S\u0259hm qiym\u0259tl\u0259rin\u0259 t\u0259sir ed\u0259n \u0259n b\u00f6y\u00fck q\u00fcvv\u0259l\u0259r aras\u0131nda inflyasiya, faiz d\u0259r\u0259c\u0259l\u0259ri, istiqrazlar, mallar v\u0259 valyutalar var. B\u0259z\u0259n fond bazar\u0131 bird\u0259n-bir\u0259 \u00f6z\u00fcn\u00fc t\u0259rsin\u0259 \u00e7evirir, bunun ard\u0131nca ad\u0259t\u0259n yaz\u0131\u00e7\u0131n\u0131n diqq\u0259tli m\u00fc\u015fahid\u0259si ona bazar\u0131n d\u00f6n\u00fc\u015f\u00fcn\u00fc t\u0259xmin etm\u0259y\u0259 imkan verdiyini ifad\u0259 ed\u0259n d\u0259rc olunmu\u015f izahatlar verilir. Bu c\u00fcr hallar investorlar\u0131 bir q\u0259d\u0259r heyr\u0259tl\u0259ndirir v\u0259 bazara qar\u015f\u0131 \u00e7\u0131xmamaq \u00fc\u00e7\u00fcn laz\u0131m olan sonsuz sayda faktiki giri\u015f v\u0259 s\u0259hvsiz \u015f\u0259rh\u0259 heyran qal\u0131r. Birjada u\u011furla investisiya etm\u0259k \u00fc\u00e7\u00fcn ehtiyac duyulan davaml\u0131 giri\u015f m\u0259nb\u0259l\u0259ri olsa da, onlar m\u0259hduddur. Veb sayt\u0131mda m\u0259niml\u0259 \u0259laq\u0259 saxlasan\u0131z, b\u0259zil\u0259rini sizinl\u0259 b\u00f6l\u00fc\u015fm\u0259kd\u0259n m\u0259mnun olaram. Bununla bel\u0259, daha vacib olan h\u0259r hans\u0131 yeni m\u0259lumat\u0131 \u015f\u0259rh etm\u0259k \u00fc\u00e7\u00fcn m\u00f6hk\u0259m bir model\u0259 sahib olmaqd\u0131r. Model insan t\u0259bi\u0259tini, el\u0259c\u0259 d\u0259 \u0259sas bazar q\u00fcvv\u0259l\u0259rini n\u0259z\u0259r\u0259 almal\u0131d\u0131r. A\u015fa\u011f\u0131da n\u0259 m\u00fck\u0259mm\u0259l, n\u0259 d\u0259 h\u0259rt\u0259r\u0259fli olmayan f\u0259rdi i\u015fl\u0259y\u0259n tsiklik model verilmi\u015fdir. Bu, sad\u0259c\u0259 olaraq, sektorun f\u0131rlanmas\u0131na, s\u0259naye davran\u0131\u015f\u0131na v\u0259 d\u0259yi\u015f\u0259n bazar \u0259hval-ruhiyy\u0259sin\u0259 bax\u0131la bil\u0259n bir obyektivdir.<\/p>\n
H\u0259mi\u015f\u0259 oldu\u011fu kimi, bazarlar haqq\u0131nda h\u0259r hans\u0131 bir anlay\u0131\u015f t\u0259l\u0259b, t\u0259l\u0259b, risk v\u0259 d\u0259y\u0259r qavray\u0131\u015flar\u0131 il\u0259 yana\u015f\u0131, insanlara tan\u0131\u015f olan acg\u00f6zl\u00fck v\u0259 qorxu x\u00fcsusiyy\u0259tl\u0259rind\u0259n ba\u015flay\u0131r. Qrup v\u0259 f\u0259rdi qavray\u0131\u015flar\u0131n ad\u0259t\u0259n f\u0259rqli oldu\u011fu qavray\u0131\u015flara diqq\u0259t yetirilir. \u0130nvestorlar \u0259n az risk \u00fc\u00e7\u00fcn \u0259n b\u00f6y\u00fck g\u0259liri axtarmaq \u00fc\u00e7\u00fcn etibar ed\u0259 bil\u0259rl\u0259r. Qrup davran\u0131\u015f\u0131n\u0131 t\u0259msil ed\u0259n bazarlar, dem\u0259k olar ki, h\u0259r hans\u0131 yeni m\u0259lumatlara h\u0259ddind\u0259n art\u0131q reaksiya verm\u0259kd\u0259n as\u0131l\u0131 ola bil\u0259r. Sonrak\u0131 qiym\u0259t art\u0131m\u0131 v\u0259 ya rahatlama, ilkin cavablar\u0131n he\u00e7 bir \u015fey etm\u0259m\u0259si laz\u0131m oldu\u011funu g\u00f6st\u0259rir. Ancaq yox, qrup qavray\u0131\u015flar\u0131 sad\u0259c\u0259 ifrat d\u0259r\u0259c\u0259l\u0259r aras\u0131nda d\u0259yi\u015fir v\u0259 qiym\u0259tl\u0259r onu izl\u0259yir. Ayd\u0131nd\u0131r ki, \u00fcmumi bazar, \u0259sas orta g\u00f6st\u0259ricil\u0259rd\u0259 \u0259ks olundu\u011fu kimi, bir s\u0259hmin qiym\u0259tinin yar\u0131s\u0131ndan \u00e7oxuna t\u0259sir edir, qalan hiss\u0259si is\u0259 m\u0259nf\u0259\u0259tin pay\u0131na d\u00fc\u015f\u00fcr.<\/p>\n
Bunu n\u0259z\u0259r\u0259 alaraq, s\u0259hml\u0259rin qiym\u0259tl\u0259ri a\u015fa\u011f\u0131 faiz d\u0259r\u0259c\u0259l\u0259ri il\u0259 y\u00fcks\u0259lm\u0259lidir, \u00e7\u00fcnki \u015firk\u0259tl\u0259r \u00fc\u00e7\u00fcn borclanma yolu il\u0259 maliyy\u0259l\u0259\u015fdiril\u0259n layih\u0259l\u0259ri v\u0259 \u0259m\u0259liyyatlar\u0131 maliyy\u0259l\u0259\u015fdirm\u0259k daha ucuzla\u015f\u0131r. A\u015fa\u011f\u0131 borclanma x\u0259rcl\u0259ri s\u0259hmin q\u0259bul edil\u0259n d\u0259y\u0259rini art\u0131ran daha y\u00fcks\u0259k qazanc \u0259ld\u0259 etm\u0259y\u0259 imkan verir. A\u015fa\u011f\u0131 faiz d\u0259r\u0259c\u0259si m\u00fchitind\u0259 \u015firk\u0259tl\u0259r korporativ istiqrazlar buraxaraq, h\u0259ddind\u0259n art\u0131q borclanma x\u0259rcl\u0259ri \u00e7\u0259km\u0259d\u0259n orta X\u0259zin\u0259darl\u0131q d\u0259r\u0259c\u0259sind\u0259n bir q\u0259d\u0259r yuxar\u0131 d\u0259r\u0259c\u0259l\u0259r t\u0259klif ed\u0259r\u0259k borc ala bil\u0259rl\u0259r. M\u00f6vcud istiqraz sahibl\u0259ri faiz d\u0259r\u0259c\u0259sinin a\u015fa\u011f\u0131 d\u00fc\u015fd\u00fcy\u00fc m\u00fchitd\u0259 \u00f6z istiqrazlar\u0131na ba\u011fl\u0131d\u0131rlar, \u00e7\u00fcnki onlar\u0131n \u0259ld\u0259 etdikl\u0259ri g\u0259lir d\u0259r\u0259c\u0259si yeni burax\u0131lm\u0131\u015f istiqrazlarda t\u0259klif olunan h\u0259r \u015feyi \u00fcst\u0259l\u0259yir. S\u0259hml\u0259r, \u0259mt\u0259\u0259l\u0259r v\u0259 m\u00f6vcud istiqraz qiym\u0259tl\u0259ri a\u015fa\u011f\u0131 faiz d\u0259r\u0259c\u0259si m\u00fchitind\u0259 y\u00fcks\u0259lm\u0259y\u0259 meyllidir. Borc faizl\u0259ri, o c\u00fcml\u0259d\u0259n ipoteka, 10 illik X\u0259zin\u0259darl\u0131q faiz d\u0259r\u0259c\u0259si il\u0259 s\u0131x ba\u011fl\u0131d\u0131r. Faizl\u0259r a\u015fa\u011f\u0131 olduqda, borclanma art\u0131r v\u0259 nisb\u0259t\u0259n sabit miqdarda s\u0259hml\u0259rin, istiqrazlar\u0131n v\u0259 \u0259mt\u0259\u0259l\u0259rin arxas\u0131nca qa\u00e7an daha \u00e7ox dollarla d\u00f6vriyy\u0259y\u0259 daha \u00e7ox pul qoyur.<\/p>\n
\u0130stiqraz treyderl\u0259ri davaml\u0131 olaraq istiqrazlar \u00fc\u00e7\u00fcn faiz g\u0259lirl\u0259rini s\u0259hml\u0259r \u00fc\u00e7\u00fcn olanlarla m\u00fcqayis\u0259 edirl\u0259r. S\u0259hm g\u0259liri s\u0259hmin qar\u015f\u0131l\u0131ql\u0131 P\/E nisb\u0259tind\u0259n hesablan\u0131r. Qazanc\u0131n qiym\u0259t\u0259 b\u00f6l\u00fcnm\u0259si qazanc s\u0259m\u0259r\u0259sini verir. Buradak\u0131 f\u0259rziyy\u0259 ondan ibar\u0259tdir ki, bir s\u0259hmin qiym\u0259ti onun qazanc\u0131n\u0131 \u0259ks etdirm\u0259k \u00fc\u00e7\u00fcn h\u0259r\u0259k\u0259t ed\u0259c\u0259k. \u018fg\u0259r b\u00fct\u00f6vl\u00fckd\u0259 S&P 500 \u00fc\u00e7\u00fcn s\u0259hm g\u0259lirl\u0259ri istiqraz g\u0259lirl\u0259ri il\u0259 eynidirs\u0259, investorlar istiqrazlar\u0131n t\u0259hl\u00fck\u0259sizliyin\u0259 \u00fcst\u00fcnl\u00fck verirl\u0259r. Daha sonra istiqraz qiym\u0259tl\u0259ri y\u00fcks\u0259lir v\u0259 pul h\u0259r\u0259k\u0259ti n\u0259tic\u0259sind\u0259 s\u0259hm qiym\u0259tl\u0259ri azal\u0131r. \u0130stiqraz qiym\u0259tl\u0259ri daha y\u00fcks\u0259k ticar\u0259t etdikc\u0259, populyarl\u0131\u011f\u0131na g\u00f6r\u0259, m\u00fc\u0259yy\u0259n bir istiqraz \u00fc\u00e7\u00fcn effektiv g\u0259lir azalacaq, \u00e7\u00fcnki \u00f6d\u0259m\u0259 m\u00fcdd\u0259tind\u0259 nominal d\u0259y\u0259ri sabitdir. Effektiv istiqraz g\u0259lirl\u0259ri daha da azald\u0131qca, istiqraz qiym\u0259tl\u0259ri yuxar\u0131 qalx\u0131r v\u0259 s\u0259hml\u0259r daha y\u00fcks\u0259k risk alt\u0131nda olsa da, daha c\u0259lbedici g\u00f6r\u00fcnm\u0259y\u0259 ba\u015flay\u0131r. S\u0259hm qiym\u0259tl\u0259ri il\u0259 istiqraz qiym\u0259tl\u0259ri aras\u0131nda t\u0259bii sal\u0131n\u0131ml\u0131 t\u0259rs \u0259laq\u0259 m\u00f6vcuddur. Y\u00fcks\u0259l\u0259n birja bazar\u0131nda, s\u0259hm g\u0259lirl\u0259ri \u0259man\u0259t hesab\u0131 d\u0259r\u0259c\u0259l\u0259rind\u0259n y\u00fcks\u0259k olan x\u0259zin\u0259 istiqrazlar\u0131n\u0131n g\u0259lirl\u0259rind\u0259n y\u00fcks\u0259k olan korporativ istiqrazlar\u0131n g\u0259lirl\u0259rind\u0259n daha y\u00fcks\u0259k g\u00f6r\u00fcnd\u00fcy\u00fc zaman tarazl\u0131q \u0259ld\u0259 edilmi\u015fdir. Uzunm\u00fcdd\u0259tli faiz d\u0259r\u0259c\u0259l\u0259ri t\u0259bii olaraq q\u0131sam\u00fcdd\u0259tli faiz d\u0259r\u0259c\u0259l\u0259rind\u0259n y\u00fcks\u0259kdir.<\/p>\n
Y\u0259ni daha y\u00fcks\u0259k qiym\u0259tl\u0259r v\u0259 inflyasiya t\u0259tbiq olunana q\u0259d\u0259r. \u0130qtisadiyyatda t\u0259dav\u00fcld\u0259 olan pul k\u00fctl\u0259sinin artmas\u0131, a\u015fa\u011f\u0131 faiz d\u0259r\u0259c\u0259l\u0259ri il\u0259 artan borclanma il\u0259 \u0259laq\u0259dar olaraq, \u0259mt\u0259\u0259 qiym\u0259tl\u0259rinin y\u00fcks\u0259lm\u0259sin\u0259 s\u0259b\u0259b olur. \u018fmt\u0259\u0259 qiym\u0259tl\u0259rinin d\u0259yi\u015fm\u0259si b\u00fct\u00fcn a\u011f\u0131r mallara t\u0259sir etm\u0259k \u00fc\u00e7\u00fcn b\u00fct\u00fcn iqtisadiyyata n\u00fcfuz edir. Daha y\u00fcks\u0259k inflyasiya g\u00f6r\u0259n Federal Ehtiyatlar, qiym\u0259tl\u0259ri bir daha a\u015fa\u011f\u0131 salmaq \u00fc\u00e7\u00fcn d\u00f6vriyy\u0259d\u0259n art\u0131q pullar\u0131 \u00e7\u0131xarmaq \u00fc\u00e7\u00fcn faiz d\u0259r\u0259c\u0259l\u0259rini art\u0131r\u0131r. Borc alma x\u0259rcl\u0259ri y\u00fcks\u0259lir, bu da \u015firk\u0259tl\u0259rin kapital\u0131 c\u0259lb etm\u0259sini \u00e7\u0259tinl\u0259\u015fdirir. S\u0259hm investorlar\u0131, daha y\u00fcks\u0259k faiz d\u0259r\u0259c\u0259l\u0259rinin \u015firk\u0259t m\u0259nf\u0259\u0259tin\u0259 t\u0259sirini d\u0259rk ed\u0259r\u0259k, m\u0259nf\u0259\u0259t v\u0259 s\u0259hm qiym\u0259tl\u0259rinin d\u00fc\u015fm\u0259si il\u0259 ba\u011fl\u0131 g\u00f6zl\u0259ntil\u0259rini azaltma\u011fa ba\u015flay\u0131rlar.<\/p>\n
Uzunm\u00fcdd\u0259tli istiqraz sahibl\u0259ri inflyasiyaya diqq\u0259t yetirirl\u0259r, \u00e7\u00fcnki istiqraz\u0131n real g\u0259lirliliyi g\u00f6zl\u0259nil\u0259n inflyasiya d\u0259r\u0259c\u0259sini \u00e7\u0131xarmaqla istiqraz\u0131n g\u0259lirliliyin\u0259 b\u0259rab\u0259rdir. Buna g\u00f6r\u0259 d\u0259 artan inflyasiya \u0259vv\u0259ll\u0259r burax\u0131lm\u0131\u015f istiqrazlar\u0131 daha az c\u0259lbedici edir. X\u0259zin\u0259darl\u0131q departamenti daha sonra yeni burax\u0131lm\u0131\u015f istiqrazlar\u0131n yeni istiqraz investorlar\u0131 \u00fc\u00e7\u00fcn c\u0259lbedici olmas\u0131 \u00fc\u00e7\u00fcn kupon v\u0259 ya faiz d\u0259r\u0259c\u0259sini art\u0131rmal\u0131d\u0131r. Yeni burax\u0131lm\u0131\u015f istiqrazlar \u00fczr\u0259 daha y\u00fcks\u0259k d\u0259r\u0259c\u0259l\u0259rl\u0259 m\u00f6vcud sabit kuponlu istiqrazlar\u0131n qiym\u0259ti a\u015fa\u011f\u0131 d\u00fc\u015f\u0259r\u0259k onlar\u0131n effektiv faiz d\u0259r\u0259c\u0259l\u0259rinin d\u0259 artmas\u0131na s\u0259b\u0259b olur. Bel\u0259likl\u0259, h\u0259m s\u0259hml\u0259rin, h\u0259m d\u0259 istiqrazlar\u0131n qiym\u0259tl\u0259ri inflyasiya m\u00fchitind\u0259 d\u00fc\u015f\u00fcr, \u0259sas\u0259n faiz d\u0259r\u0259c\u0259l\u0259rind\u0259 g\u00f6zl\u0259nil\u0259n art\u0131m s\u0259b\u0259bind\u0259n. Yerli s\u0259hm investorlar\u0131 v\u0259 m\u00f6vcud istiqraz sahibl\u0259ri artan faiz d\u0259r\u0259c\u0259l\u0259rini a\u015fa\u011f\u0131 hesab edirl\u0259r. Faiz d\u0259r\u0259c\u0259l\u0259ri a\u015fa\u011f\u0131 d\u00fc\u015fd\u00fckd\u0259 sabit g\u0259lirli investisiyalar \u0259n c\u0259lbedicidir.<\/p>\n
D\u00f6vriyy\u0259d\u0259 \u00e7oxlu dollar olmas\u0131 il\u0259 yana\u015f\u0131, valyuta bazarlar\u0131nda dollar\u0131n d\u0259y\u0259rinin a\u015fa\u011f\u0131 d\u00fc\u015fm\u0259si il\u0259 d\u0259 inflyasiya art\u0131r\u0131la bil\u0259r. Dollar\u0131n son ucuzla\u015fmas\u0131n\u0131n s\u0259b\u0259bi, davam ed\u0259n milli k\u0259sir v\u0259 ticar\u0259t balanss\u0131zl\u0131\u011f\u0131 s\u0259b\u0259bind\u0259n onun d\u0259y\u0259rinin a\u015fa\u011f\u0131 d\u00fc\u015fd\u00fcy\u00fcn\u0259 dair t\u0259s\u0259vv\u00fcrl\u0259rdir. Xarici mallar, n\u0259tic\u0259d\u0259, bahala\u015fa bil\u0259r. Bu, AB\u015e m\u0259hsullar\u0131n\u0131 xaricd\u0259 daha c\u0259lbedici ed\u0259c\u0259k v\u0259 AB\u015e-\u0131n ticar\u0259t balans\u0131n\u0131 yax\u015f\u0131la\u015fd\u0131racaq. Bununla bel\u0259, \u0259g\u0259r bu ba\u015f verm\u0259mi\u015fd\u0259n \u0259vv\u0259l xarici investorlar AB\u015e dollar\u0131 investisiyalar\u0131n\u0131 daha az c\u0259lbedici hesab edirl\u0259rs\u0259, AB\u015e fond bazar\u0131na daha az pul qoyurlarsa, likvidlik problemi s\u0259hm qiym\u0259tl\u0259rinin a\u015fa\u011f\u0131 d\u00fc\u015fm\u0259si il\u0259 n\u0259tic\u0259l\u0259n\u0259 bil\u0259r. Siyasi qar\u0131\u015f\u0131ql\u0131q v\u0259 qeyri-m\u00fc\u0259yy\u0259nlik d\u0259 valyutalar\u0131n d\u0259y\u0259rinin azalmas\u0131na v\u0259 s\u0259rt \u0259mt\u0259\u0259l\u0259rin d\u0259y\u0259rinin artmas\u0131na s\u0259b\u0259b ola bil\u0259r. \u018fmt\u0259\u0259 ehtiyatlar\u0131 bu m\u00fchitd\u0259 kifay\u0259t q\u0259d\u0259r yax\u015f\u0131 i\u015fl\u0259yir.<\/p>\n
Federal Ehtiyat \u0130nc\u0259 x\u0259ttd\u0259 ged\u0259n bir qap\u0131\u00e7\u0131 kimi g\u00f6r\u00fcn\u00fcr. Bu, t\u0259kc\u0259 inflyasiyan\u0131n qar\u015f\u0131s\u0131n\u0131 almaq \u00fc\u00e7\u00fcn deyil, h\u0259m d\u0259 AB\u015e investisiyalar\u0131n\u0131n xarici investorlar \u00fc\u00e7\u00fcn c\u0259lbedici qalmas\u0131 \u00fc\u00e7\u00fcn faiz d\u0259r\u0259c\u0259l\u0259rini art\u0131ra bil\u0259r. Bu x\u00fcsusil\u0259 b\u00f6y\u00fck miqdarda X\u0259zin\u0259darl\u0131q alan xarici m\u0259rk\u0259zi banklara aiddir. Faizl\u0259rin artmas\u0131 il\u0259 ba\u011fl\u0131 narahatl\u0131q h\u0259m s\u0259hmdarlar\u0131, h\u0259m d\u0259 istiqraz sahibl\u0259rini yuxar\u0131da g\u00f6st\u0259ril\u0259n s\u0259b\u0259bl\u0259r\u0259 g\u00f6r\u0259 narahat edir, s\u0259hm sahibl\u0259rini is\u0259 ba\u015fqa s\u0259b\u0259b\u0259 g\u00f6r\u0259. Artan faiz d\u0259r\u0259c\u0259l\u0259ri \u00e7oxlu dollar\u0131 d\u00f6vriyy\u0259d\u0259n \u00e7\u0131xararsa, deflyasiyaya s\u0259b\u0259b ola bil\u0259r. Bundan sonra \u015firk\u0259tl\u0259r m\u0259hsullar\u0131n\u0131 ist\u0259nil\u0259n qiym\u0259t\u0259 sata bilmir v\u0259 qiym\u0259tl\u0259r k\u0259skin \u015f\u0259kild\u0259 a\u015fa\u011f\u0131 d\u00fc\u015f\u00fcr. Sad\u0259 likvidlik \u00e7at\u0131\u015fmazl\u0131\u011f\u0131 s\u0259b\u0259bind\u0259n deflyasiya \u015f\u0259raitind\u0259 s\u0259hml\u0259r\u0259 n\u0259tic\u0259 m\u0259nfi t\u0259sir g\u00f6st\u0259rir.<\/p>\n
X\u00fclas\u0259, s\u0259hm qiym\u0259tl\u0259rinin r\u0259van h\u0259r\u0259k\u0259t etm\u0259si \u00fc\u00e7\u00fcn inflyasiya v\u0259 deflyasiya anlay\u0131\u015flar\u0131 tarazl\u0131qda olmal\u0131d\u0131r. Bu tarazl\u0131\u011f\u0131n pozulmas\u0131 ad\u0259t\u0259n faiz d\u0259r\u0259c\u0259l\u0259rind\u0259 v\u0259 valyuta m\u0259z\u0259nn\u0259sind\u0259 d\u0259yi\u015fiklik kimi q\u0259bul edilir. S\u0259hm v\u0259 istiqraz qiym\u0259tl\u0259ri risk f\u0259rql\u0259ri v\u0259 istiqraz g\u0259lirl\u0259ri il\u0259 g\u00f6r\u00fcn\u0259n s\u0259hm g\u0259lirl\u0259ri aras\u0131nda d\u0259yi\u015f\u0259n tarazl\u0131q s\u0259b\u0259bind\u0259n normal olaraq \u0259ks istiqam\u0259tl\u0259rd\u0259 d\u0259yi\u015fir. Onlar\u0131n eyni istiqam\u0259td\u0259 h\u0259r\u0259k\u0259t etdiyini g\u00f6rd\u00fckd\u0259, bu, iqtisadiyyatda b\u00f6y\u00fck bir d\u0259yi\u015fiklik oldu\u011funu g\u00f6st\u0259rir. AB\u015e dollar\u0131n\u0131n d\u00fc\u015fm\u0259si s\u0259hm v\u0259 istiqraz qiym\u0259tl\u0259rin\u0259 m\u0259nfi t\u0259sir ed\u0259n y\u00fcks\u0259k faiz d\u0259r\u0259c\u0259l\u0259ri qorxusunu art\u0131r\u0131r. Bazar kapitalla\u015fmas\u0131n\u0131n v\u0259 g\u00fcnd\u0259lik ticar\u0259tin nisbi \u00f6l\u00e7\u00fcl\u0259ri istiqrazlar\u0131n v\u0259 valyutalar\u0131n s\u0259hm qiym\u0259tl\u0259rin\u0259 niy\u0259 bel\u0259 b\u00f6y\u00fck t\u0259sir g\u00f6st\u0259rdiyini izah etm\u0259y\u0259 k\u00f6m\u0259k edir. \u018fvv\u0259lc\u0259 \u00fcmumi kapitalla\u015fman\u0131 n\u0259z\u0259rd\u0259n ke\u00e7ir\u0259k. \u00dc\u00e7 il \u0259vv\u0259l istiqraz bazar\u0131 birjadan 1,5-2 d\u0259f\u0259 b\u00f6y\u00fck idi. Ticar\u0259t h\u0259cmin\u0259 g\u0259ldikd\u0259, valyutalar\u0131n, X\u0259zin\u0259darl\u0131qlar\u0131n v\u0259 s\u0259hml\u0259rin g\u00fcnd\u0259lik ticar\u0259t nisb\u0259ti m\u00fcvafiq olaraq 30:7:1 idi.<\/p>\n