{"id":12790,"date":"2025-11-02T12:04:31","date_gmt":"2025-11-02T09:04:31","guid":{"rendered":"https:\/\/otetmarkets.net\/blog\/?p=12790"},"modified":"2025-12-10T11:26:29","modified_gmt":"2025-12-10T08:26:29","slug":"%d8%a7%d9%84%d8%aa%d9%88%d9%82%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9%d8%8c-%d9%86%d9%88%d9%81%d9%85%d8%a8","status":"publish","type":"post","link":"https:\/\/otetmarkets.net\/blog\/otet-view\/%d8%a7%d9%84%d8%aa%d9%88%d9%82%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9%d8%8c-%d9%86%d9%88%d9%81%d9%85%d8%a8\/","title":{"rendered":"\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629\u060c \u0646\u0648\u0641\u0645\u0628\u0631 2025"},"content":{"rendered":"\n<p>\u0646\u0638\u0631\u0629 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\u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0634\u0647\u0631\u064a\u060c \u0645\u0645\u0627 \u064a\u0639\u0632\u0632 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u062a\u062f\u0631\u064a\u062c\u064a \u0644\u0644\u062a\u0636\u062e\u0645. \u0633\u062c\u0644 \u0645\u0624\u0634\u0631 \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0628 (PMI) \u0645\u0646 S&amp;P Global \u0642\u0631\u0627\u0621\u0629 54.8\u060c \u0628\u0642\u064a\u0627\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0627\u062a (55.2)\u060c \u0628\u064a\u0646\u0645\u0627 \u0623\u0634\u0627\u0631 \u0627\u0644\u062a\u0635\u0646\u064a\u0639 (52.2) \u0648\u0628\u0639\u0636 \u0627\u0644\u0645\u0633\u0648\u062d\u0627\u062a \u0627\u0644\u0625\u0642\u0644\u064a\u0645\u064a\u0629 \u0625\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0627\u0644\u0638\u0631\u0648\u0641 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\u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 6.3% \u06486.4%\u061b \u0648\u062d\u0627\u0645\u062a \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0628\u0627\u0644\u0642\u0631\u0628 \u0645\u0646 4.06 \u0645\u0644\u064a\u0648\u0646\u060c \u0648\u0627\u0633\u062a\u0642\u0631 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0645\u0639\u0644\u0642. \u0643\u0627\u0646\u062a \u0627\u0644\u0623\u0648\u0636\u0627\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 &#8211; \u0641\u0627\u0626\u0636 \u0628\u0646\u062d\u0648 198 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 &#8211; \u0628\u064a\u0646\u0645\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u062a\u0634\u062f\u064a\u062f \u0627\u0644\u0643\u0645\u064a (QT) \u0628\u0633\u0644\u0627\u0633\u0629\u060c \u0648\u0638\u0644\u062a \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0628\u0627\u0644\u0642\u0631\u0628 \u0645\u0646 3 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0648\u062a\u0645\u062a \u0645\u0632\u0627\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0628\u0634\u0643\u0644 \u062c\u064a\u062f (\u0639\u0627\u0626\u062f 10 \u0633\u0646\u0648\u0627\u062a ~4.12%\u060c 30 \u0633\u0646\u0629 ~4.73%). \u0638\u0644\u062a \u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0633\u0648\u0642 \u0642\u0648\u064a\u0629\u060c \u0648\u0623\u0634\u0627\u0631 \u062a\u062a\u0628\u0639 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0644\u0644\u0631\u0628\u0639 \u0627\u0644\u062b\u0627\u0644\u062b \u0625\u0644\u0649 \u062d\u0648\u0627\u0644\u064a 3.9%\u060c \u0645\u0645\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0632\u062e\u0645 \u0635\u062d\u064a \u0645\u0639 \u0646\u0647\u0627\u064a\u0629 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\u0627\u0644\u0639\u0642\u0627\u0631\u064a. \u0627\u0644\u0646\u0645\u0648 \u0645\u062a\u0648\u0627\u0636\u0639 \u0648\u063a\u064a\u0631 \u0645\u062a\u0633\u0627\u0648\u064d &#8211; \u0627\u0644\u0628\u0646\u0627\u0621 \u0645\u062a\u0623\u062e\u0631 &#8211; \u0644\u0643\u0646 \u0627\u0644\u0646\u063a\u0645\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u062a\u062f\u0639\u0645 \u062a\u062b\u0628\u064a\u062a \u0628\u0646\u0643 \u0625\u0646\u062c\u0644\u062a\u0631\u0627 (BoE) \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0628\u064a\u0646\u0645\u0627 \u064a\u0646\u062a\u0638\u0631 \u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0623\u0648\u0636\u062d \u0641\u064a \u0627\u0644\u0623\u062c\u0648\u0631 \u0648\u062a\u0636\u062e\u0645 \u0627\u0644\u062e\u062f\u0645\u0627\u062a.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u0645\u0644\u0643\u0629 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\u0627\u0644\u0645\u0639\u0646\u0648\u064a\u0627\u062a \u0623\u0642\u0644 \u062a\u0634\u0627\u0624\u0645\u064b\u0627. \u0639\u0627\u062f\u062a \u0627\u0633\u062a\u0637\u0644\u0627\u0639\u0627\u062a \u0627\u0644\u0623\u0639\u0645\u0627\u0644 \u0625\u0644\u0649 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u062a\u0648\u0633\u0639\u060c \u0628\u064a\u0646\u0645\u0627 \u0623\u0638\u0647\u0631 \u0633\u0648\u0642 \u0627\u0644\u0625\u0633\u0643\u0627\u0646 \u062a\u062d\u0633\u0646\u064b\u0627 \u0645\u0628\u062f\u0626\u064a\u064b\u0627 \u0645\u0639 \u062a\u0631\u0627\u062c\u0639 \u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0631\u0647\u0646 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0639\u0646 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629. \u0644\u0627 \u064a\u0632\u0627\u0644 \u0627\u0644\u0632\u062e\u0645 \u0645\u062a\u0648\u0627\u0636\u0639\u064b\u0627 \u0648\u063a\u064a\u0631 \u0645\u062a\u0633\u0627\u0648\u064d\u060c \u0644\u0643\u0646 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u062a\u062d\u0648\u0644 \u0646\u062d\u0648 \u0627\u0644\u0627\u0646\u062a\u0639\u0627\u0634 \u0627\u0644\u062a\u062f\u0631\u064a\u062c\u064a \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u062a\u0628\u0627\u0637\u0624 \u0627\u0644\u0645\u062a\u062c\u062f\u062f.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0627\u0644\u0646\u0634\u0627\u0637 \u0648\u0627\u0644\u0646\u0645\u0648<\/strong> <\/h4>\n\n\n\n<p>\u062a\u062d\u0633\u0646 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0628\u0634\u0643\u0644 \u0645\u062a\u0648\u0627\u0636\u0639\u060c \u062d\u064a\u062b \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a \u0623\u063a\u0633\u0637\u0633 \u0628\u0646\u0633\u0628\u0629 0.1% \u0648\u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0644\u062b\u0644\u0627\u062b\u0629 \u0623\u0634\u0647\u0631 \u0639\u0646\u062f +0.3%. \u062a\u062d\u0631\u0643\u062a \u0645\u0624\u0634\u0631\u0627\u062a \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0627\u062a (PMIs) \u0625\u0644\u0649 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u062a\u0648\u0633\u0639: \u0648\u0635\u0644 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0645\u0631\u0643\u0628 \u0625\u0644\u0649 51.1\u060c \u0645\u062f\u0639\u0648\u0645\u064b\u0627 \u0628\u0627\u0644\u062e\u062f\u0645\u0627\u062a (51.1)\u060c \u0628\u064a\u0646\u0645\u0627 \u0643\u0627\u062f \u0627\u0644\u062a\u0635\u0646\u064a\u0639 \u0623\u0646 \u064a\u0633\u062a\u0642\u0631 \u0639\u0646\u062f 49.6. \u0638\u0644 \u0627\u0644\u0628\u0646\u0627\u0621 \u0636\u0639\u064a\u0641\u064b\u0627 \u0639\u0646\u062f 46.2\u060c \u0645\u0645\u0627 \u064a\u0633\u0644\u0637 \u0627\u0644\u0636\u0648\u0621 \u0639\u0644\u0649 \u0627\u0644\u0636\u063a\u0637 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u062d\u0633\u0627\u0633\u0629 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u0648\u0646 \u0648\u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644<\/strong><\/h4>\n\n\n\n<p> \u062a\u062d\u0633\u0646\u062a \u0645\u0639\u0646\u0648\u064a\u0627\u062a \u0627\u0644\u0623\u0633\u0631 &#8211; \u062a\u062d\u0633\u0646\u062a \u062b\u0642\u0629 GfK \u0625\u0644\u0649 -17\u060c \u0648\u0627\u0631\u062a\u0641\u0639\u062a \u0645\u0628\u064a\u0639\u0627\u062a \u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0628\u0646\u0633\u0628\u0629 0.5% \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0634\u0647\u0631\u064a \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631. \u0638\u0644 \u0646\u0645\u0648 \u0627\u0644\u0623\u062c\u0648\u0631 \u0645\u0631\u062a\u0641\u0639\u064b\u0627 (4.7% &#8211; 5% \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0633\u0646\u0648\u064a)\u060c \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0628\u0637\u0627\u0644\u0629 \u0625\u0644\u0649 4.8% \u0648\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0631\u062a\u0641\u0627\u0639 \u0637\u0644\u0628\u0627\u062a \u0625\u0639\u0627\u0646\u0629 \u0627\u0644\u0628\u0637\u0627\u0644\u0629\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u062a\u0628\u0627\u0637\u0624 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u0623\u0633\u0639\u0627\u0631<\/strong> <\/h4>\n\n\n\n<p>\u062a\u0631\u0627\u062c\u0639 \u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 (CPI) \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0625\u0644\u0649 \u062d\u0648\u0627\u0644\u064a 3.8% \u0648\u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0625\u0644\u0649 3.5%\u060c \u0645\u0639 \u0642\u0631\u0627\u0621\u0627\u062a \u0634\u0647\u0631\u064a\u0629 \u062b\u0627\u0628\u062a\u0629 \u0648\u062a\u0628\u0627\u0637\u0624 \u062d\u0627\u062f \u0641\u064a \u062a\u0636\u062e\u0645 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062a\u0627\u062c\u0631 \u0625\u0644\u0649 1%. \u0627\u0646\u062e\u0641\u0636\u062a \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a\u060c \u0645\u0645\u0627 \u0632\u0627\u062f \u0645\u0646 \u0632\u062e\u0645 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u062a\u0636\u062e\u0645.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0627\u0644\u0625\u0633\u0643\u0627\u0646 \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642<\/strong> <\/h4>\n\n\n\n<p>\u0627\u0633\u062a\u0642\u0631 \u0646\u0634\u0627\u0637 \u0627\u0644\u0625\u0633\u0643\u0627\u0646: \u0648\u0635\u0644\u062a \u0645\u0648\u0627\u0641\u0642\u0627\u062a \u0627\u0644\u0631\u0647\u0646 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0625\u0644\u0649 \u062d\u0648\u0627\u0644\u064a 65.9 \u0623\u0644\u0641 \u0648\u0627\u0631\u062a\u0641\u0639\u062a \u0645\u0642\u0627\u064a\u064a\u0633 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0646\u0627\u0632\u0644 \u0627\u0644\u0645\u062a\u0639\u062f\u062f\u0629. \u0627\u0646\u062e\u0641\u0636\u062a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 (Gilt) \u0648\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0628\u062b\u0628\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0639\u0643\u0633 \u062a\u0632\u0627\u064a\u062f \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0645\u0633\u0627\u0631 \u0647\u0628\u0648\u0637 \u0646\u0627\u0639\u0645 \u0645\u0639 \u0628\u0642\u0627\u0621 \u0628\u0646\u0643 \u0625\u0646\u062c\u0644\u062a\u0631\u0627 \u0639\u0644\u0649 \u0627\u0644\u062d\u064a\u0627\u062f \u0648\u0645\u0631\u0627\u0642\u0628\u062a\u0647 \u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0627\u0644\u0623\u062c\u0648\u0631 \u0648\u062a\u0636\u062e\u0645 \u0627\u0644\u062e\u062f\u0645\u0627\u062a.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u0645\u0644\u0643\u0629 \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u2014 \u0646\u0648\u0641\u0645\u0628\u0631 2025<\/strong><\/h3>\n\n\n\n<p>\u062a\u062a\u062c\u0647 \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0625\u0644\u0649 \u0646\u0648\u0641\u0645\u0628\u0631 \u0641\u064a \u0648\u0636\u0639 \u0647\u0634 \u0648\u0644\u0643\u0646\u0647 \u0645\u0633\u062a\u0642\u0631. \u0644\u0627 \u064a\u0632\u0627\u0644 \u0627\u0644\u0646\u0645\u0648 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\u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0648\u0627\u0644\u0645\u0641\u0648\u0636\u064a\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0648\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0641\u064a \u0646\u0637\u0627\u0642 0.9% &#8211; 1.2% \u0644\u0639\u0627\u0645 2025.<\/p>\n\n\n\n<p>\u0639\u0627\u062f \u0627\u0644\u062a\u0636\u062e\u0645 \u0625\u0644\u0649 \u062d\u062f \u0643\u0628\u064a\u0631 \u0625\u0644\u0649 \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u0631\u0627\u062d\u0629 \u0644\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a. \u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u0646 \u064a\u0628\u0644\u063a \u0645\u062a\u0648\u0633\u0637 \u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 \u0627\u0644\u0645\u0646\u0633\u0642 (HICP) 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\u0627\u0644\u0631\u0633\u0645\u064a\u064a\u0646 &#8211; \u062a\u0648\u0627\u0635\u0644 \u0627\u0644\u062d\u062f \u0645\u0646 \u0627\u0646\u062a\u0639\u0627\u0634 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643.<\/p>\n\n\n\n<p>\u0623\u0643\u062f\u062a \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0628\u064a\u0626\u0629 \u062a\u0636\u062e\u0645 \u0645\u0646\u062e\u0641\u0636\u0629. \u0627\u0646\u062e\u0641\u0636 \u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 (CPI) \u0628\u0646\u0633\u0628\u0629 0.3% \u0639\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0646\u0643\u0645\u0634 \u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0646\u062a\u062c\u064a\u0646 (PPI) \u0628\u0646\u0633\u0628\u0629 2.3%\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0636\u0639\u0641 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u062d\u062a\u0649 \u0645\u0639 \u062a\u0631\u0627\u062c\u0639 \u0636\u063a\u0648\u0637 \u0627\u0644\u0627\u0646\u0643\u0645\u0627\u0634. \u062a\u062d\u0633\u0646\u062a \u0638\u0631\u0648\u0641 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u060c \u062d\u064a\u062b \u0628\u0644\u063a \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a 3.53 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u064a\u0648\u0627\u0646 \u0648\u062a\u0648\u0633\u0639 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0627\u0644\u0646\u0642\u062f\u064a (M2) \u0628\u0646\u0633\u0628\u0629 8.4%\u060c \u0645\u0645\u0627 \u064a\u0638\u0647\u0631 \u0623\u0646 \u062f\u0639\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u064a\u062a\u0631\u0634\u062d \u0625\u0644\u0649 \u0642\u0646\u0648\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644. \u0638\u0644 \u0627\u0644\u064a\u0648\u0627\u0646 \u0645\u0633\u062a\u0642\u0631\u064b\u0627 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645 \u062d\u064a\u062b \u0648\u0627\u0632\u0646\u062a \u0627\u0644\u0633\u0644\u0637\u0627\u062a \u0628\u064a\u0646 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0646\u0645\u0648 \u0648\u062a\u062f\u0641\u0642\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0648\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0639\u0645\u0644\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0631\u062a\u0641\u0639\u062a \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0625\u0644\u0649 3.34 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631.<\/p>\n\n\n\n<p>\u0642\u062f\u0645 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062e\u0627\u0631\u062c\u064a \u0628\u0639\u0636 \u0627\u0644\u0631\u0627\u062d\u0629. \u0627\u0631\u062a\u0641\u0639\u062a \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a \u0628\u0646\u0633\u0628\u0629 8.3% \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0633\u0646\u0648\u064a \u0648\u0627\u0631\u062a\u0641\u0639\u062a \u0627\u0644\u0648\u0627\u0631\u062f\u0627\u062a \u0628\u0646\u0633\u0628\u0629 7.4%\u060c \u0645\u0645\u0627 \u0631\u0641\u0639 \u0627\u0644\u0641\u0627\u0626\u0636 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0641\u0648\u0642 90 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0623\u0634\u0627\u0631\u062a \u0645\u0624\u0634\u0631\u0627\u062a \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0627\u062a (PMIs) \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0644\u0634\u0647\u0631 \u0623\u0643\u062a\u0648\u0628\u0631 \u0625\u0644\u0649 \u0627\u0644\u0636\u0639\u0641 &#8211; \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u062a\u0635\u0646\u064a\u0639 \u0645\u0631\u0629 \u0623\u062e\u0631\u0649 \u0625\u0644\u0649 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\u0630\u0644\u0643 \u062e\u0641\u0636 \u0645\u062d\u062a\u0645\u0644 \u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a RRR) \u0639\u0646 \u0643\u062b\u0628 \u0628\u064a\u0646\u0645\u0627 \u062a\u0642\u0648\u0645 \u0628\u0643\u064a\u0646 \u0628\u0645\u0639\u0627\u064a\u0631\u0629 \u0627\u0644\u062f\u0639\u0645 \u062f\u0648\u0646 \u0627\u0644\u062a\u0633\u0628\u0628 \u0641\u064a \u0636\u063a\u0648\u0637 \u0639\u0644\u0649 \u0627\u0644\u064a\u0648\u0627\u0646.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0635\u064a\u0646\u064a\u0629 \u2014 \u0646\u0648\u0641\u0645\u0628\u0631 2025<\/strong><\/h3>\n\n\n\n<p>\u062a\u062f\u062e\u0644 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u064a\u0646 \u0634\u0647\u0631 \u0646\u0648\u0641\u0645\u0628\u0631 \u0623\u0643\u062b\u0631 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\u0639\u0627\u0645 2025 \u0645\u0636\u0637\u0631\u0628. \u064a\u0633\u0627\u0639\u062f \u0627\u0646\u0636\u0628\u0627\u0637 \u0627\u0644\u0633\u064a\u0627\u0633\u0629\u060c \u0648\u062a\u062f\u0641\u0642\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u0643\u062b\u0631 \u0647\u062f\u0648\u0621\u064b\u0627\u060c \u0648\u062a\u0648\u0642\u0639\u0627\u062a \u0636\u0639\u0641 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a. \u064a\u0638\u0644 \u0628\u0646\u0643 \u0627\u0644\u0634\u0639\u0628 \u0627\u0644\u0635\u064a\u0646\u064a (PBOC) \u0645\u0633\u064a\u0637\u0631\u064b\u0627 \u0628\u0642\u0648\u0629 &#8211; \u0645\u0639\u062a\u0645\u062f\u064b\u0627 \u0639\u0644\u0649 \u062a\u0648\u062c\u064a\u0647 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u064a\u0648\u0645\u064a \u0648\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u062a\u0631\u0633\u064a\u062e \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631. \u064a\u062a\u0648\u0642\u0639 \u0645\u0639\u0638\u0645\u0647\u0645 \u0646\u0637\u0627\u0642 \u062a\u062f\u0627\u0648\u0644 \u0636\u064a\u0642 \u062d\u0648\u0644 7.05-7.25 \u0647\u0630\u0627 \u0627\u0644\u0634\u0647\u0631. \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642 \u062f\u0648\u0646 7.0 \u0633\u064a\u062a\u0637\u0644\u0628 \u0639\u0644\u0649 \u0627\u0644\u0623\u0631\u062c\u062d \u0628\u064a\u0627\u0646\u0627\u062a \u0645\u062d\u0644\u064a\u0629 \u0623\u0642\u0648\u0649 \u0648\u0625\u0634\u0627\u0631\u0629 \u062a\u064a\u0633\u064a\u0631 \u0648\u0627\u0636\u062d\u0629 \u0645\u0646 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0628\u064a\u0646\u0645\u0627 \u0623\u064a \u062d\u0631\u0643\u0629 \u0641\u0648\u0642 7.25-7.30 \u0633\u062a\u062f\u0639\u0648 \u0625\u0644\u0649 \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0633\u064a\u0627\u0633\u064a\u0629. \u0627\u0644\u0646\u063a\u0645\u0629 \u0627\u0644\u0639\u0627\u0645\u0629: \u0625\u064a\u062c\u0627\u0628\u064a\u0629 \u0628\u0634\u0643\u0644 \u0645\u0639\u062a\u062f\u0644\u060c \u0648\u0644\u0643\u0646\u0647\u0627 \u062d\u0633\u0627\u0633\u0629 \u0644\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629\u060c \u0648\u062e\u0637\u0627\u0628 \u0627\u0644\u062a\u062c\u0627\u0631\u0629\u060c \u0648\u0645\u0632\u0627\u062c \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0627\u0644\u0645\u064a.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0627\u0644\u0623\u0633\u0647\u0645<\/strong> <\/h4>\n\n\n\n<p>\u062a\u0645\u062a\u0639\u062a \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0635\u064a\u0646\u064a\u0629 \u0628\u0627\u0631\u062a\u0641\u0627\u0639 \u0642\u0648\u064a\u060c \u0645\u0639 \u0627\u0642\u062a\u0631\u0627\u0628 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 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\u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u0645\u0645\u0627 \u0645\u0646\u062d \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0648\u0633\u0627\u062f\u0629 \u0633\u064a\u0648\u0644\u0629 \u0642\u0648\u064a\u0629.<\/p>\n\n\n\n<p>\u0645\u0646 \u0647\u0646\u0627\u060c \u0645\u0646 \u0627\u0644\u0645\u0631\u062c\u062d \u0623\u0646 \u064a\u0628\u0631\u062f \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0625\u0644\u0649 \u0645\u0631\u062d\u0644\u0629 \u062a\u0631\u0633\u064a\u062e (consolidation). \u062a\u0628\u062f\u0648 \u0623\u0633\u0645\u0627\u0621 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0648\u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0645\u0628\u0627\u0644\u063a\u064b\u0627 \u0641\u064a\u0647\u0627 (stretched)\u060c \u0648\u0627\u0631\u062a\u0641\u0639\u062a \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0647\u0627\u0645\u0634\u064a\u0629\u060c \u0648\u0627\u0644\u0645\u0646\u0638\u0645\u0648\u0646 \u0641\u064a \u062d\u0627\u0644\u0629 \u062a\u0623\u0647\u0628. \u062a\u0648\u0642\u0639 \u062a\u062f\u0627\u0648\u0644\u064b\u0627 \u0641\u064a \u0646\u0637\u0627\u0642 \u0645\u062d\u062f\u0648\u062f \u0645\u0639 \u0627\u0646\u062d\u064a\u0627\u0632 \u0635\u0639\u0648\u062f\u064a\u060c \u0645\u062f\u0639\u0648\u0645\u064b\u0627 \u0628\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0648\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a. \u0642\u062f \u064a\u062d\u062f\u062b \u062f\u0648\u0631\u0627\u0646 \u0642\u0637\u0627\u0639\u064a \u0646\u062d\u0648 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0635\u0646\u0627\u0639\u064a\u0629 \u0648\u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u062f\u0648\u0631\u064a\u0629 \u0627\u0644\u0645\u0642\u0648\u0645\u0629 \u0628\u0623\u0642\u0644 \u0645\u0646 \u0642\u064a\u0645\u062a\u0647\u0627 \u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0628\u0646\u0627\u0621 \u0627\u0644\u062b\u0642\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u0627\u0644\u064a\u0627\u0628\u0627\u0646<\/strong><\/h2>\n\n\n\n<p>\u0623\u0646\u0647\u062a \u0627\u0644\u064a\u0627\u0628\u0627\u0646 \u0634\u0647\u0631 \u0623\u0643\u062a\u0648\u0628\u0631 \u0628\u062a\u0636\u062e\u0645 \u0642\u0648\u064a\u060c \u0648\u0627\u0646\u062a\u0639\u0627\u0634 \u0641\u064a \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0627\u0644\u0635\u0646\u0627\u0639\u064a\u060c \u0648\u062e\u062f\u0645\u0627\u062a \u0645\u0631\u0646\u0629\u060c \u0648\u064a\u0646 \u0623\u0636\u0639\u0641 &#8211; \u0648\u0644\u0643\u0646\u0647 \u0645\u062a\u0642\u0644\u0628. \u0643\u0627\u0646 \u0627\u0644\u0625\u0633\u0643\u0627\u0646 \u0645\u062a\u0641\u0627\u0648\u062a\u064b\u0627\u060c \u0648\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u0628\u0646\u0627\u0621 \u0642\u0648\u064a\u0629\u060c \u0648\u0627\u0644\u0623\u062c\u0648\u0631 \u062a\u062a\u062d\u0633\u0646 \u0628\u0634\u0643\u0644 \u0645\u062a\u0648\u0627\u0636\u0639. \u0645\u0639 \u0646\u0645\u0648 \u0645\u0639\u062a\u062f\u0644 \u0648\u0623\u0633\u0639\u0627\u0631 \u062b\u0627\u0628\u062a\u0629 (sticky)\u060c \u064a\u0638\u0644 \u0628\u0646\u0643 \u0627\u0644\u064a\u0627\u0628\u0627\u0646 (BoJ) \u0635\u0628\u0648\u0631\u064b\u0627 \u0648\u0645\u062a\u0633\u0627\u0647\u0644\u0627\u064b \u0628\u064a\u0646\u0645\u0627 \u064a\u0631\u0627\u0642\u0628 \u0627\u0644\u064a\u0646 \u0648\u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0627\u062a \u0627\u0644\u0623\u062c\u0648\u0631 \u0648\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0645\u0639 \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0639\u0627\u0645.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u064a\u0627\u0628\u0627\u0646 \u2014 \u0623\u0643\u062a\u0648\u0628\u0631 2025<\/strong><\/h3>\n\n\n\n<p>\u0623\u0646\u0647\u062a \u0627\u0644\u064a\u0627\u0628\u0627\u0646 \u0634\u0647\u0631 \u0623\u0643\u062a\u0648\u0628\u0631 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0623\u0642\u0648\u0649\u060c \u062d\u062a\u0649 \u0644\u0648 \u0638\u0644 \u0627\u0644\u0627\u0646\u062a\u0639\u0627\u0634 \u063a\u064a\u0631 \u0645\u062a\u0633\u0627\u0648\u064d \u062a\u062d\u062a \u0627\u0644\u0633\u0637\u062d. \u0638\u0644 \u0627\u0644\u062a\u0636\u062e\u0645 \u0641\u0648\u0642 \u0647\u062f\u0641 \u0628\u0646\u0643 \u0627\u0644\u064a\u0627\u0628\u0627\u0646 \u0627\u0644\u0628\u0627\u0644\u063a 2% \u0628\u0634\u0643\u0644 \u0645\u0631\u064a\u062d\u060c \u0648\u0627\u0646\u062a\u0639\u0634 \u0627\u0644\u0646\u0634\u0627\u0637 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