شيبة، والبوناشي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">والبراجع، والمجاتيب، وآل حاجي، وطرفة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> انتهى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">ولا شك أن بعض الأسماء وقع فيها تحريف.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">كتاب موسوعة القبائل العربية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">[محمد سليمان الطيب]</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">فهرس الكتاب باهلة فروع قبيلة باهلة في الوقت الحاضر ص 40</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://shamela.ws/book/897/8469#p1" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: #1155cc; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">https://shamela.ws/book/897/8469#p1</span></a></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">البحاثة او البحاحثة بطن من آل باهلة اسم طائفة في العراق بين دجلة والفرات (1)</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>الهامش(1)</b></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>باهلة قبيلة كبيرة ضخمة </b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: #cc0000; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>تقطن ضواحي الديوانية بين عفك والدغارة</b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><b><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;">وال شيبة </span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;">وال جناحي</span><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"> وال بندر وال فليفل وال شخير وال شنان وال جبر </span></b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>و الحلاحله وال دهيم وال حرامي وال غنص والبو حطاب وال دليهم</b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>وكلهم يقطنون في ضواحي الديوانية بين عفك والدغارة </b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>وأكثرهم يزرعون الأراضي المقيمين فيها بتلك المنطقة.</b></span></p><p><b><span style="font-family: arial; font-size: medium;">المصدر:</span></b></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: #cc0000; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">ص 32 انساب القبائل العراقية وغيرها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: arial; font-size: medium;"><b><span face="Arial,sans-serif" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;">تأليف الامام العلامة الكبير المرحوم السيد مهدي القزويني الحسيني </span><span face="Arial,sans-serif" style="background-color: transparent; color: #cc0000; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;">المتوفي سنة 1300 هـ</span></b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;"><b>حققه وصححه وعلق عليها وقدم له عبد المولى الطريحي</b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: #cc0000; font-family: arial; font-size: medium; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">الطبعة الثانية منقحة ومصححة 1383هـ-1963م</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCcJ_5CzWAh60r4gg19XDexA_JgZq-SU9GhfO32ybD82ZMm9CAoThzYAj7Z58VMHOZ1ZSP_Enfi7sdcoc_zxide5FI7Azwcc36OaYIjlbc7PlvBlO4UhsZPsJVM5joIsSeY7S2kq0tNuQYUBAklnVsg1YazHCbSJMj5dXQpUlcg4MFMS7ZcWozzJeHdYLE/s604/Screenshot%202024-02-27%20105258.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="قبيلة باهلة وبنو وائل و عشيرة عفك وال جناحي." border="0" data-original-height="461" data-original-width="604" height="488" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCcJ_5CzWAh60r4gg19XDexA_JgZq-SU9GhfO32ybD82ZMm9CAoThzYAj7Z58VMHOZ1ZSP_Enfi7sdcoc_zxide5FI7Azwcc36OaYIjlbc7PlvBlO4UhsZPsJVM5joIsSeY7S2kq0tNuQYUBAklnVsg1YazHCbSJMj5dXQpUlcg4MFMS7ZcWozzJeHdYLE/w640-h488/Screenshot%202024-02-27%20105258.png" title="قبيلة باهلة وبنو وائل و عشيرة عفك وال جناحي." width="640" /></a></div><br /><span style="font-family: arial; font-size: medium;"><br />21-1-2024</span><p></p><p><span style="font-family: arial; font-size: medium;">كربلاء المقدسة</span></p><div aria-expanded="false" class="notranslate" id="mttContainer" style="transform: translate(375px, 268px);"></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-85339660935372440622024-01-07T14:03:00.000+03:002024-01-07T14:03:13.107+03:00 تقييم برنامج الذهب مقابل النفط: ورقة موقف<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">An assessment of the gold-for-oil program: a position paper</span></p><span id="docs-internal-guid-8e3eb417-7fff-292d-57c5-df1912418784"><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Mohammed Awal </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">1/5/2024</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"></p><hr style="text-align: right;" /><p style="text-align: right;"></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">The Behavior Gasoil & Gasoline Price and Forex (USD-GHS) </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">● Avg Px ● USD-GHS Rate </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">متوسط سعر النفط عند المضخات وسعر صرف الدولار مقابل السيدي الغاني</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 257px; overflow: hidden; width: 602px;"><img alt="متوسط سعر النفط عند المضخات وسعر صرف الدولار مقابل السيدي الغاني" height="257" src="https://lh7-us.googleusercontent.com/xwAhSIZpaBlgMGcSJPcEGR4yaeD9dmGR9gxOfZJYzDDpaHo2dgJdAJHt0y68KXxU02c9LuuejkP1fFnNAx_et6KZ5hyl8B2mOrGe0b5N1AmHopvcqsT0w_QLKnZu9pgPFPFqDroNudsz0ny2s2bl514=w604-h257" style="margin-left: 0px; margin-top: 0px;" title="متوسط سعر النفط عند المضخات وسعر صرف الدولار مقابل السيدي الغاني" width="604" /></span></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المصدر: بناء المؤلفين</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> خلفية</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ظهر برنامج الذهب مقابل النفط (G4O) </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ردًا على أزمة النفط عام 1973،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي أثارها الحظر النفطي </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الذي فرضه أعضاء أوبك، وخاصة المملكة العربية السعودية، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الدول التي يُنظر إليها </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على أنها تدعم إسرائيل في حرب يوم الغفران (بيرجندي، 2003). </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تسببت هذه الأزمة في نقص عالمي في الطاقة وارتفاع في أسعار النفط، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما دفع إلى إجراء مفاوضات بين الدول المنتجة والمستوردة للنفط</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لمبادلة النفط بالذهب بدلاً من العملات الورقية التقليدية، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما سمح لمصدري النفط بتجميع احتياطيات الذهب </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(فالولا وجينوفا، 2005).</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 1px; overflow: hidden; width: 1px;"><img height="1" src="https://lh7-us.googleusercontent.com/zvc7rJMuSQNeWt70ne1gASes4P2E-SdyioC5seMK5mOOK56IWL5Ca6HYuDV8f7x3XV4cl2z_wETFj1pqijrcTM6l1bg7x1zRyHr-Asm9YDdYdyCkHjxHpvtjAkNpiou3uRAtz4AKBjydhPTH9RZltn0" style="margin-left: 0px; margin-top: 0px;" width="1" /></span></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /><br /></span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي سياق معاصر، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">طرحت جمهورية غانا</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نسختها الخاصة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من برنامج الذهب مقابل النفط</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لمواجهة الأسعار المتصاعدة للمنتجات النفطية.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتسم برنامج غانا</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالتميز في المنهجية والأساس المنطقي والهيكل،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويعالج الارتفاع الكبير في أسعار البنزين وزيت الغاز </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من 6.90 سيدي غانيًا في يناير إلى 22.8 سيدي غانيًا في ديسمبر 2022، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يؤثر على مختلف القطاعات. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأثارت هذه الزيادة المرتبطة بمستويات التضخم </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">احتجاجات من جانب العمالة المنظمة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بسبب الزيادة غير المتناسبة في تكاليف المعيشة مقابل ركود الدخل.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإدراكًا لنقص النقد الأجنبي وقضايا سعر الصرف </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كمساهمين رئيسيين في ارتفاع الأسعار،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نفذت الحكومة برنامج الذهب مقابل النفط </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لتحقيق الاستقرار في الاقتصاد </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتخفيف من آثار ارتفاع أسعار الوقود (ياللي، 2023). </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتستجيب السياسة الجديدة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للتحديات التي تواجهها البلدان المستوردة للنفط </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الحصول على النقد الأجنبي الكافي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بهدف معالجة أزمة الدولار الحادة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وضمان إمدادات مستقرة من المنتجات النفطية.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> نظرة عامة على برنامج G4O</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يعمل برنامج الذهب مقابل النفط (G4O) في غانا</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كسياسة دورية تسهل تبادل الذهب مقابل النفط، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يوفر نهجًا استراتيجيًا لمعاملات استيراد النفط. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتضمن البرنامج، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الذي بدأه </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بنك غانا (BOG) </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وشركة تسويق المعادن الثمينة (PMMC)</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شراء الذهب بالسيدي بموجب اتفاقية شراء النفط. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتم بعد ذلك </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استخدام جزء من هذا الذهب لتأمين النفط،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والاستفادة من الوضع المزدوج للذهب والنفط كاحتياطيات دولية.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يقوم </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بنك غانا</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بتوريد النفط الذي تم الحصول عليها</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شركة تخزين ونقل النفط السائب (BOST)</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي بدورها تصدق على مواصفات النفط </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتشير إلى </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بنك غانا </span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لمواصلة الدفع باستخدام الذهب المتبادل.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تبيع BOST هذه المنتجات النفطية</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لشركات التوزيع السائبة (BDC)</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالسيدي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يمكنها من الحصول على المنتجات دون الحاجة إلى الدولارات. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لشركات تطوير الأعمال بيع المنتجات</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شركات تسويق النفط (OMCs)</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالسيدي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يلغي عنصر الدولار في حسابات التسعير.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تضمن هذه العملية </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن شركات OMC لا تحتاج إلى دولارات </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لشراء المنتجات من </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مراكز تطوير الأعمال (BDC).</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أخيرًا، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقوم شركات OMC ببيع المنتجات</span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للمستهلكين في المضخات،</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتم إيداع الإيرادات الناتجة في السيدي لدى BOG، لاستكمال الدورة.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتمثل الهدف الشامل لهذا البرنامج المبتكر </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في تحقيق استقرار أسعار الوقود </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتقليل الاعتماد على العملات الأجنبية في واردات النفط، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتعزيز الاستقرار الاقتصادي والاكتفاء الذاتي. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تم تصميم برنامج الذهب مقابل النفط (G4O) في غانا </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بشكل استراتيجي لإلغاء الحاجة إلى النقد الأجنبي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتحديدًا الدولار، في آلية تسعير المنتجات البترولية. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن خلال استبعاد سعر الصرف عمدا من صيغة تسعير الوقود والمرافق، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتم إعفاء بائعي الوقود المحليين </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الحاجة إلى العملة الأجنبية عند استيراد المنتجات النفطية.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتتصور الحكومة والوكالات المنفذة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن هذا التحول في السياسة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيؤدي إلى انخفاض أسعار المنتجات في المضخات،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما يوفر الراحة للسكان الغانيين. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تم إطلاق برنامج G4O رسميًا في 15 يناير 2023، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد شهد حصول شركة تخزين ونقل النفط السائب (BOST) </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على 80 ألف طن متري من البنزين وزيت الغاز </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وما مجموعه 25 شحنة مختلفة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بموجب هذه السياسة المبتكرة.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والآن، بعد مرور 11 شهراً على بدء العمل به،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أصبح من الأهمية بمكان</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تقييم مدى فعالية البرنامج في تحقيق أهدافه المقصودة. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتولى هذه الورقة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مهمة تقييم تأثير برنامج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتعرض موقف المؤلفين بناءً على الأدلة المتاحة، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سعياً إلى توفير فهم شامل لأداء البرنامج. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويهدف التقييم إلى تمييز مدى فعالية برنامج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتوضيح موقف المؤلف من نتائجه.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أهداف السياسة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتصور المؤيدون،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بقيادة نائب الرئيس الحاج الدكتور بوميا، نتائج إيجابية، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">انخفاض أسعار المضخات، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واستقرار العملة، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وانخفاض التضخم في المنتجات المعتمدة على النفط. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتشكل هذه الأهداف الأساس لتقييم نجاح البرنامج.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مخاوف السياسة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واجه برنامج الذهب مقابل النفط (G4O) في غانا </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">انتقادات من منظمات المجتمع المدني وخبراء النفط، بما في ذلك Em.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> البروفيسور إليدار وومي والدكتور ستيف مانتيو وإيماني غانا.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويعرب النقاد عن مخاوفهم </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بشأن افتقار البرنامج إلى الشفافية </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتدخل الملحوظ للحكومة في السوق غير الخاضعة للتنظيم. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويقولون </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إن الصفقات التي تمت في إطار برنامج G4O محاطة بالسرية، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يثير مخاوف محتملة بشأن الممارسات الفاسدة، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأصبح دور الوسطاء في المعاملات نقطة بارزة في المناقشة.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومن الأمثلة البارزة على ذلك التحدي الذي طرحه الدكتور مانتياو، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الرئيس المشارك لمنظمة الصناعات الاستخراجية في غانا،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> خلال مؤتمر صحفي في يونيو 2003، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث دعا الحكومة إلى الكشف عن أسماء الأطراف الثالثة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المشاركة في معاملات G4O (Segbefia، 2023).</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالإضافة إلى ذلك، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يسلط المتشككون الضوء </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على قلق كبير بشأن استدامة البرنامج على المدى الطويل،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مشددين على الحاجة إلى إمدادات مستمرة وكافية من الذهب لدعم تبادل النفط.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وقد أثيرت تساؤلات حول جدوى هذا الترتيب،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما أثار الشكوك حول قدرة البرنامج </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الاحتفاظ باحتياطي كافٍ من الذهب لضمان استمرار تشغيله.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تؤكد هذه الانتقادات على أهمية معالجة قضايا الشفافية والاستدامة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لتعزيز الثقة في برنامج G4O.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">علاوة على ذلك، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يرى منتقدو هذه السياسة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن انخفاض الأسعار في محطات الضخ</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يرجع إلى انخفاض أسعار السوق العالمية. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقال السيد بنجامين بواكي، مدير ACEP</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والدكتور ثيو أتشيمبونج، نائب مدير إيماني غانا،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إن الانخفاض في أسعار الوقود</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يرجع إلى انخفاض الأسعار الدولية واستقرار الدراسة. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(غانا 2023، أدو-أوسو 2023).</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> آثار السياسة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من الاعتراف بالمخاوف</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي أعربت عنها منظمات المجتمع المدني والخبراء</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بشأن برنامج الذهب مقابل النفط (G4O)، </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فمن المهم الإشارة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى أنه حتى الآن لم تتحقق أي من هذه المخاوف. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد أثبت البرنامج نجاحا كبيرا منذ بدايته، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهناك العديد من الفوائد التي تؤكد هذا التقييم الإيجابي.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد عالج برنامج G4O بشكل فعال </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مسألة الاعتماد على النقد الأجنبي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وخاصة الحاجة إلى الدولار في تسعير المنتجات النفطية. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن خلال إلغاء الاعتماد المباشر على سعر الصرف في صيغة التسعير، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نجح البرنامج في إعفاء بائعي الوقود المحليين </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الحاجة إلى العملة الأجنبية لاستيراد المنتجات النفطية. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد أثر هذا التخفيض بشكل إيجابي </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على تداول العملات الأجنبية للسيدي مقابل الدولار الأمريكي.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يوضح الرسم البياني المعروض</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> اتجاهًا هبوطيًا ثابتًا في أسعار الوقود في المضخات، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واستقرارًا نسبيًا في سعر صرف الدولار مقابل السيدي منذ بداية البرنامج.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتماشى هذا مع ملاحظات</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ستيفن أوباتا، رئيس الأسواق المالية في بنك غانا،</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الذي أكد أن سياسة الحكومة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حفزت زيادة المنافسة بين المتداولين، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما أدى إلى انخفاض أسعار النفط </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقلل بشكل كبير من الضغط الذي يمارسه النفط على الدولار الأمريكي. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويمتد التأثير الإيجابي إلى ما هو أبعد من أسعار الوقود،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كما هو واضح في قطاع النقل. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأرجع إعلان اتحاد النقل البري الخاص في غانا </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عن تخفيض بنسبة 10٪ في أسعار النقل في مايو 2023 </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا التعديل الإيجابي إلى انخفاض أسعار البنزين، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يوفر الراحة التي يحتاجها سائقو السيارات يوميًا والركاب </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(لارتي، 2023).</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ودعمًا لهذه الآثار الملموسة،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يشير تقرير يونيو الصادر عن دائرة الإحصاء في غانا</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى انخفاض مستمر في معدل التضخم الرئيسي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث انخفض من 54.1% في ديسمبر 2022 إلى 35.2% في أكتوبر، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يصور توقعات اقتصادية إيجابية (أوال، 2023).</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تحليل تأثير البرنامج على التضخم والشفافية</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويربط الرسم البياني المعروض</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> معدل التضخم في غانا بالتقلبات في أسعار النفط عند المضخات.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويدعم هذا الارتباط تأكيد امبونج (2022)</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بأن التضخم في غانا يتأثر بشكل كبير بالتغيرات في أسعار النفط. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن الجدير بالذكر </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن الرسم البياني </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يوضح انخفاضًا ثابتًا في معدل التضخم الإجمالي </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بعد تنفيذ برنامج الذهب مقابل النفط (G4O). </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويشير هذا </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى وجود علاقة إيجابية </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بين مبادرات البرنامج والمؤشر الاقتصادي الأوسع للتضخم.</span></p><br /><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Px and Inflation Rate % by Date </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">●Px ●inflation Rate %</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 264px; overflow: hidden; width: 602px;"><img alt="معدل التضخم و أسعار النفط" height="265" src="https://lh7-us.googleusercontent.com/IDUDE6CrpXQS7xJRbwciwt4YWarVSSxjkgqSTYObLQOSIOYkmWHrAn8L3opRr0Y-9n1s2FqC2CZ19VLTAxmooyijIP5uu_dYc0eR-ujW_HBXkVMZqzlBxxAvX_vWxZOkLaIsGBIVxDc_puiSyM6py1o=w601-h265" style="cursor: wait; margin-left: 0px; margin-top: 0px;" title="معدل التضخم و أسعار النفط" width="601" /></span></span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">معدل التضخم وارتباط أسعار النفط</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">؛ مصدر؛ بناء المؤلف</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span class="Apple-tab-span" style="text-wrap: nowrap;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">2023</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتوافق الارتباط الملحوظ في الرسم البياني مع الحجة التي قدمها أمبونج، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع التركيز على الدور الحاسم لأسعار النفط في التأثير على معدلات التضخم. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويشير الانخفاض في التضخم الإجمالي منذ طرح برنامج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى أن استقرار أسعار النفط من خلال التدابير الاقتصادية المبتكرة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤثر بشكل إيجابي على التكلفة الإجمالية للسلع والخدمات.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويؤكد التحليل كذلك </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على التأثير الإيجابي لبرنامج G4O على الشفافية داخل قطاع النفط. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وخلافاً للمخاوف التي أثارها المنتقدون،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن التبادل الاستراتيجي للذهب مقابل النفط لم يسفر عن ممارسات فاسدة. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبدلاً من ذلك، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كانت عمليات البرنامج شفافة بشكل ملحوظ، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث عالجت المخاوف بشأن الصفقات المستترة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعززت الثقة في نزاهة المبادرة.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إن التشغيل السلس للبرنامج لمدة ستة أشهر، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث تلقت شركة تخزين ونقل النفط السائب (BOST)</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> العديد من الشحنات من البنزين،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يدل على النجاح التشغيلي المستمر للبرنامج. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذا النجاح يقوض المخاوف</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بشأن توافر الذهب لدعم البرنامج على المدى الطويل، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يشير إلى أن النهج المبتكر ممكن وفعال.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مقارنة اسعار المضخات السابقة</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويوضح الرسم البياني أدناه </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مقارنة الاسعار قبل وبعد إدخال برنامج الذهب مقابل النفط (G4O) في غانا. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتعكس البيانات انخفاضًا مستمرًا في أسعار المحطات </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالرغم من الانخفاضات الهامشية في أسعار السوق العالمية.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Crude Oil Prices -Brent Prices </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">●Brent Px 2023 ●Brent Px 2022</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Pump Prices </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">●Ave Px 2023 ●Ave Px 2022</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 360px; overflow: hidden; width: 602px;"><img alt="مقارنة اسعار المضخات السابقة" height="360" src="https://lh7-us.googleusercontent.com/Nqf0FENO67WjDvdWnJgBJEebrfy51YirLnUnDVyMGRiRH9yy3ePlBoD-wrDqzpLsVvxJtpt8FD1hE-zDM8OttXarvPU4ihpbjvvP0Ilt5S5dS3rYgtnySu-RTgCKueCCp5fHcXfzoPZHAp6mQEQUyWE=w556-h360" style="cursor: wait; margin-left: 0px; margin-top: 0px;" title="مقارنة اسعار المضخات السابقة" width="556" /></span></span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مقارنات اسعار المضخات السابقة؛ المؤلفون يبنون 2023</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد أثر إدخال برنامج G4O بشكل كبير على الأسعار السابقة للمضخة، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما أدى إلى إلغاء الحاجة إلى الدولارات في آلية التسعير. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتكشف البيانات </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عن انخفاض ملحوظ في أسعار المحطات من أكتوبر 2022 إلى أكتوبر 2023، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من الانخفاض الهامشي فقط في أسعار السوق العالمية.</span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أكتوبر 2022:</span></p><ul style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px; text-align: right;"><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">سعر السوق العالمي: 99 دولارًا</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">سعر المضخة السابقة: 19.8 GHS</span></p></li></ul><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أكتوبر 2023:</span></p><ul style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px; text-align: right;"><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">سعر السوق العالمية: 97 دولارًا (تخفيض بنسبة 2%)</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">السعر بدون المضخة: 12.8 GHS (تخفيض بنسبة 36%)</span></p></li></ul><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يعد هذا التخفيض في السعر قبل تسليم المضخة كبيرًا، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يوضح فعالية برنامج G4O في تحقيق هدفه</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> المتمثل في تثبيت أسعار الوقود وتقليل الاعتماد على العملات الأجنبية. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد تُرجم النهج المبتكر </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المتمثل في إلغاء عنصر الدولار في حسابات التسعير </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى فوائد ملموسة للمستهلكين، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتوفير الإغاثة الاقتصادية</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والمساهمة في سوق محلية أكثر استقرارا.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويدعم الرسم البياني</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التأكيد على أن برنامج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد أثر بشكل مباشر على انخفاض الأسعار خارج المحطات، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع التركيز على تأثيره الإيجابي على الرفاهية الاقتصادية للسكان الغانيين. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتعزز هذه الأدلة أيضًا </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نجاح البرنامج في تحقيق أهدافه </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتشير إلى أن نموذج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون بمثابة نموذج قابل للتطبيق للدول الأخرى</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي تواجه تحديات اقتصادية مماثلة.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الاستنتاج والتوصيات</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي الختام، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أظهر برنامج الذهب مقابل النفط (G4O) في غانا</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تأثيرًا إيجابيًا كبيرًا على أسعار الوقود </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والمؤشرات الاقتصادية الأوسع، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يدعم استمراره. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ورغم الاعتراف بالمخاوف التي أثارها أصحاب المصلحة، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تشير الأدلة إلى </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن البرنامج نجح في </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">معالجة الاعتماد على النقد الأجنبي، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وخفض أسعار الوقود، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وساهم في الاستقرار الاقتصادي. </span></p><br /><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولضمان النجاح المستدام للبرنامج والحفاظ على ثقة الجمهور، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الضروري أن تعطي الوكالات المنفذة الأولوية للشفافية.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يتم اقتراح التوصيات التالية:</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تدابير الشفافية:</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يجب على الوكالات المنفذة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن تكشف بشكل استباقي عن معلومات المعاملات التفصيلية </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المتعلقة ببرنامج G4O على مواقعها الإلكترونية الرسمية.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ستمكن السجلات المتاحة للعامة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من التحقق والتدقيق والمساهمة في تعزيز المساءلة في تنفيذ البرنامج.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويجب إتاحة التحديثات المنتظمة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حول احتياطيات الذهب والمعاملات النفطية والجوانب المالية للتدقيق العام.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تكرير الذهب في البلاد: </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل الاستعجال، يجب على الحكومة الغانية</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> استكشاف خيارات لتنقية الذهب في البلاد </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قبل الانخراط في المعاملات في إطار برنامج G4O.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إن تبادل الذهب المكرر بالمنتجات البترولية </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيعزز القيمة الاقتصادية للأصول المتبادلة </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويساهم في نموذج اقتصادي أكثر استدامة وكفاءة.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التوعية والمشاركة العامة: </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إطلاق حملات توعية عامة لتثقيف المواطنين </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حول برنامج G4O وأهدافه والآثار الإيجابية التي حققها.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تشجيع المشاركة العامة وآليات ردود الفعل</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لتعزيز الشعور بالمشاركة والملكية بين السكان الغانيين.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المراقبة والتقييم المستمر:</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إنشاء نظام قوي للمراقبة والتقييم المستمر لأداء برنامج G4O.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> القيام بتقييم المؤشرات الاقتصادية وأسعار الوقود والأثر العام بشكل منتظم </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لتكييف البرنامج مع الظروف المتغيرة وتحسين فعاليته.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مشاورات أصحاب المصلحة: </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تسهيل المشاورات المفتوحة مع أصحاب المصلحة الرئيسيين،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك منظمات المجتمع المدني والخبراء والجمهور، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لمعالجة المخاوف وجمع وجهات نظر متنوعة حول تنفيذ البرنامج.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن خلال تنفيذ هذه التوصيات،</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تستطيع غانا ضمان بقاء برنامج G4O </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شفافًا وخاضعًا للمساءلة ومستجيبًا لاحتياجات السكان. </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولن يؤدي هذا النهج إلى الحفاظ على التأثيرات الإيجابية التي تم تحقيقها فحسب، </span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بل سيكون أيضًا بمثابة نموذج للسياسات الاقتصادية المسؤولة والمبتكرة على مستوى العالم.</span></p><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مرجع</span></p><ol style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px; text-align: right;"><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">أدو-أووسو، ب. (2023، 18 مارس). انخفاض أسعار الوقود لا يرجع بالكامل إلى سياسة الذهب مقابل النفط - دكتور ثيو أتشيمبونج - MyJoyOnline. MyJoyOnline. https://www.myjoyonline.com/drop-in-fuel-prices-not-entirely- لأن-of-gold-for-oil-policy-dr-theo-acheampong/</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">أمبونج، م. (2022، 30 سبتمبر). ارتفاع أسعار الوقود – لماذا؟؟ هل نحن وحدنا في هذا؟ الأعمال و FinancialTimes. https://thebftonline.com/2022/03/28/maxwell_investments_group_max well_ampong_mig_rising-fuel-prices-why-are-we-alone-in- this/#:~:text=This%20is%20because%20the%20increase,living %20 معايير%20من%20ال%20 شخصًا.</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">أساري، و. (2023، 12 يونيو). نجاح "سياسة الذهب مقابل النفط": تبرير بوميا وأوبوكو بريمبه. راديو اساسي. https://asaaseradio.com/success-of-gold-for-oil-policy-bawumia-opoku- prempeh-vindicated/</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">أوال، م. (2023، 13 يوليو). ارتفع معدل التضخم في يونيو بشكل طفيف إلى 42.50%. الأعمال و الأوقات المالية. https://thebftonline.com/2023/07/13/june-inflation-rises-marginally-to-42-50/</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">بيرجندي، H. S. (2003). الطاقة والعولمة. جامعة ولاية إلينوي.</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">فالولا، ت.، وجينوفا، أ. (2005). سياسة صناعة النفط العالمية: مقدمة. مجموعة جرينوود للنشر.</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">غانا، م. (2023، 16 مارس). انخفاض أسعار الوقود لا علاقة له بالذهب بالنسبة لسياسة النفط - ACEP. غانا الحديثة. https://www.modernghana.com/news/1218471/fuel-price-drop-nothing-to-do-with-gold-for-oil.html</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.globalpetrolprices.com/data_download.php?download" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; text-wrap: wrap; vertical-align: baseline;">https://www.globalpetrolprices.com/data_download.php?download</span></a></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">الاقتباس النصي: (ستنخفض أسعار النقل بنسبة 10 بالمائة اعتبارًا من 17 مايو 2023)</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">لارتي ن. (2023، 15 مايو). ستنخفض أسعار النقل بنسبة 10 في المائة اعتبارًا من 17 مايو Citinewsroom – أخبار شاملة في غانا. https://citinewsroom.com/2023/05/transport-fares-to-go-down-by-10-percent-from-may-17/</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">Nchor، D.، Klepáč، V.، & Adamec، V. (2016). آثار صدمات أسعار النفط على الاقتصاد الغاني. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 64(1), 315-324.</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">نونو سي. (2023، 16 مارس) سياسة الذهب مقابل النفط - سيتم توفير 4.8 مليار دولار سنويًا - دكتور بوميا graphics.com.gh/news/general-news/gold-for-oil-policy-4-8bn-to- يتم حفظها سنويًا dr- bawumia.htm</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">سيغبفيا، ل. (2023، 12 يونيو). نشر أسماء المتعاملين الخارجيين المشاركين في برنامج “الذهب مقابل النفط” – منظمات المجتمع المدني – MyJoyOnline. https://www.myjoyonline.com/publish-names-of-third-party-dealers-involved-in-gold-for-oil-programme-csos/</span></p></li><li aria-level="1" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">يالي سي. (7 نوفمبر 2023). يواجه موزعو النفط السائب أزمة الدولار الحادة. https://www.myjoyonline.com/bulk-oil-distributors-facing-acute-dollar-crunch</span></p></li></ol><p style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><a href="https://thebftonline.com/2024/01/04/an-assessment-of-the-gold-for-oil-program-a-position-paper/" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://thebftonline.com/2024/01/04/an-assessment-of-the-gold-for-oil-program-a-position-paper/</span></a></p><br /></span><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-42389445001320931822024-01-03T01:29:00.003+03:002024-01-03T01:29:20.145+03:00قيمة التصفية في تبويب التعرض في برنامج ميتاتريدر 5<p style="text-align: left;"> <span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">The liquidation value in the exposure tab in MetaTrader 5 program</span></p><span id="docs-internal-guid-bfa8a37a-7fff-c625-dbbd-64a4bcc25939"><div><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjILR0WarchdEwa1hHQvj_t7D9kMYVSrucxHqdiiBd5rjhxUoCzCC4nNibBZUo8zDQaPL8q68aviL5BLwJPN6PdTyS_H3YwL4u8JdWiZHBfziK0kXFBlKruxwkmGZxytJ-4YgMwGyFRXuLGqkl_j570uXLJipHOXZ-lIV-JwwAT-8wxPcOG09Re091nCbLY/s750/The%20liquidation%20value%20in%20the%20exposure%20tab%20in%20MetaTrader%205%20program.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="قيمة التصفية في تبويب التعرض في برنامج ميتاتريدر 5 The liquidation value in the exposure tab in MetaTrader 5 program" border="0" data-original-height="343" data-original-width="750" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjILR0WarchdEwa1hHQvj_t7D9kMYVSrucxHqdiiBd5rjhxUoCzCC4nNibBZUo8zDQaPL8q68aviL5BLwJPN6PdTyS_H3YwL4u8JdWiZHBfziK0kXFBlKruxwkmGZxytJ-4YgMwGyFRXuLGqkl_j570uXLJipHOXZ-lIV-JwwAT-8wxPcOG09Re091nCbLY/w640-h292/The%20liquidation%20value%20in%20the%20exposure%20tab%20in%20MetaTrader%205%20program.png" title="قيمة التصفية في تبويب التعرض في برنامج ميتاتريدر 5 The liquidation value in the exposure tab in MetaTrader 5 program" width="640" /></a></div><br /><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div><div><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يمكن أن تشير قيمة التصفية في MetaTrader 5 إلى شيئين، اعتمادًا على ما تبحث عنه:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">1. Liquidation Level:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">هذه هي النقطة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">التي سيتم عندها إغلاق مراكزك المفتوحة تلقائيًا بواسطة المنصة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> بسبب عدم كفاية الهامش.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> يتم التعبير عنها كنسبة مئوية من رصيد حسابك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">عندما ينخفض مستوى الهامش الخاص بك إلى ما دون هذه النقطة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> يبدأ MetaTrader 5 في تصفية مراكزك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بدءًا من الصفقة ذات أكبر ربح وخسارة سلبية غير محققة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">حتى يرتفع مستوى الهامش الخاص بك فوق العتبة الحرجة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">2. Liquidation Price:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">هذا هو السعر المحدد الذي سيتم عنده تصفية مركز معين</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> إذا انخفض مستوى الهامش الخاص بك إلى مستوى التصفية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">ويتم حسابه بناءً على سعر الدخول والرافعة المالية وسعر السوق الحالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> يمكنك عرض سعر التصفية لكل مركز على حدة داخل المنصة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">نقاط إضافية يجب مراعاتها:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><b id="docs-internal-guid-829f29c7-7fff-8a04-0c22-556f226a82d8" style="font-weight: normal;"><br /></b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">قد يقوم الوسطاء المختلفون</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> بتحديد مستويات تصفية افتراضية مختلفة لعملائهم. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكنك عادة العثور على هذه المعلومات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">في وثائق الوسيط الخاص بك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">أو عن طريق الاتصال بدعم العملاء الخاص بهم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><b style="font-weight: normal;"><br /></b></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: #cc0000; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكنك ضبط مستوى التصفية الخاص بك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: #cc0000; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ضمن حدود معينة ضمن إعدادات المنصة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ضع في اعتبارك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">أن خفض المستوى يزيد من خطر التصفية التلقائية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">من الضروري إدارة المخاطر بشكل فعال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> واستخدام أوامر وقف الخسارة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> للتحكم في خسائرك المحتملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">وتجنب التصفية القسرية.</span></p><div><span style="background-color: transparent; font-family: Arial, sans-serif; font-size: 14pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><h1 dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">MetaTrader 5 Build 1430: Updated Exposure tab</span></h1><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"></p><h3 dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"></span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">16 سبتمبر 2016</span></h1><h3 dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">منصة الميتاتريدر</span></h3><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">تم تنفيذ الخوارزمية الجديدة لتشكيل علامة تبويب التعرض لسوق الصرف. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">الآن، تقوم المنصة بتكييف عرض الأصول </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">اعتمادًا على نظام إدارة المخاطر المطبق على حساب التداول:</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> نموذج تداول العملات الأجنبية أو العقود الآجلة أو البورصة.</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يعد قسم الأصول مفيدًا لأولئك الذين يتداولون الفوركس أو العقود الآجلة في البورصة </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">ويظهر وضعهم الحالي في السوق. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يمكن العثور على نفس العملات في مجموعة متنوعة من الرموز المختلفة:</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> كواحدة من العملات في زوج، أو كعملة أساسية، وما إلى ذلك. </span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">على سبيل المثال،</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> قد يكون لديك مراكز موجهة بشكل معاكس </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">على GBPUSD، و USD JPY، و GBP JPY. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">في هذه الحالة، من الصعب جدًا</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> </span><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">فهم مقدار العملة التي لديك والمبلغ الذي تحتاجه</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">وجود أكثر من ثلاث وظائف يزيد من تعقيد المهمة.</span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> في هذه الحالة، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يمكن رؤية الحالة الإجمالية للحساب بسهولة</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> في علامة التبويب الأصول.</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline;">دعونا نستخدم نفس المواضع الثلاثة كمثال:</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline;"><br /><br /></span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">قم بشراء عقد واحد من الجنيه الإسترليني مقابل الين الياباني </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بسعر 134.027 — </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">واحصل على 100000 جنيه إسترليني،</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> وحصل على 134027000 ين ياباني</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بيع عقد واحد من زوج الدولار الأمريكي مقابل الين الياباني </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بسعر 102.320 — </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بمنح 100000 دولار أمريكي، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">واستلام 102320000 ين ياباني</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بيع عقد واحد من الجنيه الإسترليني مقابل الدولار الأميركي </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بسعر 1.30923 - </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بإعطائك 100000 جنيه إسترليني، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">واستلام 103920 دولارًا أمريكيًا</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /><br /></span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">لقد قمنا بشراء وبيع 100000 جنيه إسترليني في وقت واحد. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">لدينا 0 جنيه إسترليني، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">ولا تعرض علامة التبويب "الأصول" هذه العملة. </span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">اعتبارًا من الدولار الأمريكي، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">أعطينا عملة في حالة واستلمناها في حالة أخرى. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">تقوم علامة التبويب "الأصول" </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بحساب النتيجة النهائية وإضافتها إلى الرصيد الحالي </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">نظرًا لأن عملة الإيداع هي الدولار الأمريكي أيضًا. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">شارك الين الياباني في صفقتين </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">مما يعني أن علامة التبويب تعرض قيمته الإجمالية.</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><span style="border: none; display: inline-block; height: 269px; overflow: hidden; width: 602px;"><img height="246" src="https://lh7-us.googleusercontent.com/qAXK0koHTxPuojik5uvymBY7fJskO3W5izEerUw4mwEPSHXNshRQe87cXabC1s6K7GYYgGYQA4iIqNUuit-N1jv2IxIZXxvzKlUxGTGax0IHoR3uOUVT0rYiZUO24oYH5y1wFFobSmFOEutaDHq02yY=w603-h246" style="margin-left: 0px; margin-top: 0px;" title="قيمة التصفية في تبويب التعرض في برنامج ميتاتريدر 5" width="603" /></span></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يمكن لأولئك الذين يستخدمون نموذج التبادل</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> استخدام هذا القسم </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">لفهم كيفية استخدام أموالهم. </span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">على عكس النموذج السابق،</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> يتم سحب/إضافة الأموال مباشرة عند تنفيذ الصفقات. </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">على سبيل المثال، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">إذا قمت بشراء EUR RUB، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">فستتلقى اليورو مرة واحدة </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بينما يتم سحب المبلغ المناسب بالروبل الروسي من الرصيد. </span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">أثناء التداول، </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">قد يصبح رصيد الحساب سلبيًا: </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">عندما تستخدم الأموال المقترضة </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بينما يتم استخدام الأصول المشتراة كضمان. </span></p><br /><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">في هذه الحالة،</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> تتيح لك علامة التبويب "الأصول"</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> فهم حالة حساب التداول بسهولة.</span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /><br /></span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">بالإضافة إلى ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يمكنك رؤية <span style="color: #cc0000;">قيمة التصفية </span>هنا </span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">- مبلغ الأموال الموجودة في الحساب</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> وسعر (نتيجة) إغلاق جميع المراكز الحالية بسعر السوق.</span></p><p dir="rtl" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><span style="border: none; display: inline-block; height: 275px; overflow: hidden; width: 602px;"><img height="276" src="https://lh7-us.googleusercontent.com/oiZsDzzIWMROZ1QfxNfDAM2Ytx-aFH5t_B__eMFCPHek1ZZ8m7E6LguE3oDb1MVdw0hk9605RysPXPnAZoga1Asl38_XpkKs0f5MEb37HisZgoYpeUA19rOENHR_41KNYKjsvUTVbPTyNaUY8GO65cA=w605-h276" style="cursor: wait; margin-left: 0px; margin-top: 0px;" title="قيمة التصفية في تبويب التعرض في برنامج ميتاتريدر 5" width="605" /></span></span><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><br /><br /></span></p><br /><p dir="ltr" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.metatrader5.com/en/releasenotes/terminal/1375" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;">https://www.metatrader5.com/en/releasenotes/terminal/1375</span></a></p><p dir="ltr" style="color: black; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">"On the updated Exposure tab, you can see the liquidation value."</span></p></span></div></span></div></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-62709893109153870882023-12-30T01:21:00.005+03:002023-12-30T01:28:44.942+03:00كيفية اصلاح البنك المركزي الأرجنتيني <p><span style="font-family: arial; font-size: medium;"> <span face="Arial, sans-serif" style="white-space-collapse: preserve;">كيفية اصلاح البنك المركزي How to fix the central bank</span></span></p><span id="docs-internal-guid-2783358e-7fff-769e-de89-59349d7de8da" style="font-family: arial; font-size: medium;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Milei has to solve BCRA’s flow problem </span></p><br /><h1 dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 24pt 0pt 6pt;"><span face="Arial, sans-serif" style="background-color: transparent; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 400; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: 3pt solid rgb(0, 0, 0); display: inline-block; font-size: medium; height: 110px; overflow: hidden; width: 80px;"><img height="110" src="https://lh7-us.googleusercontent.com/gOrQrQxulPflDz01z_dUCzHhlYE7jpgeBlE2isaD57Bow0z972McB8nigh1TQ04y-Gvz0R2tyBULFZ8NW_bXBlT8EN-wEURZHyrHrVLxSNewWITNDUvkPEL8L7rk6sV83g5WnmLBM4_7jiTIaqCVnDE" style="margin-left: 0px; margin-top: 0px;" width="80" /></span></span></h1><h1 dir="rtl" style="background-color: white; line-height: 2.11765; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://substack.com/profile/20909956-chris-marsh" style="text-decoration-line: none;"><span style="background-color: transparent; color: #1155cc; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;"> <span style="font-size: medium;"> كريس مارش</span></span></a></h1><h1 dir="rtl" style="background-color: white; line-height: 2.11765; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #404040; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> <span style="font-size: medium;">20 نوفمبر 2023</span></span></h1><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><span face="Arial, sans-serif" style="font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Milei’s challenge</span></h1><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Chris Marsh</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 11/20/2023</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">انتصار المرشح الليبرالي المتطرف في الأرجنتين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> خافيير ميلي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد يؤدي أخيراً إلى إطلاق التدابير اللازمة لهزيمة التضخم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بعد فوزه، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أكد ميلي على "إصلاح المشاكل" في البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو تخفيف واضح لموقفه من أجل "إلغاء" البنك المركزي الأرجنتيني (BCRA). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونظراً للتحدي المرتبط بإلغاء البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وخاصة الافتقار إلى العملة الصعبة اللازمة لتحل محل البيزو في الأرجنتين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع النقص المحتمل في دعم المجتمع الدولي لمثل هذه الخطوة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فمن المحتمل أن يكون هذا تغييراً معقولاً في اللهجة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكن ما الذي يجب القيام به؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نظرة إلى الوراء على السنوات الأربع الأخيرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الميزانية العمومية لـ BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">توفر بعض الأدلة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لقد كانت رحلة رائعة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مدتها 4 سنوات للبنك المركزي الأرجنتيني (BCRA) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كما يظهر من خلال لقطة للميزانية العمومية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يعيد الجدول أدناه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صياغة البيان المالي الأسبوعي لـ BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في شكل تحليلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">اعتبارًا من 7 نوفمبر من هذا العام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو أحدث إصدار متاح، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي نفس التاريخ من عام 2019، تقريبًا آخر تغيير في الإدارة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتم أخذ بيانات الناتج المحلي الإجمالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من أحدث قاعدة بيانات لآفاق الاقتصاد العالمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن قيمة الناتج المحلي الإجمالي بالدولار لهذا العام تم تعديلها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفقًا لأحدث سعر صرف رسمي لكل بيزو أرجنتيني مقابل دولار أمريكي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وحتى مع هذا التعديل، فمن المشكوك فيه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن تكون قيمة الناتج المحلي الإجمالي بالدولار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قد زادت بنسبة 11% على مدى السنوات الأربع الماضية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي إشارة أخرى إلى سعر رسمي مبالغ فيه.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ولكن هذا جيد بما فيه الكفاية لاغراضنا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تبرز ثلاثة أشياء:</span></p><ul style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">أولاً، </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شهدت السنوات الأربع الماضية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">انخفاضاً في </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صافي الأصول الأجنبية</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بنحو 25 مليار دولار أمريكي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أي حوالي 6.5% من الناتج المحلي الإجمالي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ليصل إلى </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سالب 5 مليارات دولار أمريكي</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من القيود المفروضة على </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ضوابط رأس المال</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لقد تم تشغيل </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الاحتياطيات الإجمالية الحقيقية</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالقرب من الصفر؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فقط من خلال النقر على </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">خط المبادلة التابع لبنك الشعب الصيني (PBOC)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ستتمكن الأرجنتين من توليد أي سيولة من العملات الأجنبية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">السيولة بالدولار تكاد تكون معدومة.</span></p><br /><ul style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">ثانياً، </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">زاد </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صافي الأصول المحلية</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بمقدار 76 مليار دولار أمريكي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو 14% من الناتج المحلي الإجمالي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويرجع ذلك أساساً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى زيادة </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المطالبات على الأوراق المالية الحكومية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بقيمة 99.5 مليار دولار أمريكي؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعكس التحرك المعاكس في </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صافي حقوق الملكية المحاولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التي بُذلت في عام 2019 لتقييم الأصول بشكل صحيح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(تسجيل </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صافي حقوق ملكية سلبي</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لبعض الوقت)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو جهد قصير الأجل لتحقيق الشفافية المحاسبية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والذي تم تفكيكه عندما تم المبالغة في تقدير قيمة الأصول مرة أخرى. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على مدى السنوات الأربع الماضية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كانت إدارة فرنانديز والعديد من وزراء المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تحت جناح برنامج صندوق النقد الدولي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تمضي قدماً في برنامج السياسة الكلية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">القائم على البنك المركزي المفلس. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا يجب أن يتغير.</span></p><br /><ul style="margin-bottom: 0px; margin-top: 0px; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">ثالثًا، </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ارتفع</span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إجمالي الالتزامات النقدية وشبه النقدية لبنك BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بحوالي 52 مليار دولار أمريكي،</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أي حوالي 7.5% من الناتج المحلي الإجمالي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويرجع ذلك أساسًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التوسع في الفواتير (LELIQs) لامتصاص السيولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتوفير وسيلة للادخار المحلي بمعدل فائدة حقيقي نصف لائق. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويبلغ إجمالي المخزون القائم من </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سندات السيولة</span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هذه اليوم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حوالي 65 مليار دولار أمريكي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أو حوالي 15٪ من الناتج المحلي الإجمالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 371px; overflow: hidden; width: 602px;"><img height="370" src="https://lh7-us.googleusercontent.com/t_CokgNPSUyZVvY2nrvvP33Pp1Gem8g7s0IlkKVOjnIZu6tEegcns2TIHL5V-87Da8GffSu0XT4UGQSNez1_rzF28e0de1HLtCIctWVSEOG-1f3TCPWcKCTqrG48VBeyEVdLJ3dPGr_2Kh-gj4MMyBw=w602-h370" style="margin-left: 0px; margin-top: 0px;" title="the Central Bank of Argentina" width="602" /></span></span></p><p></p><p></p></span><p></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبطبيعة الحال، كما هو الحال </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع </span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تحليل القدرة على تحمل الدين العام، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ليست حقوق الملكية هي التي تهم حقا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> - بل التدفقات الضمنية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واحتمال الميزانيات العمومية ذات المخاطر الجامحة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="color: blue; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كل ما يهم لفهم الميزانية العمومية لـ BCRA </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو حقيقة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن الفائدة على الأوراق المالية لـ BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتجاوز الآن 100٪ سنويًا - في الواقع 133٪.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبعبارة أخرى،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن قيمة LELIQs المستحقة، مقاسة بالعملة المحلية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوف تزيد عن الضعف خلال الأشهر الـ 12 المقبلة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الواقع،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتم نشرها كل أسبوع أو أسبوعين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لذا فإن تعقيد القصة بشكل صحيح هو الأسوأ. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكن لنفترض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أنها زادت بمقدار 1.3 مرة خلال الـ 12 شهرًا القادمة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ثم تبلغ فاتورة الفائدة BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ما يقرب من 20٪ من الناتج المحلي الإجمالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكيف يقوم البنك المركزي بخدمة هذه الالتزامات؟</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عادةً ما تكون هناك أربعة تعويضات لهذا، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكن تم تآكلها بحيث يتوفر واحد فقط حاليًا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أولا،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن لبنك BRCA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن يحصل على فائدة على الأوراق المالية المحلية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">- لكن الحكومة حشوت البنك المركزي بأوراق مالية منخفضة الفائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي فإن الأصول المحلية توفر تعويضا محدودا لتكلفة التعقيم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثانياً، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن لبنك BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن يحصل على فوائد على الاحتياطيات الدولية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكن إجمالي الاحتياطيات الحقيقية تضاءلت إلى ما يقرب من الصفر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأصبح خط مقايضة بنك الشعب الصيني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بمثابة أصل يستنزف الفوائد وليس أصلاً مدراً للفائدة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثالثا، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حتى وقت قريب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كان انخفاض قيمة العملة المحلية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الأقل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يؤدي إلى إعادة تقييم صافي الأصول الأجنبية لبنك BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">- لزيادة قيمة الاحتياطيات بالعملة المحلية مقارنة بالتزامات dx </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وزيادة تعقيم الاحتياطيات المتاحة لكل دولار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">رابعا،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> سيؤدي التضخم إلى زيادة الطلب على العملة المتداولة في المعاملات اليومية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يزيد الطلب على التزامات البنك المركزي ذات الفائدة الصفرية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعندما تفشل هذه المصادر،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا يكون لدى بنك BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">خيار سوى تسييل فاتورة الفائدة الخاصة به</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> - مما يؤدي إلى إنشاء المزيد من وحدات العملة المحلية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما يتطلب تعقيم المزيد من الأموال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتصرف مثل كلب يطارد ذيله.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبما أن</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> آخر المنافذ الأربعة المتاحة حاليًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لدعم فاتورة الفائدة للبنك المركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن المزيد من طباعة الأموال وتسارع التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي الوسيلة الوحيدة للتغلب على اختلال التوازن في التدفق.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا عجب أن التضخم كان يتسارع.</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكن الآن </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بعد أن أصبح صافي الأصول الأجنبية لبنك BCRA سلبيا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن انخفاض قيمة العملة يجعل الأمور أسوأ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ــ من خلال زيادة صافي الالتزامات الأجنبية وجعل الأمور أسوأ.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="color: blue; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولو لم يتم انتخاب ميلي، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع تصميمه على إصلاح الميزانية العمومية للبنك المركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فمن المحتمل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن يكون التضخم المفرط هو المرحلة التالية من الجنون النقدي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="color: blue; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الصعب التأكد من أن ميلي لديه المقياس الصحيح للتحدي. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعلى أية حال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن السياسة الداخلية ستجعل من الصعب عليه أن يفي بوعده.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف يمكن إصلاح هذا؟ </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حسنًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كان البنك المركزي الأرجنتيني يعاني من عجز مستتر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ربما بلغ 10% من الناتج المحلي الإجمالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على مدى الأشهر الاثني عشر الماضية؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ارتفاعًا من حوالي 3٪ من الناتج المحلي الإجمالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في مطلع الإدارة الأخيرة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المستثمرون عالقون في مخطط بونزي الذي على وشك أن يتم حله.</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبطبيعة الحال،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن تعديل سعر الصرف بشكل كبير أمر ضروري</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لجعل البيزو يتماشى مع الأساسيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> - وهو أمر ضروري ولكنه غير كاف.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكي ينجح هذا، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن أجل "إصلاح" البنك المركزي بشكل حقيقي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتعين على ميلي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن يحل مشكلة التدفق في BCRA.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويمكن القيام بذلك عن طريق</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تحويل سندات LELIQ إلى أوراق مالية حكومية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بدلاً من المطالبات غير المباشرة للمودعين على الحكومة عبر البنوك</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من خلال المطالبات على البنك المركزي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإذا كان هذا ينطوي على التحويل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى مطالبات ذات فترات استحقاق أطول، فهذا أفضل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولو على حساب المدخرين.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو من الممكن أن يتم ذلك </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من خلال إعادة رسملة BCRA بفائدة تحمل ضمانًا حكوميًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لتطهير الفوائد التي كان من الممكن دفعها على LELIQs </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بحكم الأمر الواقع، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يعيد التكلفة إلى السلطات المالية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذا من شأنه أن يحافظ على سيولة المطالبات على البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لكنه يساهم في البداية في ديناميكيات الدين العام الأكثر سوءًا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">علاوة على ذلك،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا ينبغي لنا أن ننسى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن دعم BCRA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب أن يسمح بتراكم الاحتياطيات في المستقبل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما سيسهم في صافي الدخل السلبي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> - وبالتالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن خلاصة البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب أن تسمح بهيكل الميزانية العمومية في المستقبل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بمعنى آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم عدم تكرار أخطاء إدارة ماكري.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأياً كان الحل </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن العجز المالي الحقيقي في الأسابيع المقبلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لابد أن يتبين أنه أسوأ كثيراً من أي شيء معترف به حتى الآن.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولسوء الحظ،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن هذا لا يؤدي إلا إلى حل مشكلة الاستدامة الشاملة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولن يتمكن أي قدر من التكيف المالي </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من توليد النقد الأجنبي اللازم لخدمة الدين الخارجي؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن إفقار السكان </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من خلال الانكماش المالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وانخفاض سعر الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> سيؤدي إلى ضغط الواردات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لسداد الديون للدائنين الخارجيين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا الأخير غير مقبول. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتعين على الدائنين الخارجيين</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن يتحملوا مسؤوليتهم عن الفوضى التي تشهدها الأرجنتين.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن الحل العادل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيتطلب من الدائنين الخارجيين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك صندوق النقد الدولي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الحد من عبء التدفقات الخارجية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتحرير عائدات النقد الأجنبي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لدعم السكان المحليين الذين تضرروا بالفعل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بسبب عقود من سوء إدارة الاقتصاد الكلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتدفقات رأس المال المزعزعة للاستقرار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لقد حان الوقت الآن لكي تدعم جميع الأطراف الأرجنتين.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا تضمن شركة Exante Advisors, LLC وExante Data, Inc. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والشركات التابعة لها (يشار إليها معًا باسم "Exante")</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن المعلومات المقدمة هنا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صحيحة أو دقيقة أو حديثة أو خالية من الأخطاء أو موثوقة بأي شكل آخر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تنكر EXANTE بموجب هذا أي ضمانات، صريحة أو ضمنية.</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://moneyinsideout.exantedata.com/p/mileis-challenge" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://moneyinsideout.exantedata.com/p/mileis-challenge</span></a></p><span style="font-family: arial; font-size: medium;"><br /><br /><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe></span><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-27984906984022582302023-12-24T22:16:00.001+03:002023-12-24T22:16:12.205+03:00إطار استهداف التضخم واثره على الميزانية العمومية لبنك تايلاند<p> <span style="color: #1f2300; font-family: Arial, sans-serif; font-size: 18pt; font-weight: 700; white-space-collapse: preserve;">الميزانية العمومية لبنك تايلاند</span></p><span id="docs-internal-guid-8b02176f-7fff-30a2-fb18-b5ebce3cd32b"><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #2d3000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قام بنك تايلاند بتشغيل نظام استهداف التضخم منذ عام 2000. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومنذ عام 2009، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تم تكليف بنك تايلاند بالحفاظ على التضخم بين 0.5% و3.0%. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يستخدم بنك تايلاند سعر الفائدة قصير الأجل كهدف تشغيلي له، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والذي يتم تعديله بشكل متكرر من قبل لجنة السياسة النقدية التابعة له</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> (الرسم البياني A). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #2d3000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 455px; overflow: hidden; width: 470px;"><img alt="بنك تايلاند سعر الفائدة قصير الأجل كهدف تشغيلي له" src="https://lh7-us.googleusercontent.com/6Qbi6tOE7SLlN6Vt3JI7MwerafHsub4-Cgqr0QRn1TDwF8rCHfbspZPyHVx7SrA5El7ajm8oXZLaSFoDS6VbVveD3NCItijQ8bMPoT4t0uynBrio5uEUYmSr4hRe86_cVkXkkuBb6c-xlJx4M2aOLsc=s16000" style="margin-left: 0px; margin-top: 0px;" title="بنك تايلاند سعر الفائدة قصير الأجل كهدف تشغيلي له" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #2d3000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبالإضافة إلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استهداف مستوى الأسعار المحلية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #2d3000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">احتفظ بنك تايلاند لسنوات عديدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالحق في التدخل في أسواق الصرف الأجنبي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #2d3000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للحد مما اعتبره تقلبات زائدة في سعر صرف البات التايلاندي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في السنوات الأخيرة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونتيجة لانخفاض الاعتماد على الصناعات التصديرية كثيفة العمالة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سمح بنك تايلاند للبات بالتعويم بحرية أكبر.(1)</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونتيجة للتدخلات في أسواق العملات الأجنبية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قام بنك تايلاند ببناء احتياطيات كبيرة من النقد الأجنبي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إن تأثير ذلك على التزاماته </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو أنه للحفاظ على أسعار الفائدة في السوق بما يتماشى مع سعر الفائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب على بنك تايلاند امتصاص السيولة الزائدة من السوق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى حد كبير من خلال إصدار الأوراق المالية الخاصة به </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(الرسم البياني B). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 502px; overflow: hidden; width: 456px;"><img alt="بنك تايلاند، إصدار الأوراق المالية الخاصة به" src="https://lh7-us.googleusercontent.com/6zri3JW31MVyxEPfNw-lLfTKl1GBxmdO5w_5Ctp7Aq-XSqdkqC_xJqa4xGaPkJ-a4Alc7mvLVyaQMU3g5o8eRKsFXEM-uBfweXubzexbpCchZc_iAIIOcBz53G48WefRy4feVWP6m5KvYsrZZNx8zPg=s16000" style="cursor: wait; margin-left: 0px; margin-top: 0px;" title="بنك تايلاند امتصاص السيولة الزائدة من السوق" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(1) راجع BIS 2013</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للحصول على نظرة عامة على سياسات سعر الصرف لدى بنك تايلاند.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن الآثار الجانبية</span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لعملية الامتصاص او التعقيم</span><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن بنك تايلاند شهد انخفاضًا في رأسماله بعد عدد من السنوات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث سجل خسائر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #252800; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نتيجة لانخفاض العائدات على أصول النقد الأجنبي التي يحتفظ بها.</span></p><br /><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-4309597276691450932023-12-24T22:08:00.001+03:002023-12-24T22:08:21.638+03:00 إطار استهداف سعر الصرف و اثره على الميزانية العمومية للبنك المركزي-هونغ كونغ<p><span style="font-family: Arial, sans-serif; font-size: 18pt; font-weight: 700; white-space-collapse: preserve;">الميزانية العمومية لسلطة النقد في هونج كونج</span></p><span id="docs-internal-guid-96044d1d-7fff-2698-9962-51c90b954753"><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تأسست سلطة النقد في هونغ كونغ (HKMA) في عام 1993</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بعد دمج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مكتب هونغ كونغ لصندوق الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومكتب هونغ كونغ لمفوض الخدمات المصرفية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الهدف الرئيسي لهيئة النقد (مجلس العملة)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو الحفاظ على نظام ربط العملة طويل الأمد في هونج كونج. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">منذ عام 2005،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تم تثبيت دولار هونج كونج ضمن نطاق ضيق مقابل الدولار الأمريكي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">1 دولار أمريكي = 7.75 دولار هونج كونج - 7.85 دولار هونج كونج.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للحفاظ على الربط، او </span><span style="font-family: Arial, sans-serif; font-size: 18.6667px; font-weight: 700; white-space-collapse: preserve;">استهداف سعر الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تضمن هيئة النقد في هونج كونج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إمكانية التحويل المباشر بين دولار هونج كونج والدولار الأمريكي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وللقيام بذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإنها تحتفظ بكميات كبيرة من احتياطيات النقد الأجنبي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التي يمكنها استخدامها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لتعويض الانخفاض أو الزيادة عند تعويض ارتفاع القيمة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تتدخل هيئة HKMA تلقائيًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما تصل العملة إلى حدود النطاق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">و تحتفظ بالحق في التدخل في أوقات أخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إذا اقتضت ظروف السوق ذلك. </span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="color: #cc0000;">والنتيجة النهائية لهذا الترتيب </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي أن هيكل وحجم الميزانية العمومية لهيئة النقد في هونج كونج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="color: #cc0000;">خارجي المنشأ و يتأثر بالتغيرات في سعر الصرف. </span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على وجه الخصوص، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما تقترب العملة من أسفل النطاق (أي يرتفع دولار هونج كونج) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقوم هيئة النقد في هونج كونج تلقائيًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بشراء أصول بالعملة الأجنبية في السوق مقابل أصول بالعملة المحلية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يؤدي إلى زيادة حجم ميزانيتها العمومية (الرسم البياني A).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 478px; overflow: hidden; width: 518px;"><img alt="الميزانية العمومية لسلطة النقد في هونج كونج" src="https://lh7-us.googleusercontent.com/B73TiE-Vy3ESVp5RQpD_OiHh1EFmYmvHyNSZWSkxXuPJh3QCVrqPWEWUxHrU_5526lg1acancRqTN6kgIg0uxvvR670OqvLO_c36KdK74moB8t-1MJS6ynoBK0O76LniK0TsNmc06g5GG5nR4GIyEtY=s16000" style="margin-left: 0px; margin-top: 0px;" title="سلطة النقد في هونغ كونغ (HKMA)" /></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الرسم البياني سعر صرف دولار هونج كونج واحتياطيات HKMA من العملات الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 5pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المصادر: Datastream و HKMA.</span></p><div><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-21615948944465296212023-12-24T21:45:00.000+03:002023-12-24T21:45:07.081+03:00 ميزانية البنك المركزي في ظل استهداف التضخم واستهداف سعر الصرف<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">**العلاقة بين إطار السياسة النقدية و ميزانية البنك المركزي**</span></p><span id="docs-internal-guid-e95a26b2-7fff-7aaf-96eb-fc9e43f4f53d"><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="color: #2b00fe;">ميزانية البنك المركزي في ظل استهداف التضخم </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في ظل استهداف التضخم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بافتراض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يسمح لسعر الصرف بالتعويم بحرية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ولا يوجد تسييل للدين الحكومي،</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن الميزانية العمومية للبنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ستتميز بعمليات نقدية مصممة للتحكم في سعر الفائدة قصير الأجل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا نجح البنك المركزي في تحقيق تضخم منخفض ومستقر،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فيجب أن يكون هناك تقلبات قليلة في الميزانية العمومية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويجب أن تنمو الميزانية العمومية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع زيادة الطلب على التزامات البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع زيادة حجم وقيمة المعاملات في الاقتصاد. </span></p><div><span><br /></span></div><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="color: #2b00fe;">ميزانية البنك المركزي في ظل استهداف سعر الصرف</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في ظل استهداف سعر الصرف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا كان البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يسعى إلى تحقيق هدف سعر الصرف، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فقد يقوم البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ببناء حيازاته من الأصول الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إما لتسهيل التدخل لتعويض انخفاض قيمة العملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو كمنتج ثنائي للتدخل لتعويض ارتفاع قيمة العملة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن الممكن </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن تتجاوز الزيادة الناتجة في الأصول الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الطلب الطبيعي على التزامات البنك المركزي لأغراض المعاملات.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وفي مثل هذه الحالات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتميز التزامات البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إما باحتياطيات البنك التجاري الحرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(التي تزيد عن تلك اللازمة للوفاء بمتطلبات الاحتياطي) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو بعمليات البنك المركزي لامتصاص هذه الاحتياطيات.</span></p><div><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-74815229584389553312023-12-23T00:29:00.004+03:002023-12-23T00:35:03.905+03:00 ميزانية البنك المركزي في حالتي ارتفاع وانخفاض الاصول الاجنبية<p><span style="font-family: arial; font-size: large;">جدول E ارتفاع قيمة العملة- ميزانية البنك المركزي</span></p><p><span style="font-family: arial;"><span style="font-size: large;">جدول F انخفاض قيمة العملة- ميزانية البنك المركزي<br /></span><br /><span style="font-size: medium;">يلاحظ </span></span></p><p><span style="font-family: arial;"><span style="font-size: medium;">زيادة وتقلص الاحتياطيات الفائضة مقابل زيادة وتقلص الاصول الاجنبية</span><br /><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbwBPQsUN8YP8E6Oer4H7XJmgkFZC3WGGesDSp3bfNf-uSsvGKYDUG1n2Vl13wRpiGu0h-k229FMVrqXEBc3qpFx6ADbuSfAuCUxFq6UNknFfMl5UD04I3mgUTui1UiDFwsOsuiJf-bbB3v0DF6r6N1dTUkO2qtVM-iN0KdTcBB3-yknulYQSHfrYd4RsM/s794/Screenshot%202023-12-22%20235503.png" style="margin-left: 1em; margin-right: 1em;"><img alt="ميزانية البنك المركزي في حالتي ارتفاع وانخفاض الاصول الاجنبية" border="0" data-original-height="553" data-original-width="794" height="446" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbwBPQsUN8YP8E6Oer4H7XJmgkFZC3WGGesDSp3bfNf-uSsvGKYDUG1n2Vl13wRpiGu0h-k229FMVrqXEBc3qpFx6ADbuSfAuCUxFq6UNknFfMl5UD04I3mgUTui1UiDFwsOsuiJf-bbB3v0DF6r6N1dTUkO2qtVM-iN0KdTcBB3-yknulYQSHfrYd4RsM/w640-h446/Screenshot%202023-12-22%20235503.png" title="ميزانية البنك المركزي في حالتي ارتفاع وانخفاض الاصول الاجنبية" width="640" /><div class="ocr_text_div notranslate" style="border: 2px solid red; height: 14.6286px; left: 19.4857px; top: 405.343px; width: 128.914px; z-index: 97829;">Table F Depreciation</div><div class="ocr_text_div notranslate" style="border: 2px solid blue; height: 14px; left: 17px; top: 160px; width: 129px; z-index: 98280;">Table E Appreciation</div></a></div><br /><p></p><p>اعداد الاقتصاد بعيون الخبراء<br />23-12-2023</p><iframe id="ocrFrame" name="ocrFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/ocr.html" style="display: none; height: 700px; width: 700px;"></iframe><iframe id="opencvFrame" name="opencvFrame" src="chrome-extension://hmigninkgibhdckiaphhmbgcghochdjc/opencvHandler.html" style="display: none; height: 700px; width: 700px;"></iframe>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-21003566513058051192023-12-17T15:37:00.002+03:002023-12-17T21:54:16.831+03:00 البنوك لا تستطيع ان تقرض احتياطياتها الفائضة لدى البنك المركزي<p> <span face="Arial, sans-serif" style="font-size: 14pt; font-weight: 700; white-space-collapse: preserve;">البنوك لا تستطيع ولا "تقرض" الاحتياطيات</span></p><span id="docs-internal-guid-8f5a9d20-7fff-4168-9123-cfd12e12a5ef"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">13 أغسطس 2013</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بول شيرد، كبير الاقتصاديين العالميين </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ورئيس قسم الاقتصاد العالمي والأبحاث، نيويورك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(1) 212-438-6262؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span><a href="mailto:paul.sheard@standardandpoors.com" style="text-decoration-line: none;"><span face="Arial, sans-serif" style="color: #1155cc; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">paul.sheard@standardandpoors.com</span></a></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">خدمات سوق الائتمان:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">جدول المحتويات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وجهة نظر مضاعف المال لإنشاء الائتمان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما الذي يحدد مستوى احتياطيات البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف تقوم البنوك بإنشاء القروض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أين تأتي الودائع</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك المركزية باستهداف أسعار الفائدة بتوفير أي احتياطيات مطلوبة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف تتغير الأمور في ظل التيسير الكمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لماذا يعد فهم آليات الميزانية العمومية للتيسير الكمي أمرًا مهمًا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الخط السفلي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الحواشي الختامية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البحوث ذات صلة</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(ملاحظة المحرر:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الآراء الواردة هنا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي آراء كبير الاقتصاديين العالميين لدى ستاندرد آند بورز. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي حين أن هذه الآراء يمكن أن تساعد في إثراء عملية التصنيف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن التصنيفات السيادية وغيرها تستند إلى قرارات لجان التصنيف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تمارس حكمها التحليلي وفقًا للمعايير العامة معايير التصنيف المتاحة.)</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كتب جون ماينارد كينز في عبارته الشهيرة: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"إن الرجال العمليين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذين يعتقدون أنهم معفيون تماماً من أي تأثير فكري،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هم عادة عبيد لبعض الاقتصاديين البائدين". (1)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من الأمثلة الحديثة على هذا القول المأثور، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ذي الصلة بالاقتصاد والسياسة والأسواق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الرأي السائد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بأن البنوك يمكنها "إقراض" احتياطياتها (الودائع) في البنك المركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كما لو كانت احتياطيات البنوك تمثل مجموعة من الأموال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا هو مجرد انتظار "التدفق إلى" الإقراض المصرفي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأن مثل هذا الشيء لا يمكن أن يحدث، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي لم يحدث، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن النقطة عادة ما تكون في الاتجاه المعاكس: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فالبنوك في الوقت الحالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا "تقرض" احتياطياتها -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بل إنها "تضع" احتياطياتها في البنك المركزي أو تتركها "خاملة".</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> " لكن احتمال إقراضهم في المستقبل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمثل خطرًا كامنًا وسببًا لتوخي الحذر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشأن انخراط البنك المركزي في برنامج تيسير كمي قوي (2).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ملخص</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويتحدث كثيرون </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكأن البنوك قادرة على "إقراض" احتياطياتها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأمر الذي يثير المخاوف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أن الاحتياطيات الفائضة الهائلة الناتجة عن التيسير الكمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قد تؤدي إلى خلق الائتمان الجامح والتضخم في المستقبل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن البنوك غير قادرة على إقراض احتياطياتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشكل مباشر للمقترضين التجاريين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لذا فإن هذا التخوف ليس في محله.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تحتاج البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى الاحتفاظ باحتياطيات (كمخزن سيولة) مقابل ودائعها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتقوم البنوك بإنشاء الودائع عندما تقوم بالإقراض.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن البنوك لا تكون في العادة مقيدة بالاحتياطيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي فإن الاحتياطيات الفائضة لا تخفف من قيود الاحتياطي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا تستطيع البنوك في مجملها خفض احتياطياتها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلا إلى الحد الذي تبدأ فيه عمليات إقراض جديدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتتدفق الودائع المصرفية الناتجة نتيجة لذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى الاقتصاد كأوراق نقدية جديدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما يطلب الجمهور المزيد منها.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويهدف التيسير الكمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى تخفيف الظروف المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتحفيز المزيد من الإقراض المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مقارنة بما كان ليحدث لولا ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن الآليات التي يحدث بها هذا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أكثر دقة وغير مباشرة مما يُلمح إليه عادة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإذا ارتبطت الاحتياطيات الفائضة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي أنشأها التيسير الكمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بخلق قدر أكبر مما ينبغي من الائتمان، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فسوف يكون بوسع البنوك المركزية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن تعمل على إطفائها بسهولة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد تبدو آليات التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي تعتمدها الميزانية العمومية للبنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وارتباطها بإنشاء الائتمان المصرفي غير واضحة بعض الشيء.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن الفهم الصحيح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكيفية عمل آلية انتقال التيسير الكمي أمر مهم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ومن الجيد أن يختلف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> صناع السياسات وخبراء الاقتصاد والمشاركين في السوق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> حول مدى ملاءمة وفعالية التيسير الكمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن على الأقل ينبغي لهم أن يفعلوا ذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على أساس الفهم الصحيح لآليات الميزانية العمومية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وجهة نظر مضاعف المال لإنشاء الائتمان</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما هي الفكرة البائدة هنا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والتي لها مثل هذه السيطرة على العالم؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تقريبًا أي شخص حصل على دورة تمهيدية</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في الاقتصاد أو من استشار كتابًا دراسيًا حول هذه القضية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سيكون قد درس نظرية "مضاعف المال / الائتمان"</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو نظرية "الخدمات المصرفية الاحتياطية الجزئية" لإنشاء الائتمان. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وسير القصة على النحو التالي (٣). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في ظل النظام المصرفي الاحتياطي الجزئي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(النظام المعمول به تقريبًا في كل مكان في الاقتصادات المتقدمة الحديثة)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يتعين على البنوك الاحتفاظ بجزء من ودائعها (التزام عليها) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كودائع في البنك المركزي (تسمى الاحتياطيات) (أصلًا بالنسبة لها) )، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن يمكنهم "إقراض" الباقي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ونظراً لمتطلبات الاحتياطي هذه (التي يحددها البنك المركزي) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتفضيلات الجمهور للاحتفاظ بالنقود، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك "مضاعف نقدي" ثابت</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (نسبة الأموال بمعناها الواسع إلى احتياطيات البنك المركزي)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بحيث يتضاعف مبلغ معين من الاحتياطيات في عدد كبير من الاحتياطيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حجم أكبر من الإقراض المصرفي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يقوم البنك المركزي بتزويد النظام المصرفي بالاحتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال عمليات السوق المفتوحة أو إقراض نافذة الخصم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لذلك عندما يزيد الاحتياطيات، بالنظر إلى مضاعف الأموال الثابتة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يجب أن يزيد أيضًا الإقراض والودائع المصرفية (أو المعروض النقدي الأوسع) (4).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذا صحت هذه النظرية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن التيسير الكمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال زيادة قاعدة خلق النقود بشكل كبير، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سيؤدي إلى انفجار الائتمان المصرفي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأن التيسير الكمي وإنشاء الائتمان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لا يعملان بهذه الطريقة، فإنه لم يحدث. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويستجيب العديد من المعلقين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وحتى بعض صناع السياسات النقدية الذين درسوا النظرية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لهذا من خلال ملاحظة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن "مضاعف النقود قد انهار"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع الإشارة ضمناً إلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن الانهيار قد يكون مؤقتاً فقط (انظر الرسم البياني رقم 1). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك فقط "بإيداع" احتياطياتها الفائضة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(أي الاحتياطيات التي تزيد عن المبلغ الذي تلزم البنوك بالاحتفاظ به</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بموجب القواعد التنظيمية) لدى البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن عندما يرتفع الطلب على الأموال، فإنها قد تبدأ في "إقراضها، "</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأن حجم الاحتياطيات الفائضة هائل للغاية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فقد يكون هناك موجة من التضخم -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وربما تضخم لا يمكن السيطرة عليه.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 517px; overflow: hidden; width: 602px;"><img height="517" src="https://lh7-us.googleusercontent.com/NXS5Ko2BAlqiJM8eoql2X6lc-mV0Jr_vuNV3T4LgyUB6ar4blRn6L6oiWVdPjEly8aDvJjVfG4YY4ilqYuMxscmhOK0_4hHPBzCAP_KpVavVjPNSaniPHUGwk_X5bJSvdnRpdqMo-xW3sklMwFqHNY4" style="margin-left: 0px; margin-top: 0px;" width="602" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن مضاعف النقود لم ينهار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأنه لم يكن موجوداً على الإطلاق بالمعنى الحرفي للكلمة منذ البداية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بل إن النسبة بين رقمين مرتبطين بشكل غير وثيق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد انخفضت بشكل كبير بسبب زيادة المقام بشكل كبير (انظر الرسم البياني 2).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذن كيف يعمل التيسير الكمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولماذا لا تستطيع البنوك "إقراض" الاحتياطيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولماذا يتعين على البنوك (في الإجمال) "إيداع" احتياطياتها الفائضة لدى البنك المركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذا رأى البنك المركزي ذلك؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- إذن لا ينبغي لأحد أن يتفاجأ إذا كان هذا هو ما يحدث بالضبط؟</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك قطعتان للغز: </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأول، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما الذي يحدد حجم الاحتياطيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في الميزانية العمومية للبنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو "في النظام المصرفي"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كما هو موصوف بشكل متساوٍ؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والثاني، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف يحدث إنشاء الائتمان - أي كيف تقوم البنوك بالإقراض</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">دعونا نأخذهم بالتسلسل. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك تمييز رئيسي يجب أخذه في الاعتبار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (أشير إليه في الفقرة السابقة الأخيرة) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو بين البنوك الفردية والبنوك بشكل عام. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا تستطيع البنوك الفردية ولا البنوك ككل "إقراض" الاحتياطيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن البنوك الفردية يمكنها تفريغ احتياطياتها (وخاصة الاحتياطيات الفائضة) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عن طريق إقراضها لبنوك أخرى أو عن طريق شراء الأصول؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لكن البنوك في مجموعها لا تستطيع القيام بذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- في مثل هذه الحالات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن الاحتياطيات التي تترك الميزانية العمومية لبنك ما </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تظهر فقط على بنك آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتبقى في الميزانية العمومية للبنك المركزي طوال الوقت.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 519px; overflow: hidden; width: 602px;"><img height="519" src="https://lh7-us.googleusercontent.com/SoqKoKnOoQ0iKIvtZO6rCVxbpqZc5w_GLQY-rGh4-gad9vMJUGyK4GlxruJm5NDmxC2fkKExL0P3hCmuJxJM78JZ9mMGPmd8vfDlDDmNudYI3z2jHLpi1nlhE2vOGZyXIwDjwenFUGj9Ij3nBpQwrd0" style="margin-left: 0px; margin-top: 0px;" width="602" /></span></span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما الذي يحدد مستوى احتياطيات البنك المركزي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لفهم المسألة الأولى،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لاحظ تكوين الميزانية العمومية للبنك المركزي (انظر الجدول 1)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولاحظ المعادلة التي تربط بين الجانبين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والاستخلاص من رأس مال البنك المركزي (5)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وبعض البنود الثانوية المحتملة الأخرى،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن معادلة الميزانية العمومية للبنك المركزي هي:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأصول (A) = الاحتياطيات (R) + الأوراق النقدية المتداولة (BK) + الودائع الحكومية (GD).</span></p><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Assets (A) = Reserves (R) + Banknotes in circulation (BK) + Government deposits (GD).</span></p><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">In change terms, this is :</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ΔA = ΔR + ΔΒΚ + ΔGD </span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Or rearranging : </span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔR = ΔΑ - ΔΒΚ - ΔGD </span></p><br /><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الجدول 1</span></p><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الميزانية العمومية المبسطة للبنك المركزي</span></p><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأصول والالتزامات</span></p><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأصول (Α) الاحتياطيات (R)</span></p><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأوراق النقدية المتداولة (BK)</span></p><p dir="rtl" style="background-color: white; line-height: 1.56; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الودائع الحكومية (</span><span face="Arial, sans-serif" style="background-color: transparent; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">GD</span><span style="background-color: transparent; font-family: "Times New Roman", serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">)</span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><br /></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 205px; overflow: hidden; width: 416px;"><img height="205" src="https://lh7-us.googleusercontent.com/8LjErMVHajL8Mxv0O_iTTaOHfIF7djCJySLNlT4IGVOMPt_z5XO3KyNTuD0yA7xbrwoIIewCW-rrvIRwcLRV9h3WFq3V4AR_W0iZkE7pQcLkkoOQycxbR8q4tK-32jNrFvovPHTpT6XQmcOtkNXq_ng" style="margin-left: 0px; margin-top: 0px;" width="416" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا هو الحال.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وبما أن هذه المعادلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والاحتياطيات هي التزام على البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن مستواها الإجمالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يتغير بثلاث طرق، وثلاث طرق فقط (6).</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ترتفع الاحتياطيات (أو تنخفض) عندما:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(1) يقوم البنك المركزي بزيادة (تخفيض) أصوله؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(2) يخفض (يزيد) الجمهور مقدار النقد (الأوراق النقدية) الذي يريد الاحتفاظ به؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(3) تقوم الحكومة بتخفيض (زيادة) ودائعها لدى البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنها تقوم بتحويلات صافية إلى (تتلقى تحويلات صافية من) القطاع الخاص (7).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والأهم من ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنوك لا تستطيع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تتسبب في انخفاض حجم الاحتياطيات لدى البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من خلال "إقراضها" للعملاء. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا الاحتمال غير مسموح به في المعادلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأن الإقراض المصرفي لا يدخل فيه. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على افتراض أن الجمهور لا يغير طلبه على النقد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأن الحكومة لا تقدم أي مدفوعات صافية للقطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(وهما شيئان خارجان عن السيطرة المباشرة للبنوك والبنك المركزي)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن احتياطيات البنوك يجب أن تظل "متوقفة" "في البنك المركزي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إن التعبير عن الدهشة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من عدم قيام البنوك بإقراض احتياطياتها أو حفظها لدى البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يعني إساءة فهم جوهرية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لآليات إنشاء الائتمان في الميزانية العمومية وكيفية عمل التيسير الكمي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف تقوم البنوك بإنشاء القروض</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فأين يناسبها الإقراض المصرفي؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بالتأكيد يجب أن يذهب إلى مكان ما. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويبين الجدول 2 ميزانية عمومية مبسطة للغاية للبنك (</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي يمكن اعتبارها هنا الميزانية العمومية الإجمالية للنظام المصرفي). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومرة أخرى، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك معادلة تربط بين جانبي الميزانية المبسطة:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الاحتياطيات (R) + القروض (L) + حيازات السندات (B) = الودائع (D) + حقوق الملكية (E)</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الجدول 2</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الميزانية العمومية المبسطة للنظام المصرفي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأصول والالتزامات</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الاحتياطيات (R)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">القروض (L) الودائع (D) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> حيازات السندات (B) حقوق الملكية (E)</span></p><br /><br /><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Reserves (R) + Loans (L) + Bond holdings (B) = Deposits (D) + Equity (E) </span></p><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">In change terms : </span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔR+ΔL+ ΔB=ΔD+ ΔE</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 201px; overflow: hidden; width: 412px;"><img height="201" src="https://lh7-us.googleusercontent.com/oeY-Qp9n4xGN_bLVeAzWGDZ5p1Wkcs2wSrnb-dK2r77I-GwrUik6ytZZYUnCo1sR3MdOqhOeRIYnh6zLbNVfcPEfaQVFT20gLALQV5Il7JsTiu66JzZPwdK6zC8SC40aH794jeg0V2E05bpidDY-5ys" style="margin-left: 0px; margin-top: 0px;" width="412" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إليك كيفية حدوث الإقراض المصرفي أو إنشاء الائتمان (عند نقطة "التصور"):</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔL = ΔD, with ΔR=ΔB= ΔΕ=0</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: blue; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك بالإقراض</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال إنشاء أصول القرض والتزامات الودائع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في وقت واحد في ميزانيتها العمومية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولهذا السبب يطلق عليه اسم "إنشاء" الائتمان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> - يتم إنشاء الائتمان حرفيًا من لا شيء </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(أو بضغطة على لوحة المفاتيح).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لا يتم إنشاء القرض من الاحتياطيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والقرض لا يُخلق من الودائع:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> القروض تُنشئ الودائع،</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وليس العكس. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثم تحتاج الودائع إلى قدر معين من الاحتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ليتم الاحتفاظ بها مقابلها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويقوم البنك المركزي بتزويدها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(المزيد عن ذلك أدناه).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد يبدو أن:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔL= - ΔR, when ΔB=ΔD=ΔE = 0</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنوك يمكنها "إقراض" الاحتياطيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> - أي أن القروض ترتفع عندما تنخفض الاحتياطيات. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن لكي تنخفض الاحتياطيات (أحد بنود الميزانية العمومية للبنك المركزي)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يجب أن تتقلص أصول البنك المركزي أو ترتفع الأوراق النقدية المتداولة أو الودائع الحكومية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتنتج هذه عن تصرفات البنك المركزي والجمهور والحكومة، على التوالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لا شيء ينطوي بشكل مباشر على قيام البنك بتقديم قرض. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إنه يتبع هذا:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">when ΔB=ΔD= ΔE=0 ,ΔL= - ΔR= 0</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فكيف تدخل الاحتياطيات في صورة خلق الائتمان؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يقترض المقترضون من أجل إنفاق المال (أو شراء أحد الأصول)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لذلك من المرجح أن يفعل المقترض ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المال "يدور" في الاقتصاد، إذا جاز التعبير. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشكل إجمالي، يعني ذلك أحد أمرين: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إما أن تنتقل أموال الوديعة إلى النقد المتداول (الأوراق النقدية) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو تبقى مودعة في مكان ما في النظام المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (عادةً ما يكون ذلك مزيجًا من الاثنين معًا). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبقدر ما يتم تحويل الوديعة إلى نقد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تنخفض الاحتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن هذا هو المكان الذي تأتي منه الأوراق النقدية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من معادلة الميزانية العمومية للبنك المركزي:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔR=- ΔBK, when ΔA=ΔGD=0</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا هو الرابط بين الاحتياطيات والإقراض المصرفي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تنخفض الاحتياطيات عندما تزيد الأوراق النقدية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتزداد الأوراق النقدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما يأخذ المقترضون الأموال التي اقترضوها من البنك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويبقى جزء من الأموال أو كل الأموال نقدا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بدلا من إعادة إيداعها في النظام المصرفي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بالنسبة لأي بنك فردي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن الارتباط بين الاحتياطيات والقروض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو ارتباط غير مباشر ولا يمكن السيطرة عليه إلى حد كبير.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للبنوك الفردية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن تحاول "التخلص" من احتياطياتها الفائضة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عن طريق تقديم قروض جديدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبقدر ما تترك الودائع التي تم إنشاؤها على هذا النحو مصارفها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والأهم من ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا تعود كودائع جديدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(كلما زاد حجم البنك قل احتمال حدوث ذلك).</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الشرط هو التمسك، وهذا سوف يعمل بالنسبة لهم. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن بالنسبة للبنوك ككل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن الإقراض الجديد يؤدي إلى انخفاض الاحتياطيات فقط</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى الحد الذي تتحول فيه الودائع التي تم إنشاؤها إلى نقد متداول.</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">خذ حالة متطرفة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث تنتقل الودائع التي أنشأها القرض الجديد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من حساب إيداع إلى آخر؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثم لا يوجد تخفيض في الاحتياطيات. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا بعيد كل البعد عن فكرة مفادها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنوك الفردية قادرة، إذا شاءت، على إطفاء احتياطياتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال البدء في عمليات إقراض جديدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ناهيك عن قدرة البنوك في مجموعها على القيام بذلك.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أين تأتي الودائع</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يتعارض مع الطريقة المعتادة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لوصف الإقراض المصرفي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي تشير إلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنوك "تجمع" الودائع ثم "تقرضها". </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذه ليست الطريقة التي يحدث بها الأمر على الإطلاق. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في الاقتصاد المغلق (أو العالم ككل)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تأتي الودائع بشكل أساسي من مكانين فقط: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الإقراض المصرفي الجديد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والعجز الحكومي (9). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك بإنشاء الودائع عند إنشاء القروض، كما هو موضح أعلاه. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم الحكومات أيضًا بإنشاء الودائع عندما تواجه عجزًا في الميزانية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنها تضع أموالاً في الحسابات المصرفية العامة أكثر مما تسحبه. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يؤدي هذا التدفق الصافي إلى إنشاء ودائع جديدة في النظام المصرفي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي لها نظيرتها في الميزانية العمومية للبنك كزيادة في الاحتياطيات:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔD=ΔR, when ΔL=ΔB=ΔE=0</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي الميزانية العمومية للبنك المركزي،</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔR = - ΔGD, when ΔA = ΔBK = 0</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كما رأينا من قبل.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البنوك لا تقرض من الودائع. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يقرضون من الاحتياطيات. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إنهم يقرضون عن طريق إنشاء الودائع. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتنشأ الودائع أيضًا بسبب العجز الحكومي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك المركزية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">باستهداف أسعار الفائدة</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بتوفير أي احتياطيات مطلوبة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تلعب الاحتياطيات دورا محوريا في خلق الأموال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن ليس بالطريقة التي يتم تصورها في كثير من الأحيان. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتتصور وجهة نظر مضاعفة الأموال للعالم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنك المركزي يقوم بإنشاء احتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">و تضاعف الاحتياطيات في الإقراض الجديد. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن الاحتياطيات تقيد الإقراض المصرفي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد يبدو ذلك مقنعًا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذا كانت البنوك تخضع للحد الأدنى من متطلبات الاحتياطي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(مطالبتها الاحتفاظ باحتياطيات بنسبة معينة من ودائعها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت الودائع هي النظير في الميزانية العمومية للقروض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عند نقطة إنشاء الائتمان)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فمن خلال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تقييد حجم الاحتياطيات التي يوفرها البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينبغي أن تكون قادرة على السيطرة على مبلغ الائتمان.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن البنوك المركزية الحديثة لا تعمل بهذه الطريقة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا تقيد البنوك المركزية حجم احتياطيات البنوك التي توفرها. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بل إنها توفر أي مبلغ من الاحتياطيات التي يطلبها النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بالنظر إلى متطلبات الاحتياطي وحجم الودائع التي تم إنشاؤها.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لماذا هذا؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن البنوك المركزية الحديثة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في الأوقات العادية (مثل ما قبل الأزمة وغزوات التيسير الكمي)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تستهدف سعر فائدة قصير الأجل (ليلة واحدة عادة) في سوق المال بين البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(السوق حيث تقرض البنوك وتقترض احتياطيات البنك المركزي). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهم يفعلون ذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عن طريق تعديل حجم الاحتياطيات في ميزانيتهم العمومية (في النظام المصرفي) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">للتأكد من أن سعر الفائدة يتماشى مع سعر الفائدة المعلن </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(سعر الأموال الفيدرالية في حالة الاحتياطي الفيدرالي).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويأخذ التعديل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">شكل ضمان عدم وجود احتياطيات قليلة للغاية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأمر الذي من شأنه أن يفرض ضغوطاً تصاعدية على سعر الفائدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولا عدداً أكبر مما ينبغي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأمر الذي من شأنه أن يفرض ضغوطاً هبوطية عليه، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على افتراض أن البنك المركزي لا يقوم بذلك.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينفي ذلك بدفع الفائدة على الاحتياطيات الفائضة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذا أراد البنك المركزي الوصول إلى هدف سعر الفائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فعليه توفير كمية من الاحتياطيات تتوافق مع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا المبلغ (عادة) يتوافق مع كمية الاحتياطيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي يوفرها الحد الأدنى من متطلبات الاحتياطي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإذا زاد الإقراض المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وما يرتبط به من زيادة في الودائع المصرفية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فسيؤدي ذلك إلى مستوى أعلى من الحد الأدنى من الاحتياطيات المطلوبة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن الطبيعي أن يقوم البنك المركزي بتزويد تلك الاحتياطيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإلا فسوف يكون هناك نقص في الاحتياطيات بسبب البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وسوف يرتفع سعر الفائدة لليلة واحدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن البنك المركزي لن يصل إلى هدف سعر الفائدة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا تستطيع البنوك المركزية، في الأوقات العادية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استهداف سعر الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتقييد حجم الاحتياطيات التي توفرها بشكل مستقل.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيف تتغير الأمور في ظل التيسير الكمي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يتغير الوضع في ظل التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن التيسير الكمي، بحكم تعريفه، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينطوي على قيام البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بتوفير (كميات هائلة من) الاحتياطيات الفائضة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا من شأنه أن يدفع عادة سعر الفائدة لليلة واحدة إلى الصفر أو بالقرب منه.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هذه ليست مشكلة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن التيسير الكمي يستخدم عادة كسياسة تخفيف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بعد استنفاد ذخيرة أسعار الفائدة -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أي أنه يتم دمجه مع سياسة سعر الفائدة الصفرية أو القريبة من الصفر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (وإذا أرادت البنوك المركزية ذلك) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن أجل الإبقاء على سعر الفائدة أعلى قليلا من الصفر،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فبوسعهم أن يمنحوا أنفسهم المجال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لمواصلة التيسير الكمي من خلال دفع الفائدة على الاحتياطيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو ما يحدد أرضية فعالة لسعر الفائدة لليلة واحدة).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن النقطة الأساسية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي أن وجود احتياطيات فائضة في النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا يخفف من أي قيود احتياطية على قدرة البنوك على الإقراض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنه لم يكن هناك قيد احتياطي في البداية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(بطبيعة الحال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> موقف السياسة النقدية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا سيما إن قرار سياسة سعر الفائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يؤثر بالفعل على الطلب على الإقراض المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واستعداد البنوك للإقراض، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن، أكرر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في ضوء تحديد سعر الفائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يوفر البنك المركزي أي احتياطيات مطلوبة).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد يتساءل المرء: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذا كانت البنوك غير قادرة على إقراض الاحتياطيات الفائضة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي يوفرها البنك المركزي، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فما الفائدة من قيام البنك المركزي بتزويدها؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الجواب على هذا السؤال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو ببساطة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن التيسير الكمي يعمل على تخفيف الظروف المالية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن الناحية الفنية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يسمح التيسير الكمي للبنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بتغيير تكوين المحفظة الإجمالية التي يحتفظ بها القطاع الخاص؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويأخذ البنك المركزي من تلك المحفظة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الدين الحكومي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والأوراق المالية الأخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي يشتريها ويستبدلها بالاحتياطيات والودائع المصرفية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(الأخيرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يشتري الأصول مباشرة من الجمهور </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو من الوسطاء الماليين غير المصرفيين) (10). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا له تأثير تخفيفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من خلال ما يسمى "</span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تأثيرات إعادة توازن المحفظة"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك على سبيل المثال لا الحصر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الضغط الهبوطي المرتبط الذي يضعه التيسير الكمي على منحنى العائد (11).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكما هو الحال مع أي تيسير نقدي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن التيسير الكمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وما ينطوي عليه من احتياطيات فائضة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينبغي أن يؤدي بمرور الوقت إلى خلق ائتمان أكبر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما كان ليحدث في غياب التيسير الكمي (12).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ويرجع ذلك جزئيًا إلى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن الظروف المالية الأسهل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يجب أن تجعل المقترضين أكثر استعدادًا للاقتراض من غيرهم. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد يشمل جزء من إعادة توازن المحفظة أيضًا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن تكون البنوك أكثر استعدادًا للإقراض من أي نوع آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن لديها عددًا أقل من الأصول ذات العائد الأعلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو الأطول أجلًا في ميزانيتها العمومية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(كنسبة من أصولها ومن المحتمل أن تكون بالقيمة المطلقة أيضًا). . </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن حقيقة امتلاك البنوك لاحتياطيات فائضة في ميزانياتها العمومية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من شأنها أن تحفز البنوك على تقديم قروض أكثر قليلاً مما كانت ستفعله لولا ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن هذا قد يحدث كجزء من "تأثير إعادة توازن المحفظة"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو بعيد كل البعد عن النظرة الميكانيكية للعالم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي ترى احتياطيات البنوك باعتبارها العلف (المباشر) لإقراض البنوك.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لماذا يعد فهم آليات الميزانية العمومية للتيسير الكمي أمرًا مهمًا</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فهل كل هذا مجرد نقاش حول آليات الميزانية العمومية للبنوك المركزية وإنشاء الائتمان؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أنا لا أعتقد ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتترتب على ذلك آثار سياسية مهمة من وجود فهم صحيح للتيسير الكمي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بمجرد أن نفهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنه لا توجد صلة مباشرة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بين إنشاء كمية هائلة من الاحتياطيات الفائضة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من قبل البنوك المركزية التي تنفذ أشكالا مختلفة من التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والإقراض المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن البنوك لا تستطيع إقراض الاحتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والبنوك ليست مقيدة بالاحتياطيات في الأوقات العادية، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن عددا من الأمور تتبع ذلك.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أولاً،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إن قدرة التيسير الكمي على خلق الائتمان،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وهو ما لم يكن ليحدث لولا ذلك، محدودة للغاية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا ينبغي للمرء أن يراهن كثيراً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الإمكانات التحفيزية للسياسة النقدية في بيئة تقليص الديون </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بمجرد أن يخفض البنك المركزي سعر الفائدة إلى الصفر أو يقترب منه. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا تزال بحاجة إلى تخفيف السياسة بشكل أكبر. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا لا يعني أن البنوك المركزية لا ينبغي لها أن تستخدم التيسير الكمي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني أن التوقعات بشأن مدى فعالية أداة السياسة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينبغي أن تكون متواضعة على النحو المناسب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي ينبغي إيلاء الاعتبار الواجب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لاستخدام السياسة المالية بشكل أكثر نشاطا وجرأة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لمعايرة السياسة الكلية الشاملة إلى المستوى التحفيزي المطلوب.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثانياً، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بقدر ما قد يستدعى التيسير الكمي في مثل هذه الظروف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فمن المرجح أن يتم تنفيذه على نطاق واسع للغاية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> نسبة إلى الميزانية العمومية للبنك المركزي أو الناتج المحلي الإجمالي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إن المخاوف التي لا أساس لها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أن خلق عدد كبير للغاية من الاحتياطيات الفائضة اليوم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قد يؤدي إلى التضخم الجامح في المستقبل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا ينبغي لها أن تمنع البنك المركزي من العدوانية في التعامل مع التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذا رأى أن هذا هو ما يتعين عليه القيام به.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثالثاً، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من الممكن، بل من المرغوب فيه في الواقع، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يجد بنك الاحتياطي الفيدرالي والبنوك المركزية الأخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في وقت ما في المستقبل، عاجلاً وليس آجلاً، كما نأمل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن درجة التيسير النقدي التي طبقتها مبالغ فيها للغاية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأنهم سيفعلون ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سوف تحتاج إلى تشديد الظروف المالية كثيرا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وربما تحتاج إلى القيام بذلك بسرعة إلى حد ما.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وفي هذه الحالة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لن تكون هناك حاجة للخوف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أن تؤدي الكميات الهائلة من الاحتياطيات الفائضة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى تغذية خلق الائتمان السريع بشكل مباشر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والمخاطرة بالتضخم الجامح. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ستكون هناك حاجة للقلق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">نظرًا للظروف الاقتصادية الأفضل بكثير</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي كانت سائدة في ذلك الوقت، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أن إعدادات السياسة النقدية الحالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تضم مزيجًا من</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أسعار الفائدة المنخفضة للغاية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتوجيه المستقبلي المرتبط بكليهما، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أصبحت سهلة للغاية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وسوف تحتاج إلى تشديد، وربما بسرعة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذا كانت الظروف النقدية متساهلة للغاية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن مجرد قيام البنك المركزي بتشديدها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك عن طريق تفكيك التيسير الكمي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قد يؤدي إلى تشديدها بالقدر الكافي لإزالة المشكلة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن إذا لم يكن الأمر كذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن البنك المركزي سوف يعرف ماذا يفعل: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تشديد السياسة بالقدر الكافي لتحقيق التأثير المرغوب. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك طرق مختلفة للقيام بذلك.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">رابعاً،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تمتلك البنوك المركزية ورقة رابحة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأنهم قاموا بتكوين احتياطيات فائضة متى شاءوا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنهم يستطيعوا إطفائها متى شاءوا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عن طريق بيع الأصول. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لنتذكر جوهر التيسير الكمي:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ΔA=ΔR, when ΔBK = ΔGD = 0</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويعمل هذا في الاتجاهين: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم البنوك المركزية بإطفاء الاحتياطيات الفائضة عندما تبيع الأصول. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندما تفعل ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنها تعمل على عكس تأثير التيسير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المرتبط بتغيير تركيبة المحفظة الإجمالية للقطاع الخاص في المقام الأول. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكما لم يكن التيسير الكمي سبباً في إحداث "طفرة في الإقراض" في البداية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فمن غير المرجح أن يؤدي تفكيكه إلى التعجيل بحدوث "أزمة ائتمانية".</span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الخط السفلي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا شيء من هذا يعني</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن تفكيك التيسير الكمي وغيره من السياسات غير التقليدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> سيكون سلسا ولن يسبب تقلبات في الأسواق المالية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إن التقلبات أمر متوقع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويجب إدارتها من قبل صانعي السياسات والمشاركين في السوق. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن المخاوف من قيام البنوك "بإقراض" الاحتياطيات الفائضة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي "وضعتها" حالياً لدى البنوك المركزية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ليست أمراً يجب أن يقلق بشأنه أي شخص، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وخاصة البنوك المركزية التي تهدف إلى تسريع التعافي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو الدفاع عن أهداف التضخم الخاصة بها اليوم. .</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وأشك في أن كينز كان ليفعل ذلك.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الحواشي الختامية</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(1) الاقتباس الأكبر هو: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"إن أفكار الاقتصاديين والفلاسفة السياسيين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سواء عندما يكونون على حق أو عندما يكونون على خطأ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي أقوى مما يُفهم عادة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في الواقع، لا يحكم العالم سوى القليل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الرجال العمليون، الذين يؤمنون أنفسهم معفيين تمامًا من أي تأثير فكري، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعادة ما يكونون عبيدًا لبعض الاقتصاديين البائدين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المجانين في السلطة، الذين يسمعون أصواتًا في الهواء، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يستخلصون جنونهم من بعض الكتبة الأكاديميين قبل بضع سنوات.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أنا متأكد من أن السلطة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إن المصالح الخاصة مبالغ فيها إلى حد كبير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مقارنة بالزحف التدريجي للأفكار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> جون ماينارد كينز، 1935: النظرية العامة للتوظيف والفائدة والمال، الفصل.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">24. الجملة الثانية قد تملق الاقتصاديين والفلاسفة السياسيين أكثر من اللازم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(2) فيما يلي عينة من التعليقات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من الأكاديميين والصحفيين المحترمين للغاية في هذا السياق. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مارتن فيلدشتاين: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"يمكن للبنوك استخدام هذه الاحتياطيات الفائضة لإنشاء القروض والودائع،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأمر الذي سيزيد من المعروض النقدي ويغذي التضخم"،</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> "الاتجاه الخطير لبنك الاحتياطي الفيدرالي"، 3 يناير 2013، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وول ستريت جورنال؛ فيل جرام وجون تايلور: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"مع احتفاظ البنوك باحتياطيات فائضة بدلاً من إقراضها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> - ومع السرعة (المعدل الذي تتحول به الأموال لتوليد الدخل القومي)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى أدنى مستوى لها منذ 50 عامًا -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ظل معدل التضخم قريبًا إلى هدف بنك الاحتياطي الفيدرالي البالغ 2٪." </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"التكاليف الخفية للتيسير النقدي"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وول ستريت جورنال، 11 سبتمبر 2012؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">جون تايلور: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"عندما يبدأ الاقتصاد في التحسن، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سيتعين على بنك الاحتياطي الفيدرالي بيع الأصول التي كان يشتريها لمنع التضخم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وإذا كانت مبيعات أصوله بطيئة للغاية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن احتياطيات البنك المستخدمة لتمويل مشتريات الأصول الأصلية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تتدفق من الاحتياطي الفيدرالي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"البنوك وداخل الاقتصاد"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> "سياسة بنك الاحتياطي الفيدرالي تشكل عائقًا أمام الاقتصاد"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وول ستريت جورنال، 28 يناير 2013؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> جون هيلسينراث وكريستينا بيترسون: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"أحد الأسباب التي جعلت الصقور مخطئين بشأن التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو أن الأموال التي ضخها بنك الاحتياطي الفيدرالي في النظام المالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت تميل إلى البقاء في البنوك دون إقراضها للعملاء،" </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"حمائم بنك الاحتياطي الفيدرالي يهزم الصقور في التنبؤ الاقتصادي"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وول ستريت جورنال، 27 يوليو 2013؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">آلان بليندر: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"بقدر ما تأخذ البنوك الاحتياطيات التي تم إنشاؤها حديثًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتضعها في حساباتها في بنك الاحتياطي الفيدرالي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لن ينمو المعروض النقدي ولا الائتمان المصرفي". </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد توقف الموسيقى، 2013، ص. 250؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"إذا قام بنك الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بتخفيض المكافأة مقابل الاحتفاظ بالاحتياطيات الفائضة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن البنوك ستحتفظ بها بكميات أقل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- مما يعني أنها ستضطر إلى إيجاد شيء آخر للقيام به مع الأموال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مثل إقراضها أو طرحها في أسواق رأس المال". </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"كيف يستطيع برنانكي الحصول على إقراض البنوك مرة أخرى"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وول ستريت جورنال، 22 يوليو 2012؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"يجب على بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يخفض سعر الفائدة الذي يدفعه على ما يقرب من 1.7 تريليون دولار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من احتياطيات البنوك الفائضة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإذا فعل ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن البنوك ستحتفظ بكمية أقل من النقد على الودائع لدى بنك الاحتياطي الفيدرالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ومن المحتمل أن تتدفق الأموال المحررة بشكل رئيسي إلى أسواق المال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن وربما يجد البعض طريقهم إلى زيادة الإقراض،"</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وول ستريت جورنال، 12 مارس 2013؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">آلان ميلتزر: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"التضخم - الذي يغذيه حتما التوسع السريع في المعروض النقدي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- ظل ضعيفا حتى الآن، عند مستوى 2٪ تقريبا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن البنوك لا تستخدم احتياطياتها المتضخمة لتوسيع الائتمان وزيادة السيولة. …</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في حين أن ضعف السيولة ونمو الائتمان يؤخران التأثير التضخمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المترتب على تصميم بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على توسيع احتياطيات البنوك الضخمة بالفعل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يجعل أميركا غير قادرة على الهروب من التضخم إلى الأبد. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سيتم استخدام الاحتياطيات التي يقوم بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- وجميع البنوك المركزية الكبرى الأخرى تقريبًا - ببنائها في نهاية المطاف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> القروض المصرفية للشركات، والتي تسمى قروض C&I، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">زادت قليلا خلال هذه الفترة، حوالي 65 مليار دولار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- أو نسبة متواضعة قدرها 5 في المائة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومرة أخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تحولت معظم الإضافات إلى الاحتياطيات إلى احتياطيات فائضة لدى البنوك الخاملة،" </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">"على الطريق إلى الأزمة"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">شهادة اللجنة الفرعية المعنية بالسياسة النقدية والتجارة، 5 مارس/آذار 2013.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(3) انظر على سبيل المثال، ن. جريجوري مانكيو، 2003: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الاقتصاد الكلي، نيويورك: ورث للنشر، الصفحات من 484 إلى 487.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(4) على الرغم من أن وجهة نظر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> "مضاعف النقود" للبنوك المركزية وإنشاء الائتمان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هي وجهة النظر السائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنني سأفترض ذلك إلى حد كبير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن جاذبيتها التربوية تجعلها "ميمًا مهيمنًا"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلا أن مدارس فكرية أخرى كانت موجودة منذ فترة طويلة في الاقتصاد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ووصلت إلى وتصدرت الصدارة مؤخراً تحت ستار "النظرية النقدية الحديثة". </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">انظر، على سبيل المثال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وين جودلي ومارك لافوي، 2007: الاقتصاد النقدي: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">نهج متكامل للائتمان والمال والدخل والإنتاج والثروة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (بالجريف ماكميلان)؛ ل. راندال راي، 1998: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فهم المال الحديث: مفتاح التوظيف الكامل واستقرار الأسعار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (إدغار إلغار)؛ ل. راندال راي، 2012: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">النظرية النقدية الحديثة: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كتاب تمهيدي عن الاقتصاد الكلي للأنظمة النقدية السيادية (بالجريف ماكميلان).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(5) عادة ما يكون لدى البنوك المركزية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بعض رأس المال السهمي في ميزانيتها العمومية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي عادة ما توفره الحكومة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكنه يتضمن في بعض الأحيان مساهمات رأس المال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تقدمها البنوك التجارية التي تتعامل معها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن رأس مال البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من كونه يحمل بعض الأهمية في "الاقتصاد السياسي"،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلا أنه لا يحمل أهمية اقتصادية كبيرة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يزيد إلا قليلاً عن كونه عنصراً متبقياً متوازناً. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذا قرر بنك مركزي (مثل الاحتياطي الفيدرالي)، لأغراض السياسة النقدية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بيع الأصول التي تراكمت لديه في إطار التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتكبد مثل هذه الخسائر في تلك المبيعات بما يتجاوز مجرد مسح رأس ماله،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن النتيجة ستكون خسارة واحدة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الدخول في ميزانيتها العمومية الذي كان إيجابيا ليتحول إلى سلبي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن، مع استثناء واحد محتمل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لن يخلف هذا أي تأثير على قدرة البنك المركزي على أداء وظائفه الرئيسية: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فلا يزال بوسعه إصدار العملة؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يزال بإمكانه الحصول على الأصول عن طريق إنشاء احتياطيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو إنشاء احتياطيات عن طريق إقراضها للبنوك؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يزال بإمكانه تحديد سعر الفائدة (بما في ذلك سعر الفائدة على الاحتياطيات).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والاستثناء هنا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو الحالة القصوى التي تصبح فيها قيمة الأصول التي يحتفظ بها البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أقل من حجم الاحتياطيات الفائضة التي أنشأها في السابق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي يريد الآن ويحتاج إلى إطفائها من أجل تشديد السياسة النقدية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعبارة أخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من المتصور </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يجد البنك المركزي نفسه من دون أصول كافية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لاستنزاف الاحتياطيات الفائضة التي أنشأها في السابق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي المخاطرة بفقدان السيطرة النقدية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن سيكون هناك طريق سهل للخروج:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تستطيع الحكومة إعادة رسملة البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال إصدار سندات له، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واستعادة رأسماله (على الجانب الأيمن من ميزانيته العمومية)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ومنحه الأصول (على الجانب الأيسر). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويمكنها بعد ذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استخدامها للبيع لإطفاء الاحتياطيات الفائضة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبدلاً من ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تستطيع الحكومة أن تصدر سندات مباشرة للجمهور،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأمر الذي من شأنه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن يستنزف الاحتياطيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويزيد من الودائع الحكومية لدى البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثم يحول الودائع الحكومية إلى رأسمال البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (ممارسة مسك الدفاتر).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبطبيعة الحال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سوف ترتبط هذه التكلفة المالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولهذا السبب تتعرض السياسة النقدية غير التقليدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقدر كبير من الانتقادات التي توجهها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ويبدو أن السياسة النقدية غير التقليدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تبتعد عن نطاق السياسة المالية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المزيد عن الحدود بين السياستين النقدية والمالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندما يكون التمييز بين ذراعي السياسة الكلية منطقيًا وغير منطقي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في مقال مستقبلي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(6) بالنسبة للبنك الفردي هناك طريقة رابعة: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكنه اقتراض احتياطيات من البنوك الأخرى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لكن هذا لا يؤدي إلا إلى تحويل الاحتياطيات بين البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يغير حجم الاحتياطيات في الميزانية العمومية للبنك المركزي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(7)</span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما تنفق الحكومة أكثر مما تحصل عليه من الضرائب والإيرادات الأخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تنخفض ودائعها لدى البنك المركزي وترتفع الاحتياطيات (والعكس صحيح)،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولكن عندما تصدر سندات للجمهور، ترتفع ودائعها وتنخفض الاحتياطيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(والعكس عند استرداد السندات).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(8) أقصد بـ "الأساس"</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عدم تضمين الودائع التي كانت ودائع في البداية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ثم تحولت إلى أوراق نقدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعادت إلى النظام المصرفي كودائع مرة أخرى. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">جميع الأوراق النقدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (بخلاف الأوراق الجديدة التي يتم استلامها مقابل الأوراق النقدية القديمة)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تبدأ حياتها كوديعة بنكية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك مصدر ثالث في الاقتصاد المفتوح: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التحويلات المالية من الخارج.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لكن هذه التحويلات يجب أن تأتي من حساب وديعة أجنبية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويجب أن تكون جذور تلك الوديعة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إما في الإقراض المصرفي أو العجز الحكومي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(9) لرؤية هذا بشكل أكثر رسمية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فكر في الحالة المبسطة التي تكون فيها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأصول الوحيدة التي يحتفظ بها </span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البنك المركزي هي السندات الحكومية</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والأصول الوحيدة التي تحتفظ بها </span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البنوك</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي السندات الحكومية</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بخلاف الاحتياطيات والقروض، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولا يمتلك </span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الجمهور أي سندات حكومية</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بحيث:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">GB الذي يحتفظ به البنك المركزي GB</span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">CB</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">+</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">GB الذي تحتفظ به البنوك GB</span><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">BK</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> = GB</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد ذلك، وبالاستخلاص من أسهم البنك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن كتابة معادلات الميزانية العمومية، على التوالي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على النحو التالي:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">GBCB = R + BK + GD, and</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">R + L + GBBK = D</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إعادة الترتيب باستخدام R على الجانب الأيسر لكليهما ومساواة العائدات:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">GBCB - BK - GD = D - L - GBBK, </span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">or:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">D = GB + L - BK - GD.</span></p><br /><br /><br /><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بمعنى آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يساوي إجمالي الودائع في النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إجمالي السندات الحكومية (عجز الموازنة المتراكم) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإجمالي الإقراض المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مطروحًا منه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأوراق النقدية المتداولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والودائع الحكومية لدى البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(يتم طرح هذا المصطلح الأخير</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأنه، إلى الحد الذي يكون للحكومة فيه تأثير إيجابي) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عند إيداعه لدى البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنه يجب أن يكون قد خفض ودائع الجمهور بهذا المبلغ الصافي).</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإذا كان الجمهور (أو الوسطاء من غير البنوك) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يحتفظون بالسندات الحكومية بشكل مباشر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (الحالة المعتادة)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن الأمور تصبح أكثر تعقيدا بعض الشيء. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ثم تصبح المعادلة أعلاه:</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">D = GBCB + GBBK + L - BK - GD</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تنخفض الودائع بمقدار المبلغ الذي يحتفظ به الجمهور من السندات الحكومية </span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">BPB, where GB = GBCB + GBBK +GBPB</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنه عندما تبيع الحكومة سنداتها للجمهور بدلاً من البنوك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإنها تطفئ الودائع التي أنشأتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما قامت بتشغيلها العجز في الميزانية المرتبطة في المقام الأول. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن عندما تبيع الحكومة السندات للبنوك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنها تطفئ الاحتياطيات التي تم إنشاؤها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن ليس الودائع المقابلة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كما تلقي المعادلة الأخيرة الضوء </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على كيفية تأثير التيسير الكمي على الميزانيات العمومية للقطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشكل مختلف اعتمادًا على ما إذا كان ذلك أم لا</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يقوم البنك المركزي بشراء السندات من البنوك أو من الجمهور </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(بما في ذلك الوسطاء الماليين الذين ليسوا بنوكًا تعمل نيابة عنه). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يشتري البنك المركزي السندات من البنوك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يرتفع GBCB وينخفض GBBK، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن مستوى الودائع في النظام المصرفي لا يتأثر.</span><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن عندما يشتري البنك المركزي السندات من الجمهور، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ترتفع الودائع بنفس المقدار (كما تفعل الاحتياطيات). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي الواقع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن هذا النوع من التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا يؤدي إلا إلى عكس التأثير الاستنزافي على الاحتياطيات والودائع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي خلفه الإصدار الأصلي للسندات الحكومية للعامة على كل منهما.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(10) هناك طريقة أخرى لتصور التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهي عملية إدارة ديون الحكومة الموحدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(الحكومة بالإضافة إلى البنك المركزي). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يقوم البنك المركزي بتنفيذ التيسير الكمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عن طريق شراء ديون حكومية طويلة الأجل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو أصول مضمونة من قبل الحكومة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تقوم الحكومة الموحدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بسحب الديون طويلة الأجل أو ضمانات على الديون طويلة الأجل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإصدار ديون البنك المركزي (الاحتياطيات) بدلا من ذلك. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا من شأنه أن يؤدي إلى تقصير مدة وتكاليف خدمة الدين </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">للديون المستحقة على الحكومة الموحدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وخاصة عندما لا يدفع البنك المركزي فوائد على الاحتياطيات الفائضة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إن تأثير عملية إدارة الديون </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو الجانب الآخر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من تأثير إعادة توازن المحفظة على إجمالي محفظة القطاع الخاص.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(11) يفرض التيسير الكمي ضغوطًا هبوطية على أسعار الفائدة طويلة الأجل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وهذا يختلف عن القول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأنه يؤدي إلى انخفاض أسعار الفائدة على المدى الطويل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن الناحية الفنية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يعمل التيسير الكمي على خفض علاوات الأجل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكنه في الوقت نفسه أو مع فارق زمني</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قد يؤدي إلى رفع توقعات التضخم، إذا كانت ضعيفة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتوقعات المتعلقة بالنمو الحقيقي في المستقبل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(12) وهذا يختلف تمامًا عن القول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأنه سيؤدي إلى خلق "الكثير" من الائتمان. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنا بالتأكيد لا أدعي ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأن التيسير الكمي من غير المرجح أن يتم ملاحظته</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلا في الظروف القاسية من الضائقة الاقتصادية والمالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فعندما من المرجح أن تكون قوى تقليص الديون في القطاع الخاص قوية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فمن المرجح أن نلاحظ نمواً ائتمانياً ضعيفاً أو حتى انكماشاً ائتمانياً. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا يؤدي التيسير الكمي إلى نمو ائتماني قوي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنه لا يتم ملاحظة (تنفيذ) التيسير الكمي في البيئات الاقتصادية التي يتم تنفيذها فيها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ومع ذلك، من المرجح أن يكون نمو الائتمان أضعف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو أن انكماش الائتمان سيكون أكثر حدة في غياب التيسير الكمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من أنه لا يمكن اختبار هذا الواقع المضاد بشكل مباشر.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البحوث ذات صلة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•تقرير خاص:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بول شيرد، كبير الاقتصاديين في وكالة ستاندرد آند بورز </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حول السياسة الاقتصادية، 26 أبريل 2013</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•تسميات "الصقر" و"الحمامة" مخصصة للطيور، 29 يوليو 2013</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•إعادة النظر في السياسة النقدية: دروس وتذكيرات من الأزمة المالية الكبرى، 3 أبريل 2013</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•وراء حيلة العملة البلاتينية: الميكانيكا النقدية، 15 يناير 2013</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•بنك الاحتياطي الفيدرالي: تحليل اتصالاته، 7 يناير 2013</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">•بنك الاحتياطي الفيدرالي: التقدم بكامل طاقته، 13 ديسمبر 2012</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حقوق الطبع والنشر © 2014 لشركة Standard & Poor's Financial Services LLC،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وهي جزء من شركة McGraw Hill Financial. كل الحقوق محفوظة.</span></p><br /><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://hks.harvard.edu/sites/default/files/centers/mrcbg/programs/senior.fellows/2019-20%20fellows/BanksCannotLendOutReservesAug2013_%20(002).pdf" style="text-decoration-line: none;"><span face="Arial, sans-serif" style="color: #1155cc; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://hks.harvard.edu/sites/default/files/centers/mrcbg/programs/senior.fellows/2019-20%20fellows/BanksCannotLendOutReservesAug2013_%20(002).pdf</span></a></p><br /><br /><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-86194267802978292952023-12-12T10:54:00.008+03:002023-12-12T11:17:17.588+03:00 مؤشر سوق الاسهم للاستثمار في القيمة والسيولة الإجمالية(حسابات الاحتياطي الفدرالي)<p><span style="font-family: arial; font-size: medium;"> <span face="Arial, sans-serif" style="font-weight: 700; white-space-collapse: preserve;">أن MMFs صناديق الاستثمار المشترك أصبحت أكثر تفاؤلاً بشأن السوق. </span></span></p><span id="docs-internal-guid-43a1edc5-7fff-0d5b-bd5c-da70fc88d9ce"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون هذا مؤشرًا مسبقًا لعكس QT واستئناف السوق الصاعد.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مؤشر راسل 2000 مؤشر سوق الاسهم للاستثمار في القيمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والسيولة الإجمالية(حسابات الاحتياطي الفدرالي)(المركزي والخزانة والبنوك)</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-weight: 700; white-space-collapse: preserve;">Russell 2000 Value and Overall Liquidity : SOMA-TGA-RRP</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-weight: 700; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; font-family: arial; font-size: medium; height: 348px; overflow: hidden; width: 602px;"><img alt="مؤشر سوق الاسهم للاستثمار في القيمة والسيولة الإجمالية(حسابات الاحتياطي الفدرالي)" height="348" src="https://lh7-us.googleusercontent.com/8-SsCqwI4pHnP68BNZCmnFlvUoOox4omIaXxo0_EnewVotrFVrBJUOZSQDxUBAY4DrGSL7FuY88UB-HphZccDDBKwtcnHf1D2urvfB6CIBKDAGxd_4vYyIjzdZdPFYLZHceQLrhsQ8p1mOG5MRNukSM=w601-h348" style="margin-left: 0px; margin-top: 0px;" title="مؤشر سوق الاسهم للاستثمار في القيمة والسيولة الإجمالية(حسابات الاحتياطي الفدرالي)" width="601" /></span></span></p><span style="font-family: arial; font-size: medium;"><br /><br /></span><p dir="ltr" style="background-color: white; line-height: 1.56522; margin-bottom: 2pt; margin-top: 0pt;"><a href="https://twitter.com/TimmerFidelity" style="text-decoration-line: none;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Jurrien Timmer</span></a></p><p dir="ltr" style="background-color: white; line-height: 1.56522; margin-bottom: 2pt; margin-left: 3pt; margin-right: 2pt; margin-top: 0pt; margin: 0pt 2pt 2pt 3pt;"><a href="https://twitter.com/TimmerFidelity" style="text-decoration-line: none;"><span face="Arial, sans-serif" style="background-color: transparent; color: #0f1419; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; font-family: arial; font-size: medium; height: 13px; overflow: hidden; width: 13px;"><img height="13" src="https://lh7-us.googleusercontent.com/L1fHGTVyJ6zWThfI-Oea4VNc0_DSA9zdOZboZZJ5zUQuf6c_Fm3CZyVBR13919pMwlKhyDV5X_EJ2NFD-l5NBtP20xrQAAWPrhwTyUR8-lcdLaLcfWZA0O_lNvXEIYCoNDhz2wFk0YK7bVi9CbDJ0ss" style="margin-left: 0px; margin-top: 0px;" width="13" /></span></span></a></p><p dir="ltr" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 0pt 0pt 2pt;"><a href="https://twitter.com/TimmerFidelity" style="text-decoration-line: none;"><span style="background-color: transparent; color: #536471; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">@TimmerFidelity</span></a></p><p dir="ltr" style="background-color: white; line-height: 1.66154; margin-bottom: 0pt; margin-top: 0pt; padding: 7pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">One big factor in the market’s strength these days is improving liquidity, despite contraction in the Fed’s balance sheet. This is the result of money market funds (MMFs) choosing to buy T-Bills instead of using the Fed’s reverse repo program (RRP). With MMFs sniffing out a turn in the Fed cycle, the RRP program is shrinking fast. It’s as if the Fed is not doing any Quantitative Tightening (QT) at all.</span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أحد العوامل الكبيرة في قوة السوق هذه الأيام هو تحسين السيولة ، </span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من الانكماش في الميزانية العمومية لمجلس الاحتياطي الفيدرالي. </span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا هو نتيجة اختيار صناديق سوق المال (MMFs) </span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لشراء أذون الخزانة بدلا من استخدام برنامج الريبو العكسي (RRP) التابع لمجلس الاحتياطي الفيدرالي.</span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مع استشعار MMFs لتغير دورة بنك الاحتياطي الفيدرالي ، يتقلص برنامج RRP بسرعة. </span></p><p dir="rtl" style="background-color: white; line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; padding: 9pt 0pt 0pt;"><span style="background-color: transparent; color: #0f1419; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يبدو الأمر كما لو أن بنك الاحتياطي الفيدرالي لا يقوم بأي تشديد كمي (QT) على الإطلاق.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://x.com/TimmerFidelity/status/1734319380756926865?s=20" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://x.com/TimmerFidelity/status/1734319380756926865?s=20</span></a></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**تتقلص برامج إعادة الشراء العكسي للبنك الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأن صناديق الاستثمار المشترك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تختار شراء سندات الخزانة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بدلاً من ذلك**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**Jurrien Timmer**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">@TimmerFidelity</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أحد العوامل الرئيسية في قوة السوق هذه الأيام</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هو تحسين السيولة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من تقلص صافي الأصول لدى الاحتياطي الفيدرالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا نتيجة لاختيار صناديق الاستثمار المشترك (MMFs) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">شراء سندات الخزانة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بدلاً من استخدام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">برنامج إعادة الشراء العكسي للاحتياطي الفيدرالي (RRP). </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع قيام MMFs بشم رائحة منعطف في دورة الاحتياطي الفيدرالي ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن برنامج RRP يتقلص بسرعة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إنه كما لو أن الاحتياطي الفيدرالي لا يقوم بأي تشديد كمي (QT) على الإطلاق.</span></p><span style="font-family: arial; font-size: medium;"><br /><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يقدم Jurrien Timmer ملاحظة مثيرة للاهتمام حول الوضع الحالي للسوق.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إنه يقول أن صناديق الاستثمار المشترك (MMFs)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تختار شراء سندات الخزانة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بدلاً من استخدام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">برنامج إعادة الشراء العكسي للاحتياطي الفيدرالي (RRP) ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يتسبب في تقلص RRP بسرعة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هذا على الرغم من حقيقة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن الاحتياطي الفيدرالي يقلص صافي أصوله ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي يجب أن يؤدي إلى تشديد السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يفسر Timmer هذا على</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أنه علامة على أن MMFs </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تشم رائحة منعطف في دورة الاحتياطي الفيدرالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يعتقد أن الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قد يكون على وشك إيقاف أو حتى عكس برنامج QT الخاص به ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي سيكون إشارة إيجابية للسوق.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتوافق الصورة التي شاركها Timmer مع أطروحته القائلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأن MMFs تنتقل بعيدًا عن RRP وتتجه إلى سندات الخزانة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من المهم ملاحظة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تفسير Timmer لهذه البيانات هو مجرد تفسير واحد محتمل. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك عوامل أخرى قد تتسبب في تقلص RRP ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل انخفاض الطلب على الضمان من البنوك.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن نقطة Timmer واضحة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> حقيقة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن MMFs تختار شراء سندات الخزانة بدلاً من استخدام RRP </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي علامة على أنها أصبحت أكثر تفاؤلاً بشأن السوق. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون هذا مؤشرًا مسبقًا لعكس QT واستئناف السوق الصاعد.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فيما يلي بعض الأفكار الإضافية حول ملاحظة Timmer:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* RRP هو أداة جديدة نسبيًا قدمها الاحتياطي الفيدرالي في عام 2019. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إنها طريقة للاحتياطي الفيدرالي لدفع الفائدة على الفائض الاحتياطي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي تحتفظ به البنوك في البنك المركزي.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* MMFs هي نوع من صناديق الاستثمار المشترك</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تستثمر في الأوراق المالية قصيرة الأجل ، مثل سندات الخزانة والأوراق التجارية.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* تُستخدم MMFs عادةً من قبل المستثمرين</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الذين يحتاجون إلى مكان آمن وقابل للتداول لتخزين أموالهم.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* حقيقة أن MMFs تنتقل بعيدًا عن RRP وتتجه إلى سندات الخزانة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تشير إلى أنها أصبحت أكثر ثقة في الاقتصاد وتوقعات أسعار الفائدة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* يمكن أن تكون هذه علامة إيجابية للسوق ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث تشير إلى أن هناك طلبًا أكبر على الأصول الأكثر خطورة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشكل عام ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن ملاحظة Timmer مثيرة للاهتمام وتستحق المتابعة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سيكون من المثير للاهتمام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">معرفة ما إذا استمر RRP في التقلص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وما إذا كان هذا سيؤدي إلى عكس QT </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واستئناف السوق الصاعد.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Overall Liquidity : SOMA-TGA-RRP</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**السيولة الإجمالية: SOMA-TGA-RRP**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**السيولة الإجمالية** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تشير إلى سهولة شراء وبيع الأصول في السوق. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهي عامل مهم في تحديد كيفية عمل النظام المالي والاقتصاد الأوسع.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**SOMA و TGA و RRP** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي ثلاثة أدوات رئيسية يستخدمها الاحتياطي الفيدرالي (البنك المركزي الأمريكي)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لإدارة السيولة الإجمالية:</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **SOMA (حساب السوق المفتوحة للنظام):</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** الأداة الرئيسية للاحتياطي الفيدرالي لإجراء عمليات السوق المفتوحة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وشراء وبيع سندات الخزانة للتأثير على عرض النقود وأسعار الفائدة. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يشتري الاحتياطي الفيدرالي السندات ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنه يضخ احتياطيات في النظام المصرفي ، مما يزيد من السيولة. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يبيع السندات ، فإنه يزيل الاحتياطيات ، مما يقلل من السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **TGA (الحساب العام للخزانة):</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** الحساب الذي يودع فيه وزارة الخزانة الأمريكية وتسحب الأموال. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤثر حجم TGA على السيولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث تتحرك الأموال داخل وخارج النظام المصرفي.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **RRP (برنامج إعادة الشراء العكسي):</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** أداة يستخدمها الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لامتصاص الاحتياطيات الفائضة من النظام المصرفي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يسمح للبنوك بجني الفائدة على احتياطياتها بين عشية وضحاها ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي تقليل مقدار الأموال المتاحة للإقراض والاستثمار.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فيما يلي كيفية تفاعل هذه الأدوات:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">System Open Market Account* **SOMA:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حساب السوق المفتوحة للنظام</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** المحرك الرئيسي للسيولة الإجمالية. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يشتري الاحتياطي الفيدرالي سندات الخزانة من خلال SOMA ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنه يضخ احتياطيات في النظام المصرفي ، مما يزيد من السيولة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى انخفاض تكاليف الاقتراض وزيادة النشاط الاقتصادي. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على العكس من ذلك ، </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يبيع الاحتياطي الفيدرالي سندات الخزانة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنه يزيل الاحتياطيات من النظام المصرفي ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يقلل من السيولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويحتمل أن يؤدي إلى ارتفاع تكاليف الاقتراض ونمو اقتصادي أبطأ.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Treasury General Account * **TGA:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حساب الخزانة العام</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون لها تأثير مؤقت على السيولة. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تنفق وزارة الخزانة المال ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنها تسحب من رصيد TGA الخاص بها ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يقلل من مقدار الاحتياطيات الفائضة في النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتشديد السيولة. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على العكس من ذلك ، </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تتلقى وزارة الخزانة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مدفوعات الضرائب أو تدفقات أخرى ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن رصيدها في TGA يزداد ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يضخ احتياطيات في النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويسهل السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Reverse Repurchase Agreement Facility * **RRP:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">برنامج إعادة الشراء العكسي</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يستخدم بشكل أساسي لإدارة التقلبات اليومية في السيولة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يكون للنظام المصرفي احتياطيات زائدة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن للبنوك إيداعها في RRP بين عشية وضحاها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يساعد ذلك على منع انخفاض أسعار الفائدة بين عشية وضحاها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى مستوى منخفض للغاية والحفاظ على استقرار الأسواق المالية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على العكس من ذلك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما يحتاج النظام المصرفي إلى المزيد من الاحتياطيات ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للاحتياطي الفيدرالي سحبها من RRP ، مما يقلل من السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**حاليًا ، SOMA في مرحلة الانكماش ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مما يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن الاحتياطي الفيدرالي يبيع سندات الخزانة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ويقلل من حجم ميزانيته العمومية. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا شكل من أشكال تشديد الكمي (QT) ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي يهدف إلى تشديد السيولة ومكافحة التضخم.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**ومع ذلك ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كان TGA ينمو بشكل كبير في عام 2023</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بسبب الإيرادات الضريبية المرتفعة وإنفاق الحكومة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد أدى ذلك إلى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ضخ احتياطيات في النظام المصرفي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وجزئيًا تعويض آثار QT المشددة.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**بالإضافة إلى ذلك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كان RRP ينكمش حيث تختار (صناديق الاستثمار المشترك) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الاستثمار في سندات الخزانة بدلاً من استخدام البرنامج. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يشير هذا إلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن صناديق الاستثمار المشترك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أصبحت أكثر تفاؤلاً بشأن السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتسعى إلى عائدات أعلى مما تقدمه RRP.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**بشكل عام ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن تفاعل هذه الأدوات الثلاثة معقد ومستمر في التطور. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بينما يقوم SOMA بتشديد السيولة من خلال QT ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن التأثير المشترك لنمو TGA و RRP يلطف من تأثير التشديد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من المرجح أن يستمر هذا الديناميكي في المستقبل القريب ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> حيث سيعتمد التأثير الصافي على السيولة الإجمالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الحجم النسبي لهذه القوى المتعارضة.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**من المهم ملاحظة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن تحليل السيولة الإجمالية معقد ويتطلب مراعاة عوامل مختلفة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتجاوز مجرد SOMA و TGA و RRP. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تشمل العوامل الأخرى ذات الصلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> النمو الاقتصادي و مشاعر السوق وتغيرات التنظيم.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فيما يلي بعض العوامل المحددة التي يمكن أن تؤثر على السيولة الإجمالية:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **النمو الاقتصادي:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما ينمو الاقتصاد ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تزداد الطلب على الائتمان والاستثمارات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى زيادة السيولة في السوق ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث تبحث البنوك عن فرص للاستثمار في الأصول.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **مشاعر السوق:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن تؤثر مشاعر السوق على السيولة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تكون الأسواق متقلبة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد يكون المستثمرون أقل استعدادًا للاستثمار ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يؤدي إلى انخفاض السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **تغيرات التنظيم:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن تؤدي التغييرات التنظيمية إلى زيادة أو نقصان السيولة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي فرض متطلبات رأس مال أكثر صرامة على البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى تقليل السيولة المتاحة للإقراض.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فيما يلي بعض الأمثلة المحددة لكيفية تأثير هذه العوامل على السيولة الإجمالية:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **إذا نما الاقتصاد بشكل أسرع مما توقعه الاحتياطي الفيدرالي ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فقد يؤدي ذلك إلى زيادة الطلب على الائتمان والاستثمارات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى زيادة السيولة في السوق ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما قد يؤدي إلى ارتفاع أسعار الأصول.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **إذا كانت الأسواق متقلبة بشكل مفرط ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فقد يؤدي ذلك إلى انخفاض السيولة المتاحة للإقراض. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى ارتفاع تكاليف الاقتراض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وانخفاض النشاط الاقتصادي.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **إذا فرض الاحتياطي الفيدرالي متطلبات رأس مال أكثر صرامة على البنوك ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فقد يؤدي ذلك إلى تقليل السيولة المتاحة للإقراض. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى ارتفاع تكاليف الاقتراض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وانخفاض النشاط الاقتصادي.**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**من المهم ملاحظة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن السيولة الإجمالية هي مفهوم ديناميكي يتغير باستمرار. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن تتأثر بالعوامل الاقتصادية والتنظيمية والنفسية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> من خلال فهم العوامل التي تؤثر على السيولة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن للمستثمرين اتخاذ قرارات استثمارية أكثر استنارة.**</span></p><span style="font-family: arial; font-size: medium;"><br /><br /><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">انخفاض الطلب على الضمان من البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو مؤشر على أن البنوك لديها فائض من النقد أو الأصول السائلة الأخرى.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون هذا بسبب عدة عوامل ، بما في ذلك:</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **انخفاض معدلات الفائدة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تنخفض أسعار الفائدة ، تصبح الأوراق المالية ذات العائد المرتفع ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل السندات الحكومية ، أكثر جاذبية للبنوك.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **زيادة السيولة في السوق:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يكون هناك طلب كبير على الأصول السائلة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل السندات الحكومية ، تميل البنوك إلى بيع بعض الضمانات من أجل الحصول على السيولة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **تحسن توقعات الاقتصاد:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تتحسن توقعات الاقتصاد ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تميل البنوك إلى الاقتراض بشكل أقل من الاحتياطي الفيدرالي.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">انخفاض الطلب على الضمان من البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون له تأثير إيجابي على الاقتصاد. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي إلى انخفاض أسعار الفائدة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يجعل الائتمان أكثر تكلفة للمقترضين.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يؤدي أيضًا إلى زيادة السيولة في السوق ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مما يجعل من الأسهل على الشركات والأفراد الحصول على التمويل.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون انخفاض الطلب على الضمان من البنوك أيضًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">علامة على أن البنوك لا تشعر بالثقة في الاقتصاد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي هذا إلى انخفاض الاستثمار والنمو الاقتصادي.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فيما يلي بعض الأسباب المحددة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي يمكن أن تؤدي إلى انخفاض الطلب على الضمان من البنوك:</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **انخفاض الطلب على الائتمان:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يكون هناك طلب أقل على الائتمان ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تميل البنوك إلى امتلاك فائض من النقد أو الأصول السائلة الأخرى.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **زيادة احتياطيات البنوك:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يزيد الاحتياطي الفيدرالي احتياطيات البنوك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تميل البنوك إلى امتلاك فائض من النقد أو الأصول السائلة الأخرى.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **انخفاض أسعار الفائدة على الودائع:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تنخفض أسعار الفائدة على الودائع ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تميل البنوك إلى احتجاز أموال أقل في الودائع.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بشكل عام ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن انخفاض الطلب على الضمان من البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو مؤشر على أن البنوك لديها فائض من النقد أو الأصول السائلة الأخرى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون هذا بسبب عدة عوامل ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك انخفاض معدلات الفائدة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وزيادة السيولة في السوق ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو تحسن توقعات الاقتصاد. </span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون انخفاض الطلب على الضمان من البنوك أيضًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">علامة على أن البنوك لا تشعر بالثقة في الاقتصاد.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><span id="docs-internal-guid-92828165-7fff-10de-3758-765c6a1ae1f1"><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**مؤشر Russell 2000 Value**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مؤشر Russell 2000 Value </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو مؤشر سوق الأسهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يتتبع أداء الأسهم ذات القيمة الصغيرة في الولايات المتحدة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إنه أحد أكثر المقاييس شيوعًا للاستثمار في القيمة.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**فيما يلي بعض الحقائق الرئيسية حول مؤشر Russell 2000 Value:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* يتكون من حوالي 1000 سهم صغير يتم تصنيفها على أنها أسهم "قيمة".</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* الأسهم ذات القيمة هي الأسهم التي يتم تداولها بخصم عن قيمتها الجوهرية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* يتم إعادة تشكيل المؤشر سنويًا وإعادة التوازن ربع سنويًا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* المؤشر مرجح بحجم السوق ، مما يعني أن أكبر الشركات في المؤشر لها أكبر تأثير على أدائه.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* كان المؤشر تاريخيًا أقل تقلبًا من السوق الأوسع ، ولكنه شهد أيضًا فترات من التخلف الكبير.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**يمكن أن يوفر الاستثمار في مؤشر Russell 2000 Value عدة فوائد محتملة:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **التعرض للأسهم ذات القيمة الصغيرة:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** الأسهم ذات القيمة الصغيرة قد تفوقت تاريخياً على السوق الأوسع على المدى الطويل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتمتع الأسهم ذات القيمة أيضًا بإمكانية التفوق على الأسهم ذات النمو ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">خاصة خلال فترات الانخفاض في السوق.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **التنويع:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** يوفر المؤشر التعرض لعدد كبير من الأسهم الصغيرة ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مما يمكن أن يساعد في تنويع محفظة المستثمر.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **التكلفة المنخفضة:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">** هناك عدد من صناديق الاستثمار المتداولة (ETFs) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وصناديق الاستثمار المشتركة منخفضة التكلفة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تتتبع أداء مؤشر Russell 2000 Value.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**ومع ذلك ، هناك أيضًا بعض المخاطر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المرتبطة بالاستثمار في مؤشر Russell 2000 Value:**</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* **يمكن أن تكون الأسهم ذات القيمة الصغيرة أكثر تقلبًا من الأسهم ذات القيمة الكبيرة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* يمكن أن تتخلف الأسهم ذات القيمة عن الأسهم ذات النمو لفترات طويلة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">* لا يتم تنويع المؤشر عبر جميع قطاعات السوق.</span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**بشكل عام ، يعد مؤشر Russell 2000 Value </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">خيارًا جيدًا للمستثمرين الذين يبحثون عن التعرض للأسهم ذات القيمة الصغيرة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: arial; font-size: medium; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك ، من المهم أن تكون على دراية بالمخاطر involved قبل الاستثمار.**</span></p><div><span face="Arial, sans-serif" style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-17870428632002425262023-12-11T22:33:00.004+03:002023-12-11T22:33:51.176+03:00 تاريخ موجز للبنوك المركزية<p><br /></p><span id="docs-internal-guid-15218005-7fff-da25-daaf-19c3bab0717d"><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">A Brief History of Central Banks</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Michael D. Bordo </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">12/1/2007</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يشرح أحد أبرز المؤرخين الاقتصاديين في العالم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> القوى الكامنة وراء تطور البنوك المركزية الحديثة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ويقدم نظرة ثاقبة لدورها في النظام المالي والاقتصاد.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو المصطلح المستخدم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لوصف السلطة المسؤولة عن السياسات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي تؤثر على</span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> المعروض من النقود والائتمان</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في بلد ما. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبشكل أكثر تحديدًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يستخدم البنك المركزي أدواته في السياسة النقدية</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- عمليات السوق المفتوحة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وإقراض نافذة الخصم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتغيرات في متطلبات الاحتياطي -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> للتأثير على </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أسعار الفائدة قصيرة الأجل</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والقاعدة النقدية
(العملة التي يحتفظ بها الجمهور بالإضافة إلى احتياطيات البنوك) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولتحقيق أهداف سياسية مهمة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك ثلاثة أهداف رئيسية للسياسة النقدية الحديثة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الأول والأهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو استقرار الأسعار أو استقرار قيمة النقود. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني اليوم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الحفاظ على معدل تضخم منخفض ومستمر. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويتلخص الهدف الثاني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في تحقيق اقتصاد حقيقي مستقر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو ما يفسر غالباً على</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أنه ارتفاع معدلات تشغيل العمالة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ونمو اقتصادي مرتفع ومستدام. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبعبارة أخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من المتوقع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تعمل السياسة النقدية على تسهيل الدورة الاقتصادية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وتعويض الصدمات التي يتعرض لها الاقتصاد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الهدف الثالث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو الاستقرار المالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يشمل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">نظام مدفوعات يتسم بالكفاءة والسلاسة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومنع الأزمات المالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> البدايات</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تعود قصة البنوك المركزية إلى القرن السابع عشر على الأقل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى تأسيس أول مؤسسة معترف بها كبنك مركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وهي البنك المركزي السويدي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تأسس البنك عام 1668 كبنك مساهمة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتم تكليفه بإقراض الأموال الحكومية والعمل كغرفة مقاصة للتجارة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبعد بضعة عقود (1694)،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تأسس البنك المركزي الأكثر شهرة في ذلك العصر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو بنك إنجلترا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كشركة مساهمة لشراء الديون الحكومية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتم إنشاء بنوك مركزية أخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في وقت لاحق في أوروبا لأغراض مماثلة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من إنشاء بعضها للتعامل مع الفوضى النقدية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنشأ نابليون بنك فرنسا في عام 1800 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لتحقيق الاستقرار في العملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد التضخم المفرط في النقود الورقية خلال الثورة الفرنسية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فضلا عن المساعدة في التمويل الحكومي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أصدرت البنوك المركزية المبكرة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أوراقًا نقدية خاصة كانت بمثابة العملة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وغالبًا ما كانت تحتكر إصدار هذه الأوراق النقدية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي حين ساعدت هذه البنوك المركزية المبكرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في تمويل ديون الحكومة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلا أنها كانت أيضًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كيانات خاصة شاركت في الأنشطة المصرفية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولأنهم امتلكوا ودائع البنوك الأخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فقد أصبحوا بمثابة بنوك للمصرفيين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتسهيل المعاملات بين البنوك أو تقديم خدمات مصرفية أخرى. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد أصبحت بمثابة المستودع لمعظم البنوك في النظام المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بسبب احتياطياتها الكبيرة وشبكاتها الواسعة من البنوك المراسلة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد سمحت لهم هذه العوامل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأن يصبحوا مقرض الملاذ الأخير في مواجهة الأزمة المالية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبعبارة أخرى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أصبحوا على استعداد لتقديم أموال نقدية طارئة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لمراسليهم في أوقات الضائقة المالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إنتقال</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينتمي نظام الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى موجة لاحقة من البنوك المركزية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي ظهرت في مطلع القرن العشرين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تم إنشاء هذه البنوك في المقام الأول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لتوحيد الأدوات المختلفة التي كان الناس يستخدمونها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> للعملة ولتوفير الاستقرار المالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كما تم إنشاء العديد منها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لإدارة معيار الذهب، الذي التزمت به معظم البلدان.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان معيار الذهب، الذي ساد حتى عام 1914، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يعني أن كل دولة تحدد عملتها من حيث وزن ثابت من الذهب. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">احتفظت البنوك المركزية باحتياطيات كبيرة من الذهب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لضمان إمكانية تحويل أوراقها النقدية إلى ذهب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كما هو مطلوب بموجب مواثيقها. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندما تنخفض احتياطياتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بسبب العجز في ميزان المدفوعات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو الظروف المحلية المعاكسة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنها ترفع أسعار الخصم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(أسعار الفائدة التي تقرض بها الأموال للبنوك الأخرى). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إن القيام بذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من شأنه أن يرفع أسعار الفائدة بشكل عام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأمر الذي يؤدي بدوره إلى جذب الاستثمار الأجنبي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي جلب المزيد من الذهب إلى البلاد.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتزمت البنوك المركزية بقاعدة معيار الذهب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> المتمثلة في الحفاظ على قابلية تحويل الذهب فوق كل الاعتبارات الأخرى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وكانت قابلية تحويل الذهب بمثابة الركيزة الاسمية للاقتصاد. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن كمية الأموال التي يمكن للبنوك توفيرها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت مقيدة بقيمة الذهب الذي تحتفظ به في الاحتياطي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا بدوره يحدد مستوى السعر السائد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولأن مستوى السعر كان مرتبطا بسلعة معروفة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كانت قيمتها على المدى الطويل تحددها قوى السوق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن التوقعات بشأن مستوى الأسعار في المستقبل كانت مرتبطة بها أيضا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بمعنى ما، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت البنوك المركزية المبكرة ملتزمة بقوة باستقرار الأسعار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولم يقلقوا كثيراً بشأن أحد الأهداف الحديثة للبنوك المركزية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ــ استقرار الاقتصاد الحقيقي ــ</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأنهم كانوا مقيدين بالتزامهم بالالتزام بمعيار الذهب.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تعلمت البنوك المركزية في هذا العصر أيضًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تعمل كمقرض الملاذ الأخير في أوقات الضغوط المالية -</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما أدت أحداث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ضعف المحاصيل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو التخلف عن سداد الديون في السكك الحديدية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أو الحروب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى التعجيل بالتدافع على السيولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(حيث هرع المودعون إلى بنوكهم وحاولوا تحويل ودائعهم إلى نقد. الودائع نقدا). </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بدأ الدرس في أوائل القرن التاسع عشر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> نتيجة لاستجابة بنك إنجلترا الروتينية لمثل هذه الحالات من الذعر.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في ذلك الوقت،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كان البنك (وغيره من البنوك المركزية الأوروبية) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يقوم في كثير من الأحيان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بحماية احتياطياته من الذهب أولاً، فيرفض مراسليه المحتاجين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد أدى ذلك إلى حدوث حالة من الذعر الشديد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في أعوام 1825، و 1837، و 1847، و1857، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأدى إلى انتقادات شديدة للبنك. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي الرد على ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تبنى البنك "مبدأ المسؤولية"، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي اقترحه الكاتب الاقتصادي والتر باجيت،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والذي يقضي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأن يقوم البنك بإدراج مصلحته الخاصة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في إطار المصلحة العامة للنظام المصرفي ككل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبدأ البنك في اتباع قاعدة باجيت، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي كانت تتلخص في</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الإقراض بحرية على أساس أي ضمانات سليمة مقدمة ــ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن بسعر فائدة جزائية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (أي أعلى من أسعار السوق) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لمنع المخاطر الأخلاقية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد تعلم البنك الدرس جيداً. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لم تحدث أي أزمات مالية في إنجلترا لمدة 150 عامًا تقريبًا بعد عام 1866. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولم تشهد البلاد أزمتها التالية إلا في أغسطس 2007.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت تجربة الولايات المتحدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هي الأكثر إثارة للاهتمام.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كان لديها بنكان مركزيان في أوائل القرن التاسع عشر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بنك الولايات المتحدة (1791-1811) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبنك الولايات المتحدة الثاني (1816-1836). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تم إنشاء كليهما على نموذج بنك إنجلترا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن على النقيض من البريطانيين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كان الأمريكيون يحملون عدم ثقة عميقة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في أي تركيز للسلطة المالية بشكل عام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي البنوك المركزية بشكل خاص، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لذلك في كل حالة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت المواثيق لم يتم تجديدها.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأعقب ذلك فترة 80 عامًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اتسمت بقدر كبير من عدم الاستقرار المالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بين عام 1836 وبداية الحرب الأهلية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> - وهي الفترة المعروفة باسم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عصر الخدمات المصرفية المجانية </span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سمحت الولايات بالدخول المجاني الافتراضي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى الخدمات المصرفية مع الحد الأدنى من التنظيم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> طوال هذه الفترة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فشلت البنوك بشكل متكرر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وحدثت العديد من حالات الذعر المصرفية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان نظام المدفوعات غير فعال بشكل ملحوظ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع تداول الآلاف من الأوراق النقدية الحكومية المتباينة المظهر والمزيفة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">رداً على ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أنشأت الحكومة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> النظام المصرفي الوطني خلال الحرب الأهلية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وفي حين عمل النظام على تحسين كفاءة نظام المدفوعات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال توفير عملة موحدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تعتمد على الأوراق النقدية الوطنية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإنه لم يقدم مع ذلك مقرض الملاذ الأخير، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان العصر مليئا بالذعر المصرفي الشديد.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت أزمة 1907 بمثابة القشة التي قسمت ظهر البعير.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأدى ذلك إلى إنشاء الاحتياطي الفيدرالي في عام 1913، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي تم منحه ولاية توفير عملة موحدة ومرنة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(أي عملة من شأنها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تستوعب الحركات الموسمية والدورية والعلمانية في الاقتصاد) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والعمل كمقرض. الملاذ الأخير.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">نشأة أهداف البنوك المركزية الحديثة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قبل عام 1914، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لم تكن البنوك المركزية تولي أهمية كبيرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لهدف الحفاظ على استقرار الاقتصاد المحلي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد تغير هذا بعد الحرب العالمية الأولى، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما بدأوا يشعرون بالقلق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إزاء تشغيل العمالة، والنشاط الحقيقي، ومستوى الأسعار.</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يعكس هذا التحول تغيرًا في الاقتصاد السياسي للعديد من البلدان،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> حيث كان حق الاقتراع يتوسع، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت الحركات العمالية تتزايد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتم فرض القيود على الهجرة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في عشرينيات القرن العشرين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بدأ بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التركيز على الاستقرار الخارجي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> (وهو ما يعني مراقبة احتياطيات الذهب،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لأن الولايات المتحدة كانت لا تزال على معيار الذهب)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والإستقرار الداخلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(وهو ما يعني مراقبة الأسعار والإنتاج وتشغيل العمالة). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن طالما ظل معيار الذهب هو السائد،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ظلت الأهداف الخارجية هي المهيمنة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن المؤسف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن السياسة النقدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي انتهجها بنك الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أدت إلى مشاكل خطيرة في عشرينيات وثلاثينيات القرن العشرين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يتعلق الأمر بإدارة كمية النقود في البلاد،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> اتبع بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مبدأ يسمى مبدأ الفواتير الحقيقية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويزعم هذا المبدأ</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن كمية النقود المطلوبة في الاقتصاد من الطبيعي أن يتم توفيرها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما دامت البنوك الاحتياطية تقرض الأموال فقط </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تقدم البنوك أوراقًا تجارية مؤهلة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ذاتية التصفية للحصول على ضمانات.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مبدأ الفواتير الحقيقية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي نظرية تاريخية في الأعمال المصرفية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ترى أن البنوك يجب أن تشارك فقط في إقراض الشركات لأغراض إنتاجية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعادةً ما يكون ذلك مقابل ضمان الأوراق التجارية قصيرة الأجل (30-90 يومًا) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي تمثل مطالبات بالسلع الحقيقية في عملية إنتاج.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت إحدى النتائج الطبيعية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لمبدأ الفواتير الحقيقية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي أن بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا ينبغي له أن يسمح للإقراض المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لتمويل المضاربة في سوق الأوراق المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو ما يفسر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لماذا اتبع بنك الاحتياطي الفيدرالي سياسة متشددة في عام 1928 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لتعويض طفرة وول ستريت. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أدت هذه السياسة إلى بداية الركود في أغسطس 1929 والانهيار في أكتوبر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ثم، في مواجهة سلسلة من الذعر المصرفي بين عامي 1930 و 1933، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فشل بنك الاحتياطي الفيدرالي في العمل كمقرض الملاذ الأخير. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ونتيجة لذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> انهار المعروض النقدي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأعقب ذلك انكماش وكساد هائلان. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد أخطأ بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن مبدأ الفواتير الحقيقية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">دفعه إلى تفسير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أسعار الفائدة الاسمية المنخفضة القصيرة الأجل السائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">باعتبارها إشارة إلى السهولة النقدية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان يعتقد أن البنوك لا تحتاج إلى الأموال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن قِلة قليلة من البنوك الأعضاء </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي التي لجأت إلى نافذة الخصم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد الكساد الكبير،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أعيد تنظيم نظام الاحتياطي الفيدرالي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وقد نقلت القوانين المصرفية لعامي 1933 و 1935 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">السلطة بشكل نهائي من البنوك الاحتياطية إلى مجلس المحافظين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالإضافة إلى ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أصبح بنك الاحتياطي الفيدرالي تابعاً للخزانة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استعاد بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استقلاله عن وزارة الخزانة في عام 1951، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندها بدأ في اتباع سياسة متعمدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لمواجهة التقلبات الدورية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تحت إدارة ويليام ماتشيسني مارتن. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">خلال الخمسينيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت هذه السياسة ناجحة جدًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في تخفيف العديد من حالات الركود </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والحفاظ على التضخم المنخفض</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في ذلك الوقت، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت الولايات المتحدة والدول المتقدمة الأخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> جزءًا من نظام بريتون وودز،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والذي بموجبه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ربطت الولايات المتحدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الدولار بالذهب عند 35 دولارًا للأونصة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وربطت الدول الأخرى بالدولار. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ربما يكون الارتباط بالذهب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد حمل بعض مصداقية المثبت الاسمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وساعد في إبقاء التضخم منخفضًا.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تغيرت الصورة بشكل كبير في الستينيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما بدأ بنك الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في اتباع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سياسة أكثر نشاطا لتحقيق الاستقرار. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي هذا العقد حولت أولوياتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من التضخم المنخفض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى ارتفاع معدلات تشغيل العمالة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تشمل الأسباب المحتملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تبني الأفكار الكينزية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والاعتقاد بمفاضلة منحنى فيليبس بين التضخم والبطالة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت نتيجة التحول في السياسة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي تراكم الضغوط التضخمية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">منذ أواخر الستينيات وحتى نهاية السبعينيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا تزال أسباب التضخم الكبير قيد المناقشة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن هذه الحقبة مشهورة باعتبارها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واحدة من الفترات المنخفضة الأداء في تاريخ بنك الاحتياطي الفيدرالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واختفى التأثير التقييدي للمثبت الاسمي(معيار الذهب)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعلى مدى العقدين التاليين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ارتفعت توقعات التضخم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وانتهى التضخم مع العلاج بالصدمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي قدمه بول فولكر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في الفترة من عام 1979 إلى عام 1982، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والذي تضمن </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تشديد السياسة النقدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ورفع أسعار الفائدة إلى أرقام مضاعفة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأدت صدمة فولكر إلى ركود حاد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكنها نجحت في كسر ظهر توقعات التضخم المرتفعة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي العقود التالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">انخفض التضخم بشكل ملحوظ وظل منخفضًا منذ ذلك الحين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">منذ أوائل التسعينيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اتبع بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سياسة استهداف التضخم الضمني، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">باستخدام سعر الفائدة على الأموال الفيدرالية كأداة سياسية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي كثير من النواحي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن نظام السياسات المتبع حالياً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يعكس مبدأ قابلية التحويل لمعيار الذهب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بمعنى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن عامة الناس أصبحوا يؤمنون </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بمصداقية التزام بنك الاحتياطي الفيدرالي بالتضخم المنخفض.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت القوة الرئيسية في تاريخ البنوك المركزية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي استقلال البنك المركزي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت البنوك المركزية الأصلية خاصة ومستقلة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد اعتمدوا على الحكومة للحفاظ على مواثيقهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكنهم كانوا أحرارًا في اختيار أدواتهم وسياساتهم. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت أهدافهم مقيدة بقابلية تحويل الذهب. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي القرن العشرين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تم تأميم أغلب هذه البنوك المركزية وفقدت استقلالها بالكامل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت السلطات المالية تملي سياساتها. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استعاد بنك الاحتياطي الفيدرالي استقلاله بعد عام 1951، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكن استقلاله ليس مطلقا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويجب أن يقدم تقريرًا إلى الكونجرس، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي يتمتع في النهاية بسلطة تغيير قانون الاحتياطي الفيدرالي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واضطرت البنوك المركزية الأخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى الانتظار حتى التسعينيات لاستعادة استقلالها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الاستقرار المالي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك دور متزايد الأهمية للبنوك المركزية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو الاستقرار المالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان تطور هذه المسؤولية مماثلاً في مختلف البلدان المتقدمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي عصر معيار الذهب،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> طورت البنوك المركزية وظيفة مقرض الملاذ الأخير، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في أعقاب</span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> قاعدة باجيت. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لكن الأنظمة المالية أصبحت غير مستقرة بين الحربين العالميتين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع انتشار الأزمات المصرفية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في أوائل عشرينيات وثلاثينيات القرن العشرين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت تجربة بنك الاحتياطي الفيدرالي هي الأسوأ. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت الاستجابة للأزمات المصرفية في أوروبا في ذلك الوقت </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتلخص بشكل عام في إنقاذ البنوك المتعثرة بأموال عامة.</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد تبنت الولايات المتحدة هذا النهج لاحقًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع مؤسسة تمويل إعادة الإعمار، ولكن على نطاق محدود. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد الكساد الكبير، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنشأت كل دولة شبكة أمان مالي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتألف من التأمين على الودائع</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والتنظيمات الصارمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التي شملت </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سقوف أسعار الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وجدران الحماية بين المؤسسات المالية والتجارية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ونتيجة لذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لم تكن هناك أزمات مصرفية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">منذ أواخر الثلاثينيات وحتى منتصف السبعينيات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في أي مكان في العالم المتقدم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد تغير هذا بشكل كبير في السبعينيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لقد أدى التضخم الكبير إلى تقويض أسقف أسعار الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وألهم الابتكارات المالية المصممة للتحايل على الأسقف والقيود الأخرى. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأدت هذه الابتكارات إلى رفع القيود التنظيمية وزيادة المنافسة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعاد عدم الاستقرار المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إلى الظهور في الولايات المتحدة وخارجها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مع أمثلة من الاضطرابات المالية واسعة النطاق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فشل شركة فرانكلين ناشيونال في عام 1974 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وشركة كونتيننتال إلينوي في عام 1984، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأزمة المدخرات والقروض في الثمانينيات. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكان رد الفعل على هذه الاضطرابات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو إنقاذ البنوك التي اعتبرت أكبر من أن تفشل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو رد الفعل الذي من المرجح أن يزيد من احتمال حدوث خطر أخلاقي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وقد تم حل العديد من هذه القضايا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من خلال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قانون تحرير مؤسسات الإيداع والرقابة النقدية لعام 1980 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">واتفاقيات بازل الأولى،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي أكدت على الاحتفاظ برأس مال البنوك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كوسيلة لتشجيع السلوك الحكيم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهناك مشكلة أخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عادت إلى الظهور في العصر الحديث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مشكلة طفرات الأصول وكسادها.</span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">غالبًا ما ترتبط طفرات سوق الأوراق المالية والإسكان</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بمرحلة ازدهار دورة الأعمال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وغالبًا ما تؤدي فترات الركود إلى حدوث ركود اقتصادي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتتمثل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سياسة البنك المركزي التقليدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في عدم نزع فتيل فترات الازدهار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قبل أن تتحول إلى كساد خوفاً من إثارة الركود، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بل يجب الرد بعد حدوث الركود </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتوفير سيولة كافية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لحماية المدفوعات والأنظمة المصرفية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كانت هذه هي السياسة التي اتبعها آلان جرينسبان </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد انهيار سوق الأسهم عام 1987. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وكانت أيضًا السياسة المتبعة لاحقًا في الأزمات المالية الأولية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في التسعينيات والعقد الأول من القرن الحادي والعشرين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن الناحية المثالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ينبغي للسياسات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن تعمل على إزالة السيولة الفائضة بمجرد انتهاء خطر الأزمة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تحديات المستقبل</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إن التحدي الرئيسي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي أرى أنه يواجه البنوك المركزية في المستقبل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سوف يتمثل في إيجاد التوازن بين أهدافها السياسية الثلاثة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الهدف الأساسي للبنك المركزي هو توفير استقرار الأسعار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">(يُنظر إليه حاليًا على أنه تضخم منخفض على مدى فترة طويلة المدى). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهذا الهدف يحتاج إلى مصداقية للعمل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبعبارة أخرى،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يحتاج الناس إلى الاعتقاد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بأن البنك المركزي سوف يشدد سياسته إذا كان التضخم يهدد.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وهذا الاعتقاد يحتاج إلى دعم بالأفعال. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كان هذا هو الحال في منتصف السبعينيات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> عندما قام بنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بتشديد السياسة النقدية استجابةً لمخاوف التضخم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> يمكن تعزيز مثل هذه الإستراتيجية بشكل كبير من خلال التواصل الجيد.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والهدف السياسي الثاني هو استقرار ونمو الاقتصاد الحقيقي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وتشير أدلة كثيرة إلى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن انخفاض التضخم يرتبط بتحسن النمو والأداء العام للاقتصاد الكلي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لا تزال الصدمات الكبيرة تحدث، مما يهدد بإخراج الاقتصاد عن مسار النمو. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما تهدد مثل هذه المواقف، تشير الأبحاث أيضًا إلى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن البنك المركزي يجب أن يبتعد مؤقتًا عن هدف التضخم على المدى الطويل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأن يخفف السياسة النقدية للتعويض عن قوى الركود. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">علاوة على ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إذا كان وكلاء السوق يؤمنون</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بمصداقية التزام البنك المركزي بانخفاض التضخم في الأمد البعيد،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فإن خفض أسعار الفائدة الرسمية لن يولد توقعات تضخم مرتفعة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبمجرد تجنب الركود أو الانتهاء من مساره، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يحتاج البنك المركزي إلى رفع أسعار الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والعودة إلى هدف التضخم المنخفض.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والهدف الثالث للسياسة هو الاستقرار المالي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد أظهرت الأبحاث أنه سوف يتحسن أيضاً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> </span><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بيئة تتسم بانخفاض التضخم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من أن بعض الاقتصاديين يزعمون </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن طفرات أسعار الأصول تولد في مثل هذه البيئة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وفي حالة حدوث أزمة مالية وشيكة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">كتلك التي شهدناها للتو في أغسطس/آب 2007، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن وجهة النظر الحالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تتلخص في أن مسار السياسة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> لابد أن يكون توفير كل ما هو مطلوب من السيولة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لتهدئة مخاوف سوق المال.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ويُنظر إلى نافذة الخصم المفتوحة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقبول أي ضمانات سليمة يتم تقديمها على أنها الوصفة الصحيحة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">علاوة على ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ينبغي تقديم الأموال بسعر جزائي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد اتبع بنك الاحتياطي الفيدرالي هذه القواعد في سبتمبر 2007، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على الرغم من أنه من غير الواضح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ما إذا كانت الأموال قد تم توفيرها بمعدل جزائي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> وبمجرد انتهاء الأزمة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو ما يتم عادة في غضون أيام أو أسابيع، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يتعين على البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إزالة السيولة الفائضة والعودة إلى هدف التضخم.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اتبع الاحتياطي الفيدرالي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هذه الإستراتيجية بعد عام 2000. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندما لم تحدث أزمة مالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سارع إلى سحب الكمية الهائلة من السيولة التي قدمها. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">على النقيض من ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بعد توفير الأموال في أعقاب هجمات 11 سبتمبر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والكساد التكنولوجي في عام 2001، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سمح للأموال الإضافية بالبقاء في سوق المال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بمجرد انتهاء التهديد بالأزمة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولو لم يتم إمداد الأسواق بهذا القدر الكبير من السيولة لفترة طويلة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فما كانت أسعار الفائدة لتظل منخفضة في الأعوام الأخيرة كما كانت، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وربما لم تكن طفرة الإسكان لتتوسع بالقدر الذي بلغته.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التحدي الثاني المرتبط بالأول </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو أن يواكب البنك المركزي الابتكارات المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي يمكن أن تعرقل الاستقرار المالي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تمثل الابتكارات في الأسواق المالية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تحديًا يجب التعامل معه، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنها تمثل محاولات للتحايل على التنظيم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">بالإضافة إلى تقليل تكاليف المعاملات وتعزيز الرفع المالي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وتشكل أزمة الرهن العقاري الثانوي الأخيرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثالاً واضحاً على هذا الخطر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث أن العديد من المشاكل كانت ناجمة عن المشتقات المالية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> التي تم إنشاؤها لربط قروض الرهن العقاري </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ذات الجودة المشكوك فيها بأخرى أكثر سلامة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حتى يصبح من الممكن</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تفريغ الأدوات من الميزانيات العمومية للبنوك التجارية والاستثمارية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وربما أدت هذه الاستراتيجية، المصممة لتبديد المخاطر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">إلى نتائج عكسية بسبب غموض الأدوات الجديدة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتحدي الثالث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي يواجه بنك الاحتياطي الفيدرالي بشكل خاص</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> هو ما إذا كان ينبغي له </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يتبنى هدفاً صريحاً لاستهداف التضخم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مثل بنك إنجلترا، وبنك كندا، وغيرهما من البنوك المركزية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومزايا القيام بذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هي أنه يبسط السياسة ويجعلها أكثر شفافية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> مما يسهل التواصل مع الجمهور ويعزز المصداقية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قد يكون من الصعب الجمع بين هدف واضح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتفويض المزدوج لبنك الاحتياطي الفيدرالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المتمثل في استقرار الأسعار وارتفاع معدلات تشغيل العمالة.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ويتمثل التحدي الرابع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي يواجه كافة البنوك المركزية في وضع العولمة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والتطورات الأخرى على جانب العرض في الاعتبار، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عدم الاستقرار السياسي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأسعار النفط </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وغير ذلك من الصدمات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والتي تقع خارج نطاق سيطرتها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولكنها قد تؤثر على الأسعار العالمية والمحلية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 18pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التحدي الأخير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الذي أود أن أذكره </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو ما إذا كان ينبغي استبدال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استهداف التضخم الضمني أو الصريح</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> باستهداف مستوى الأسعار، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">حيث يتم إبقاء التضخم عند مستوى الصفر في المائة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وقد أظهرت الأبحاث</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن مستوى السعر قد يكون الهدف الأفضل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأنه يتجنب مشكلة انجراف القاعدة (حيث يُسمح للتضخم بالتراكم)،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> كما أنه ينطوي على قدر أقل من عدم اليقين بشأن الأسعار في الأمد البعيد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والعيب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هو أن صدمات الركود قد تسبب الانكماش، حيث ينخفض مستوى الأسعار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> ولا ينبغي لهذا الاحتمال أن يشكل مشكلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذا كان المرتكز الاسمي جديراً بالمصداقية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن عامة الناس سوف يدركون</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أن فترات التضخم والانكماش هي فترات عابرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وأن الأسعار سوف تعود دائماً إلى متوسطها، أي نحو الاستقرار.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومن غير المرجح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يتم اعتماد مثل هذه الإستراتيجية في المستقبل القريب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لأن البنوك المركزية تشعر بالقلق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من أن الانكماش قد يخرج عن نطاق السيطرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أو يرتبط بالركود بسبب الجمود الاسمي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وبالإضافة إلى ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">فإن التحول سوف يشمل خفض توقعات التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">من المستوى الحالي البالغ حوالي 2 في المائة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهو ما قد ينطوي على الأرجح على هندسة الركود عمداً - </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وهي سياسة من غير المرجح أن تحظى بشعبية على الإطلاق.</span></p><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.clevelandfed.org/publications/economic-commentary/2007/ec-20071201-a-brief-history-of-central-banks" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://www.clevelandfed.org/publications/economic-commentary/2007/ec-20071201-a-brief-history-of-central-banks</span></a></p><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-20220731334381112252023-12-09T23:46:00.000+03:002023-12-09T23:46:19.385+03:00الفرق بين مؤشر (PCE) ومؤشر (CPI) للتضخم<span style="font-family: arial; font-size: medium;">الفرق بين</span><div><span style="font-family: arial; font-size: medium;">مؤشر أسعار نفقات الاستهلاك الشخصي (PCE) <br />ومؤشر أسعار المستهلك (CPI)<br /></span><div><span style="font-family: arial; font-size: medium;"><br />هما مؤشرين اقتصاديين مهمين <br />يقيسان التغيرات في أسعار السلع والخدمات التي يستهلكها الأسر.</span></div><div><span style="font-family: arial; font-size: medium;"><br />ومع ذلك، </span></div><div><span style="color: #cc0000; font-family: arial; font-size: medium;">هناك بعض الاختلافات الرئيسية بين المؤشرين.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><span style="color: #cc0000;">أولا:المجال</span><br />يقيس مؤشر PCE أسعار مجموعة أوسع من السلع والخدمات من مؤشر CPI.<br /> يشمل مؤشر PCE السلع والخدمات التي تشتريها المؤسسات غير الربحية التي تخدم الأسر،<br /> بالإضافة إلى تلك التي تشتريها الأسر لاستخدامها الخاص. <br />من ناحية أخرى،<br /> يقيس مؤشر CPI فقط أسعار السلع والخدمات التي تشتريها الأسر لاستخدامها الخاص.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><span style="color: #cc0000;">ثانيا:المكونات</span><br />يختلف مؤشر PCE ومؤشر CPI أيضًا في المكونات المحددة التي يشملونها.<br /> يشمل مؤشر PCE مجموعة أوسع من السلع والخدمات، <br />مثل<br /> السلع المعمرة، والسلع غير المعمرة، والخدمات. <br />من ناحية أخرى، <br />يركز مؤشر CPI بشكل أكبر على فئات محددة من السلع والخدمات،<br /> مثل<br /> الطعام، والإسكان، والنقل، والرعاية الصحية.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><span style="color: #cc0000;">ثالثا:معالجة الإنفاق الحكومي</span><br />يختلف مؤشر PCE ومؤشر CPI أيضًا في الطريقة التي يتعاملون بها مع الإنفاق الحكومي. <br />يشمل مؤشر PCE الإنفاق الحكومي على السلع والخدمات كجزء من مقياس التضخم العام. <br />من ناحية أخرى، يستبعد مؤشر CPI الإنفاق الحكومي من حساب التضخم.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><span style="color: #cc0000;">رابعا:الترجيح</span><br />يختلف مؤشر PCE ومؤشر CPI أيضًا <br />في الطريقة التي يوازنون بها أسعار السلع والخدمات المختلفة. <br />يستخدم مؤشر PCE أوزانًا تستند إلى أنماط الإنفاق الفعلية للأسر. <br />من ناحية أخرى، <br />يستخدم مؤشر CPI أوزانًا تستند إلى سلة ثابتة من السلع والخدمات.<br />خامسا:الاستخدام من قبل الاحتياطي الفيدرالي<br />يستخدم الاحتياطي الفيدرالي مؤشر PCE كمقياس التضخم المفضل لديه.<br /> يستخدم الاحتياطي الفيدرالي أيضًا مؤشر CPI،<br /> ولكنه يعتبره مقياسًا أقل دقة للتضخم <br />لأنه لا يشمل الإنفاق الحكومي لأنه يستخدم أوزانًا ثابتة.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><span style="color: #cc0000;">بشكل عام</span><br />يعد مؤشر PCE ومؤشر CPI كلاهما مؤشرات اقتصادية مهمة،<br /> لكنهما يختلفان<br /> في مجالهما، ومكوناتهما، ومعالجة الإنفاق الحكومي، والترجيح، <br />واستخدامهما من قبل الاحتياطي الفيدرالي. <br />يُعتبر مؤشر PCE مقياسًا أكثر شمولاً للتضخم من مؤشر CPI، <br />لكن مؤشر CPI لا يزال يستخدمه الاحتياطي الفيدرالي وغيره من صانعي السياسات.</span></div><div style="text-align: right;"><span style="font-family: arial;"><br />What Is the Difference Between the PCE Price Index and the Consumer Price Index?</span></div></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-4945990416948269822023-12-09T23:37:00.003+03:002023-12-09T23:37:38.421+03:00المعادلة المحاسبية وطبيعة الحساب او الرصيد الطبيعي للحساب<p> <span id="docs-internal-guid-cb89cf27-7fff-cb15-69a1-e1c22db8af2c"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Normal Balance and the Accounting Equation</span></span></p><p><span style="font-family: Arial, sans-serif;"><span style="font-size: 18.6667px; white-space-collapse: preserve;"><b><br /></b></span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY6GBDklx2BoUrReZ6seDeffs4YvQ1Bf-YrWwkrwj488vo-Q6wyZ3IlORDv7UJKzNnQPTnws-WRyF4FZ3Aw6Q8GLJtCzVUwuHPxS1MfV3KN31Bv2ifAiUdUn4U3VVKTHC149T6YlcZZtlyD-MI77crkmsiaDYRmEHBDzo8-dNAQs9HuxgHffGb2kLpqOAn/s458/normal%20balances.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="المعادلة المحاسبية وطبيعة الحساب او الرصيد الطبيعي للحساب" border="0" data-original-height="373" data-original-width="458" height="522" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY6GBDklx2BoUrReZ6seDeffs4YvQ1Bf-YrWwkrwj488vo-Q6wyZ3IlORDv7UJKzNnQPTnws-WRyF4FZ3Aw6Q8GLJtCzVUwuHPxS1MfV3KN31Bv2ifAiUdUn4U3VVKTHC149T6YlcZZtlyD-MI77crkmsiaDYRmEHBDzo8-dNAQs9HuxgHffGb2kLpqOAn/w640-h522/normal%20balances.png" title="Normal Balance and the Accounting Equation" width="640" /></a></div><br /><p></p><p><b>اعداد الاقتصاد بعيون الخبراء</b></p><p><b>9-12-2023</b></p>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-21795447822324002032023-12-02T13:27:00.004+03:002023-12-02T13:27:44.050+03:00تزوير التاريخ<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">هو تغيير الحقائق التاريخية أو إخفاؤها عمدًا </span></p><span id="docs-internal-guid-c8664c3d-7fff-b19a-b9ba-5624fe789a2f"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بهدف تعزيز وجهة نظر معينة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو تحقيق أهداف سياسية أو أيديولوجية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يحدث تزوير التاريخ في مجموعة متنوعة من الأشكال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **اختراع الأحداث أو الأشخاص:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للمرء أن يخترع أحداثًا أو أشخاصًا لم تحدث أو لم يكونوا موجودين أبدًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثم ينسبها إلى تاريخ حقيقي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تشويه الأحداث أو الأشخاص:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للمرء أن يغير أو يشوه الأحداث أو الأشخاص الحقيقيين،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما يعطي انطباعًا خاطئًا عن ما حدث.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **إخفاء المعلومات:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للمرء أن يخفي المعلومات التاريخية المهمة عن الجمهور،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما يمنع الناس من معرفة الحقيقة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون تزوير التاريخ له عواقب وخيمة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يؤدي إلى تشويه الإدراك العام للأحداث التاريخية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يجعل من الصعب فهم العالم من حولنا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يؤدي أيضًا إلى التمييز والصراع، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث يستخدم الأشخاص التاريخ المزوَّر لتبرير مواقفهم أو أفعالهم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك العديد من الأسباب التي تجعل الناس يزورون التاريخ. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون ذلك لتحقيق أهداف سياسية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تعزيز شرعية حكومة أو مجموعة معينة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون ذلك أيضًا لأغراض أيديولوجية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مثل الترويج لفكرة معينة أو وجهة نظر. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في بعض الأحيان، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يكون تزوير التاريخ مجرد سعي وراء الشهرة أو الربح.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الصعب تحديد مدى انتشار تزوير التاريخ.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الواضح أنه يحدث بانتظام في جميع أنحاء العالم. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك العديد من الأمثلة على تزوير التاريخ في التاريخ الحديث،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **استخدام الدعاية النازية لتشويه التاريخ الألماني خلال الحرب العالمية الثانية.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **استخدام الدعاية الأمريكية لتبرير حرب فيتنام.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **استخدام الدعاية الصينية لتبرير القمع السياسي في الصين.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون من الصعب اكتشاف تزوير التاريخ. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هناك بعض العلامات التي يمكن أن تساعد في تحديده، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثل:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **عدم وجود أدلة موثوقة لدعم الادعاءات.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تناقض الادعاءات مع الأدلة التاريخية المعروفة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **وجود دوافع أيديولوجية أو سياسية وراء الادعاءات.**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن نكون على دراية بإمكانية تزوير التاريخ</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وأن نكون قادرين على التمييز بين الحقيقة والخيال.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكننا القيام بذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من خلال دراسة مجموعة متنوعة من المصادر التاريخية وتقييمها بعناية.</span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذه نصائح جيدة لتجنب الوقوع ضحية تزوير التاريخ. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن تكون على دراية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالخلفية الأيديولوجية والموقفية للأشخاص الذين يكتبون عن التاريخ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وكذلك مصادر المعلومات التي يستخدمونها. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أيضًا أن تكون قادرًا على تحليل المصادر التاريخية بشكل نقدي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأن تكون على دراية بالسياق التاريخي للأحداث التي تدرس.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فيما يلي بعض التفاصيل الإضافية حول كل نصيحة:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **كن على دراية بالايديولوجيات والمواقف التي قد تدفع الناس إلى تزوير التاريخ.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من المهم أن تدرك أن الناس قد يزورون التاريخ لأسباب مختلفة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك تعزيز موقف سياسي أو أيديولوجي معين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو خلق صورة تاريخية أكثر ملاءمة للمجموعة أو الفرد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو لتبرير أو إخفاء جريمة أو خطأ ما. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما تقرأ عن التاريخ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن تفكر في الدوافع المحتملة للمؤلف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **كن على دراية بمصادر المعلومات التاريخية الخاصة بك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتأكد من التحقق من المعلومات من مصادر متعددة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ليس كل شيء تقرأه عن التاريخ صحيحًا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن تتحقق من المعلومات من مصادر متعددة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك المصادر الأولية والثانوية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> المصادر الأولية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هي تلك التي كتبها شهود عيان للأحداث التي يتحدثون عنها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل الوثائق الرسمية والرسائل والسجلات.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> المصادر الثانوية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هي تلك التي كتبها أشخاص لم يشهدوا الأحداث التي يتحدثون عنها،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مثل الكتب والمقالات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تعلم كيفية تحليل المصادر التاريخية.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من المهم أن تكون قادرًا على تحليل المصادر التاريخية بشكل نقدي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هذا يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن تكون قادرًا على تحديد تحيزات المؤلف وأهدافه، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتقييم مصداقية المعلومات المقدمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكنك القيام بذلك من خلال طرح الأسئلة التالية على نفسك:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * من هو المؤلف؟ ما هي خلفيته الأيديولوجية والموقفية؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * ما هي أهداف المؤلف في كتابة هذا العمل؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * ما هي المصادر التي استخدمها المؤلف؟ هل هي مصادر موثوقة؟</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> * هل هناك أي تحيزات أو أخطاء واضحة في العمل؟</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **كن على دراية بالسياق التاريخي للأحداث التي تدرس.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا يمكن فهم الأحداث التاريخية بمعزل عن السياق التاريخي الذي حدثت فيه. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن تكون على دراية بالأحداث التي سبقت واعقبت الحدث الذي تدرس،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وكذلك بالظروف الاجتماعية والسياسية والاقتصادية التي كانت سائدة في ذلك الوقت.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **كن متشككًا في المعلومات التي تبدو غير منطقية أو متناقضة.**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا قرأت شيئًا يبدو غير منطقي أو متناقضًا، فمن المهم أن تكون متشككًا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد يكون ذلك علامة على تزوير التاريخ.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من المهم أن نتذكر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن التاريخ ليس مجرد سرد للأحداث الماضية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إنه أيضًا تفسير للأحداث تلك.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون تزوير التاريخ وسيلة لتغيير الطريقة التي نرى بها العالم من حولنا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من خلال اتباع النصائح المذكورة أعلاه،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكنك المساعدة في حماية نفسك من الوقوع ضحية تزوير التاريخ.</span></p><br /><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-48649084033023957902023-11-16T00:05:00.004+03:002023-11-16T00:05:27.217+03:00استهداف أسعار الأصول المالية و استهداف التضخم<p> <span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">هذا التوجه برز في أعقاب الأزمة المالية العالمية لعام 2008، </span></p><span id="docs-internal-guid-f1a3d3b6-7fff-22a2-86c3-9bfcc4968409"><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي أظهرت أن التركيز على السيطرة على التضخم فقط </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد لا يكون كافياً لتحقيق الاستقرار الاقتصادي الكلي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فقد أدى التوسع النقدي المفرط في الولايات المتحدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى ارتفاع أسعار الأصول المالية، مما أدى إلى فقاعة عقارية وأزمة مالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يعتقد مؤيدو استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أنه يمكن أن يساعد على منع حدوث مثل هذه الأزمات في المستقبل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فعن طريق السيطرة على أسعار الأصول المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن للبنوك المركزية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن تساعد على منع التقلبات المفرطة في الأسواق المالية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مما يمكن أن يحد من المخاطر على الاقتصاد الكلي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هناك عدة أنواع من استهداف أسعار الأصول المالية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أحد أكثر الأنواع شيوعاً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو استهداف عائدات سندات الحكومة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعني هذا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن البنك المركزي يهدف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى الحفاظ على عائدات سندات الحكومة عند مستوى معين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهناك نوع آخر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو </span><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استهداف مؤشر أسعار الأصول المالية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعني هذا أن البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يهدف إلى الحفاظ على مؤشر أسعار الأصول المالية عند مستوى معين.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هناك بعض الانتقادات لاستهداف أسعار الأصول المالية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أحد الانتقادات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هو أنه قد يكون أكثر صعوبة من استهداف التضخم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فأسعار الأصول المالية أكثر تقلبًا من أسعار السلع والخدمات،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما يجعل من الصعب على البنوك المركزية التحكم فيها. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهناك انتقاد آخر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هو أن استهداف أسعار الأصول المالية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قد يؤدي إلى انخفاض معدلات النمو الاقتصادي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فعندما يرفع البنك المركزي أسعار الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لمنع ارتفاع أسعار الأصول المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فقد يؤدي ذلك إلى كبح النشاط الاقتصادي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يزال استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">اتجاهًا متزايدًا في البنوك المركزية حول العالم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فقد أعلنت عدة بنوك مركزية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك البنك المركزي الأوروبي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عن خططها للتحول إلى استهداف أسعار الأصول المالية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا الاتجاه يستند إلى مجموعة من الحجج، منها:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ليس الهدف الوحيد للسياسة النقدية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بل يجب أن يشمل ذلك أيضاً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استقرار النظام المالي والنشاط الاقتصادي الكلي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي مؤشرات جيدة لحالة الاقتصاد الكلي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويمكن أن تساعد البنوك المركزية في تحديد المخاطر المحتملة للنظام المالي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يساعد البنوك المركزية في تحقيق أهدافها بشكل أكثر فعالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن الأمثلة على البنوك المركزية التي تستهدف أسعار الأصول المالية:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* البنك المركزي الأوروبي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* البنك المركزي الياباني</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* البنك المركزي الكندي</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، هناك أيضاً بعض الحجج المعارضة لهذا الاتجاه، منها:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يكون صعباً ومعقداً، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتطلب من البنوك المركزية أن تتمتع بقدرات تحليلية قوية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن يؤدي إلى مزيد من عدم اليقين في الأسواق المالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي النهاية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن الجدل حول استهداف أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو جدل مستمر، ولا توجد إجابة واحدة واضحة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**اتجاه استهداف أسعار الأصول المالية**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الآونة الأخيرة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> برز اتجاه يدعو البنوك المركزية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى</span><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> استهداف أسعار الأصول المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مثل أسعار السندات والفائدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويستند هذا الاتجاه إلى مجموعة من الحجج، منها:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن أسعار الأصول المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي مؤشرات جيدة لحالة الاقتصاد الكلي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فعندما ترتفع أسعار الأصول المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن ذلك يشير إلى ارتفاع الطلب على الاستثمار ونمو الاقتصاد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أن استهداف أسعار الأصول المالية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يساعد على منع الأزمات المالية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فعندما ترتفع أسعار الأصول المالية بشكل مفاجئ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن ذلك يمكن أن يؤدي إلى انهيار النظام المالي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعتقد أنصار هذا الاتجاه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن الانتقال من مفهوم السيطرة على التضخم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى استقرار أداء النظام المالي والنشاط الاقتصادي الكلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو أمر ضروري لتحقيق الاستقرار الاقتصادي الشامل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">**مزايا وعيوب استهداف أسعار الأصول المالية**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لاستهداف أسعار الأصول المالية مزايا وعيوب.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فمن المزايا:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أنه يمكن أن يساعد على منع الأزمات المالية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أنه يمكن أن يدعم النمو الاقتصادي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن العيوب:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أنه قد يكون أقل فاعلية في تحقيق الاستقرار النقدي من استهداف التضخم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* أنه قد يكون أكثر تعقيداً من استهداف التضخم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**مستقبل استهداف أسعار الأصول المالية**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يزال اتجاه استهداف أسعار الأصول المالية في بدايته، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن غير الواضح ما إذا كان سيستمر في التوسع أم لا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومع ذلك، فإن هذا الاتجاه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يحظى باهتمام متزايد من قبل البنوك المركزية في جميع أنحاء العالم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**الرأي الشخصي**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أعتقد أن استهداف أسعار الأصول المالية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يكون أداة مفيدة لتحقيق الاستقرار الاقتصادي الشامل.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومع ذلك، يجب أن يتم استخدامه بحذر، مع الأخذ في الاعتبار مزاياه وعيوبه.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أعتقد أنه من المهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن تظل البنوك المركزية ملتزمة بأهدافها الأساسية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وهي تحقيق الاستقرار النقدي ودعم النمو الاقتصادي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب أن تكون البنوك المركزية أيضاً </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مستعدة للتكيف مع التغيرات في الظروف الاقتصادية.</span></p><div><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-73964104115857413842023-11-14T14:39:00.005+03:002023-11-14T14:39:47.011+03:00 **الاحتكار المزدوج** <p><span style="font-family: arial; font-size: large; white-space-collapse: preserve;">هو هيكل سوق يجمع </span></p><span id="docs-internal-guid-44ca0593-7fff-4140-3393-5109308b7d82"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">بين القوة الاحتكارية على جانب البيع (أي بائع واحد) </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">وقوة احتكار الشراء على جانب الشراء (أي مشترٍ واحد). </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">هذا يعني</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> أنه لا يوجد سوى بائع واحد ومشتري واحد في السوق، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ولكل منهما القدرة على ممارسة تأثير كبير على السعر والإنتاج.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">الاحتكارات المزدوجة نادرة نسبيًا، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ولكنها يمكن أن تحدث في مجموعة متنوعة من الصناعات، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">مثل:</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **أسواق العمل:**</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> يمكن أن يخلق اتحاد يمثل جميع العمال في صناعة معينة</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> وصاحب عمل واحد يوظف جميع هؤلاء العمال احتكارًا مزدوجًا.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **أسواق الزراعة:** </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">قد يكون لدى مشتري واحد، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">مثل سلسلة كبرى من محلات البقالة، قوة احتكار الشراء </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">على مجموعة من المزارعين</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> الذين يبيعون منتجاتهم لهذا المشتري.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **أسواق الدفاع:** </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">قد تكون الحكومة هي المشتري الوحيد لبعض المنتجات الدفاعية،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">مثل السفن الحربية أو الطائرات المقاتلة، من مورد واحد.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">في الاحتكار المزدوج، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">يكون لدى البائع والمشتري اعتمادًا متبادلًا. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">لا يمكن للبائع بيع منتجه لأي شخص آخر، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ولا يمكن للمشتري شراء المنتج من أي شخص آخر. </span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">هذا يمكن أن يؤدي إلى مجموعة متنوعة من النتائج، بما في ذلك:</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **المفاوضة:** </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">سيتعين على البائع والمشتري</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> التفاوض على سعر ومستوى إنتاج مقبول لكلا الطرفين.</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">سيعتمد نتيجة هذه المفاوضة على قوة التفاوض النسبية للجانبين.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **التواطؤ:**</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> قد يتواطأ البائع والمشتري</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> لتحديد سعر ومستوى إنتاج أعلى من المستوى التنافسي. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">هذا سيسمح لهم بتحقيق أرباح أعلى.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **تدخل الحكومة:**</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> قد تتدخل الحكومات في الاحتكارات المزدوجة لحماية المستهلكين والعمال. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">على سبيل المثال، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">قد تنظم الحكومة الأسعار أو تضع الحد الأدنى للأجور</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> في سوق عمل احتكاري مزدوج.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">## أمثلة الاحتكارات المزدوجة</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">فيما يلي بعض الأمثلة على الاحتكارات المزدوجة:</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **دوري البيسبول الرئيسي (MLB):</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">** MLB هي احتكار بائع واحد، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">حيث إنها المزود الوحيد لمباريات دوري البيسبول الرئيسية. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ومع ذلك،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> فإن اتحاد لاعبي MLB -MLBPA </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">هو احتكار مشترين واحد، حيث يمثل جميع اللاعبين في MLB.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **خدمة البريد الأمريكية (USPS):</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">** USPS هي احتكار حكومي على توصيل البريد من الدرجة الأولى. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ومع ذلك،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> فإن USPS هي مشترون احتكاريون لطوابع البريد،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> حيث إنها الكيان الوحيد الذي يمكنه بيع طوابع البريد.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">* **أسواق النفط:** </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">منظمة البلدان المصدرة للبترول (OPEC) </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">هي اتحاد من الدول المنتجة للنفط </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">التي تسيطر على حصة كبيرة من إمدادات النفط في العالم.</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> يمكن اعتبار OPEC احتكارًا بائعًا واحدًا،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> بينما يمكن اعتبار شركات النفط الفردية </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">مشترين احتكاريين للنفط من OPEC.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">## التحليل الاقتصادي للاحتكارات المزدوجة</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">بشكل عام، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">يمكن أن تؤدي الاحتكارات المزدوجة</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> إلى أسعار أعلى وإنتاج أقل</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> مما سيكون عليه الحال في ظل المنافسة. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">وذلك لأن البائع والمشتري لديهم القدرة على التواطؤ أو التفاوض </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">للوصول إلى نتيجة مفيدة لكلا الطرفين، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ولكنها ليست مفيدة للمستهلكين.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ومع ذلك،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> هناك بعض الفوائد المحتملة للاحتكارات المزدوجة. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">على سبيل المثال،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> يمكن أن تؤدي الاحتكارات المزدوجة إلى استقرار أكبر في السوق، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">حيث يتمتع البائع والمشتري باهتمام مشترك في الحفاظ على العلاقة. </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">بالإضافة إلى ذلك، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">يمكن أن تؤدي الاحتكارات المزدوجة في بعض الأحيان إلى كفاءة أكبر، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">حيث يمكن للبائع والمشتري تنسيق أنشطتهما لخفض التكاليف.</span></span></p><span style="font-family: arial; font-size: medium;"><br /></span><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">بشكل عام، </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">فإن التحليل الاقتصادي للاحتكارات المزدوجة معقد </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ويعتمد على الخصائص المحددة للسوق.</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">ومع ذلك،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> من المهم أن تكون على دراية </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;">بالعواقب السلبية المحتملة للاحتكارات المزدوجة،</span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-family: arial; font-size: medium;"> مثل الأسعار المرتفعة والإنتاج المنخفض.</span></span></p><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-36745514899539140402023-11-14T00:30:00.000+03:002023-11-14T00:30:10.081+03:00 مسائل حول سعر الصرف في العراق<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">الدكتور أحمد ابريهي علي </span></p><span id="docs-internal-guid-dac54e5d-7fff-7cdc-8d96-b1fae08dc0a3"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">26 كانون الثاني 2023</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا نقصد من هذا الشرح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مراجعة نظريات تحديد سعر الصرف أو ميزان المدفوعات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فهذه معروضة في كتاب الاقتصاد النقدي للباحث، الطبعة الثانية – إلكترونية؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأيضا عرضها كتاب الإقتصاد المالي الدولي والسياسة النقدية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">طبعة إلكترونية منه على موقع البنك المركزي ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كما تناولها الفصل الثالث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من كتاب التمويل وسوف الصرف والتنمية في اقتصاد نفطي، الطبعة الثانية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي ضوء التجربة العراقية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نعتمد مقاربة بسيطة لغير المختص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا تتعدى ادواتها مبادئ الإقتصاد</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالعلاقة مع ارتباك سوق الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتجاوز سعر السوق للسعر الرسمي بفارق كبير نهاية عام 2022 ومطلع عام 2023 . </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونؤكد على </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن سوق الصرف نظام يتحدد فيه السعر</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالعلاقة بين عرض معطى من العملة الأجنبية والطلب عليها ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويكاد يكون من المستحيل السيطرة المباشرة على مكونات الطلب على العملة الأجنبية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الطلب على العملة الأجنبية</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">شاع إستخدام تعبير العملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للدلالة على النقود في سوق الصرف والعلاقات المالية الدولية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">النقود بصفة عامة وسائل دفع وتسويات ومقياس للقيمة ووعاء لها ؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والنقود أصول، موجودات مالية إلى جانب الأسهم وأوراق الدين.... </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذا هي من مكونات الثروة لحائزيها . </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">النقود الوطنية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثروة للأفراد والقطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لكنها ليست ثروة وطنية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأنها مطلوبات على الجهاز المصرفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وهو من ضمن الاقتصاد الوطني. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اما النقود الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فهي جزء من ثروة الأفراد الحائزين لها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن مكونات الثروة الوطنية كونها مطلوبات على جهات أجنبية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فحتى لو ازدادت النقود الوطنية بقيمتها الحقيقية ، بقوتها الشرائية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا تمثل زيادة في الثروة الوطنية ؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بينما تزداد الثروة الوطنية بمقدار زيادة النقود الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي بحيازة القطاع الخاص او القطاع العام.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما يقال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الطلب على النقود، الوطنية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تنصرف الدلالة إلى الرصيد Stock</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> اي كل الموجود منها في لحظة زمنية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بينما ينصرف تعبير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الطلب على العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى تدفق Flow خلال مدة من الزمن. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">ولنستحضر الميزان الخارجي للاقتصاد الوطني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">، ميزان المدفوعات Balance of Payments ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نجد في جانب منه المقبوضات أو التدفقات الداخلة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي الجانب المقابل المدفوعات والتي تمثل الطلب على العملة الأجنبية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فما هي أصناف هذا الطلب:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">-- إستيرادات السلع والخدمات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتشمل الأخيرة الخدمات المرتبطة بالسلع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل الشحن والتأمين و خدمات صيرفة التجارة الخارجية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وخدمات أخرى منها السياحة والتعليم والعلاج وما إلى ذلك. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وضمن إستيراد السلع والخدمات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> البرامجيات والاشتراكات في شبكات الإتصال ... وسواها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> -- تحويلات دخل عناصر الإنتاج الأساسية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">منها أرباح الشركات وأجور العمال والخبراء الأجانب.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وتحويلات أخرى مثل التبرعات ورواتب التقاعد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومساعدات بين أعضاء الأسرة عبر الحدود وهكذا.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">-- تحويلات راسمالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي فقرة أصبحت صغيرة في التصنيف الأحدث </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حسب النظام الإحصائي لميزان المدفوعات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">-- صفقات الحساب المالي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي كثيرة ، منها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الإستثمار الأجنبي المباشر ؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استثمارات الحافظة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أسهم وسندات وما إليها ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإبداعات في المصارف الخارجية؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإضافة على رصيد العملة الأجنبية المحتفظ بها في الداخل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذه الأخيرة تعد ضمن الإستثمار في الخارج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كونها إضافة إلى رصيد المطلوبات على غير المقيمين.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فالأسرة العراقية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التي كانت تحتفظ بعشرة آلاف دولار نهاية عام 2022 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وزادت عليها خمسة آلاف أخرى خلال عام 2023 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذه الزيادة بحكم الإستثمار في الخارج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأنها مطلوبات على الإحتياطي الفدرالي الأمريكي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ما دام طلب القطاع العام على العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يوفّى مباشرة من الأرصدة الحكومية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يقتصر التحليل المختصر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على طلب القطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونافذة البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وسوق الصرف. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نلاحظ مكونات الطلب على العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تندرج في فئتين عريضتين: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">العمليات الجارية، الإستيرادات وتحويلات الدخل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذه مألوفة للناس ولا تثير إشكالات في المفاهيم والمشروعية؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وصفقات العمليات المالية، وهو النطاق محل الجدل والالتباس.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الصفقات المالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في جانب المدفوعات للميزان الخارجي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجمعها مفهوم الإستثمار في الخارج. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">القطاع الخاص يستثمر، أساسا، في الداخل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بإضافة إلى رأس المال تسمى تكوين رأس المال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويمكن إيراد المتطابقة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي توضح استثماره في الخارج، اي مدفوعات القطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الجزء الأسفل من ميزان المدفوعات دون الحساب الجاري، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وذلك للتذكير</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بأن ثمة محددات اقتصادية لاستثمار القطاع الخاص في الخارج.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استثمار القطاع الخاص في الخارج</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">=</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الادخار الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">– تكوين رأس المال في القطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">– إقراض القطاع الخاص للقطاع العام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">+ الإستثمار الأجنبي في القطاع الخاص.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">استثمار القطاع الخاص في الخارج </span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">= </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الادخار الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">- ( تكوين رأس المال في القطاع الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">+إقراض القطاع الخاص للقطاع العام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">-الإستثمار الأجنبي في القطاع الخاص).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبذا ينتفي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> استثمار القطاع الخاص في الخارج</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في حال التساوي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بين الادخار الخاص </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومحصلة مقادير المتغيرات بين القوسين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعندها يقتصر طلبه(القطاع الخاص) للعملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على تمويل العمليات الجارية اي الإستيرادات والتحويلات الجارية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تعتمد الإستيرادات من السلع والخدمات على الدخل ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يعبر عنه الناتج المحلي الإجمالي، بعلاقة طردية؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">و بعلاقة عكسية مع أسعار المستوردات ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وطردية مع أسعار بدائلها المحلية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أما التحويلات على الحساب الجاري </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فمنها ما يرتبط بحجم رؤوس الأموال الأجنبية في الداخل والعمالة الوافدة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعوامل أخرى ذات سلوك عشوائي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويبقى الاستثمار في الخارج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الذي يقيد دائما بالمتطابقة آنفا ؛ ويتحرك بما لا يتجاوز ذلك القيد،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بدلالة سعر الصرف الفوري ، وسعر الصرف المتوقع ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وسعر الفائدة الوطني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والعوائد على الإستثمار في القطاع الحقيقي الداخلي ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأسعار الفائدة في الخارج، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتضاف إليها المخاطر بمختلف أصنافها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يوضح الشكل (1)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن مبيعات النافذة قد تزايدت سريعا حتى نهاية عام 2011 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثم اتجهت نحو الاستقرار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو سلوك طبيعي يوصف بالعودة إلى الوسط أو التصحيح الذاتي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويبدو ان الاتجاه العام للمبيعات الشهرية بين عام 2012 و نهاية عام 2022 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أقرب إلى الخط الأفقي مع نزول طفيف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فلا يوجد ما يدعو إلى الخوف من تفجر الطلب على العملة الأجنبية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">خاصة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأن احتياطيات البنك المركزي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تصاعدت بمعدلات مرتفعة منذ نهوض سعر النفط</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والذي تزامن مع بقاء الإنفاق الحكومي مقيدا ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتبعا لذلك مستويات الطلب الكلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والمشتق منه على المستوردات سلعا وخدمات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لقد أحيط الطلب على العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالكثير من الخلط بين القانوني والاقتصادي والسياسي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولعله مما يساعد على تجاوز هذا الإلتباس </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إعادة الأمور إلى نصابها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بإلتزام التصنيف الإقتصادي للطلب على العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كما هو في النظام الإحصائي لميزان المدفوعات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتوقف عن حشر مفردات مثل السرقة ، التهريب، وما إلى ذلك. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بلغت المبيعات المتراكمة بين أكتوبر 2003 ونوفمبر 2022 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بملايين الدولارات 676431 أو تقریبا 676.4 مليار دولار ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وحسب تقديرات أجريتها قياسيا على بيانات دولية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أكثر هذه المبيعات للمستوردات من السلع والخدمات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقليل منها تحويلات جارية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أما الإستثمار في الخارج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والذي يوصف لدى البعض بالسلوك غير القانوني ولا أتفق معه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فلم يستغرق إلا القليل من المبالغ.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 478px; overflow: hidden; width: 621px;"><img alt="مسائل حول سعر الصرف في العراق" height="378" src="https://lh7-us.googleusercontent.com/6K1xJwRgOcIkEZcLXLbCFt9wgsdZdDLmV_yZ7ysXMlA_MkXCluTC12wVqNbbRhU8BDCF1NsOKSbnE170YnVICg_RC3BuKHRYJonEZ-eY6XS-UOvn-VbhSss_NTOQCVxqOvq-0wuSFop-YtKHSqOHR2o=w619-h378" style="margin-left: 0px; margin-top: 0px;" title="مسائل حول سعر الصرف في العراق" width="619" /></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوق الصرف ونظام سعر الصرف</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوق الصرف من الأسواق المالية ذات البعد الدولي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوق تداول العملات الأجنبية مع العملة الوطنية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والسوق طلب وعرض ،</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> الطلب</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قد تقدم شرحه ،</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اما العرض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فهو كل التدفقات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في جانب المقبوضات لميزان المدفوعات في قسم العمليات الجارية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والقسم الأسفل، العمليات المالية بالتعريف الواسع.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ونميز هنا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بين سوق المنافسة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والأسواق ذات الطابع الاحتكاري أو شبه الإحتكاري.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استقر تعريف </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سوق المنافسة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بكثرة المتعاملين في جانبي العرض والطلب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بحيث لا يستطيع أحد التأثير في السعر.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أما الاحتكار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فقد يكون في جانب العرض أو الطلب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي الحالتين يتحكم المحتكر في السعر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذلك يُعرّف المحتكر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في المقررات التدريسية للاقتصاد الجزئي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بأنه صانع السعر Price Maker . </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">في سوق الصرف </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">لا مجال للإحتكار في جانب الطلب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذه الحقيقة واضحة كما تبين آنفا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من كثرة مفردات الطلب والعدد غير المحدود لطالبي العملة الأجنبية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> أما في جانب العرض</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> فالإحتكار ممكن من جهتين:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الأولى بقوة القانون</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كما كان في العديد من الدول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أيام إلزام المصدرين </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بتسليم موارد الصادرات من العملة الأجنبية إلى البنوك المركزية؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والثانية الاحتكار الطبيعي Natural Monopoly </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي حالة العراق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن صادرات النفط المملوك للدولة هي المصدر الوحيد للعملة الأجنبية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنظمة سعر الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> معروفة وتنشر لجميع دول العالم في تقارير صندوق النقد الدولي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويمكن التعرف عليها بقدر كافى من التفصيل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في المصادر المبينة في المقدمة وسواها. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي على العموم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">قابلة للتصنيف بموجب معيارين: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حركة سعر الصرف عبر الزمن بين الثبات والتغير ؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وآلية تحديد سعر الصرف بين السوق والسلطات النقدية وهو التحديد الرسمي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">يمكن لسعر الصرف </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أن يتحدد في السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عند تحقق خصائص المنافسة التامة أو الناقصة ؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">اما مع الاحتكار كما في حالة العراق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فسعر الصرف يتحدد رسميا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالتعريف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن المحتكر صانع السعر </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التسمية الأخرى لإعتماد آلية السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي التعويم Floating </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقد يكون التعويم حرا تماما </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو تتدخل السلطة النقدية بيعا وشراءا للعملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لمقتضيات الحفاظ على السعر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ضمن مدى مرغوب للحركة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو ما يسنى التعويم المدار Managed Floating.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أما التحديد الرسمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فقد يختار التثبيت الصلب دون مرونة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أو حصر السعر بين حدين، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التثبيت الصلب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو الذي يسميه صندوق النقد الدولي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نظام التثبيت أو سعر الصرف الثابت.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أما عند تجاوز السعر 2 فوق او تحت السعر الرسمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فتستخدم تسميات أخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مثل الترتيبات الإستقرارية أو التثبيت الزاحف وهكذا. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التحديد الرسمي يهدف إلى التثبيت</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بينما التعويم يتساهل مع التغير </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مثال على </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التثبيت الصلب بالتحديد الرسمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">العملة السعودية 3.75 ريال للدولار منذ عام 1987 ؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">و للتغير مع نظام التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نشير إلى العملة السويسرية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كانت 2.457 وحدات منها للدولار عام 1985</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أصبحت</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 1.492 عام 1987 ؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">و 0.9937 عام 2019 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تغيرت إلى 0.918 عام 2021.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سوق الصرف وسعر الصرف في العراق</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">العملة الأجنبية محتكرة في العراق للقطاع العام من جانب العرض، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتبعا لهذه الخاصية يتحدد سعر الصرف بمقدار ما تعرضه الدولة للسوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عن طريق نافذة البيع في البنك المركزي العراقي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كانت ولم تزل مبيعات البنك المركزي بسعر محدد رسميا سلفا. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويصنف صندوق النقد الدولي العراق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ضمن نظام التثبيت تجاه الدولار الأمريكي، وهو المعتاد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لكن المشكلة تظهر في الإختلاف بين السعر الرسمي وسعر السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي أصبحت واضحة جلية منذ بداية عام 2012. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والاختلاف يعود إلى عدم تخلص البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من إجراءات دائرة التحويل الخارجي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وثقافة العمل المرتبطة بها رغم إلغائها بعد عام 2003 ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وتأكيد قانون البنك المركزي على البيع البسيط.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الفرق بين السعر الرسمي وسعر السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">صار رافدا لأرباح كبيرة للمصارف والمتعاملين مع نافذة بيع العملة الأجنبية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبقيت النافذة موضع اهتمام مكثف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من أوساط سياسية ومصالح في أنشطة المال والأعمال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتركيز إعلامي يتهم إدارتها بالتحيز في توزيع العملة الأجنبية بين المصارف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لاحظ هنا تحولت الوظيفة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من إيصال العملة الأجنبية إلى السوق لتسهيل التجارة والمدفوعات الدولية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى توزيع أرباح بين مجموعات المصالح </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مصدرها الفرق بين سعر السوق والسعر الرسمي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإحاطة النافذة بالصخب البريء والمغرض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يخيف المسؤولين ويحرّضهم على التمسك بالتدقيق والقيود.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تعليمات شراء العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقتصر على قائمة أقصر بكثير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من مفردات الطلب على العملة الأجنبية المبينة آنفا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأدى ذلك، منطقيا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى لجوء طالبي العملة الأجنبية للأغراض غير المبينة في التعليمات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إلى عرض معلومات ليست دقيقة إلى النافذة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التقييد والتدقيق ، كما يبين الشكل (2)، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يحول دون إنسجام المبيعات مع الكمية المطلوبة بالسعر الرسمي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومنها الهامش الاحتكاري في السوق.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 396px; overflow: hidden; width: 582px;"><img alt="مسائل حول سعر الصرف في العراق" height="393" src="https://lh7-us.googleusercontent.com/WE-ayoeRppAcFKdbYLnh3sJ_Ycf0AC0Yly0mMTHavNkFN5HpQO8_O4UBJn5ILhEjuOqAUj9a09tt5ZA2wCyag4mcpQYBpwHjRYEBmoT4dntl3mWfK0BYzQbnIr_ySGdoESqs7z_m-LYtBvVLBFkCwzQ=w582-h393" style="margin-left: -37.79220779220779px; margin-top: 0px;" title="مسائل حول سعر الصرف في العراق" width="582" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لنبدأ من الجانب الأيسر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نلاحظ منحنى الطلب بعلاقة عكسية مع السعر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي بثبات أثر العوامل الأخرى،</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن العملة الأجنبية من مصدر وحيد، البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فعند بيع الكمية Q1 يتعين في السوق السعر R1</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولو فرضنا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ان السعر الرسمي R2 فهذا يقتضي كمية مقدارها Q2 ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولأن البنك المركزي باع Q1 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أصبح سعر السوق فوق السعر الرسمي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بفارق من اليسار إلى اليمين R1 R2 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو الهامش الإحتكاري.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الضروري معرفة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يستطيع بيع الكمية Q3 مع السعر الرسمي R2 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأنها ليست مطلوبة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فلا يستطيع تجاوز Q2 بيعا إلا بخفض السعر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذلك يكون الفرق بين سعر السوق والسعر الرسمي موجبا دائما ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يتطابق سعر السوق مع السعر الرسمي إلا بالكمية Q2 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذا هو المضمون العملي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للدعوة إلى إطلاق مبيعات العملة الأجنبية والتحويلات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أي الإستجابة للطلب كاملا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إن أردنا الحفاظ على سعر السوق ملازما للسعر المثبت رسميا. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التقييد والتدقيق والتحكم لا يسمح أبدا بنظام سعر الصرف الثابت </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الذي لا يستقيم سوى مع الاستجابة التامة للطلب دون شرط.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لنذهب إلى القسم B من الشكل البياني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونفهم أن بيع كمية ثابتة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا يضمن أبدا بقاء سعر السوق متفقا السعر الرسمي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن دوال الطلب في حركة صعودا ونزولا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تبعا لجميع العوامل الأخرى التي افترضنا ثباتها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التوقعات، مثلا، والموسم والدخل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتوسع أو تحجيم الإنفاق الحكومي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وإنعكاساته المضاعفة في الطلب الكلي ومنه إلى الدخل وغيرها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كلها تؤدي إلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عدم إستقرار العلاقة بين الطلب على العملة الأجنبية وسعر الصرف. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فلو كان السعر الرسمي R1 فإن البقاء على الكمية Q1 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجعل سعر السوق R2 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن الطلب تحول من FX1 إلى FX2 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذا يقتضي الأمر التحول إلى Q2 للحفاظ على السعر الرسمي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الكميات التوازنية المبينة على المحاور الأفقية لا نعرفها مسبقا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إنما هي كل الطلب الذي يصل إلى النافذة إزاء السعر الرسمي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولهذا سوف تبوء جميع هذه التدابير </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لتقنين المبيعات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتشدد في طلب المعلومات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالفشل الذريع ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وليس أمام الحكومة سوى الإصرار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على استجابة تامة للطلب على العملة الأجنبية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هامش سعر الصرف وازمة سوق الصرف مطلع عام 2023 </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بينا السبب الموضوعي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لاختلاف سعر السوق عن السعر الرسمي في العراق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعند الرجوع إلى الشكل (3) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نجد انه متفاوت </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أخذ بالصعود إلى مستويات جديدة منذ بداية عام 2012</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثم انخفض بعد عام 2018 وعاود الارتفاع منذ عام 2020، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لكنه بقي دون الذرى التي وصلها قبل عام 2018.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ونعيد إلى الأذهان سبب هذه الظاهرة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وهو العقل المسكون بالسيطرة المباشرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعدم الإعتراف بأن السوق بذاته نظام لا يقبل غيره ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وقوانين العرض والطلب موضوعية وقوية لا تقوى أية سلطة على قهرها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 354px; overflow: hidden; width: 570px;"><img alt="مسائل حول سعر الصرف في العراق" height="351" src="https://lh7-us.googleusercontent.com/pON-mB7BWqy5jhv7mvPhXByJRBalbelDgki27m74VRG1kYYFQOz6jFx7viRgrili57wS8LYe8ipeKEoTLFrsT9whPw98Bl8DYkj-9bOIhPRkvtOhc5lw8lPzO9DvgUsUp3GWTRApDbqmH-jx6y-5AJk=w569-h351" style="margin-left: 0px; margin-top: 0px;" title="مسائل حول سعر الصرف في العراق" width="569" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الأزمة الأخيرة بين نهاية عام 2022 ولازالت بداية عام 2023 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتحمل الولايات المتحدة الأمريكية مسؤوليتها كاملة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فقد ألحت على التدقيق الفائق للبيانات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واخافت التجار والمصارف من نافذة البنك المركزي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فتخلى الكثير منهم عن طلب العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ما أربك التجارة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويهدد بمشاكل في تجهيز السلع وإرباك العرض من الضروريات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وقد ترتفع أسعارها فوق المتوقع إذا ما أصرت الولايات المتحدة على عنادها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وأيضا، ومع إنسحاب الكثير من التجار ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مع ذلك بقي العرض من العملة الأجنبية دون الطلب عليها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فاتسع الفارق بين سعر السوق والسعر الرسمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذا من اشد أدوات الفساد فتكا بالجهاز المصرفي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الولايات المتحدة اختارت سوق الصرف العراقي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ساحة لشن الحرب على إيران </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">غير آبهة بحاجة العراق الماسة إلى الأمن </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الذي يتطلب قطعا عدم التمييز بين إيران وبقية الجيران والدول الأخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في العلاقات التجارية والمالية والحياد في هذا النزاع. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأسجل هنا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن من تطوع للإنخراط في هذه الفتنة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتحمل أوزار ما يترتب عليها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(*) باحث وكاتب اقتصادي اكاديمي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حقوق النشر محفوظة لـ شبكة الاقتصاديين العراقيين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يسمح بإعادة النشر بشرط الاشارة الى المصدر.</span></p><br /><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-9201366158369890482023-11-13T22:25:00.004+03:002023-11-14T14:37:46.995+03:00سوق الاحتكار المزدوج في العراق بين دينار البنك المركزي ودولار وزارة المالية<span style="font-family: arial; font-size: medium;"><a href="https://www.facebook.com/Abdullah.AlJinaahi.iq?__cft__[0]=AZU_onAe8ylneS0z18AtNUxu9XvrtFcWT01C5CF_JWzVsKdEc4tJyU22ADOoU7OSoeo1854tIZY5nXgFV6b-4CtpJRpbX2KrXroMBJpN4jiUA9CjjS7QOPwY0nZjlC3U_Xc&__tn__=-UC%2CP-R">عبدالله الجناحي</a><br /><a href="https://www.facebook.com/Abdullah.AlJinaahi.iq/posts/6729609697093388?__cft__[0]=AZU_onAe8ylneS0z18AtNUxu9XvrtFcWT01C5CF_JWzVsKdEc4tJyU22ADOoU7OSoeo1854tIZY5nXgFV6b-4CtpJRpbX2KrXroMBJpN4jiUA9CjjS7QOPwY0nZjlC3U_Xc&__tn__=%2CO%2CP-R">١ د</a> · <br /><br /><b><span style="color: #2b00fe;">1- **سوق الاحتكار المزدوج** (Dual Monopoly).</span></b></span><div><span style="font-family: arial; font-size: medium;"><span style="color: #2b00fe;"><b><br /></b></span>في حالة العراق،<br /> فإن وزارة المالية هي محتكرة الدولار،<br /> بينما البنك المركزي هو محتكر الدينار. <br />هذا يعني أن كلاهما يتمتع بسلطة تحديد أسعار العملات. <br />في ظل هذه الظروف،<br /> يُعرف السوق باسم **سوق الاحتكار المزدوج** (Dual Monopoly).<br />في سوق الاحتكار المزدوج،<br /> يكون لكل من المحتكرين القدرة على التأثير على الأسعار. <br />على سبيل المثال، <br />يمكن لوزارة المالية، <br />زيادة إيراداتها من الصادرات النفطية <br />عن طريق بيع الدولار بسعر أعلى.<br />يمكن للبنك المركزي، <br />من ناحية أخرى، زيادة استقرار الدينار <br />عن طريق بيعه بسعر أقل.<br />ومع ذلك،<br /> فإن قدرة كل محتكر على التأثير على الأسعار محدودة <br />بقدرة المحتكر الآخر على الرد.<br />على سبيل المثال، <br />إذا رفعت وزارة المالية سعر الدولار،<br /> فقد يرد البنك المركزي بتخفيض سعر الدينار. <br />هذا من شأنه أن يؤدي إلى استقرار سعر الصرف، <br />ولكن قد يؤدي أيضًا إلى انخفاض إيرادات وزارة المالية.<br />بشكل عام،<br />فإن سوق الاحتكار المزدوج هو سوق غير فعال. <br />يؤدي إلى عدم كفاءة في تخصيص الموارد وتوزيع الأرباح. <br />ومع ذلك، <br />قد يكون هذا هو الوضع الأفضل في بعض الحالات، مثل العراق،<br /> حيث لا توجد بدائل حقيقية لسيطرة الدولة على العملات.<br />فيما يلي بعض الأمثلة الأخرى لسوق الاحتكار المزدوج:<br />* سوق الكهرباء في الولايات المتحدة، <br />حيث تسيطر شركة كهرباء عامة واحدة على سوق الكهرباء في كل ولاية.<br />* سوق الهاتف في اليابان، <br />حيث تسيطر شركة اتصالات واحدة على سوق الهاتف في كل منطقة.<br />في كلتا الحالتين،<br /> تتمتع شركة الاحتكار بسلطة تحديد أسعار الخدمات التي تقدمها.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><b><span style="color: #2b00fe;">2- **سوق احتكار مزدوج**.</span></b></span></div><div><span style="font-family: arial; font-size: medium;"><span style="color: #2b00fe;"><b><br /></b></span>إذا كانت وزارة المالية محتكرة الدولار من ايراد الصادرات النفطية، <br />فالبنك المركزي محتكر الدينار كسلطة اصدار، <br />فإن هذا السوق هو **سوق احتكار مزدوج**.<br />في هذا السوق،<br /> هناك احتكاران متنافسان مع بعضهما البعض.<br /> احتكار وزارة المالية هو احتكار للعرض،<br /> حيث أنها تتحكم في العرض الوحيد للعملة الأجنبية (الدولار).<br /> احتكار البنك المركزي هو احتكار للطلب، <br />حيث أنه يتحكم في الطلب الوحيد للعملة المحلية (الدينار).<br />في حالة العراق،<br /> فإن احتكار وزارة المالية للعرض <br />هو نتيجة لسيطرة الدولة على قطاع النفط.<br /> احتكار البنك المركزي للطلب <br />هو نتيجة لدوره كسلطة إصدار العملة المحلية.<br />يؤدي هذا الاحتكار المزدوج إلى عدد من الآثار السلبية على الاقتصاد،<br /> بما في ذلك:<br />* **انخفاض الكفاءة:** <br />يؤدي الاحتكار إلى انخفاض الكفاءة الاقتصادية، <br />حيث أن المحتكرين لا يواجهون منافسة من الآخرين.<br />* **ارتفاع الأسعار:**<br />يؤدي الاحتكار إلى ارتفاع الأسعار،<br /> حيث أن المحتكرين يمكنهم فرض أسعار أعلى مما لو كانت هناك منافسة.<br />* **عدم الاستقرار الاقتصادي:**<br /> يؤدي الاحتكار إلى عدم الاستقرار الاقتصادي، <br />حيث أن المحتكرين يمكنهم اتخاذ قرارات تؤثر سلبًا على الاقتصاد.<br />من أجل تقليل الآثار السلبية للاحتكار المزدوج،<br /> يمكن للحكومة اتخاذ عدد من الإجراءات،<br /> بما في ذلك:<br />* **فتح السوق أمام المنافسة:** <br />يمكن للحكومة فتح السوق أمام المنافسة من خلال خصخصة قطاع النفط <br />أو السماح للبنوك التجارية بإصدار العملة المحلية.<br />* **تنظيم السوق:**<br /> يمكن للحكومة تنظيم السوق <br />من خلال فرض قيود على سلوك المحتكرين.<br />في حالة العراق،<br /> فإن الحكومة قد اتخذت عددًا من الإجراءات<br /> لتقليل الآثار السلبية للاحتكار المزدوج،<br /> بما في ذلك:<br />* **خصخصة بعض مشاريع النفط:**<br /> قامت الحكومة بخصخصة بعض مشاريع النفط، مما أدى إلى زيادة المنافسة في هذا القطاع.<br />* **إصدار سندات الدينار:**<br /> تقوم الحكومة بإصدار سندات الدينار، مما يوفر مصدرًا آخر للعملة المحلية.<br />ومع ذلك، لا تزال الآثار السلبية للاحتكار المزدوج قائمة في العراق.</span></div><div><span style="font-family: arial; font-size: medium;"><br /><b><span style="color: #2b00fe;">3- سوق احتكار ثنائي.</span></b></span></div><div><span style="font-family: arial; font-size: medium;"><span style="color: #2b00fe;"><b><br /></b></span>في حالة العراق، <br />فإن وزارة المالية هي المحتكر لصادرات النفط، <br />وهو المصدر الوحيد للعملة الأجنبية. <br />كما أن البنك المركزي هو المحتكر لإصدار الدينار العراقي.<br /> وبالتالي، فإن السوق العراقي هو سوق احتكار ثنائي.<br />يُعرف سوق الاحتكار الثنائي<br /> بأنه سوق يسيطر عليه بائعان أو مشترون قليلون.<br /> في حالة العراق،<br /> فإن وزارة المالية والبنك المركزي <br />هما البائعان الوحيدان للعملة الأجنبية والمشتريان الوحيدان للعملة المحلية.<br />في مثل هذا السوق، <br />يكون لدى البائعين والمشترين قوة كبيرة لتحديد الأسعار. <br />يمكن للحكومة، <br />من خلال وزارة المالية، تحديد سعر صرف الدينار مقابل الدولار. <br />كما يمكن للبنك المركزي، من خلال إصدار الدينار، التأثير على قيمة الدينار مقابل الدولار.<br />وبالتالي، <br />فإن السوق العراقي هو سوق احتكار ثنائي،<br /> يسيطر عليه كل من وزارة المالية والبنك المركزي.<br />وفيما يلي بعض الخصائص الرئيسية لسوق الاحتكار الثنائي:<br />* وجود عدد قليل من البائعين أو المشترين.<br />* قدرة البائعين أو المشترين على التأثير على الأسعار.<br />* عدم وجود منافسة حقيقية.<br />وفيما يلي بعض الأمثلة الأخرى لأسواق الاحتكار الثنائي:<br />* سوق الاتصالات في العديد من البلدان.<br />* سوق الكهرباء في العديد من البلدان.<br />* سوق النفط في العالم.<br />وفيما يلي بعض الآثار المحتملة لسوق الاحتكار الثنائي:<br />* ارتفاع الأسعار.<br />* انخفاض الكفاءة.<br />* عدم وجود ابتكار.<br /><br /><span id="docs-internal-guid-44ca0593-7fff-4140-3393-5109308b7d82"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="color: #2b00fe;">**الاحتكار المزدوج** </span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو هيكل سوق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يجمع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بين القوة الاحتكارية على جانب البيع (أي بائع واحد) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقوة احتكار الشراء على جانب الشراء (أي مشترٍ واحد). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا يعني</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أنه لا يوجد سوى بائع واحد ومشتري واحد في السوق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكل منهما القدرة على ممارسة تأثير كبير على السعر والإنتاج.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الاحتكارات المزدوجة نادرة نسبيًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكنها يمكن أن تحدث في مجموعة متنوعة من الصناعات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **أسواق العمل:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يخلق اتحاد يمثل جميع العمال في صناعة معينة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وصاحب عمل واحد يوظف جميع هؤلاء العمال احتكارًا مزدوجًا.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **أسواق الزراعة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد يكون لدى مشتري واحد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل سلسلة كبرى من محلات البقالة، قوة احتكار الشراء </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على مجموعة من المزارعين</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الذين يبيعون منتجاتهم لهذا المشتري.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **أسواق الدفاع:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد تكون الحكومة هي المشتري الوحيد لبعض المنتجات الدفاعية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مثل السفن الحربية أو الطائرات المقاتلة، من مورد واحد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في الاحتكار المزدوج، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يكون لدى البائع والمشتري اعتمادًا متبادلًا. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يمكن للبائع بيع منتجه لأي شخص آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يمكن للمشتري شراء المنتج من أي شخص آخر. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">هذا يمكن أن يؤدي إلى مجموعة متنوعة من النتائج، بما في ذلك:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **المفاوضة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيتعين على البائع والمشتري</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التفاوض على سعر ومستوى إنتاج مقبول لكلا الطرفين.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيعتمد نتيجة هذه المفاوضة على قوة التفاوض النسبية للجانبين.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **التواطؤ:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قد يتواطأ البائع والمشتري</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لتحديد سعر ومستوى إنتاج أعلى من المستوى التنافسي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا سيسمح لهم بتحقيق أرباح أعلى.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **تدخل الحكومة:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قد تتدخل الحكومات في الاحتكارات المزدوجة لحماية المستهلكين والعمال. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد تنظم الحكومة الأسعار أو تضع الحد الأدنى للأجور</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في سوق عمل احتكاري مزدوج.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">## أمثلة الاحتكارات المزدوجة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فيما يلي بعض الأمثلة على الاحتكارات المزدوجة:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **دوري البيسبول الرئيسي (MLB):</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">** MLB هي احتكار بائع واحد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث إنها المزود الوحيد لمباريات دوري البيسبول الرئيسية. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن اتحاد لاعبي MLB -MLBPA </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو احتكار مشترين واحد، حيث يمثل جميع اللاعبين في MLB.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **خدمة البريد الأمريكية (USPS):</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">** USPS هي احتكار حكومي على توصيل البريد من الدرجة الأولى. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فإن USPS هي مشترون احتكاريون لطوابع البريد،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> حيث إنها الكيان الوحيد الذي يمكنه بيع طوابع البريد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **أسواق النفط:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">منظمة البلدان المصدرة للبترول (OPEC) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي اتحاد من الدول المنتجة للنفط </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التي تسيطر على حصة كبيرة من إمدادات النفط في العالم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن اعتبار OPEC احتكارًا بائعًا واحدًا،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بينما يمكن اعتبار شركات النفط الفردية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مشترين احتكاريين للنفط من OPEC.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">## التحليل الاقتصادي للاحتكارات المزدوجة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بشكل عام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن تؤدي الاحتكارات المزدوجة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى أسعار أعلى وإنتاج أقل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مما سيكون عليه الحال في ظل المنافسة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وذلك لأن البائع والمشتري لديهم القدرة على التواطؤ أو التفاوض </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للوصول إلى نتيجة مفيدة لكلا الطرفين، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولكنها ليست مفيدة للمستهلكين.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هناك بعض الفوائد المحتملة للاحتكارات المزدوجة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن تؤدي الاحتكارات المزدوجة إلى استقرار أكبر في السوق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث يتمتع البائع والمشتري باهتمام مشترك في الحفاظ على العلاقة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالإضافة إلى ذلك، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن أن تؤدي الاحتكارات المزدوجة في بعض الأحيان إلى كفاءة أكبر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث يمكن للبائع والمشتري تنسيق أنشطتهما لخفض التكاليف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بشكل عام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فإن التحليل الاقتصادي للاحتكارات المزدوجة معقد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعتمد على الخصائص المحددة للسوق.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ذلك،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من المهم أن تكون على دراية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بالعواقب السلبية المحتملة للاحتكارات المزدوجة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مثل الأسعار المرتفعة والإنتاج المنخفض.</span></p><br /></span><br /></span><div><div class="x168nmei x13lgxp2 x30kzoy x9jhf4c x6ikm8r x10wlt62" data-visualcompletion="ignore-dynamic" style="border-radius: 0px 0px 8px 8px; overflow: hidden;"><span style="font-family: arial; font-size: medium;">اعداد الاقتصاد بعيون الخبراء</span><div><div class="xzueoph" style="background-color: #242526; color: #1c1e21; margin-bottom: 6px;"></div></div></div><div class="x168nmei x13lgxp2 x30kzoy x9jhf4c x6ikm8r x10wlt62" data-visualcompletion="ignore-dynamic" style="border-radius: 0px 0px 8px 8px; overflow: hidden;"><span style="font-family: arial; font-size: medium;">13-11-2023</span></div></div></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-41065803209960364212023-11-12T18:22:00.000+03:002023-11-12T18:22:06.827+03:00 نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق<p><span style="font-family: Arial, sans-serif; font-size: 14pt; white-space-collapse: preserve;">الدكتور أحمد ابريهي علي *: </span></p><span id="docs-internal-guid-a8689e4b-7fff-9f02-fe91-3217f346ed1b"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">7 آذار 2023</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">موضوع هذا المبحث نظام الصرف، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وصلته بإطار السياسة النقدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من طرف الحاجة إلى مثبت نقدي لا بد منه لكل إقتصاد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نقتصر على سعر الصرف الإسمي دون الحقيقي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا نبتعد عن الوظيفة المتعارف عليها للبنوك المركزية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثم نتناول الفرق بين السعر الرسمي وسعر السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو محل الاهتمام والحوار منذ تشرين الثاني 2022 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أكثر من أي وقت مضى.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تواصل هذه المعالجة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أبحاث سابقة للباحث ومؤلفات غطت الأسس المنهجية للتحليل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك سعر الصرف في شبكة الروابط </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بين المالية العامة ، والاحتياطيات الدولية للبنك المركزي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومورد النفط وميزان المدفوعات والتنمية الإقتصادية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عبر تأثير سعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في القدرة التنافسية الدولية لقطاع السلع من غير النفط الخام.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أي أن هذه المعالجة لا تتعدى مراجعة تعريف المفاهيم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">و تجتزء نطاقا محدودا تركّز عليه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ضمن الفضاء الواسع لارتباطات سعر الصرف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">تعريف أنظمة الصرف</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يقوم نظام التصنيف على ملاحظة الترتيبات التي التزمتها الدول في الواقع </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وحركة سعر الصرف كما هي فعلا، والتي قد تختلف عن المعلن رسميا . </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نظام سعر الصرف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هذا المفهوم، يعتمد على المسافة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بين أن يترك كليا لقوى السوق في جانبي العرض والطلب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أو تتولاه السلطات المختصة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما تتحكم بعرض العملة الأجنبية أو الطلب عليها أو كلاهما. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويفترض التحكم إختيار السلطة لسعر محدد للصرف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومعرفة إن إنحراف سعر السوق عن المحدد رسميا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يأتي أما من العرض الزائد أو الطلب الزائد ولا ثالث لهما، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذا لا تستطيع أية سلطة التحكم بالسعر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">دون ملاحظة الجهة التي تدفع السعر أعلى أو دون المثبت، أو المرغوب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هل جاءت من جانب الطلب أو من جهة العرض.</span></p><br /><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا بالضبط ما كنا نقصد بالعرض والطلب وقوى السوق، لا أكثر ولا أقل،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وهكذا تعمل البنوك المركزية قدر تعلق الأمر بسعر الصرف، دائما وأبدا وفي كل العالم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لم اتطرق إلى كفاءة السوق، بذاتها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا ان أسعار الصرف التي تصدر عنها ملائمة للاقتصاد الوطني أم لا ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذه وغيرها تناولتها دراسات منشورة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وليس لها محل في نطاق هذا الحوار المرتبط بما نسميه أزمة المنصة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> موضوعنا، هنا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سعر الصرف الذي تباع به العملة الأجنبية من البنك المركزي إلى المصارف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في مقابل سعر الصرف الذي تحسب به مشتريات تاجر المفرد من تاجر الجملة في الشورجة. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نتعرف على توزيع الدول حسب أنظمة الصرف في العالم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> كما أعدها صندوق النقد الدولي ونشرها عام 2022 في التقرير السنوي :</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">A</span><span style="font-family: Arial, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">nnual Report on Exchange Arrangements and Exchange Restrictions 2021</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 489px; overflow: hidden; width: 471px;"><img alt="تبويب انظمة الصرف" src="https://lh7-us.googleusercontent.com/8I59edlIQrT3CxhDV3MpnCj7BeQF-5vkegTo8QkX328x503K2SchdyVIClMSA_dnvqFX09LKtk2NEVUqNbEqPqtsJzZjDNUQkcytwIpxBIVH3DMCDRRVtqgH-9_72FitrUTtFdoWq_20-T5f0AxOb4s=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الجدول (1) تبويب دول العالم تبعا لأنظمة الصرف عام 2021</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنظمة الصرف</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التثبيت الصلب Hard Peg</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا توجد عملة وطنية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Currency Board لجنة العملة</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التثبيت اللين أو السهل Soft Peg</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التثبيت التقليدي Conventional Peg (العراق) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ترتيبات استقرارية stabilized Arrangement</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التثبيت الزاحف Crawling Peg</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ترتيبات شبيهة بالتثبيت الزاحف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التثبيت داخل مدى للحركة horizontal bands</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">التعويم floating</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التعويم</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التعويم الحر Free Floating</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">المتبقي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ترتيبات مدارة اخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Other Managed arrangements</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ونختصر معايير إدراج الدول في هذا الصنف أو ذاك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي بسيطة واضحة كي نفهم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن هذه الترتيبات التي يعتمدها البنك المركزي العراقي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تسمى التثبيت ، او الربط الثنائي، التقليدي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">وعندما يرد التثبيت Peg في أدبيات سعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نتذكر الإدارة العراقية لسعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كي نستوعب المفهوم كما هو</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وليس من معناه اللغوي والأصناف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> تبعا لتسلسل ورودها في الجدول:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-لا توجد عملة وطنية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وهذه من ترتيبات الصرف حيث تعتمد الدولة المعنية الدولرة التامة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والدولرة تعني تداول عملة دولة أخرى لأداء الوظائف الاعتيادية للنقود، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتضمن هذا الخيار تخلي السلطة النقدية عن السيطرة على السياسة النقدية المحلية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذه الدول تستخدم إحدى العملات الاحتياطية الدولية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 7 منها إتخذت 4 اليورو </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واثنان منها عملات أخرى.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وبهذا تستخدم العملة البديلة عن الوطنية في الداخل و للمدفوعات الخارجية.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- نظام لجنة العملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هو تثبيت صلب للعملة الوطنية تجاه عملة أجنبية يستند إلى تشريع</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يقيد الإصدار بشرط التغطية التامة للعملة الوطنية بالعملة الأجنبية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وبهذا تصبح الأولى نائبة عن الثانية المرتبطة بها، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يستطيع البنك المركزي مزاولة وظيفة المقرض الأخير.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-التثبيت التقليدي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو نظام الصرف في العراق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من بين 40 دولة منها 18 تجاه الدولار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وأخرى تجاه اليورو، وعملات أخرى، أو سلة عملات. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يشترط هذا النظام </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الإلتزام بعدم تغيير سعر الصرف أو التحول إلى نظام صرف آخر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويشترط هذا الصنف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بقاء سعر الصرف دون 1% فوق أو تحت السعر الملتزم به. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي العراق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن لسعر الصرف في السوق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن يتحرك بما لا يزيد عن 2%</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فوق السعر المقرر من البنك المركزي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويبقى ضمن التثبيت التقليدي. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يفترض التثبيت التقليدي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ان السلطة النقدية تتعهد باستخدام ما يكفي من الوسائل الملائمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للسيطرة على سعر الصرف ضمن المدى الضيق للحركة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بما في ذلك بيع وشراء العملة الأجنبية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">- الترتيبات الاستقرارية</span><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا تختلف جوهريا عن التثبيت التقليدي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوى بالمدى المسموح به للحركة وهو 2% </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يقترن هذا الصنف بالتزامات من السلطة النقدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والعبرة بالسلوك الفعلي لسعر الصرف في السوق.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-التثبيت الزاحف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نظام للصرف أكثر مرونة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> حيث يُعدّل تبعا لفروقات التضخم بين الداخل والخارج ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على وجه الخصوص، أو مؤشرات أخرى أقل شيوعا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويتطلب هذا النظام</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إعلان قاعدة التعديل أو إبلاغ صندوق النقد الدولي بها.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-التثبيت الشبيه بالزاحف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يسمح بتغير سعر الصرف صعودا او نزولا مع الزمن،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لكن التغير منتظم بوتيرة واحدة، دون التقلب.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-نظام سعر الصرف المتحرك ضمن مدى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يختلف عن السابقات وهو يشبه نظام النقد الأوروبي قبل الوحدة النقدية بعملة واحدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يلاحظ تقارب أنظمة التثبيت في المدى المسموح به لحركة سعر الصرف، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن جهة السياسة Policy </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا تختلف في كونها تقيد حرية السلطة النقدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في إدارة السيولة أو سعر الفائدة مع زيادة الانفتاح المالي.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-نظام التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يعتمد السوق في الأساس، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويصنف التعويم حرا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما يقتصر التدخل على تصحيح الانحرافات الكبيرة؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الاّ تزيد وقائع التدخل عن ثلاث مرات خلال الستة أشهر السابقة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي كل مرة لا يستغرق التدخل أكثر من ثلاثة أيام عمل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وعند عدم تزويد الصندوق بالبيانات الكافية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يسمى النظام تعويما وحسب دون إضافة صفة الحرية إليه.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">-الترتيبات المدارة الأخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا تعني التعويم بل أقرب إلى التحديد الرسمي منه إلى السوقي.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نعيد ما تكرر في دراسات ومقالات عديدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #434343; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> بأن سوق الصرف</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> في جانب الطلب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يتصف بكثرة المشاركين </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتنوع الواسع في مجالات استخدام العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذا يستوفي شرط المنافسة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذ لا توجد جهة في جانب الطلب على العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مهيمنة إلى حد التأثير في السعر .</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> والمقصود بالمشاركين : </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التاجر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والمسافر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والمستثمر والذي يشتري العملة الأجنبية للاحتفاظ بها .. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وليس الوسطاء بين نافذة البنك المركزي، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو المصادر الأولية للعملة الأجنبية، والطلب عليها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">...</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أما في جانب العرض فيختلف الأمر :</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بين التنوع الواسع في سلة الصادرات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بحيث لا توجد سلعة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أو مصدّر له ثقل في السوق بدلالة استطاعته رفع أو خفض السعر ؛ </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">والحالة المتطرفة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حيث تأتي العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من سلعة واحدة لشخص طبيعي أو اعتباري واحد .</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> في الحالة الأولى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتصف سوق الصرف بالمنافسة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي السوق التي تسمح بنظام التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو مصطلح للتعبير عن تحديد سعر الصرف بالسوق. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">التعويم لا يستبعد التدخل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كما يفترض مفهوم التدخل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وجود السوق المستقل بدرجة كافية عن القطاع العام، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبخلاف ذلك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يسمى فعل الدولة تدخل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما تصبح طرفا مشاركا على نحو منتظم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">كما هو نظام النافذة في العراق.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">الحالة المتطرفة الثانية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">جانب العرض محتكر إبتداءا ، لجهة واحدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وحتما هذه تتحكم بالسعر، هي تصنع السعر . </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتحكم من خلال كمية العرض </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لنوضح</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لو باع البنك المركزي 100 مليون دولار في اليوم لمدة ثلاثة أشهر ؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ثم بعدها 200 مليون دولار في اليوم لثلاثة أشهر أخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ألا يختلف السعر في المدة الثانية عنه في الأولى ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نعم يختلف هذه بديهية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأنه المصدر الوحيد للعملة الأجنبية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> هذا البيع لا يسمى تدخلا بل هو كل جانب العرض في سوق الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ونظام الصرف ليس التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لأن السعر نتاج مبيعات البنك المركزي فقط، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وليس السوق مستقلا عن البنك المركزي والأخير تدخل فيه </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من الجلي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن التعويم لا محل له في العراق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والإصرار على زج هذا المفهوم في تدارس سوق الصرف وسعر الصرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا يساعد التوصل إلى تقارب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عسى أن ينتهي إلى حل لهذا الإرتباك غير الضروري والذي طال أمده .</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومن الضروري لفهم المشكلة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إمعان النظر في العمليات ذاتها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">دون أحكام مسبقة تأثرت بتسميات او اختلافات حول نظام الصرف الملائم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع ان المصدر الوحيد والحكومي للعملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يُبقي سعر الصرف ضمن دائرة القطاع العام ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وما يظهر في السوق إنعكاس فورى، او بعد حين لمبيعات البنك المركزي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">أنظمة الصرف ومفهوم المثبتات النقدية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تثبيت سعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يتضمن اعتماده مثبتا إسميا أو نقديا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فالأمر لا يقتصر على شراء وبيع العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لإبقاء سعر الصرف دون تجاوز الحدود الضيقة لحركته </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بل يضطر البنك المركزي إلى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إخضاع إدارة السيولة وسياسة سعر الفائدة لمقتضيات سعر الصرف الثابت.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فعلى سبيل المثال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يؤدي التوسع النقدي عبر إقراض الحكومة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلى زيادة الطلب الكلي الفعال ومنه ارتفاع الطلب على المستوردات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وربما ينتهي الاقتصاد إلى عجز في الحساب الجاري لميزان المدفوعات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تستنزف الاحتياطيات لتمويله.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وعند ذاك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يمكن الحفاظ على ثبات سعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو فشل لا بد أن تتحاشاه السلطتين المالية والنقدية مسبقا.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للنظر إلى المسألة من زاوية أخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عندما يتصاعد الطلب الكلي نتيجة التيسير النقدي بإقراض الحكومة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وآثاره المضاعفة يرتفع التضخم فوق المعدلات لدى الشركاء التجاريين. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومع ثبات سعر الصرف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تصبح المستوردات أرخص نسبيا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وترتفع أسعار الصادرات في السوق الدولية : </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">السلعة المحلية كانت بسعر 12000 دينار صارت بسعر 15000 دينار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سعر السلعة المنافسة المستوردة أصبح 80% من نظيرتها المحلية؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بينما السلعة الوطنية في الخارج إرتفعت إلى 125 من نظيرتها الأجنبية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبهذا قد تدهورت القدرة التنافسية الدولية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مع التوسع النقدي والتضخم وثبات سعر الصرف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #e06666; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;"> إذن التثبيت يتطلب الالتزام بمقتضياته </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو معنى القول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن سعر الصرف الثابت عاقل Anchor أو مثبت إسمي. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الإنفتاح المالي لا يتلائم مع سعر الصرف الثابت </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في حالة حساسية التدفقات المالية من وإلى الخارج لتغيرات أسعار الفائدة ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولذا تكون السياسة المالية أكفا من النقدية مع سعر الصرف الثابت</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> والعكس صحيح مع سعر الصرف المتغير، </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لاحظ للتعرف على هذه الأبعاد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للكاتب الاقتصاد النقدي، الطبعة الثانية، على موقع الشبكة).</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">عندما يكون التعويم ممكنا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أي تسمح به خصائص الاقتصاد </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من جهة تنوع الصادرات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وتدفقات مواردها من العملة الأجنبية بتلقائية إلى سوق الصرف، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتختار السلطة النقدية التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تتحرر السياسة النقدية أكثر في إدارة السيولة وأسعار الفائدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتصبح فاعليتها النقدية أعلى منها للسياسة المالية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لكن هذه الفاعلية ليست متوقعة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ما لم يصل الاقتصاد إلى عمق مالي مناسب </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتتوثق صلة التدفقات المالية بسعر الفائدة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في العراق ، تقريبا، لا توجد علاقة يُعتد بها بين سعر الفائدة والنقود؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وأيضا لم تؤثر أسعار الفائدة في التدفقات المالية من الخارج إلى العراق، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا بمنتهى الوضوح.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ومن المشكوك فيه أيضا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن أسعار الفائدة المرتفعة في العراق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بفارق واسع عن نظيراتها في الدول المتقدمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قد أسهمت في خفض ميل القطاع الخاص للاستثمار في الخارج ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بيد ان هذه المسألة لا تتوفر عنها بيانات كافية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لاختبار فرضية تأثير التدفقات المالية الخارجية. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والانفصام بين أسعار الفائدة والائتمان الحكومي للقطاع الخاص، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهو يقترب من ثلاثة أرباع الإئتمان المتجه لهذا القطاع،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يجعل مفهوم السياسة النقدية في العراق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يكتنفه الغموض أو بلا موضوع ما </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عدا تثبيت سعر الصرف. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهذا الأخير، للأسباب التي بيناها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لا يُقيّد توظيف إدارة السيولة وأسعار الفائدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لتحقيق أهداف اقتصادية كلية ما لم تصطدم بالتضخم، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أما العملة الأجنبية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فلا تزال في نطاق الوفرة النسبية في الأمد المتوسط ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وفيما بعد لكل حادثة حديث.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 174px; overflow: hidden; width: 461px;"><img alt="اطر السياسة النقدية" src="https://lh7-us.googleusercontent.com/mAIP8xXS_R_LzOk2yxI_gkeFrVkQYGTZ16M9zsS2ed_qiETfAg9VZ5akKZQeCDTStAW0YEXtd-zQqRpObQu0DAzMmPDRa1AiOocugl8grsdiZHFbH-DXuZhCX493HpJQqT3tWfmdxiQe3LAmiGUzhFk=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الجدول (2) أطر السياسة النقدية وأسعار الصرف بصفتها مثبتات إسمية / توزيع الدول %</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">السنة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الدولار الأمريكي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">اليورو</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">السلال </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">عملات أخرى</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المجاميع النقدية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">استهداف التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المجموع</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ملاحظات :</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">العراق والأردن والبحرين والسعودية والإمارات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ضمن فئة التثبيت الإسمي بالدولار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أعداد الدول لهذه المجموعة 37 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي إتخذت اليورو لنفس الغرض 26؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والسلال 6 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">منها الكويت وسوريا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وهي أمثلة على الصنف الأخير لنظام الصرف ( ترتيبات مدارة أخرى)؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المغرب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تثبت بسلة عملات ضمن مدى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والسلة هي المثبت النقدي، الإسمي، لها؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سنغافورة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ترتيبات استقرارية تجاه سلة من العملات وهي مثبتها الإسمي؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">دول التعويم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أربعة منها فقط تتخذ من المجاميع النقدية مثبتا إسميا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والباقي تستهدف التضخم ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وثلاثة منها تعتمد أدوات أخرى للتثبيت غير استهداف التضخم والمجاميع النقدية </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الدول التي تستهدف التضخم </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مختلفة مستوى التطور الاقتصادي درجة التحكم كونها تعتمد التعويم . </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وكثير من الدول المتقدمة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا تصنف ضمن فئة إستهداف التضخم بل ضمن فئة الأخرى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ومنها الولايات المتحدة وهي المعروفة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بمعادلة Taylor لسعر الفائدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بدلالة إنحراف التضخم عن المعدل المرغوب وانحراف الناتج الفعلي عن المحتمل.</span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">البنك المركزي يثبت سعر الصرف المحدد رسميا</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بالاستجابة لطلب السوق من مبيعات النافذة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وليس أمامه خيار آخر. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وقدر تعلق الأمر بالسعر، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المهم ذلك الطلب الفعال على العملة الأجنبية في سوق الصرف، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والذي يصنع سعر السوق بالتفاعل مع عرض النافذة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وسواء كان هذا الصنف أو ذاك ، من الطلب، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مشروعا أو غير مشروع ، بمعايير المجتمع أو السياسة الاقتصادية، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوف يسهم في صناعة السعر طالما قد وصل إلى سوق الصرف.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فكيف تستطيع السياسة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إزالة التناقض بين منع القطاع الخاص من الاستثمار في الخارج </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وفي نفس الوقت تنجح في تثبيت سعر الصرف ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أي تقليص الهامش إلى مقدار لا يتجاوز العمولة المتعارف عليها في بقية أسواق الصرف. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذا هو السؤال المسكوت عنه </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لعدم وضوح المشكلة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من داخل سياقها الموضوعي، لدى دوائر القرار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبقي المعنيون أمام صورة زائفة عنها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: #cc0000; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تسمى التهريب وتزوير الفواتير أو " المضاربة" </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا تساعد هذه الضبابية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في تحرير الإدارة الاقتصادية من هذه الضوضاء</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> التي أحاطت عمل النافذة لسنوات طويلة . </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولم تزل المقاربات التي تحتفي بها الدوائر المعنية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تضيف إلى المشكلات المزيد من التعقيد، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على الأقل نتيجة لتأجيل وعيها كما هي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">...</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في العديد من الدراسات السابقة عرضنا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">متطابقة الموارد و الإستخدامات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي تبين بمنتهى البساطة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن الإستثمار في الخارج هو فائض الإدخار عن الإستثمار الداخلي </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا توجد طريقة أخرى لحل هذا التناقض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إلا برفع الإستثمار الخاص في الداخل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وما بقي من إدخاره تقترضه الحكومة </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والسياسات التي تنجز هذا الهدف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ليست صعبة لكنها تحتاج إلى تفهم وتعاون هادئ</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بعد التخلي عن الأطروحات التي غيبت الحقائق.</span></p><br /><br /><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعند مباشرة الإدارة الاقتصادية بسياسة متكاملة نحو ذلك الهدف،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أي استيعاب فائض الادخار الخاص في الداخل، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوف لا يتجه إلى سوق الصرف ولم تعد حاجة إلى تدقيق وقيود. </span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويبقى تثبيت سعر الصرف بمطابقته مع سعر السوق </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يتحقق إلا بإطلاق المبيعات والتحويلات.</span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">سلوك هامش سعر الصرف : تقدير الدالة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نفترض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> انسجاما مع المقدمات آنفا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ان هامش سعر الصرف ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فرق سعر السوق عن الرسمي،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يعتمد على الطلب الزائد .</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والأخير إبتدائي </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يوجد إزاء السعر الرسمي ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ولا يلبث سعر السوق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن يتكيف لينخفض الطلب الفعلي النهائي حتى يتساوى مع العرض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> عند سعر أعلى من الرسمي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بفارق يتعين تبعا لمقدار الطلب الزائد إبتداءا.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وقبل توصيف الدالة وإجراء التقدير نفحص الإرتباط</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للتأكد من شدة ارتباط الهامش مع العملة الأجنبية الورقية أم مجموع المبيعات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لنعرض نتائج الإرتباط في الجدول البسيط (3):</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 413px; overflow: hidden; width: 518px;"><img alt="هامش سعر الصرف" src="https://lh7-us.googleusercontent.com/ebaJ7D3EXiLo0Jbhg1RRBELltWREK89gHmizZ9YEAPQTeDnJSQtiW1_hLQb5mfh1kOkUlOLmACMCnKyZpfpDMX-kJVrN-LFZG59-wZm2VLcAiAE2J1eJcg_57nh27ABhPC-BlGxdO46BZE8XFVfw8xs=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">مبيعات العملة الورقية تعني مبيعات الدولار النقدي وليس الحوالات</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الجدول (3) الإرتباط بين هامش سعر الصرف ومتغيرات مبيعات العملة الأجنبية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بيانات شهرية للمدة بين كانون الثاني 2011 وكانون الثاني 2023</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ملاحظات: </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الرقم بين قوسين سالب أي أن الإرتباط عكسي ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> البيانات المهذبة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هي البيانات الأصلية مستبعدا منها المبيعات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> دون 1.5 مليار دولار شهريا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأكثر من 6 مليار دولار شهريا ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الإنحراف عن الاتجاه الأسي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">المبيعات ناقصا عن القيمة الاتجاهية للمعادلة الأسية مع الزمن. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">نلاحظ الارتباط واطئ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويفتقر إلى المعنوية الإحصائية مع مبيعات العملة الورقية؛ ومع مجموع المبيعات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وانحرافها عن الإتجاه الأسي عكسية أي في الإتجاه الصحيح نظريا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وكلها ذات معنوية عالية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من هذه يبدو </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن إرتباط الهامش مع مجموع المبيعات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أرجح من إرتباطه مع مبيعات العملة الورقية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وبهذا جاءت النتيجة خلاف الإنطباع السائد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقدير التوصيف الأول : </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قدرنا دالتي انحدار للهامش بدلالة المبيعات ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مستثنى منها البيانات المتطرفة المبينة آنفا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والهامش والمبيعات باللوغاريتمات الطبيعية؛ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وأضيفت الفروقات الشهرية للعملة في التداول تسلسل الزمن الشهري.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والبرنامج بالخطوات Stepwise إختار المتغيرات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وكانت النتيجة مؤيدة لفرضية </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أن الهامش تابع للطلب الزائد غير المشبع إبتداءا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والقدرة التفسيرية للمعادلة مرتفعة حيث معامل التحديد % 92.23.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نعرض المعادلة كما هي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وعدد المشاهدات 130 مشاهدة شهرية ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مفردات العمود الأول من اليسار في جدول المعاملات: من الأعلى إلى الأسفل:</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الثابت؛ المبيعات؛ الزمن ؛ متخلف الهامش، للشهر السابق؛ متخلف المبيعات؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> متخلف المبيعات الأسبق ، قبل شهرين؛ الفرق الشهري للعملة في التداول.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> المتغير التابع هو اللوغاريتم الطبيعي للهامش.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 398px; overflow: hidden; width: 438px;"><img alt="تقدير التوصيف الاول" src="https://lh7-us.googleusercontent.com/p4jfv5jkDTQcn86lt7EgA44EY1cfYeksyTyQwhg05xae3Lk8BnRW5wtoc6IUvhEqGdaCs9X61chNEqLZXsJ15BWnCTZISFRzQKHYgyh6V_oW7DuSInG0Cw69tbTghCAQeLqJkgmdhQpt4v2loLXJCMo=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقدير التوصيف الثاني :</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> اعتمد هذا التوصيف </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إنحراف المبيعات المهذبة عن الاتجاه الزمني الأسي متغيرات تفسيرية للهامش. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">جاءت النتائج متطابقة في القوة التفسيرية الإجمالية لهذه المعادلة مع التوصيف السابق ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وثمة فروقات في المعاملات ، عدد المشاهدات لا يختلف 130 بيانات شهرية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> نسمي الإنحراف عن الإتجاه الأسي فجوة المبيعات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والمتغير التابع هو اللوغاريتم الطبيعي للهامش.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> مفردات العمود الأيسر لجدول المعاملات من الأعلى إلى الأسفل الثابت؛ فجوة المبيعات ؛</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> المتخلف الأول لفجوة المبيعات؛ المتخلف الثاني لفجوة المبيعات؛ المتخلف الأول للمتغير التابع ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> الهامش ؛ الفرق الشهري للعملة في التداول ؛ الزمن.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 367px; overflow: hidden; width: 392px;"><img alt="تقدير التوصيف الثاني" src="https://lh7-us.googleusercontent.com/axbYP4y7yujsPa7pW9NMjWS1zg1SMavLTQev_k4fy2u5l9WZdFQFMHz9VBWu4HCfkQWqGcwcKPliezAk3XWqC0Kt_R_gG5CYNEN1c7d7bdtC097M31UEmmx8XZ77C1Gpbo8G_hnViT06chmA3r7vd_M=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 358px; overflow: hidden; width: 484px;"><img alt="تقدير الهامش" src="https://lh7-us.googleusercontent.com/8eL1l0gKFHFd6YrPeOBbG3-GaKL9nTZyqVEoVP7xUhGv7pcPTVoxJoBFPC748eyB0A21lOtpfSYtpaoNniUlr_bkObKXWV6tKuNbospL2Io79n1hiIPXjZ4EzKo4WLwAK92cwLQc94vtnmfIZTQh1dQ=s16000" style="margin-left: 0px; margin-top: 0px;" title="نظام الصرف وسعر الصرف بين التحديد الرسمي والسوق" /></span></span></p><br /><br /><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(*) باحث وكاتب اقتصادي أكاديمي.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حقوق النشر محفوظة لشبكة الاقتصاديين العراقيين. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يسمح بإعادة النشر بشرط الإشارة الى المصدر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Iraqi Economists Network - شبكة الاقتصاديين العراقيين</span></p><br /><br /></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-63066933710741324142023-11-12T00:58:00.003+03:002023-11-13T22:30:30.381+03:00مخاطر تثبيت سعر الصرف في اقتصاد ريعي<p><span style="font-family: arial; font-size: medium;"> <a href="https://www.facebook.com/Abdullah.AlJinaahi.iq?__cft__[0]=AZXVPJ6HVdy6FK3KQqpXJ3NizmizR9jtl90lB2hDvbBraJcN0T0ZNLLvZovzA5oEjCJCfgS-JpIRCneDuteckWBV-fWB-DPEEAqbrXadaj4FOCoYVUVoi857ZWuDbBTIqP1YZGkKSYEUzvc5t8D-mFvI&__tn__=-UC%2CP-R" style="text-decoration-line: none;"><span face="Arial, sans-serif" style="color: #1155cc; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">عبدالله الجناحي</span></a></span></p><span id="docs-internal-guid-9f739e13-7fff-84c4-e8cb-716c4038ac27" style="font-family: arial; font-size: medium;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.facebook.com/Abdullah.AlJinaahi.iq/posts/6709283349126023?__cft__[0]=AZXVPJ6HVdy6FK3KQqpXJ3NizmizR9jtl90lB2hDvbBraJcN0T0ZNLLvZovzA5oEjCJCfgS-JpIRCneDuteckWBV-fWB-DPEEAqbrXadaj4FOCoYVUVoi857ZWuDbBTIqP1YZGkKSYEUzvc5t8D-mFvI&__tn__=%2CO%2CP-R" style="text-decoration-line: none;"><span face="Arial, sans-serif" style="color: #1155cc; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">1 س</span></a><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 8-11-2023</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تثبيت سعر الصرف في اقتصاد ريعي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يهدر السيادة النقدية(الاصدار والفائدة) للبنك المركزي العراقي</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويحافظ على استمرار مشاكل الاقتصاد العراقي دون حل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">بتضخيم أسعار السلع والخدمات والأصول المحلية غير المتاجر بها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وبالتالي يشجع على تهريب راس المال العراقي الى الخارج</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويعرقل الادخار والاستثمار والتنمية في العراق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ويشجع على انفاق الدينار على المستوردات</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وينهش في الدينار المدخر عند المواطن الفقير</span></p><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"> البديل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">المحافظة على السيادة النقدية وحرية حركة راس المال</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">وسعر صرف يحدده العرض والطلب</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">و عند هذا البديل</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;">يكون للسياسة النقدية دورا كبيرا وفاعلا.</span></p><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div>مع </span></div><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سوق احتكار احتكار مزدوج</span></div><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> احتكار البنك المركزي للدينار كسلطة اصدار</span></div><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">واحتكار وزارة المالية للدولار كايراد من صادرات النفط</span></div><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div><div><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">الاقتصاد بعيون الخبراء
12-11-2023</span></div></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-62717031725437085532023-11-12T00:07:00.000+03:002023-11-12T00:07:08.558+03:00تقرير ميتاتريدر الجديد: خمسة مؤشرات أداء رئيسية تراقب كفاءة التداول واستقراره.<p> <span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: 700; white-space-collapse: preserve;">تقرير ميتاتريدر الجديد: 5 مقاييس تداول رئيسية</span></p><p><span id="docs-internal-guid-611a6b3e-7fff-739e-4749-b93b6dfad32e"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**قسم "Reports" في علامة التبويب "History" في برنامج التداول MetaTrader 5 (MT5)**</span></span></p><span id="docs-internal-guid-0fbbdb51-7fff-8e33-055f-c3f1feb851fb"><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b id="docs-internal-guid-0fbbdb51-7fff-8e33-055f-c3f1feb851fb" style="font-weight: normal;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 60px; overflow: hidden; width: 60px;"><img alt="MetaQuotes" height="60" src="https://lh7-us.googleusercontent.com/XHveiVlAXNn4ftLklX1q7fU-54H5oWVs8QiobIB0GmVrr-6G6NPcvbzJyJxFMtRCYDokF7JiHlmX7empeDuVa_NhC6Ou0BV07UzI11zRZUS-aANwl3sbmMengyFdL72TWYVSjZ-uZcCvC22dFUzuqv0" style="margin-left: 0px; margin-top: 0px;" title="MetaQuotes" width="60" /></span></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> مشرف</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">291634</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ميتا كيوتس</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 2023.10.06</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 15:17 EN</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يتطلب التداول الناجح في الأسواق المالية اتخاذ قرارات مدروسة وراسخة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يمكن أن تساعد تحليلات الأداء الشاملة المتداولين</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> في اتخاذ قرارات استثمارية مستنيرة وفي تحسين استراتيجياتهم.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> في هذه المقالة ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">سنلقي نظرة على خمسة مؤشرات أداء رئيسية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تميز كفاءة التداول واستقراره.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 315px; overflow: hidden; width: 600px;"><img alt="New MetaTrader Report: 5 key trading metrics" height="321" src="https://lh7-us.googleusercontent.com/Tgn1xqPknRsa_IpS41rM-IuZhIpUfldZPW_bS_5DkkvrwaUS9jS2TWdPlG-FVRt1gDg6CZxwmD930PPN3Tvj0PLM9LamGNwRJ40NlCtCBlsFwc-pRryx2RY9htnSlTjaPt0xaIG_NmZHnuaOznF8knw=w550-h321" style="margin-left: 0px; margin-top: 0px;" title="New MetaTrader Report: 5 key trading metrics" width="550" /></span></span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 1.مقياس نسبة شارب</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b style="font-weight: normal;"><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ما هو: مقياس لربحية الاستراتيجية فيما يتعلق بالمخاطر.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا هو مهم:</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تشير قيمة نسبة شارب المرتفعة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إلى أن الإستراتيجية يمكن أن تحقق أرباحا بكفاءة وبأقل قدر من المخاطر. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كلما ارتفعت النسبة ، كان ذلك أفضل.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كيفية التفسير: </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">تشير القيمة الأكبر من 1 إلى أن عوائد الإستراتيجية تبرر المخاطر المرتبطة بها.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تشير قيم النسبة 3 أو أعلى إلى استراتيجية ممتازة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يوجد أدناه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تقرير تداول ناجح يظهر نموا سنويا يزيد عن 1500٪. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">مخططات التوازن والنمو سلسة للغاية ، دون قطرات حادة وطفرات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ومع ذلك ، لا يمكن اعتبار الإستراتيجية مستقرة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لأن نسبة شارب هي 0.21 ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">مما يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">أن المتداول يتحمل مخاطر عالية جدا لتحقيق نتائج التداول هذه.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يتم تفسير نسبة شارب على النحو التالي:</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">نسبة شارب < 0 ضعيف. الاستراتيجية غير مربحة بشكل عام.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">نسبة شارب < 1.0 غير محددة. المخاطر غير مبررة.</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لا يمكن النظر في استخدام مثل هذه الاستراتيجيات إلا عندما لا تكون هناك بدائل.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">نسبة شارب ≥ 1.0 جيد. إذا كانت نسبة شارب أعلى من واحد ، </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">فهذا يعني أن المخاطر مبررة بأداء المحفظة / الاستراتيجية.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">نسبة شارب ≥ 3.0 ممتازة.</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تشير النسبة المرتفعة إلى انخفاض احتمالية الخسائر في كل صفقة فردية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إذا كانت نسبة شارب أقل من الصفر ، فإن الإستراتيجية غير مربحة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> ومع ذلك ، حتى بدون تحليل نسبة شارب ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكن أن تكون هذه النتائج السيئة واضحة من مخططات التوازن والنمو فقط.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 541px; overflow: hidden; width: 602px;"><img alt="**قسم "Reports" في علامة التبويب "History" في برنامج التداول MetaTrader 5 (MT5)**" height="526" src="https://lh7-us.googleusercontent.com/ea0UGIHbYyCcBBCSma_mHNtZjHTLQcO3sUDNfrhf6_IbvnXaHggEjSCXNjoxagHgqprmQTrN0Ojp-S4s9GGg7AMdFQPYMYF8ScX8vxBh1WJCbkomjWO465i80FPEIk5-puWVWgt8HeOGKJvThxLK99o=w563-h526" style="margin-left: 0px; margin-top: 0px;" title="**قسم "Reports" في علامة التبويب "History" في برنامج التداول MetaTrader 5 (MT5)**" width="563" /></span></span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 2. الحد الأقصى للتراجع</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b style="font-weight: normal;"><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">التعريف: الحد الأقصى لانخفاض الرصيد من أعلى قيمة.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا هو مهم: </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يظهر المقياس جزء رأس المال المعرض للخطر خلال أسوأ فترة تداول.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كيفية التفسير:</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تشير قيم التراجع المنخفضة إلى استراتيجية أكثر موثوقية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">الحد الأقصى للتراجع في التقرير أعلاه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يساوي 72.3٪ ، مما يشير إلى وجود مخاطر عالية جدا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يوضح الرسم البياني أعلاه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تراجعا بنسبة 67٪ في مايو 2023. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">تعتبر قيمة المخاطرة هذه متطرفة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لأن قيمة التراجع المثلى يجب ألا تتجاوز 20-30٪.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا يجب ألا يزيد التراجع الأمثل عن 30٪ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">(يفضل أن يكون أقل من 20٪)؟ </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">عند اختيار استراتيجية تداول ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يجب أن تفترض</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">أن التراجع المسجل تاريخيا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكن تجاوزه بالفعل بعامل 2 أو أكثر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> إذا كان الحد الأقصى للتراجع هو 30٪ ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكن أن تصل القيمة المستقبلية إلى 60٪ (2 * 30٪). </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكن أن يتحمل حساب التداول قيمة التراجع هذه.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> ومع ذلك ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إذا كان الحد الأقصى للتراجع هو 72٪ ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> فقد يكون 100٪ في المستقبل ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">مما يعني أنه قد يتم فقد جميع الأموال.</span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 3. عامل الاسترداد</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b style="font-weight: normal;"><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ما هو: نسبة الربح المتولد إلى الحد الأقصى للتراجع.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا هو مهم: </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يوضح العامل قدرة الاستراتيجية على التعافي من الخسائر.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كيفية التفسير:</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> كلما ارتفع عامل الاسترداد ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">زادت سرعة تغطية الإستراتيجية للخسائر وبدأت في جني الأرباح.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">عامل الاسترداد في التقرير أعلاه</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يساوي 8.26 وهو في المنطقة الخضراء ، وهي قيمة جيدة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">من الناحية المثالية ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يجب أن يكون لاستراتيجية التداول </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">عامل استرداد أكبر من 3 ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">مع كون القيم الأكبر مرغوبة أكثر.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يظهر التقرير الموجز في وضع الصناديق</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> أن حقوق الملكية (333.83 دولارا أمريكيا)</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> أقل بكثير من الرصيد (558.29 دولارا أمريكيا).</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> كان للحساب تراجع كبير ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> لكن الربح الناتج قدم عامل استرداد جيد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">تشير الإستراتيجية ذات عامل الاسترداد المرتفع (3 أو أكثر) </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إلى أنه يمكن تعويض التراجع الحالي بالأرباح المستقبلية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> إذا كان عامل الاسترداد أقل من 1 ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">فقد تتسبب عدة عمليات تراجع متتالية في انخفاض رصيد الحساب إلى الصفر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 445px; overflow: hidden; width: 602px;"><img alt="Recovery Factor" height="445" src="https://lh7-us.googleusercontent.com/9AvpB_niq8rtdOfpvKvXUChTcXLo28Y2u5HP3cxL2JGGAnFKABAhZmdekttllPyxxi5tNesFUziGlOuJoRRlC36EzJxxnNYLcrFXvgTW7_kOa-Lpe16zVve5SQnxjV95KOX2y1eXDbPDZuLDyPW6LwI=w601-h445" style="margin-left: 0px; margin-top: 0px;" title="Recovery Factor" width="601" /></span></span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 4. عامل الربح</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b style="font-weight: normal;"><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ما هو: نسبة إجمالي الأرباح إلى إجمالي الخسائر.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا هو مهم:</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يوضح العامل الكفاءة المحتملة للاستراتيجية على المدى الطويل.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كيفية التفسير:</span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تشير القيم الأكبر من 1 إلى الربحية.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">الغرض الأساسي من التداول المالي هو تحقيق الأرباح.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> في حين أن أي استراتيجية تداول</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> قد يكون لها صفقات رابحة أو خاسرة ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يجب أن تتجاوز الأرباح من الصفقات الرابحة الخسائر من الصفقات غير المربحة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يشير عامل الربح بدقة إلى مدى تجاوز إجمالي الأرباح المحققة لإجمالي الخسائر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">عامل الربح في هذا التقرير</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يساوي 1.91 ، وهي قيمة جيدة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> وفقا لذلك ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يوجد الرسم البياني في المنطقة الخضراء.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 53px; overflow: hidden; width: 247px;"><img alt="Profit Factor" height="53" src="https://lh7-us.googleusercontent.com/LZlv4vXN-kmed9R1fP5kNnSd60Voi9HME1RDuJhQJCxB_UGK9ydFfkhYyvDmzJjcwAIAjYfVqGHBD0JtSGLjylmLQARzwOxlk0xwwTpf5eQINPStJCiVEGOarLhHpkXRuKfnE11vJvs90oAhKNHVMrI" style="margin-left: 0px; margin-top: 0px;" title="Profit Factor" width="247" /></span></span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> 5. الأعلى.تحميل الإيداع</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><b style="font-weight: normal;"><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ما هو: أعلى نسبة من أموال الحساب المستخدمة في المراكز المفتوحة.</span></p></li><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لماذا هو مهم: </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">تزيد أحمال الإيداع العالية مخاطر إضافية لحساب التداول. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إذا تحرك السوق في اتجاه غير موات ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> يزداد احتمال فقدان جميع الأموال إذا كانت أحمال الإيداع عالية.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: square; text-decoration: none; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">كيفية التفسير: </span></p></li></ul><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-right: 36pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">تشير القيم المنخفضة إلى انخفاض التعرض للخسائر المحتملة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لا توجد قيمة تحميل إيداع مثالية مناسبة لجميع الاستراتيجيات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يعتمد الحمل على أسلوب التداول المحدد وأوقات الاحتفاظ بالمركز. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">يمكن أن تستخدم استراتيجيات السكالبينج أسهم إيداع أعلى </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">لأنها تهدف إلى تحقيق أرباح من التغيرات الصغيرة في الأسعار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">وعادة ما تفتح مراكز ذات حجم متزايد.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">بالنسبة للتداول بالهامش ، بما في ذلك الفوركس ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">فإن متطلبات الهامش أقل بكثير بسبب الرافعة المالية المقدمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">هذا يسمح بزيادة الأرباح من التغيرات الصغيرة في الأسعار </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ولكن في نفس الوقت يحمل مخاطر أعلى من الخسائر المحتملة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إذا تحرك زوج العملات في اتجاه غير موات. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">على سبيل المثال ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> إذا كانت الرافعة المالية 100 ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> تقليل الهامش المطلوب لفتح مركز بمقدار 100 مرة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> وبالتالي ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">إذا فتح المتداول مركزا للإيداع بالكامل </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">وتحرك السعر بمقدار 100 نقطة في الاتجاه المعاكس ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> فقد الإيداع بالكامل. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">علاوة على ذلك ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">حدد العديد من الوسطاء مستوى Stop Out بنسبة 50٪ ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"> مما يعني </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">أن 50 نقطة في اتجاه غير موات </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">ستؤدي إلى خسائر كبيرة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">عادة ما تكون هذه الحركة ضمن النطاق اليومي لمعظم أزواج العملات.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: blue; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">الحد الأقصى لحمل الإيداع في هذا التقرير هو 57٪. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">مثل هذا التداول محفوف بالمخاطر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">وبالتالي فإن المقياس في المنطقة الحمراء.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><span style="border: none; display: inline-block; height: 53px; overflow: hidden; width: 247px;"><img alt="Max. Deposit Load" height="53" src="https://lh7-us.googleusercontent.com/OFnfQxWbKNX3dQk-1Ih7ISOqaOV_cDbY-9fMzsXXAG2vek8fyvZHUOzJfuTWA9wkKWzl5NNeJ0XDRXQwaNycKrNP0FWHJzuipS-_iPmAX5GZbQCVKk6qk9gPGazqCYQ_8z-KVEqKHsck_IF84h6BDUs" style="margin-left: 0px; margin-top: 0px;" title="Max. Deposit Load" width="247" /></span></span></p></b></h1><h3 dir="rtl" style="line-height: 1.38; margin-bottom: 4pt; margin-top: 14pt; text-align: right;"><span style="background-color: transparent; color: black; font-family: Arial,sans-serif; font-size: 13.999999999999998pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">صفحة الملخص</span></h3><h1 dir="rtl" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 24pt;"><span style="font-weight: normal;"><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تحتوي صفحة الملخص على المؤشرات الرئيسية ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> بما في ذلك الرسوم البيانية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> للرصيد / حقوق الملكية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وديناميكيات النسبة المئوية للنمو.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> ويرد موجز للتحليل على النحو التالي:</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">الرسوم البيانية للنمو والرصيد سلسة هادئة ، دون تقلبات حادة - ✔️</span></p></li><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">نسبة شارب = 0.21 - X</span></p></li><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">الحد الأقصى للتراجع = 72٪ - X</span></p></li><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">عامل الاسترداد = 8.26 - ✔️</span></p></li><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">عامل الربح = 1.91 - ✔️</span></p></li><li aria-level="1" dir="rtl" style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: square; vertical-align: baseline; white-space: pre;"><p dir="rtl" role="presentation" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">الحد الأقصى لحمل الإيداع = 57٪ - X</span></p></li></ul><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في حين أن ثلاثة من أصل خمسة مقاييس واعدة ،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">لا يمكن اعتبار استراتيجية التداول مستقرة وآمنة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="color: blue; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">ترتبط الأرباح المتولدة بمخاطر عالية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">جميع الإحصاءات المدروسة مهمة لتحليل وتقييم استراتيجيات التداول.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يجب عليك دائما تحليل مجموعة من مؤشرات الأداء ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع مراعاة ميزات استراتيجية التداول المحددة وظروف السوق.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يساعد الاستخدام السليم للمقاييس الإحصائية وفهمها </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">في تقليل المخاطر وتحسين نتائج التداول.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">مع تقرير تداول MetaTrader 5 المحدث ، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يمكن للمتداولين تقييم أداء استراتيجيتهم مباشرة في المحطة.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن لمثل هذه التحليلات الشاملة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن تسلط الضوء على الجوانب الإيجابية للاستراتيجيات، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وتحفز المناطق الضعيفة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">والتي إذا تحسنت يمكن أن تقلل من المخاطر وتعزز استقرار التداول.</span></p><br /><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.mql5.com/en/forum/455281#comment_50469727" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial, sans-serif; font-size: 14pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://www.mql5.com/en/forum/455281#comment_50469727</span></a></p><div><br /></div></span></h1></span>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0tag:blogger.com,1999:blog-2756764865486377695.post-35962247628923670372023-11-06T18:58:00.004+03:002023-11-06T19:00:59.891+03:00 **قواعد اصابع الاستثمار العشرة**<p><span style="font-family: arial; font-size: medium;"><b><br /></b></span></p><span id="docs-internal-guid-4ac799b8-7fff-5731-fa75-52d1489c6094" style="font-family: arial; font-size: medium;"><b><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9BfMuVur1iN_04In1nTbAAJQ6k6sU2jH9M9EB6FXZwtMQbgPolho12XKdPI440HNub5I-h43Y4TYCG7OehQPe_1HdX8ccYq9_HgcDYBJKy7HhvytyuGim4nFbuT-efYd06GEfN5CeUE_rjOXdp_cKj1B5VD3hDigDDWAB6mw89qyGOgx9CLii7EPnJivZ/s913/Rules%20of%20thumb.png" style="margin-left: 1em; margin-right: 1em;"><img alt="**قواعد اصابع الاستثمار العشرة**" border="0" data-original-height="563" data-original-width="913" height="394" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9BfMuVur1iN_04In1nTbAAJQ6k6sU2jH9M9EB6FXZwtMQbgPolho12XKdPI440HNub5I-h43Y4TYCG7OehQPe_1HdX8ccYq9_HgcDYBJKy7HhvytyuGim4nFbuT-efYd06GEfN5CeUE_rjOXdp_cKj1B5VD3hDigDDWAB6mw89qyGOgx9CLii7EPnJivZ/w640-h394/Rules%20of%20thumb.png" title="**قواعد اصابع الاستثمار العشرة**" width="640" /></a></div><br /><span><br /></span></div><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فيما يلي قواعد الإصابع الاستثمارية العشره:</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">1. **قاعدة 72:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قسم 72 على معدل الفائدة الذي تحصل عليها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لمعرفة الوقت الذي سيستغرقه لتضاعف أموالك مرتين في القيمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا كنت تستثمر في حساب توفير يدفع 4% فائدة، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فسوف يستغرق الأمر 72 / 4 = 18 عامًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حتى يتضاعف أموالك مرتين.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">2. **قاعدة 114:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> قسم 114 على معدل الفائدة الذي تحصل عليها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لمعرفة الوقت الذي سيستغرقه تضاعف اموالك ثلاث مرات في القيمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إذا كنت تستثمر في صندوق استثمار مشترك يدفع 12% فائدة،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فسوف يستغرق الأمر 114 / 12 = 9.5 عامًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حتى تتضاعف أموالك ثلاث مرات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">3. **قاعدة 144:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">قسم 144 على معدل الفائدة الذي تحصل عليها</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> لمعرفة الوقت الذي سيستغرقه لتضاعف أموالك أربعة مرات في القيمة. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إذا كنت تستثمر في سهم يدفع 20% أرباحًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فسوف يستغرق الأمر 144 / 20 = 7.2 عامًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">حتى تتضاعف أموالك اربعة مرات.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">4. **قاعدة 100 ناقص عمرك:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تقول هذه القاعدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أنه يجب عليك طرح عمرك من 100 </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">للعثور على مقدار محفظتك التي يجب تخصيصها للأسهم. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">إذا كنت تبلغ من العمر 30 عامًا، </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">فيجب عليك تخصيص 70% من محفظتك للأسهم.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">5. **قاعدة 10% للتقاعد:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقول هذه القاعدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أنه يجب عليك توفير ما لا يقل عن 10% من دخلك للتقاعد</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا استطعت الادخار أكثر، فهذا أفضل.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">6. **قاعدة السحب 4%:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تقول هذه القاعدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أنه يمكنك سحب 4% من مدخرات التقاعد الخاصة بك كل عام أثناء التقاعد. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيساعد ذلك على ضمان أن يستمر أموالك طوال سنوات التقاعد الخاصة بك.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">7. **قاعدة صندوق الطوارئ:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقول هذه القاعدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أنه يجب أن يكون لديك صندوق طوارئ</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يمكن أن يغطي نفقات المعيشة لمدة 3 إلى 6 أشهر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> سيساعدك ذلك على مواجهة أي عواصف مالية غير متوقعة.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">8. **قاعدة صافي الثروة:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقول هذه القاعدة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> أن صافي ثروتك </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="color: #cc0000; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">يجب أن يساوي عمرك مضروبًا في دخلك قبل الضريبة مقسومًا على 10. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">على سبيل المثال،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> إذا كان عمرك 30 عامًا وكان دخلك قبل الضريبة 10 ملايين روبية،</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> فيجب أن يكون صافي ثروتك 30 مليون روبية.</span></p><p dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">(Age x pre-tax income) / 10 = net worth</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">9. **قاعدة الاستثمار 10% الدنيا:** </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">تقول هذه القاعدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أنه يجب عليك الاستثمار بحد أدنى 10% من دخلك كل شهر. </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">سيساعدك ذلك على بناء ثروتك بمرور الوقت.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">10. **قاعدة الاستثمار المنتظم:**</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> تقول هذه القاعدة </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">أنه يجب عليك الاستثمار بانتظام، حتى لو كان مبلغًا صغيرًا.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> يُعرف هذا باسم متوسط تكلفة الدولار، ويساعدك على تقليل المخاطر </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">من خلال شراء المزيد من الأسهم عندما يكون السوق منخفضًا </span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">وعدد أقل من الأسهم عندما يكون السوق مرتفعًا.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">هذه مجرد بعض قواعد الإصبع التي يمكنك اتباعها عند الاستثمار.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من المهم أن تتذكر أنه لا يوجد نهج موحد للاستثمار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> وما يصلح لشخص ما قد لا يصلح لشخص آخر.</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> من الجيد دائمًا استشارة مستشار مالي قبل اتخاذ أي قرارات استثمارية.</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">**ترجمة بعض المصطلحات:**</span></p><br /><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Investing:** الاستثمار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Thumb rule:** قاعدة إصبع</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Compound interest:** الفائدة المركبة</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Dollar-cost averaging:** متوسط تكلفة الدولار</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Portfolio:** محفظة استثمارية</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Diversification:** التنويع</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Rebalance:** إعادة التوازن</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Retirement:** التقاعد</span></p><p dir="rtl" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"><span face="Arial, sans-serif" style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">* **Emergency fund:** صندوق طوارئ</span></p><br /></b></span><div><span style="font-family: arial; font-size: medium;"><b>اعداد الاقتصاد بعيون الخبراء</b></span></div><div><span style="font-family: arial; font-size: medium;"><b>6-11-2023</b></span></div>abdullah aljinaahihttp://www.blogger.com/profile/07428918488938833478noreply@blogger.com0