M & & filifi qLUI ili9) iffi 21mìQfîìftÂîyS tli) il ìI mi iaut mnätêu u IMg1bs  milfj l 93h1 qfffn ]ii ugu tfi nu9UR2n 18 WINA1 Ø li99' WORLD BANKGROUP @ ing 9û mui ugujgmn grsgiågLu tr ngmãvis unsasnnuammxñanrnnn, ninrIAm únnnyuum NIlmsl tuasv,murnpràtnesmMIraugujufn o1t8s:pm unLFrúLgbwfnnn~3u nmnirnnnnüm mffntj¶uiB9 lUtiusnsnmurIsigngms:"jus fignmUÛ åitdo1igbAftinnQ imuminuuIjUm nl tw g rip (CEU) El uruuvrnsniUrr-minnrns:1 im1n mmfis:sfssùûrmumsmN fyen tmåUpugm:JuûtArninnmna glenm gm Må11t0D tf (Miguel Eduardo Sánchez Martin) fgM g %msnjlMmntfisuUi n2 (MFMGP)1 ¶ 1 CfSfi, n¶t111 U3fqfl1tth1ltfls: gmH1lfiUmIgr¶m1Ur&Iflsn d53u m a7 tfl W (Mathew A. Verghis) LU MFM GP1 i bnmm m me n mfn tNGQ (Ratchada Anantavrasilpa) åtl BWffi 2fl MlIf (ColleenMascenik) fiftin21 NRui W2tA n åbgd,1I(FAM)GP mBiUTh BLBul9äMñfl?$á.J1Ìsrn:thgi Umtu nwfÊifrufnsiañq IlIWnIflU jUB rh (James Seward) fUm S[Uf H mia FAM GP åltm:URIttMUrMVP äiimtn iunj. Cthmimn ftu ltffi (Urich zachau) mtuntUolýfn ?Wt rIe mt P3 gtfits (Shabih Ali Mohib) Lj m BitM-l ImmIn I:m2:ul1Im itÙ1i imUrnabin1OJI ñoi iwt nrngknSin TMl 4m1mm ¶plgsufif npfm:ruÅuq1mKglb a'id91jplgtiDunntr,:wotwnñAnnrnciuj ul tU1MFM GPIS is3miflnncnl EÔw99ru2mq5 US[mlUfÙU03 År hMmIsC1uirlfln mäli Wif12 (AhmadAhsan) nmitntmw flsmBtgnItu~gmsBgnrä*ñ êuÅtqtreisjn fUm8?fnimtduAg msn trrntñ tsjItl (Sergiy Zorya) GP TMi WU1N HLM JiJÌ9AiA EUSd1 118 9 (Carolina Mejia-Mantilla) GP K fl Cl I b Iftln ujt s ninn Uil 4 tc to (Jose De Luna Martinez) GP ti1$ i äh§pv1 imtufiuts:RIlMB 99PItM§s urliumn uB9 :u m mm qtlnliglSmrungr Thkmnnci2 rl1 Idgañg§j åhr'tTröjp1ipnql rnuIOUINsmunmmis: gutgtåniganoingritm: rnJnsn êmnnutsnrgaml ctÉegbduftaqrs1ianfnllpåim:s u'rtm:mimis1sgn ähtn g rmiffmint2r¶ulIåtm:fRuClmLuriusunt åtfmmitnLgNmnfu8t1manugtuj2m,tnlMncrt¶ n Lqu9m1ÑtSImitur1w[mm1IflnnnnmnI2ri{in t ju in 9 rifli]s trgj ctqinrtils cijuIm:g rnñSftn2nSltsigJ9tipus mnsuwm örrnmfl2tâia åtm1tjeJpts, oIm:nJlsBt3Smr:narinln åtrmsut½n:UIna:t:Snwgi rg,uisinrmnt:UM t91 Uffl tå W dl 2 www.worldbank.org/cambodial min., rtgn694 TR£p Z rSTM (lky@worldbank.org) -l1m:tdnjInUMim:t:Jiturs: tdg 91h9 P 1sn R M [fl (sbou@worldbank.org) 1  mnbmntm n . i s a 9 .............................................................................. ............... ............... ............... ....... 1 8 . m å gy y ñ g m m t ........................................................................................................ 6 .)....... 1.................................................................................................................................. 11 b ). n n g ........................................................................................................................................ 12 mí................................................................................................................................ 14 m ~ ~ ~ ~ ~ ~~~t n4i............................................................................................................................. 16 IN m g i [9 ............................................................................................................................. 16 n ).m i i t m ................................................................................................................................. 17 b ).mir i g tJn ý ...................................................................................................................................... 17 H A il m 1 .. ... ... ... ... ... ... ... ... ... ...................................................................................................... 17 Ia m g nL .. ......................................................................................................................................... 18 8).u lu d a lq w ................................................................................................................................ 19 R). mfi[Gn )................................................................................................................................... 217 8). rn m B) ti ru ............................................................................................................................... 217 8 ). Mn m ........ ....... ... .................................................................................................................... 22 Nt . M U .u i p ....................................................................................................................... 23 us) tim L Gi My Ùý 016................................................................................................. 23 a . a .g.:......m... ................................................................................................................. 2 6 ...M....:.....t..................................................................................................................... 2 8 ). tu t tvri n a n w- ..... ..... ..... ..... .....: .... ..... ..... ..... .... .......................................................... 3 1 n ). t t n w m n = tu ......................... ..................................................................................... 32 ?1). wqqj"IAn m ........................................................................................................................... 32 w ). 20 1 o t th i ...... ......................................................................................................... 23 ; ). M t Jruw i nw A t R ...9...m n ... n.......m .mm.n 37 m).nifiwig ....................................... .....1 c16 tumm.. .......................................................................................17 3 s m: q .. . ....................................................................................17 3 n nn .. . . ....................................................................................17 3 ........~(1 .........................................................................................21 3 MU .ti: Wr32IMClåfJ ......................................................................................2 1  ri, gLiMig;gt;U.Ulmidt'miitå 2015 Mliml ________________rd__ ^ujn6ri ýå må itffinfl a4tupIqwyfåic4n ýýtgnmnitjniijjogmjig åAsiruiñg m2M:ItômI9JhrigNo13HM san :ma fr iurs/?nmsmaikui 4mr½9-bgi igiath ut otu m LINInsyn irg1 2015 QSB jU8nn zflif 70 matf 7LutbM W 91UWmC tIr 12.3 m nw itu 4U94 9.2 ifU7 71 mnwuaauruquoowg0 20147 M91W U9 20141 miitm2alryi9gnIspt argyarq/gluldmtlr mamajnrrrra mmggtn/amnsbéuj a trn gei2015 san :fmwargnywgmagnwuw 18r u? t y sinnm s w Trú lia:csg : 7?umwng7 flmflJSf7ftWnfrutittUrgf9tf cumneai Ydnsitu giorigatumfmneiu afr' ntwsaflpnaJlC7ts/fnwst7ary ci m:ömrng n m asg ug : 1 , 2 (d Q Elwa mnffln 69 mnttwrlsgIi 2016 tuéf/ån CNJgiI 2015 m2trs[ji 6.1 mffim (] fau1amLimsmrrUtjstqfb&nbtfme l9(rlUI2622 4,78 ns59) lriu§t 6.9 Wfftñhan ms?fnwg nmñ ffillUq§i 2014tiii:thitu tq4s mt7gtwü:ürImIypfq:gb?iL1tnlMng bJngmfllfi?8tWi rtin1BQbIIrlutt n sflnl:mar/kar?&WMaanbgftaäStbl i 121urgTu ruinm t nngutötsig tta UnUg t i 981ß2Ñ rû13SaNgT 7 un78411 201 5 Lt m sm é rqi s i mssirnnI m ms ngs 6 gm:fS?Äglwt: fma äf0tr narM1 mUtn MM 2014U Usnuiin{åV:nC'91 mi2pA javqqpunwhin miruwújIPjt5n1s;wür4 å rnf til4 ruijö: mnMd:i ùin}Af ås, Bspmtg7fq:isfafnjffImsiDbtn in upstq:rntrMjn nbmu:marn/pagi7bys mnMa I3bemtsitmm åbmgihq:lgrghsne ts: tsn:LIWSta4¿SLLtflnmÖqS gau?uffimn iréq168mmrngntuIniwp9 N (Externa] wftastg/YgIfgrnfngT7 Position) in am nyut nire n l arn 01 G§ ms:wtscUfi 10.8 enum 12tlfnt;rnurifiLMof rOfq, W{«* 2015 IttUsb 11.9 m VilMii 20141 2smnis: Lftm2ognùtrn$aUosiowruij årlåsantlgtmrlimg lråpgsqwnxtn gnsuñar,2gt1§[tunnglilmge id pljfi 1BnBrMl :UglUf iwgmr9ilsIQa w tai msåninsitirjiiuf 1.8 mŠ1åäft Ar~Theln tr:meléwinanuimaiAasunx 7.0 (flOtflfiW1 flMW) gil 20151n 9imUSip mnittqi 20151 tri1NItIls: 1 jý sULUthHsItffiAi ni ugiights&nnfltnfäu r e ffi 2 t16>> f 5.6mànnaqqg 1 (t[abmlsiBqUl§84.4 1)81P 2014 191:m §wt3ftn nf:Ø1 gaf 2015 ®tùU1 4.6mnnSØrgqilg32014 1 InfltpåAWWfGdCPS Lf 9Wm181qi1 mitl§fgn;tnbilmurtfi? YSÚufigi :mwmuihqb1Inwstrt.Umntinu CU 1:rlJ !flusnJ:pU§tl¶fmTn ri ýzn: nu3rv 018 iUng111OåItIUIsI§ anennuáaanm 11U¶U1nBi'¶11U,11 Isqqii 20151 ArMnScan91EanLcsmELnl I9JbUtIUC ru 27 MM5UW 2015 [t]U ;l:l fmu LLITi åii~renS-i ý21 mt a In Å, sn å :W 2015 årta trmiamk6rrã.m nwr Sigi 2016 t rý s 2 i ýl hi't n ri til s gi n g3: åg ý3 2 VIgnA i n tu mM 1§ Snam wuil!id Ø mAnRn Un[pU 16.6 mntU EIUWA tis 81 :un1ri:wgåmuil m Is N'u) w?nihtumtim$ tlllJifui nqft9l l9srn'tlUB9lrfs4pu r.bftijjtilmsWbtI 8ilw tm lnån{1p IASItIW 95.6 mrtif1 2016 mi S. As jbt9 liDå 2.3 m stbIii iqjtUh fi t:sU umh&inwt1ngmti819]Dig1Uý Al9gjbÉ1r 4,008tji U f1A A1rcnsribu5° rthzgwqrg1misruxnytnLn fitiar¶J:M2016 9 gnmigonJ2mfiannGis9til MU2-il 4,075 [IW qifaI ft w Y3-189 T20141 mål ocnill gimtwue½minimru iU9 tUåb â ml t8um1 2016 njIt$GJnimtniUIS iwwlig9nmsH1Ui:t tan:i l LMsNlimsniumn'm rJ:1mfl1tBAtu fgtlcn (REER) må?ii1?tYfgUI9]1i njgwgngmm iJmU9U2lm2lfm nLnasiflmstAnniSTtrnmmi d7mgi 2016 t:U«rbmsm[weslnEØ r0 nsganfqigétnMmånaswngftflw Ita,"Mulsånmfiu5*S2 3.6 MfiuM IR 1v tv 4*2 iomwt:A;cSge1måna1iuuMItø kè m: a riru i31: imtic uzru 1.4fl mm Etirt iusn msiinuuns nnng'10nnnmulo mnuu 1 u ÓQ M giSE [ tmU 0 4, I ICUU ati 2010 rinS 15.1 mMrnu gi 2015 Itti ~ ~ ~ 1. limmfLurfJb2MI1tISMW ftftiOlBI9$ijiflmanf 17.5 mtltIIW t8I1JAd Ug Y9ihi 2015-2016 -1 tLMtn M$IalimU qhq]2015 sctn:fiinimionmwjiils m m . 20.5 mmusi riWW 191:tMft , (mLIrS å AlTuMnn" §WrXJlng) 1 Aucnar g tutúnnmtfil nJUUIur0.8uM1mCU 5 } rumtLUULI sifj Buggnn2i9Jñay Ma fir Ifi8lf 2015 IdJUDb 1.4 mMrW gl sn UqIJgninUIrAfith Ii «9Mi gi 2016» t qs:InAnis& JWI112tESlm2i ttsb1I1n inm2 Irtj å m:r$m ntiligtg mi 1t6 6 91 7 tWiatiu9Iamiinai IB ntUFl1 m10imtnB9ttågo ltnnsmlmilonsd% imn sJrd]n6rm:egsa1rusm: Juums umn (LUihns 70 mrnus!så§ard;U)Lugru nflansiUnungli miugt9yllguílm trslðsJitmænfliu Eu ØqpsAstnsgmwTUn å mUnsgti9s jEog mi mitjQj P2nsflntsLnftbmèh¶ni q:is1tsggås, mnmniswMgñgs I9Jbl m flfl1nidI til (TPP) BI:mrudruUnTrutf s bmIltIln bLpILn] hmrLnfrui (FTA) flii$nniinms unIifufisle if9liPfiE; mrtsåss eb rdmmnflts miTâmsn ànmisiwom mrtnoGims:mnrug 2nnitJjIgnsial ~nmmnusmn flu:nmin2surug ?ÎcwmsÅg1E9rúñuneJm:mnsuqgu, sEnn: ugng gJ0nmIm ttSnmusg rmunns suesp cfmf nMø$lm ImmimnmtJugsa gigpá :nmtin %tagrmunm tñgi 1mmtnfl$4Iynses2Ui1¶ng e rIs§IIg$omsrm:tsinstmwstndus1{psm: njnüfgrteigqnsmm i tnsms11am6nnu mriiens:tsjotiwbflm:rrs rtf:fsbin :ics5m:ênüginsmian: Blflim:QruJ: D, fl Atnuu6 inns¶uBrnsn:bomruwitIlsms úe ñJmnætigtqignuatém1mUm Lnlm Unåjg 1 t ini:Lan wn rv7A: ørtårinmnirfmi iwtus 1nmijØesauamithcs cnelteø mtsvnsg raigb5ppiim ItdùMmfg$oIuTn nnrnheá Qt§tx1$mausnnnuyw6§a fantnmnaj> gacnnlBmnttxufln naItIin flr cn41 ma11 38 flus ianidiwu glng,mnaqin:tgnm«hngng uiw$iAtan ennuitimsiss§152 ja3b uNmla :wmsiqg 9tpsinwmhgtmfta masnia, U 2015, 3(nn:mnsClfnsågM1tLsmBfmIrI mi m mBIflUnumbInJ rseñgagimågpnusa tLuLustnIgitsitus9eds rrAg ne fit tjs umisngsufmttgianin nlhigiunImt1Iri 3ut11siüugui1ru isi mor1n asû:muli: gis en ruino ñr{nmh mt:rtrPBnmsmi, 2nn:M12l5ffs ns9mnint WggUIfJ TPP §t gu1tJÙ mnå gng ri ånn t n4!u njur91hus: Mibt1B1w1mw)UflP, 38(tl:l MMW~m t!ý,' nsgmarn jUtmmnti ymni to ngtrnnq mintnusimufu ItflsL1 ustntl mØeaqinsqptinus umusbslItag ;usag atnILtlmnlsrun muLusgnLuhtnhmaigns mIu§gfl29jbUg2rn12M obwnlH mss i10nmfrmww nsnmruqgflwsmenswUm rd s im U'n I iA fl Itr fl Cambodia Investient Cilimate htcpt//documents.woddbanLorg/curated/en/2014/01/23946799/ca mbdia-investnent-dimate-assessment-2014-creang-opportunities- Assessmenr (2014)1ffliirllfUtfAl M'l fir2s-camb2dia UqUlJQMfinIW UfÅ qn4tn 1S 19"rd1i2016 » M Ltrnt3wEuEgaj miba:tnnøntgang n mnn r¶asin tlmnui mIfm qp aiB9junl mn4nus wncinflsgprfinngrimstn Mesj mdinnsytsiunmasqrfnJuabursmngsen flnsttssns u,tqjgf eamrmrnt gsiimu1rasom tnst pnrn aeiatmrmuQrm nui:wrg i C ga n nm uribsrans kUtjpr nflusngwsårùuztamm Ai«uruinansmwtn n a:nños a åb (idji trl u2g in r,un nit m 'aIMmiUtsw (shadow banking)' wjj isQnssp enssanigingustens n3cnn giAcminti tuasjpt nsamunamsun¿:uInns BifnBIsnm g:mwguåmsjurUsysåwu ånassaumn LuIMItllbw angs IuinuuELunIM LnStU, Iumm:L"IuS.: liuTutn9miin LnnfUU a[LtW (demographic dividend) Wr nnn9st½Birchr dnxs:mnStsmiwnS ustenagm rnit:jjnwaususems papa §bn:m1rùrnsngnasatsnwu Bm 1nustróingnn tasinin i nn m in rui gim1m 3sýw WUGtGj9s?sunnsUminn: tasisjonni, mMugirs:AUtsinnsg iflummeromntuggfcntrrIpiurens, msuutnnsrogTh mus:mmng~t m n 4n iméun 1rxdidlsih¶u1mmngsenjpIi mglrAtn uu191Jrngtlpts&ry gpfstfim it4jmms rnorns~manm Blmhstønmu§ zlUnl cu apQm nt itr m i ,t msi nns§, 1arunnitnsiaurThmn abtUnsamsgngatits mgimmmnmft glsTmI fsittl, gtams:mnsuj U1nJ1nsLjUps råméu,usågs grm: 3utnmtmnflugE6 I lunnsgl ipsGg21 WW ueWrWt(ADB) trn !2iuU:rWp1åtnIlt wtnwigiosìAsugtn4 (AIIB) ttUstQU asJ1m4¶plJïitJIItA Ensmnjfisunqfu tsti¶g 19u9 auijnn yomysunsG AiniisdMAuru nUplmanitM#(mnztu) miia]u úhb qmbiijgg2015 001 7.4 8,0000 n 35.0 7.1 7,1 7,0 6.9 7,0000 7 6,000 0 2. 6.5 200 4,0000o 6 1. 3,0000 s.5 2,000 10 1,000.0 0 2011 2012 2013 2014 2015 20!6p WillI¶1111lim m 110m0 1n8mm 2011 2012 2013 2014 2015 = stimat p = projccuion o i m ä£1né Eu mF1 N ... SmUr4afi?ytrtuånnå ... ... s tticllbraullfi we o9gUtfwif: vtiir ltuRi(tn2nImS) (Wn WWl fin musgu rIUjg) 4,000.00 MIr- wnw tucmln Mr re 440 10.0 10.0 3,500M 420 3,000.. 60 2,00.00 5.0 2,000.00 7300 ,500.00 40 6.5 6.k1 0.0 1,000.00 6.0 00005,0 -20 0.00 320 2010 2011 2012 2013 2014 2015c W13:fp 201 214 1E9 2015 tyn Lsfi Brum m rrny l . nn gtínFi r* "åi i::MtffilMpleAr ..hk 11emllaR å np g1.ilntlgn=titiga Runnmrfflg nnnåGR blåtimmnnginutctr;ni 2smnan§l91stretflmn(miuwls fird) (mniu12 ruiAå) 15 20 10 00 5 - 40 -10 -6.0 -1s -a.o J4 Rmn(L1n mWágendannyI1 -20 -10.0 E1fglBi8uT1iigufgimTni 'C*Jfmlffijn fD 2008 2009 2010 2011 2012 2013 2014 2015e 2016b -25 2010 2011 2012 2013 2014 2015e 3 ttreåm ä1nmll1 m b= sim nm m; Pni estr~gi0läqålqarsn mi U gUj§flAiNg1MAg th 18 Iui 0i 2016» d annqpWtnubtilsånrtJn Iomrn0§srtmruonsqusn giAq:rni Rbf 20151 Iw9uarnhbrnlwim bmåb ftl ønlt]nfiwmilra rnýiI3mor)ýtýjnftma iffini Ilir lgår lmbwi utswi:6cmpihqgngumrtdn;93btU1 [81 itit wimnsínsEIIdtnsMW§5i'Us 2015 mI2UIDwEs numfl tflnlMtflIQjU rb nA{tnig *ruuænslsh inw aJnBEsiLmrnsir3mtEItjb DbflImJflJgmu AlICS 12.3 MIUs ItiUBIIn linJS2Hnf 9.2 MnUs QW l 201421 9 _nJstItq$p1 ntuårm:jJ1rdts:Jums Asgtno miui åmirng4IU§gUW1iit E 91:ntPi¶atins ran8uititlitjnrTi1 jptrjqrumuTUn WumSlUtUgWt1b 9BbotjusBtW?rd i93h1g mIIhub?9tfliin2LsMsfgLgs1AljU i s:Iij1nRtfnLy etn 91:trttr ri : mU misinttnngü msyngmtnfgnintFI Wmsirit:inrus mLuinI9tI ~ ~ 7. 1runnunb trcaiLcI:RrnnQitU tdI8 1 S qiWl 2t14 ~ CWL~ I9:oB nqiQwLa:1)c1 minmlst'|ûm 2016t6:1m 3t5*Qn Wt iiýth 9Mcn&06rimACn »t ÂåwmAni HisøiqJ) ftls§tSulf310w0 ucgui ~mmign1:srt Ay Ågs å:mhIuinhs Å (Jbuonnam rn)pinsmnåtionsiutns ?gonwtism ounsuminlrùtst tjusm~mjtustågsatU1 mumsigmin menmean nnUau -å gis MtfIS: iAnflt8s7EUI9c~5mGItÚtU§jg1ti: minu ÅiÛrtijig FDI tu21aintIu:rnsu agi1 2015 uinnnbTËMwnnrsiL9n1 rjrg: "kjl1 AIltnmoniThu ifusmtPrImmsinnÅsuus mitilàA18mått18: Âð7.0mmgi wvimqí g1~ 2014 (jUtmsl8 1)1 gi2016 å1tscinIdlbeinhuiggh nijn6.9 mntw1 mnnti sT iu si¶tumn1 atjn1àtUqpgmtu1iryUrú IJWg91I1 UggIJffflmrdnggflt2 IUif gi 2016>> b jttf 1: UguwiNtgql$ 1 tIimŠdt§IAghI nfibtnBirnnAuI8tid, s14:rnlcut wuitn nnIlemsaict;Q m än åmA månnnnnr3netfiIgliqai 2015-1 mignss]einnn:t IiiugdrmimeArrts airnm muutnnnå nnnIMsrnmg (gmutW) me~Nt-Ine- Igmamörgurftsrnt3mnsnmnsq (rmnbmcsq lad-M nwll i m it l -L----LW- Kinflä -. " " " 1 701) 1 Ut r9ts s 9M A p m in ni Blo nr ls 6 sm:ftijumttlMnýAåalsbi 2015 kfs L 1: blJa 1ffi0 28 mPIMMUTtfian PIumpå fmiffrlinrmwujRm in{Amu R;gd 2 2015 (fflnilfrts 1) 1 IS:MlU3GUWtlh fl9Cngtflflh 2luMU1§Ulo bJ91g -2 -2 2010 2011 2012 2013 2014 20115 2016p uan lsom8m mna 1: utian åArmni1stg tnajufnnn 71.9 MAIUs Al 28.1 mfilt Ifibgl glgi 2015 nXtnh l lfSs3nmm:fLtpfl q *tag_ a___g =2__ ftn m ftn = fmfimft: mu& (%) emtmmi (i) mr&" ( snm1nu& amû ritn ågwi fùm i tasmm ignp m ,, u 6 ,,,, m& nr0~tn i m ii9 u l vik 1*00 14944 575.5 762 50.8 121.3 4872 IU. 1J ufl mJ1ns1 J nung1 s 1aitmurpincu t. -494 179 25. -999 -213 I9K 2&1 åtm:4 flpftsln ntlS f lunlt mflfl Aqu 2799 100.0 7523 100.0 «10 100 M.9 100,0 LI1pQLUmagmreirweMnmnömArlméftnnnfsuldn qä,ptirnmwitfrm uumn 42 mnwtom rirnmN1tJnúmflfts §wJ§gåpJflrnn si uñgtoAamñmism' PKNRmKtn1iIga iji 2015 mrntilntenmn n mirn I==06Pn tr4nb 31 ~AmWQulmrsin tmfasirm urmnm1aqar:;wmrns g miuTr n umr4sti asnisrn 1Gsmis MC4rnmÅmwu ol2nin2diéntoAvnnJ;0 LASICh 12.3 m ts nnrrn imrm At'Jtaa irttnu ,i 8 8Såpf l m 9.2 mWlu gi9 2014 Gumnn4 2) 3 1 mIInW a 1eyBs mcur p númhwt guis2gIJmisnm2lmn 2bmquJ1491 qpihwsmnniu 9mMIn CWsMn 2) kn2 mnåtirýjltirUt rUnm a igtUipIgpt 4 ogl ljtlM S t ng ui 2 1 9 : m m t g mÅflränxtfinJtsnIRLTJä5WOxS qäRilQ1 2015 19tfltfMIMtIUflf LutrB:m8surfugl2fflt9LUfllIlmIbU?U9i8 tn uuremåt|l isms rsin msinnstns d n n ig2015 n'ir tn pcanQ nn Mb gsURg9ng 18 p lg n02016» t Ugufinn1AftMtyg fe 11s rsigi 2016» >i mramrt nit1mtirn' rammnlusiun Anemium?rcnciwn mrirnm grtn4«mh mnE eeAn{S eIemwisin ieii 2015 itri NI 0U [ I 19'14 14 tn 94A (M 8.9 mn itru iafnnlsrntimiw9mrnÉåiUniwihJi -kifbiqa) qbi 20151 qbl: 78.3 MnimM2 rInJ int,g ainswu2snis)iurnuti jn unnArnul?manrtmdicjrflnminsi umn n1itflNLMnf2922 678 ftfslglgi Itff9IMDmMU 14.2 M11t mmmIM[g MuiT (g 12.3 MMoW) Ri;hå 2015 RiEm: bUiUMfjlqs A-n 19.3 Mni MSURtflfrtS 60.8mm0^sunaAitnli&ßmisitmw91mmnA U?wliansimuiet mt91tænuttfirii PfU 20.3 fMå1W Nr tGrm910ltw $ r9)r(qjliflcutrnUsoiN) (ffnit4 3) 1 41WC91 19.1 Srus u n ansic mcdUé T9q UiiTnmanitmrt 1R@mhr91 tlmrTN cmnIqibr9JI itaf m uoTUn (0fi offi: mttwmåjuctgn?tnt-ngv18 2) 1 uf$igtimrn9nLmkfitl;mrd%r¶6ÛmN191 å22 12 mVi mnåäjtigmi nttaåjiýngeýiåatii. 2014 åbm2Saitmunid åbýInrIm:uri- Mnbf 3: uTsn.emmN 4nmhr91mémm nijumsztnnnmijlöqmnib 78.3 mrntu te Pu4 2: nlgal rn 11T1imd1mfinl4U flntdmisuiu?n AiiCnsN1u1sffimanctrc]flmhaiNeow (nln 8 muspqlti 2015 (d UMIn qW96) 4U .. iiu.... n - ' 1p' rstmnflN 40.0 2014 2015 Ufll nÅM 159.1 173.2 14.1 100 350 0.U 57.2 68.3 111 7&3 2I0 i I1d?I 70.4 68.7 -1.7 -11.9 5.0 7.0 2.0 14.2 20, a1 2 26.5 29.2 2.7 19.3 m 1sittmt n å flmåq d 2015 TitS{L996 mnu 02: nbgsmisicuiwQnmåtÅlirnåatntu imm m:5Ur9J 4 U t Buiqhij.Qr9Mi-U meminanmtpsåqn irl 60.8 mnm lsäiujus me1snJh6c1 Anwprénmb fl tri flItltdIitnmil (Iln yJmgtortJifmIu1n1 mnau9jul?mrn:tin »1 2N r~W j åmymUn åtsaer:u fi 5,489.3 6,167.2 677.9 100 b 2015 li$mBS t nmcW wPpli;3m: ml~knAjt 2,172.8 2,585.0 412.2 6mT mrwTN 1,889.3 1,888.2 -1.2 -0.2 acsrutd ¶ tus 9r r 2M nbfi 91s 326.5 463.9 137A4 20.3 msnurI9bln~n1m ~t 1,100.6 1,230.1 129.5 19.1 tnffi b 2016 im)AnnlJmmlni[30 ninmn Åtåspro Em:{jnrntmmirmå Globa Economic Prospects, Spillovers amid Weak Growth, ls srin 2016. Uh IUM1 « 2016 » d MLæÙtiUiM60 i:må Un1m n tie 9gotfirOtålm 1211644 fif i 2015 LUEMå2s 12 :s1Atr jams n Ati OåQ)flraflung upöm nim 5mnmIugugirt®l4u]n (TPP) 1 Uhrus[ m9uselri1gc1qges ng9uibety]:mtur§s InituNJnrIlAqbnnq9uNlmft?ki ~ öcutnswufnuzretvIPftmrmnmn UlHqjfl 1.1 mfnng usuq JryTi1fuån ar s s1 immw s-.1 tunntmumWIsrmIwm n{fepimicn 2030 innmrlmAr&imrûlnqigauétdnh mwt9Utiiimmns1 mísai tlo mjñi tflSWfq:14ntãi§Usmanif ffmIWtusl maj'gnhú9 2010-14 10 q:' i tui 9 1 g 990-2007', t1bjqj fluiQ~~s 5 flflUS ftfnumnfdfjmHtigTmt;ndBA?nn9wb IrtqtlLUI9M LUGifi692 35 miftu Shimw:mnaxL£Qfgb Mlnflf TPP uni um an isi m cruncuu:mnmigmsñgugIstifJ]rs ldsuncurlnam: U Unl j1Uuim âmz mptflpmnaqMn:mnemaes l9 jbiff i660 CW2Ilffllfllqhui 2015 Stfl1man sbms2ts'toGqCn:1 fu:fimé (ffiflIi ¥ 4) AiU 108 CrM2Uim1IF n4g1 20091 Mi§lEan8gnlsmISIrnEGHmi S ifi Pb m tiwcu mitium TPP 17nVl{ sP1s3i rnig ISiT 2015 9M§tmmomn9 moSti lJ lmeml§2h42ng fnronnön§ndrrnnusmi ligncubowi9u isBirun pMnArt nndn TPP ffii 15I mmuj IAlids tiU t19n~:tnsmsur¶mmfn~ususti?m rnTmi mus G,.- 20 MIUI glTijUEi fipi[fI?f IJ 1msmrAsbaIn3Im:irm irtw smu1 iuwmim &im:fffisilmif Päbäfibfi 20141 thus?mmgsln:usnU1m.srn tig 31 rmri Annångsroub ivw i sg tugtffis :wprr Mng!wt1 rnstiitip-n:rcibnxdönmönbcNmrs~r~ses Ul~ ~ lgj8giM a9%8iMtrt UWLq[ngsgem digmmûn1tsugaj goty Iirnamsl 10 gip> d mnnu 4: ms;hridn1mbeimrolNfManfligfus vwignål I sfnn. fiminmlenfnåtumois ågmasida uo unmtuånImlur omäniiMwimÉd"""i" mwnonflmwqbmnIRsdag§ånfmtmjth1 mvqwlpmd ann: 2M1 2014 201 fIwåg onIrmåtinm ewmmnlnmoWAq: akm (mn 1 ls sbaoutHB4i(%h1Nå fm) 440 311) 3% %1 nm (4q¾mwfi ndm, 420 UiffiM 1ÙU CWOO 0116>01 CWOO Š614mlaRH On 4u On ikbI On itsuI 2 400 "a_ ¶ nk mina u n¶ { oI 20 0 måfl n 360.35 21.2 471.24 30.7 659.89 40.0 15 agt 262.27 92.8 210.4 -197 315.30 49.8 10 ullig 175.17 6.5 138.69 -20.8 165.39 19.2 iu ln ti: titlr 0 320 2013 2014 2{5 r). råun16nhå snseyqnJ m wihuaisifnuiargan:wrnÉiln- mrnfta939smifigu?qi ånwir:nxun6nt tnnTUifrwWuibams nirurusnmraxsi- ibnb?ûnfliflni6U Ugynú :n qi U { u1 gtsniminu6 QUO 4) 1 LsImCWiCU éNUn rnnmEnmm1 ¶1)IEtn12EsmIGEU,mttunstfg msg isn1 1 tùnSiMDápà 2015 £flS:6tt 2wru aI Iomåis9iD fimrnqigmotnr 1UB fl41tihiWmfåLU mflfl201l0t9É årfn tinjnfin29 mr än:Umt¶ii11u åb[R'219jý;{figln 2.3 MVHW 1 tWm;rtUäEl IWQnG~M iffi2 2016 U§L9L96ätÙiåfni k12AIå2 17.5 tfitWrnCUQi 2014 QUICUB 3)1 mrWngngrui åmi2LnrntJl&UpL9curtfln1 m i tå w tåflt : sitnugAs[9 flumn 4: uituisigmuTgintnn §bmuuigwldnnAqrna mfnål,riI simltntn ý cwrn14ntnrpcn @tuM8:nrB1mfn6M? If121%h~ , i 14S~2 C6121n112 *buccnUMaésts å on igi?iamwnljnmåA1rm Atisnsnqlmi 1 usntûnagnrn uiuóp&41 rn:rfutbña nn Q2glU:ngM[nhWmLirni 2.3 MniW 6I1919i l1 i 2015 E1I9U94B 17.5 Mnttug1o91iuWwS ql10 2014 tU 3) 1 2013 214 1120 w 1 iv0r n«« um1OInrMruqiAsrsn§g àbdiulwtJ titlpt9guWA219jj; rnaglrålågijamt u1inst 1rugm mJO ogggænsyageitsi gII 2016>> 90 rnnrru~~~~~~~~i~~~iu) 19:t?tuBt1t Idrrt;r Lnöeutnqeim rrnä tutg raannum 0 f If 31 miärituÙÌ1 s [e1[9WGIfm 2015 tfsils9jb 6.1 mg tnWtIsbgIb1röfm9imV samnfl4sirdung " i4 ,e u w ms7 c)mi I é s I r n UU t ( I -tIn9 r Ei n s 4 .8 96UUWs tuimtl?W"tuss:Hgí4b96nè;hmUW t4åqn2(113 ftflsmn) ititUsb 6.9 mn tii 2014 (ffl!A 5)1 q49i 2015 ff18 SOS2lŽ Jug s: mIån.nbinumwiBfsiqfitUnbliunn 9 iimludimm um su2 uEcc s qfisvt a vimnsl f 8.9 mmus EWUq gls ?igi 2014 62% tfut;nsAIs 12.7 M-Atti1 ffln11UI9 32% IiLUtdhtf$tiimsifbtn åtfiInnsgms 9% tu~Om: miurui nfls 14p'um åtUu9 rungrf1 1%2% 2011 2012 2013 2014 201 n 5: utgvrrJneigng'i 2015 4llArhutmrvnnrårqnrtcr4]ortn mymåtgneivtyjimeltidninjluaam rialniunigemoCú rsiqagneJwnIMnm, (miruU iulftQeor ruis i>) w2: [tnsiUiU21 wtHUan inaru ALtj nI enInnm; 1 201U2014tU0t2W 2014 2015 20:3 2M4 2NS 4.2 4.5 4,8 26.5 24.8 29.3 7.5 7.8 7.9 Uttß rs: s ijegoßUiUj(Specullation) ää ~Jp"1 m9 i:(nitii ) Sn .9% 6 1% 18.8% &4% 17.7% 12.5% 3.8% 0.8% LU!tlstdtg jr]AflOrill«aj t Û 1 1 91ftd 2.0 23 2.5 154 is.S 18. - 0 62 63 i~m m ö 1fJ 5rd3 1nl9b$17.2% 12.7% 8.9% .8.7% 11Nf 18.6% .&8'/< 4.0% 0,.C/b IWuiGnnn:muswt t 1nu111:lmi f s2 wu e lmI3iåsmsUr¶fltUlnqiMfu miuaigjum: mrUuit ffs1sAInhs§tŠ§sIdjurn:qbei m][ig1n mnngni rUg rfJi AuIn 2015 meutmorglRvns a nIins1 a3j9Jstnmä i~i Egt smU¿l1tJ9souJa omSUNflmI nitnrMetttn (,fUmfl§ 6) 4, ~ f 8ll 1$f9Ultf1B ÎÊ[tís15« 2o15ØI9 JU ) 6 itinirmsmagn11:Mg"Is åfmfi:hsigltwCMtnn6gs5j] Yan Sun, Pritha Mitra, and Alejandro Simone, IMF Working Paper, WP/13/181. URjAi N R gth f ru i'i 2016 » 99 OjW 2015 6324]E9UGidm2Bfl9Nim rnI 6: umu mBurnhetPeiminnsåmBi4lstfreoit a9jwBIm:rnBc9s1U 2mrnw IlJO§2 2.1 Alf fdtsxwjfnInft 85 finu1såguntlrm)________ (%) 3% Imn 24,312 23,483 -3.4 2.0% asuma 12,887 19,641 52.4 11,442 13,582 18.7 1.0% 00% lVin: W111Frd (final wet md cstmated dry sason rice prodution, February 2016), 2006 2007 200 2009 2010 2011 2012 2013 2014 2015c http://ww.mafgov.kh/rports/67-onthlyeporthml wn0ILl:rMu[llfTEnU l : ti u nnfgl ut1in flnߧng)qfnilagi 2013 Inmtflia immnmslåq: (nsirm) lrdtu ngsitnugåflbtgfnm2?it tfn 10.0 - 1.0 uitritlygp, 9 m:fmusñgên Iffijsub958 g.g r]0?n n, 7.0 ä n 65 .. nhiti1iit fEj: ncn f tn ffi2läuf ? éu 5 4b«0fl . Wg SflSIf 2015 ICBJRRUtWI LIplms 7.0 0 3 4 5.0 0 g I m f I i :12007 2N 29 2010 2011 2012 2013 2014 2 Ulfin1fPu16191t Uiq2 (flt 7)1 [JnIEs:9J]fNrnqw=' Iidmnsn?g"is1 lg01 mirB§ i§unqbUw:Urntmjdmiiln tutnnsrtrn: liL$ 8U¶lfllt LrU qbnu1~imu11rCIil-I-i Mn2Et1MU ngnlngfnsuansngsagustggJdsnmn "Cmbodan Agr/ture in nransiton. Opportunt/es såanrtgRg n ns: nsita, gemsnmglhtsi arn R aksa(n&Tn mnl4Uggnn rswq/g rna sbgnuw? lneumBsst9Jllcmgmnnn:1m .h., .p://dounen2s.wotdbank.og/cu15 abed/en/2015/08/24919384/ cambodian-agriculture inransi tion-opport:npes-skns. URQ1AJfiIWURg'fth m fä Iuri2016» 9M ål s:flm2ltW:IniUItfli l[iifntingit!û n r uitmfssunmwitun ranq iru mflLu llmssn1flrw9Jt, JUmf8 8 Ab TWSåtnads11wWqtp tfulgm:nUt§srnm mrs g u9 i utû u$sejIanin gmh mmnsuuMginu9sjg, gh gqaô§s119 9.39 Mn2Cms g5= 2013 hSms 0 $Si ý giman)0 gq:múic½armnsm:un 9§t4bm$gi: rtImnuitttm i2nl gn g,R¶1 4u Lf11 Antgu n imuLusib-inej b Lncwmnnia?nranu pu : krsga §irdnaulemnignlui:tOi mmn:K 8åbuEt 2tmrmftmnass trlnnlquiAUsgraitßh AupAq:m*6tifai2o13ig ånlu äsi gi mfi L g ^ucöm nUijå ] 1.50 o inignr , (r1åurunsiumln:nm5nsm o too MrlJM$UUmisB nul§Utn) 0.00 00 -050 -0.50 n mqwrig oju1 - -OO -- - 0 åInnntgi:t91:nmninuftwgg f csLnå 2C92 20032200002006 2006NS2009 2010G2011 2012 2013 2014 2015e rru In :wt.r~ b n n b 891 tplln:m lpelnxm iqbuiuQIsnr] bRn§gUmltsnq: u qlLiguLum: tufurvqtnrwpn 2nn:InsWni trr4s IAins Stäum19WC 11 a Uå IjbtmnWSin 2008 rismn:Idå12:02 6l 1 måmme rtrumtmf (16-64 ) fl 1 1.2 " 2 M R IR 9 1j4 mnzgnarmsn a ésin.n 8.8 AA n8 121i4 2009 itiå 10 nn 2 ni1 2014 G:sigt! (UnTs9 8) ru~ y LlJ'inInnn1N stgJl1HQlnafanlif nslsmiwrUB12fl1 in 2014 (CSES)1 thfçUnUUnBi1 innftiumÉtnt~ a gs$1m:gnsuni n§ 162,000 MA tli1jbnmQil -subt1:9s 159,000 mi1 uiiImagrumnimIojt mpiutewndU-, uRPÅ 1,g1upgim itun a nu~risuW nn 9nmut titr,IunnIftä 2åmisicrm c91 ... mnir3tw s ågs6 ma åbnoeånmnigtiu n tq gs.6 gi m å'lpj- wuTLii mmns gaa n:minn «l- Su arlurre åäluHotunlNw« 2609åbjffi2o14(,oooirnm ådnintw) ng~ åhbäé§11mItULUmmiimmrutern1L m~u ku4n g 2009 2014 im t]tiini9s Atif n ti attnilfinmF lln0v9 mo aj 142nu n suu gmni m2W mntsffunmu,auti:1,1 15,184 1,7m 1796 11.194 ninn,n 7.4W0 ma 737 005 Bl5m 1.00 961 6,238 ti nnm tmmidn 'Camboiän Agriculture In 74g662 ,5 20, 6162 545W4 61.5 72.7 84S 77.1 7252 71.1 79.6 Transition: Opportunities and Risks- g ru n ri W s92 62.1 015 87.9 84.1 7.9 68.7 m rv4 SV 77.2 67.7 62.6 77.9 76.6 64.1 Lu0321s1 sjlff 2tr å n u Im i 9 9W. 14 72,S 942 7. 72. 71.0 76,4 mpnvm 88&6 m 81.7 912 87.8 840 86. 9 86.a WFW 8G442 6&S 77.0 97.6 1 82.4 77.8 780. 83.9 tgiggommfagfs gi2O16» 9 it9rngmtmsguugs9:dbw gtrnig1hq: cn AinstwgAg§nutnttufli§mn t§ ejim A gib §$tnran'fl¶$uI8§sanlemn4qb§g érnuMtiogn nsght ias?'2 igng IWlntInq f Il1nIautiU tinmn qbai 2009-14 QUQ' 10) -1 Lm~nW LUffi18 mnsuiniTt : U§JésrnéIm:Antins iuÅJtsU9rtt9]j n stnsI9j4fmunrutsåg EMtiürg1 tdn4tnrnts0§sj1tIsrtJU 120 MfntU UtlH 94b 2009-14 1B f l 121,000 1I]CU Îr uimii?råwnrtirru{t(insiMnt. 15 [igiS 2009 tIff 265,000 IfrI ISigi 2014 1 191 64 gi) ISg1q:nn 2.5 m»mi w ttiimnn4 10: nhånpraqbnrgQVfIs "tiugJ qtl9g1 2009-14 57.6 MAtIW gitf'jn- mn" n2athmag"209-14 - rinruujugsffif2 (alnomal]w) 2009 uru 45.3 mViw U i 2014 ms rtM w U 3 w W mifl ngt:ru'ismn sì(mflbinU8 9) -1 fi9 masuis: uinmeiuwmii tsTrduussnns i w tmgsI t9lj2 26.5 iflt tIPS 30.4 m ( tUnU 0.8 RSMflA) Wtflh 15.9 MMfW tin 24.3 mmo migmamimUIQUtmÙ0.5 fnS mniums 9: ålnannsåguwmuswismnqiincngmu g1q:557.6mråmgqlgi 2009 EIr45.3marm i2014 rfmjmhum mtmfIylnfng:nnamtl 3fnn:1ndCtsWMs1ngflUæ8Urtfim1 4 0.n8 .snmh n 3murgpng 0.5 nnsmh, gsuni s [9 t [g: åUwnflRIS m19 r91 in 2fflts mi miitgimu ?idrmam 20 4 +- 2009-14 UUMPn 11) 6gsgnosm:mtl 7,469 8,235 766 'JN1Ptdm2U t tile r 2UdtL AbmwtJS, M12 n ranq (ms>1) 1/ 4,302 3,730 472 IUSL9J4 limUI1b (mnb4 lyl argp Ung (ri uw2) 2/ 1,188 2,001 814 11: å?nnnIem:91emtmvqamIItt.m{SI Iflflg(JNWøs)3/ 1,979 2,503 524 U11BM U ft g(f1(m I). ånnn (-/.) 50 M2009 E2014 r n)57.6 45.3 -12.3 46 *21491 2 NpIln q 1 ( tU2) 15.9 24.3 8.4 43 1tnng ((ItåW 3) 26.5 30.4 3.9 JU? 100 100 mIlEÖåim*W'1sdmsrQ lmitn (TSICUUJ4.0):11:nlinfl I (lIOÚalSfM9; 2:I801 m1ms9g rraflm2ns rågsn gud S m ÅøggiajaimEs5 mnigMri mr oùp> 96 mnbU 10: ffmn1Bépr0900]UJImBt1ABIis19) Tcåmnhun åtrtunntg) i MLtt¶tls1$gi unmnitriblgeinnftingrIL m!iuMlsmsiuu BUU9 nffl 1J11Ul US Bi3 n~~ m ¶ m] lm u fqifi~fl tiånj nplgxWJbfxe $Nn 43 41 45 42 3 34mrtsn: , n n 60n 96 mn 53 66 95 j3 59 6nÉ.nq' 29 60 47 23 23 34 27 21 14 40 16 10 5 19 4 3 nO[LOAi?mURlmnwt[gr1 " 44 93 70 35 83 % 90 80 #199wa11 1 2 3 1 2 0 2 2 mllluflmnfl rt 6$ 45 61 71 61 42 60 64 49 $ 67 43 66 90 74 61 919g 4 20 8 2 5 20 9 2 Idm 1 3 3 1 s i s s rtin nnTninhts tfLt) U1 lLIi 49emuoq 3 25 7 1 6 2$ 11 2 ffiPt,t mImItms f¶fmsnin Añnlnasgg m§setg gbrs:nar ?cmILM~M ettrnjrs: : tasmIninam tsUgsunérm:Imfgimb hInstptybrmwcunt9r§nseImnngúnme f 1 qbqpnlwti* meâmigión5mGBlrOútO 201431 u w m W t fiJwBJIsinQ)sLrm 2014liff 1,145,1 d nn Rbfywfioi 2015 g I9jNSåz91,15.61 qq miun q ign 2015 ?mfl:irul 10.8 tnniti Iu ifrn iLwttnriu ?i192[gjtl 5.6 fflnlU Wir 201 uiuMIsr 2lmwmBr [t00ga 20141 ~~~tSi13i 2015 t)0mdáfStmli 11IQ)CilQ1 20141 - Ljnr[ljBt 11.9 mAnIiSrw -i isns: E91:uhnnjÿ uwyIsmn$IJUÛérsu9 gi tøstahi¾Uj91n rmwdignstn?§iunr taatftn e iInf«ig rnåUéOwi 8rt1:ttnf gfnsufuI[9cunbIij3Bluts1w 10 CmUW la MJ¶t~SWSitlsUt18U9 m9nSflJttfti tfl ufiqbtPn1Unitf4iSQå 2012-15 ýIU Aulfhnbhdumnririu Isinbltl nM 2008-10 mng 12) -1 àÜßl figuitmxm m:må rPjn6miiuith m9mttLuIunnéflmInL6n?rut11mr¶ (M i j 4.6 må ramn%i ms åmiimmmimnU1Utiiuu nn atqlmuntU bl 2014i1fi5.6 månnfl2f I[9mng¶m4fl9lbyIMIEB-?91fi ÂgM mittnIU> 9b jUniØ 12: tfiVgnsITAItnsftg nsrfmUi9rg gg Utists?rmensÆ msJutaMnnViI Ûlhsmi t1lqgD tfe6im:råatnannnåoi§ i mrigng wsln hG'IQItnsiUp <$U 13) 101 Wyln imi a snAdimsigsâm mtômrsumtm êt 0 ~flasg:1 misistm: Abnr1g:mste I 9jUItSU9rejfn [ASI9jb 64 m nmtUm i 2015 645 -20 205 2008 2009 2010 2011 2012 201 2014 201 j wMnI Mifa i ilm30snrighu7n mMs'fnsigsruigj:dg: snn: e~«ÉrarigiAq:i (wsiqqcnlruutzsru: mn) vi). mreircuf gon1nsmslmqpjsir Wfissn(urn>)ino ffllZtiQ 2015cflBtJInf7.5 aMV 1 t2CI 1.fln ldbfi24QU"4)1 ?IC2 misiò rmmt msrsa gg 2015 i~flns8m1mwA1&IBgtiqbmrHwwsV rtsi6nmA flbNjnrdb tpuim:usga¶rnm miq, ii mustQmnn qpmmuu âbrmw s0 y dimn misithunsig]núm1 §bnwjmams es.mo 1Ls9hg$UimLn9flmll4ltfLniws 12.3 ctv mmnm Åh 40.0 mrnm 12ig1 2015 I]Ush 9.2 tJURJIdUlmBIN[9a gigim2au mm 2h 30.7 mmim rijh1i Misl 20141 Mp1øufin:ilarass34, udn.mmslå flE tgmisitmn! mB Ia9jwinhT 15 L9jbuifl 2.3 mmim rslaium5:g 2016 rc]UElt mmmsgg 2015 irIJU9t91 7.5 mmm sg 1.2 mmwri1i~ 2014 <31U9 14) 1 mmtqjs 13i 2014 U flrijjdUgCUaM 1J1tj J viynggggm Så ffigIfl29jb 90 ans§åågUumtmn: 1fmflUsis rqsmn åt s).mrigns Jticumg7u" msalemnsår9timfs niagenågsagi20151 flgns3§tøJus Aircsaignsit girna8jrmusng,smqg 6ö8atiJb19Jti yum an§sdJ1Añ9babg: usnuhnat rnsubdatiunn flaqn en itjiwbmtant1ns I tsfmanLtnTim , ignti, smnnnfrusfinik&i ArrcsIamsi g nis sgq:n 11.9 mmmstsg 2014 U¶3 10.5 mmus gmgi 2015 m]UStQa, nsg:Tn to sånQædsE niginm NynoMIn mitmsingi tigt1Jgfninsng~A~n IS h rdi gi2O16>> vri >1u*14:KfflUflænmostIfl1U¶WmotfUfi$An93asflU gArig YS$ m1t¶ŠUIE ch;iwtwUri9 i 0W JU ImmSgil ALgasqnt) (tmfgi S.m en Au lg efi ftat an Ul l gg w f47 :qmtmI1g#k9 1h1l1Nmrdnn (ndIUtui$NsICI1 9 igim SgrIA:URLn-U 14.7 FnUl 12u!811i2t Mai t]gl iv) - mqa&Inan U am 2 is (mmU) 2015 IC!JUht 29.9 mmtg 1siw 2014 (jUIfAf9 A- - l016) 1 6.0 t)la 4.0 tnl w~i 1 iUi Wi tmiuI1n1U s1mJqi C;I -.0 4bmnsuig1eSr: mÅjüuåmUMrnUt 1.U UgUl9w01m:JUtflg?191 milgdÑq:å 0.0 25.1 mftUs R;b 2014 URtFU 8.3 mrantU nii -2A0 2015 1 åtsåsiansgn:St¶ : aZ ct y2mlinsQsnsi Lnüg gýýU i 2 !uIvsr91mig S7 Ul2 iým hnnpins 3 2015 Qm9 15) -1 ffip11k11CMiRM 52 §b 30 ~2 - jurnmmnigs s tings umnsia nU nmt;p -i c 4 2015 QU9 17) -1 ýtUgj1u HJiioU 22 .8 .gIiS2 rmnusmmn:qlbsaq i jbstifqi 4.45 KO= tnr qi 2015 m aS Igl 4.3 Mfi IW9T 2ng 2014S:m i 21I3ii91)aflI4UIm:utB 12 IS rwK£S32 39; Mn). 15:if titi Ufslpßbl sHun1 it15 Is.:1 ren1nTmwlA fim wfm n weiftii tifamitålsŠ[1thg11ti i9Mi3tq{: :Uý Gn fir W11: i 7.24 Mm ffi W 19iI ý 2014 Un [91UNEÛlsMQN 1 m if lfimigh G p7.16 fmfill W q1g1 2015 li!nJAa"nrulpfn{Tim Ugi Mg n I s fiage th1s l g2016> » 9 LmnmN BNLl tà f'rCn1iHnmitmAuEg1n 1 (NEER) hflnVIMin@U 91: t ti Pm f nn i nunmffmi¶tp ti1i!ns ån (REER) mSI9UabUfirU1lISi 20151 flcv 41M1 J21jáM 1Etåtiftt b (2010 = 100) MS JU0n 17:LMUlttdt:tEnU W 12f 9I2tnmrgpnn rn (9 &1106.7 UB Q al 2014 t Ch 113.8 0418 Uln 2016S11:nåmgJHig 12.0 5.0H1U 2068llfU §4HIlW 11,81 4,8 thf§in (2010=100) maan9jbi 113.1 12i 11.6 4.6 p129 1 2014 ECUý 122.9 qbfggfnf 9i 20161 11.2 4,2 11.0 4.0 )0.8 3.8. mm 10.6 3,6 utiminrlßbipt 0 rqti'tml42lttn'r0l åmt n1 wdl191pqb1i3nrjm6 igi1ini:tgri 4:mnlm:ureitnt9yp rtfi hrOpå wn 2( f ?hJflU-i 27 ~nIW LrjUBInH2 lKrlåå tdwAmers ni AiruibMsngusihigtWuini 9,8 msn lSiluliuTn mianrnM4 1Tnflnlý s9bj igu)G I9 &tl 4,008 ij Wn 2015 fiUåb 24.8 M nwi mlil Q 2014 LU9 19) 2016 tiju 1 lä§ Attfl2tmNUE tUflit12n m2flrp 21 4,075 q1ptQwi4qp1miiTnQ118g måfnnnns fmii 30.6 mcUu Ligh5ql 2014 20141 LMAt U UffiU 16.6 MIIW iWJu1bUQin2 gftg 10.3 M It; (btbmIDqbifnninu) titjtuå9d1tjroi5nS 2aUWW-iVTNqU18USI S 2015 1 t: 114.9 10 ns wmi¶qbOru: i 2016 ltrJU§b HSiiian9scrUlbUm tilsts Jtl 125.3 tiuUimrihiEri ll 2014 ClUmn ånn 95.6 mnt1 Irn:nin,pr1sfrnUfpu 18)1 93 glåý -Recent Developments of the Financial sector: Opportuniffes and Risks (fftrl9ffJå#3 Jtun* 18: ghl msu~1j~gjtii j ahmn Enh iniw4ît1/:mMn 1sbtmåidf)- Mulnmftin 2 .0 - -L-m.tM'IHS) 425 4,150 200.0u41 0 ,1|B 41m $ #,050 p9i 3.1050 n ?untift nttilm2stadns timpVwnmri t Z -nU utmtf9Mnå ttitr[Jt tmfi- i twUiltitw, m utgy m6n1iril UoJMiWAmMggth 18 Ifräini 2016>» 9g 1u419: Lian1Ugme Al1sgi8rem:AwåId is1Phuld JUf 20: tilnin hiumsU*?rJtUŽnJIli §hrMw tiwq:månqrnw qbiq 20151 (tMkifinm % g] usqils) ry'L9% isi ri 2015-1 ( tMtUSå S MIU) 50 40 35 30 25 5% 20 r2 E "Z >0ý r 2fr1W Ll ill) 2Il1 2(112 211( 3 214 20 2015 ,... .j 10 [rlJuhi 19 ffiit {(U 1.8 må"2i1fti~nb R;3ffiw munBq:g 22 l' 1j4 2014 qUIMS 20)1 KMwflffflf ålannI2: 2016 l922m34 I~tUflI2Wt1Ut~23 MftULPni irnft13mnqnu 2008 is8IU2UgíÙ$91fJIn rlmm m u nnnaUnsn9nJn71dws 9rU1nt9m]nm [9)'à1á rrussij inin: mnmiiU 9] n HVtnCPBOm [U)UE 19 nimtn .8nn"' aýn) i [mtius EUsAl.JG.j 2 2msttUmwn 2f§ mmu11n:tnn:s: 2r1 guAp:Utumu å mniA9uturiirtÛsyfútin 23 roi-nmmsag -E ti «ß[GmBSmn 2 8 : m fitfi iAu SIm sv ais g 1v1ACUEL w mi 11 j n'fMigtgill u (UMME :tilsiG olw [A Uf mAt):Û[ig S [11£11 M[)111nn i91.IvIn mlr11) qsnf tgm utItIiUNglt1Ummh1miuvnr:f1lftifl: nrmi:uEitrisU: 37.5 75 mnfrUñgUnf9tJUg2 IUJmnin11im8mmt 12.5 75 [-m: is: c; mctnir1, am mn sri LUiا11: rtt Ågi«§(ui 12.5 50 u*m:i 37.5 15 HEU¶tnnIeg99wIpnU1 2.5 30 0.625 1.5 aggU n [s Ungnigtns I Uf l«2016» km0 imtu1w[U)!gU1iunngin~itm aDhns 2015 DUnji 1.4 rnWtu qb 2014 (UMng' maeiinm ¶autPålin§tmflAMUrUftI1mn 25) 1 mIÉnfjtYLm nimignm1iu mm n~insigsidfi 5.6 månstiimitin (u IØJm munf 23: m2s nm:Aånjimrtùp;vntrima 6cufimqiåt {mer u;ØiD ilain mÛfli 2014 "lLmfl cJm nnawrclrIJU0hwIø9mfinm 81i- t,mi r\pj M ws flriy1n1fI9IjunGIfms (mrwIBlttJ)rUT> uTswnnÅhna,9jw (mrnwls uruuM 2012) 15.0 nagw a nim 14.14 MO~ 17 8 166 1 14. 200 2010 2011 2012 2013 2014 201Ise 2016b b=tlme=tÅ0I2i IRUW tit ¶g1: 911mI¶lI ~JDI2flj1t11(2014) flpiZlnWWWQd D~oelment Indi£ators ti9i um3isb 2015 28iltismfiuruu: n åinu[tfrn)9m:205 m«.n:I amigs 11 ts:åanmiunnt31ti*åUrgmns OA/0sun919tEmiŠmÛ1ng iig1 itiinsålgt188 tsi ww iNfílÒfinsrip q:mHngnws ioynUAumtù1igngumsmrsa rsmÉnywå§a rfmsur csisluingis r~nsnn:1Uq4J§ mrj: ål3lwfIv nmýw6§eB i 23)n1 LUigmntim:nmmUiqmifi 1 onånginso mm rainits]g'mm pjLutlf qh$tmlij:gggmiitm matuyas un pas i m s utlgms mmgttsn1m CU?psIamgt B). dtfi Omrn n»lim n m lqijbl9]nl 91 9 b bti øýnýti osgb tfisn ýU iu1 un:n sflstisti btU tl SAllNIUuGmj 9{ sA i 2014 nl2 fl. uftqsfru ftnuflnbui&IBn urý nB412tnU M n1I 2014 mssmmangjmsng fiiwsnnsjm0uf6»b gl2012 (BgWA9gmIf1nA1AsTtin n4mn.bw~um~ ..rnrbtJ~ n¶ummnufiLflu0asiMènnn isimuns I " tsgtugmmynggtn i tonLgi 20I>>wl jurn 24: miqneijteuiganteg$memnnm §r1jaIßnMirufffam8tifj immmgnq:lamlåitnri mw i gu g wtr isi n : uiMmrnut:mirniuåfnmwju1 åu mthrånv (MmiiuJWd hi) Uig m2 m 2 i9jii n 9.0 mril us1fiiti Uu 25 *gI1 5ll jwiŠldioUld¶tl *5wu11d1lslmlftI *[ r 9lIOU<1" un JI U g 1.6 m Sftn rlS i s i ti j 2015 l i 20 u iåsteñ U[,týlgliAm wUgrùmgm n ejnr 617, 7.0 6-7 &7 7-lnJUflQ1f9i wniwn1tnt e o "illm~ 1 ltlbå,94t inruin Piv18sUflut1 Iihqnn ISåSSLUfWS 2 MfiltxlS titui mrmnugwti:mnugtsisTxj 2009 2010 2011 2012 2013 2014 201I II 1 b= cntin wTufi å" wwi 2ni ctm QsyOtwfn Trme=hnrnn:i Mtiit 2inifiiQUJ UUUsU nil {pn irurl jlSUM l ii %rndtn|isJUM§ 25:fW iJ4 11.9tnriitus tit ruru 20149UIIU¶U2.3åflIwntr:rr snndn 1 MMflW [iBQi 2015 (MWItf8JfS~¶#S nurnUi (mfI11i flTt1qbjxm{fwju) N11 20t r --------1 6 ------- ------i ~ --- ----------- 0,0 ?sU......... 9J~ ? J~ GJU..... ...... ..... J...... rn J iLmyUÅåmn t ø b nt n A Rttr w).20] gbmi9h9untiroimian: M90S8NuQ$ mI lŠEGImSmtl)m gýpsn rtnsa nim tý ml tunpnnit s nn fif o6 sulsnliWigni 2 01M I IS 4 W A 2014 -1 W Un 25: 210 201 n2012 13 101 n.å mrulijs w i ,a128 nßnSIWng 2=,9481, nn W R'lfi 20 4 1 " lý ý 3 ffltUfi111étriwwtÉ0i1II0qpOT1U01fl 9hmflrinr201 - jitmamam n4l1U91fir 0 20164(mopsflnftfuStlm [nin9 letirur9ut 2011 ?tnr 8:rjul . 19 ?i 206»b ?èrunnasimIrul:ru1mâitj m:jnnweugu sgje4,msw tage tnUr lib20141runtin1 SIUstmEi89tnn 9niKrmunnanrsi:inemnu Agm 3.0 tuw å'18,288hm Citi fls jJni ß 1|iåt(1flmi9~ ,48 m ru 20j{J14 ni m s iII s 8tBminl 0 1. lIl stUr51iUMUl1 -AIAniM{ti rtjJs nn!Cgi tifuD i r1U).Gimrir1n1stm 1 3016nnLt -,Uiif i 1 218 finI10ftim¶4t n 9ff~i06 ki t2i2i 20151" n:rmhEnåtiåls fbu2n LuLm1 Ül mtifmgåtiUiå Üt4s1iŠ*Jnguwt91: JIUMlfl 26) 1 g1n 91jui JAllflbUå2JS 3.6 fnlU ?sAræneurtnuRi 1A¶rn$Uffmusiâmna £ amur4sta i t:tu?ibarnm Tlmyn BMIUniý 2016 [Si iJinj odamwglttssmatiSUaiOrii InlltilUYiBmnU§w1 MsmoitUg t 9 1.7 mrnW 1.4 mrnwib 0.5 mrnw la urm thfg)ti1 UI9 < gn tÙmwtiignAgjá) i W -1 6amrUuqbdmil 2016 rqlh 22.3 mIIWCoTmmnUpwdn4,7m:wimsruru mnim t12d ffitimil LWFIlW1Urt1 [iir 2016 t¶lwt:f 5.1 MVIM 12 tiru nri 20151 mIEfiUUt2:mnbU 91SucinusuU pUrnl 26: muVl;jwfåaMWUprmelu6mu3mgtÉ S U nn un ti n tnI5aJUrd 2016-1 ninnsflmiuf?nimu qig2 nru nsign - a qims ednargiq)>(n1nuss8laûn¶falsmq)I9j itPnnl>GSvjb §imtwomig§u12 8 I(UJUØ SAf 0.5 g ttug.gM åitg1 0.4 mqpiyR1flíUmSer gpoi(7hbu§1ig9 ;9)nlqbeiM:linA§ 2016 1 iy[: QIeR jisr1n 0imqisbMitimti msm 17.5 mflU IS £iMluqtIw 2016 iy1imsLrii 8r w:liuw 2014 20b2016 WflfA:mméfBIUMm01Blin2t nUrmfflflflCflfnnn [$OIM1SfLAbåS 17.5 MAM 1a tiMUrILjjb qllilmi 2016 U GfmnnÚnijleigrSin It fb 7.2 MnitM 1 2015 timm:ssÆ mbuldi6ESiUEb tINN i MC9If1ulmIi2m1rtLUnjm2§$ L 16.3 mrfwUaSwqbtrr UfnnU gIPEaEmunuåHtg?cul turMmunn:å 1 maAanin ira1~ RMS 1 1if1tUQ 2016 fn S ElW (jWUWåbs3 250 tqium UII) flu ww !8 2 Qa 2018 iLmniTJt1nn IS lU mtsic UI1 atIilSf3jf a 3 Li3.2 Mrn lnWs.2tiiwialuntii riiLWu n rWU (täsn 2.8 MMT isfuitirlbLwn itstiirimOnueSijiils 99Uxm:m:urgå ANJ{UJ fl(Um S gbéW 2015) 1 åniwu l us drnqtQif 2016 fcJEUpietUm6ni1åei 2011 A 111318tA§2 2.26 rnImIS ttii ur1 åtrEn AWflúmmnWOShu2Lmtni mngw fåRlJmit?l g tiUm QlIý 2016 tn2nM91iU mml sm iåín.mwumòm n Jume n im cnmqumiinn å§ a 24 nnwStid i fg {JflUjmi ånmi9° msg nynstÅnMs Lún tIIui Astilnrwtrsiqb RMS1 12 uir e11tå&Bn 1{rdEI6 n1 fmilf r nh ij 2 i5 is " Ermfininn:rr qJ1Ûurm 2015 (Un litti huqnnufl )lgg 22l GqeI1pelfB01rmnfmrfiSmr1Narnr1Ûe15,340ménnErni 2 U~tIJfifIgonm gflgel1 is UiM l2016» » G Urg: lismnnmitångjtslstd§Wnta1fl1s jiurnnf 28: fRandgldsisååtlnUqnUlwmrWUBl nSlijntiJt1migr9$hudd4.1 MIUntIS tit~ [i dTmvmnsnTMwgag 2016 1 (mrni drO åb 9i2016 itiJu0l 0.8 Mntu ntItntifunmrnu ftljt tr n1na taarqiBhfl3nJi 20151 tg Wgnn IflnMm$8sjttmnjl?nwamwu itpi10 rsn8161 nrn rui & 47 2m1 ~ 1 02 50 ti ri tå Pl.f bl- Juennf 27: tprnstif itnm iiifip1gtumlmmgfistImi 2o16 enIawmtpmAimmnim:irlti afd1 åttisdwi öiligq ins isstuu pngn;Ipsnl (MrislsWIa dti n i tfps1 t ) 2. s 2~M W$gýQQmt 1.6 .6 1.s 1.6 1,6 t~ wt ~ Tnrflimanågi lpuluiifåU1rmrl *1å bptufuqpugf:i 1. 1 affiostiiQ s ia Q010AbIå0 trima åt 1...... . 1 . L 0.9 9I U ry tßgull c ro h ffnus'iån 1 2004 2005 2006 2007 2006 2009 2010 2011 2012 2013 2014 2015b 2016b sri~ rna ij iöqin i vmas1iUwråfmbrigmmniöI rXm mv M j2016-1kI 13 Uru ?ci i rn M u n cu å b ?t w m;TrnaqlilMwttgusqbtipIfrdI9Jbqhs 2011 bst8mnt m mmnUbi 9 mnssnin tilmtli9:uiuB1 iutywtnUbnfsäHU1 au 20 II 10 mgiwåb 5 MR1w IfäffliNifm NhLn9 UrnSi tlný2.5fMIIw 12tip3nti.i RbMM IUISi 2016 (GUmflA9 27) 1 I9nWI UIMPnM 'm w 2016 ftUwb!a m u m 2016nm t1iabrjcui 1.4 mVmIIU 12 flu BfatI:idWLfl nin.n9guåd;l HuritumtAnnimnStnig utincm munl?gwnm m Lnwiuj: wsictn2n9iig U1rgmnI9ru U?mrdtfliNNgati uttr1 åanji -. cnsaI9j i 2,069 mtn "f2tcu twutcuåb M9yäBpLfl2ä?Ln I2o13foJ- 510 LflI4C1mWfl 4tflA~C12 9 A¶IW9tfUtn? m (2013-20)1 510 "SUWW §IVm n (MniA162 29 mfimL lcsnst9jb 1,110 mnåns rUc UYn.J 274 flsiuin(U 19jb4s8.4pMllnIG]Uånår)e .5.4. ti9s: g1 äfi nIm2 2LUttlU 57rnMMw1 14 g/w Ô usra 15 i:LUn ifÀna UTie r g insmumiu1BlHlmru {nn: qfI*GIm 2016-1 qi4 2015 ninålnap n ffi n qgr s eúara s rMOsGúdn GW24nåä iprAl s l s rgäcnw rian fgrmli mnanvlgimn eqta jnstnrsq Annagun sg~ Dtm ntutt msrntimmnsful rnnå nmaiinno t ttift ättfir g1 tdUnf3fiyi nnri åoma mingim 1tn 1m Ki an1ngmå åbHfm npoif1h g 1ijuil www.pfm.org.govI tigtggaisngng Ifsä 0uig 2016> » h Iilmn§GM u (fithflupnsr1J9)flbL)l)IflLm TedwcdrmS m Ug9ngbiråpUg2ú1 Utfl9tU 2bUg1igorgmšr2suJ4al niE i1 njtmt uj rnSnm2ñØ mnirnåfiAt§ttna t1p nA tmn ohnmifinn gilnt3 BnCn91Utnt 7 mnW (mn n 12)1 fmnn / VnjAfuqttnft (DSA) fimtanBl lilffi 2015 tTQtn enjtntu jb mrtn ti4ui tmu;Ru rugrMgraUsdeu mguseat 19ý)n WLtMtýu9n BiMS [ie tsi Huv MnmUB1¶unnnL91IinrHsfrn1m2fpn:mmBb y9ibli 2015-2016 -1 rdLnLwlitsimU4Lpb UglmviNsimit:2mntsrni EitsiriUs:mit raa(niØSIG 016 2tf[MilfU) 1 GMIU nblwnln -' ityn:fiUtxaalåim:Ai[nsrugug m12simm cLtntariuslUu9 rumm½U§mn âàrlflbarUflän WrLnWigJIln9i uktn[@muzmm:AtfLUnniutårnrufi sommgU IrktjtJ8mntst2frünqnu msumiinlm:mmfngfrugrnmounw lsiltQl 2014 åS2ffiålSl8t""1ff1:ll: sUtaÙn uiirUlf JU9ibuÛA{ tn d wiiniiaeinmutúS fl!L9d UIs2mAnnfl81g I U L.- mènsis sL1mu4I 5ij hrUmseurnm1ugn 1rstyna¶nu is 33 mIU ikui fflqbufts wlu1 nt:nfftlW 10 fMW mBigi 2016 åBi 2017 i 1tImmII6UI9h?rnIirUmy¶gI21It1 mi esinYtnlŠØ 6AneiøOail2fpfstrrÙ si¾ m 0$ L$ ifitfol ÂàijuåÎin UE~ 2 wfGh9n4tflInh1nn n m1ibåtif 2011 Ali(tfl9 i9tm8ig2G 191 Aldfh2 lrunilm nmi9sjmf1f:lUfl Hsénl 1n mnA ruli:rnn~ rn1ngt I rmw gs 8 H20151 U4J91BU¶qiru;n:1s1 rmnxa unm UsrfUn nginnmw i in 1n. 9 Q 1t.$tfEt. tiialusmighg-M4guh qbsu:mmin$1 UGjUI ciTmfl 2016 n:Urflb ivfmn2 iumum fLnB 1i Ebf1iJt l3a 6.9nrw Ei-tsUIåtm3.6 2016 ywUrfninfilmtUmM1ImimIffsbqà mi ffl¶IIS t5ruru $im: 1A4 mrii rimi lrtwmWiti:nLflAw1mIm9)1rSj åitmwu8tuBAliiitl Ulfls:A1mUfDS1t§L mf92I2Lt8UI21Si irunuurujatn:I mr 2017 ai 2018 Si lUTiU9limSR:I:Ilnt L Uy i 1 2i r11 t uln w - R untf : tl w i 8: 1 Alir 91 3 UtIfifganusftgng4lts Iaifgi2016>> kJ mntpsgsclprsgimmin mer§ag ltnusjmrugon£;r] G rdLtmimins Atå ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~a omcn onfnittiml ntiMIMI t U31M MKU Arutueml n9nmsm:iaPgn qgitus:mns suln21mu4füus timmn uqjuri:s:nsa, aan:irnsynsia MIGgmu n urflnn 2Bmnsgasstn8mètl aim:si coussösnnnsinntsauagen@ge¶ Ago lomsq jnmn (LIMns 70 MnwiS62 tngisf89HJm esimt AhaNrsMauans191s musn) mI§qnrsigt9rgtmnwUri årm:rmnn msn ldAQ1mLWLU nsI9tismm Aifnmgs1Lurn n, m:muiranmA d >i & - i n ju 9nituli b m å irieos, ushUmnntläg Lumtstutåtmmimrn fWinstiaq)silsgm IItiwln (TPP) PäNBLAUrnaflgNM gi 2016 mtluc s8miläggIuc nt s Irui(FrA)ilflnnsMu b EUmsmåtul 9bii timsiAUt2b wtnLUfmnnriåu risn mmi imuTsmnniiamisin mitlas gm:minLarusnumnammihmntiu LUIwriurng rfninsugouu guf mi iui, ånmusgMU101nn t0s2grgnisetjgtg m:némflUn auasnwingmmuwas 3 tmrnssgwrJb ']nårm:eJrömreust: pnna mntn:Ipnustmustcndus1, mistrúin rNa qnginaionnstnsnmani mnitsåtQj rns:mrcgoju:mniWnirú s cynin umtqnpimn sgaiu9 tagigtwits Atnn9uu6imsigsmtnmaensosmrni ng mi ur 6nIarcsmsgngsiflþs s rvhirpaq m w öilnIMUimsimsiq: 12LEcR-QnLti[9w3tw1 1 1unnm tvi as t s : miq:Uñactrint msy sg ig:mn2:mùn r Arfsmsgåg nuuJ sntindc1ét 1Jwtit*(f : unstmmnortfettuminttw gýtuntm año rYupins?äunni cnegttuajtnanru fapäglmotpqjmtsnrp gitnNutng tsn0aRGNs:InshUj,U tttu go§eanalhn AriannewiagicOJ snn:mntsunsjnnÖmsmt1tjma:msm: am: TriwsnnM6as 38 mns muu nsjI smi uhamUtastrigqgi 201s san:nsftiun n smann rkvji9nsnmnonsitamn Arnuiima m:mimdoritinsgntnimsi 1 auw:mnùrnn 1minn: åag9egJs:4a LmhurIhJUUIs9 nsgiQmmn 16wmg am w i rå rgir Cambodia Investment Clmate Assessment http://docunentswoldbankorg/cuatued/en/2014/01/23946799/ (2014) tnm 46 cainbodia-investment-clinatc-assessnent-2014-creating-opportunities- firms-cambodia UgJQM IWni Afq'gth 18 IuM i 2016 >» d mill 12: rtlflntmgftg åiniugmingtyga mainmrqtlm gri;u flanl gn 612018-2018 inwtiQunQmm 6fIf 2014 2015e 2016p 2017f 2018f t f pl nintw mifibInru 7.1 7.0 6.9 6.8 6.8 u muI ttfiugbo4a) 2[MnQIWHAI§JhWtnnlä (IDP ItnUJritiuJ m ul PT(/ol Ujpw 6.8 7.1 6.8 6.8 6.7 1 quåu&g) n, 4R U Is A ll S 2;a mran 0.3 0.2 0.1 1.4 1,1 nmp tfilm 10.1 11.7 9.7 7.3 6.8 Er n n8.4 7.4 8.0 9.1 9.2 (bWnIqu 1.2 2.8 3.0 3.5 3.8 «UShshm 1gsm r tm Inlo/) Ibmmumicm: 15*9Y9 6mn tsqlnjringn arnd dournnn /(%Is -1.4 -0.8 -2.8 -2.9 -4.1 shwm Oimi8;cn (%ftunrq'u43 8.6 9.2 14.9 9.1 11.7 ncunutma99m :urgTnn åi med mêröu1ba lr¶rcIåb(%1q ffigro ( 10.7 7.4 9.6 9.9 11.6 - 1tusgumn öm nnit ängtunåtim uggan: (%ols -11.9 -10.8 -9,3 -9,3 -10.0 n h n ['w Y n m l m vi 1,677 1,803 1,653 1,748 1,780 IDA tPEn: mwiagI ntf rmire oga nJinrCnfum fgnflrnmlisinnnn e=fiåTs p = åramn f=nemtKh 0 ruqtlutiJ nd1Uuu?tsljx1 4m WtffmSIA2 jit1nbuE1bitdru 17,1 mn lsta iIn. rfiM:U 9mustt ul titIm£nåisi2 2015 (16.2% if1ån 2014) 1 LUh m ilnu tJVn (NAS) Im2Uljt g9 Eu1lft tul mJiBtfl ujni m 2tjJ:flå] unå måtimifalgntibM¾Mö 'Uäfliub § r-Mlätiå mitýuéhßmImtru2ltmltu IimniAnt-warMlrm: fnäsnhwvnsq tslnnss an9nmn¶m l ucme mnn:- 99 unsö:mnmrtLtisdméinr 2nu1:mtl m tn2frü:mrnSnftns unI[ûruLuIagtnhNng LUinl TPP 8bN2LnHELnJr imtnnuri[i ni:qiiwItnBngnfLi:tts1lsipdb mglniAn lflflcflrmU All EU armtpU2r41tWtIfXSUmjH tmrwna U§uIS1mdtIBimw1månyibl?B ruilu:mnstn, ljum Añntiågm1ntr ttljlt¶lffBitCöitifimnfilns inmn Atfnsfglm:tlsg Gtn tlåanUsrfGl1unnsg5 8Urigntu9 E9ttEuNg IulsmntunpnfnrilUnifs ujmfiqnmiOn:tg Abaumignitngiom glus s sutkni m1åuIi¶to:åiImscr j gsutull g)jgf?wnlf,j8 frtdtnmsglnl: UgqjMim A[NURgRgth ts 19Mg 2016>» hd [siinnhi g n !Rtrl ñ nn MI mmä mrucamrtntanäAmruuu nssyius iom :m rugps?å (flftigT ru-i nn ifls), mngtsonmiorfimrmQrmmfirwrq, :mnsfUsnf:dflnsninsgsgn:mfu6 n :n 2 hbnq:.4qi -eimmrnstar uciju mamsnun nAntsåta9tns go téjnmngamrånoimsus 64jm8 ni ms§nmitunvirrtnm og§ Wensij, igartnusMmåÉqn ni ps gañuémr (AIIB) tpuiggtugnnLM o EI1o:nmæn[Mpymts nbmlfuG ni n{a enås mqig:mO1músmdrièmna ògVus imwInn8sarnim Iun:urwmruun rinsntn :Lnnsnù simqujiomuturnhé hasMgmngmr åt WtlLL masntm us nl m n flrtflqJtmicahEQwnfuw:Iflaxg owMATl 9WIflIB:iti LflmE:LotJs nrsTm7mnänn:~imnii0m:mnsnen, m w:rg1 imnrtnuit mtrLn12 ICLm ULULUtiuåm:mråmu..mltåam UHs9i anån:rningu sutångfmt UflNfl~QlhfP9J¶jIhJi~uw~~mG101 i'UtlL9dtptLU'j8Iwåltfil2 lägi 1a:monsigms wrätaiOmoöuX rnmwrn moutfn im mUnt n1mýugwtmnluftinu pAlsms,i k§un:hi iméWtg tJnsfgtn:mLt-1g m$Glt tflmnltPS1iq u1RTgotuö åouugjganwfmtpw:fmsa ms:mnsegju, mmts:r rmåprn mi ninqlp,ms-i qppur a nminTnfq tflnb mIflusntflhm4påtJ1irun rnminn: (PIM) 4iJ]Cnsgan:lfm oRPgs Idnngrtfitq)ugi3tarmumqfrñons 1 tnatégeg Itfmmqjts Ienn:fmnmg jit åbrgtmogwät t4flfluirts scm:gs IU fUnsgùtUnWQuing ntftnismlutlrnumft iuåinnntuttne nSsñig rmnsom ns iunwnirnn uIm:nsginórisiusr 0uown nutr$osm: :tizinsmmniinsa ähmsmngaswn LgnñågJöñU*dbI1r Qnis: llNlmni2Lsn Mu¶Wnbmut91t sus91t, mini PIM A EArntim2mIMs'JyI1ls 31ml nis 92 n9glmUiU M2mMa)i15omni amns. 0 s aSUy UiImflunLMtJnimnrlsif0ns mrrng jpntijJ1mNngasptngnunenstt quni:Ou4tsms wninmptnésmùhutjpns, grdmntifitifmlttnusdlogw'Wlstfitm aq AnLy mums mijnirtn gir0musg§mu1:m:Afnå iW tbtitMehw ~ lma2mfii nsmonssgm s iaýmnnsygafgn'1 sjuinfm:mrmnae fumturleunn:fl öt1nst1n Iwmnranmon: %nniunl*bg UggJeffin n1ttn IS gdi 2O16>> fr Ignlfqidllisnd i IsirnnuicutsMmrn lfi:rwgs tg6iwfBronul rnss1rj ojffits RamsiruP91i mmt]sjltmI i inioL WLL:r9isim2 IrmIg, nlMMúnmftjmAntnIgig ILiULuL9b tEitum4priflsf¶ lt Jquflnp f:LtfLrdJJtIgtf u tl9 Rul Q]tfo wtf ts 0f gi rjurmdniftaUfi¶u1n 3 s 9gn fib UBglantutIttfLM* nr m:rpu grcj?1tu nrt(Amnisåuni tAtu?1 å Etln=UfUltpt men imn tstnmnnsi ts:a : t;Imlu tån ri i Glä m cns91 in Mt m i n (i) g (li mi 6j~uptf bii¶l9stnmtiubmrntnrui 92n32.ttxlJ$ brnrnltsgjnnSinIm6nu lJLur9tnuT¶nILH2mtir n 3b (Hl) U9tJgnLUbLlutn tratitýtgipgipnn tUpt Uri1måAU4 AJULpjU,igi n[insga8 M m 5ttiŠWLkMLÙItân I lp ä2U91 191:thunhr tifnD mr"md nsTnnsuG m EuömU n (i) mi qffi an91s¾patnru irutaifNi5nnTit UfictnnLnUs[lr2niIsn Ir[UjmmIia UflIma1 ESIdtßjwrEiPjLfTMILLi1tni licuimfl sct1mtUttmntflåwmI (ii) minuäwu1tu ånpnjRPI nfl:nrtitnårua.tn:Egn up1uEf1:Jp smnJ Åt(iii) tIligtflåt fanimumsmimmnlnumu nerisuuulsmmimm l2utnswfl:m R9pr ig: 19 sil- rginei m:H8$nl {ptg (jgLnn, irCM1MIn:) 1 umcsmti utns4ajiutn§sgarg ts: 9gns 6m:m:trnpcu.nsut9r9)n hnsM må En2ImIdus mfuILts:mrfl$mst engu egsrensLUm3u9flIM Uglä§91tA 19 M«12016 » rna b. JJUm S U fi lMMi mlP Úlifll :b JmM bUT Ê1 ). m§mjniwimiffil pblRrw$ABirttåflwt mútguflynUgwanU ør1pÅtfugnwmimeufigar qiuNseuña.G0t ulùñlIhsnIrgflg it tnu uqmrn2flunig 9 (M2) IrtJUBbtifÛsiti y ifün {u mBINEi 19b 91 53.4 ITICIIW 2013 19166.3 ff 1 n ag 2015171 e:tfi 1aM 29j t 109 mMrist tSlLiÅ U1 id Wh 57 mmit12 tittN h tnSJll-Ry 54 trtiWIS ti WÅJ 1isG1; t 2015 1 L9L9ålmfnUR's I9Jb$4è?¶Ofl ÎÚtl gtlgmmgŠiilmiÅ iuwmåtinrñtiatfit imfvi [tr, Up1mtUlv93 åltprsm§J umM1 sn: muU sg mijtt råI[9twtt1Bm fMiÜstnmim:rw n?iu9rdnb q§JBItlS JE: ?rdw ULfifll $flnL$ ¶ gau1 mÚtswThidil niftr81:iwÅ 2016 LUn ig'ml 6G29 36 Mfi vfiWR19W21å22 11 ltn :"SåLRtfil@fflå22 34 M2e:"siLiflimsiggu9pUrJm LffiU a nmig91nêÛågf -1 WWdmmmhùsbmsLnutimmñi1tås2L*U2 (mmhfif u2s21ßtliåsLrngm mtmittin?råg2f) mmiVivau§gus nmmvM¶ningågs22i Ög ]m2g UtpUtiiffUUi2 0btBUlmiås íS5iBq1OSSf:1ti uiinm~jgsq 6insiw uham on$g susti U 4arSbrg.nis:å§ntranfist t3åst111:ratn:egem U1Wu52 ýq1( Financial Inclusion) iin 23 mvil qtmIgImí bJ§dJW Mt MnU(Global Findex) MQu 2014 QU 81 §b S2) tfimU isj-Unn 51.41 MilW ?Ib4 2015 [M MlU R¶ I tm mItan:21 flM tiåg t%1RCU?!9.43 mmus WM 7.16 lfJbw qu1iãR¶nmQi 20151 17 gUmsnwm1rnI2ign1wrJûwQ isgigi 2015 18.rsŠ figgiUE gU 19 11dmuit wum189:er18sm anb :1irQ185 trwituni 1iWfiu9UJW ntGlmUr fl É1l2m4m putfjqsm i E gMUAf1AstUshig 9nmn.Q ~rnunGnwin mJ1inaI misiftIg W nmag pUfIJiuÙ{J1!N yfi g intårgtq éfrmiuutfJ1nd)m U1 GMTlaM1J 0 0vQ)mgu1 iQn w[J11UU jpgg 21Ugiunn4bnÙåm1rg 1 ngt1 (SECc). q*InsmmummIr'i 3s mammrmrg1q:urigh*urnågs 123 gUIifJWrlYgUas 2 12 in mUluNåg a11-1 21åI gnmnimmmesåga 11 ms0mmrygo asimi cmmngud3mmißjsmaamMåtgrga umm1Inmmffigeg$mIsmauneMågsyrngun. a minsuimtnndstirga igr6n§egéoga 1tstib i)ynul n)oisgasni: gaImI%phIUIgåg 23 nnsalAlbå tgniu mI (2015) UtIP g 2.3 ai§82.:al ßrkp8 *t.tfiWtý (2014) o.ø1rInnIi§ a mewI juit WING Wtls 5244 r111 l grI0étt11lå§aT1JtntI uIn 102 An0msqb ftmuwm00 aqs 15 n"sin,i Kng1Js: uidstfrigicåb 51.4 KIRRU (5244102)1 rn:uiuilan g mu-cuhbaifuiiIgès 1tågaguflL[pvuusigLn0v LUfln tUJQfgin1Aqfgn1t fS huidgi2016>» mg jucms si h 82 mtgjiui]ittistfi:ipig: (1) nXalin ihr6stm 19 mvitu n0 2011 tåi 2014 §b (2) j191i:g Wji j¶ånfls 40 miiu6AtajutiftgnldidI q næm tlil:fw m/qff o : wuil:ndnhean ftwåff1dfl : 1p lpp 80 1 70 60 50 16pp lopp 5Pp n 30 20 9 10 0 n 10 2n 30% 40 i0n 601* ^ Wo% 9m imo .2011 *2014 [pMk: 2014 WoMtk Bk's G1ba1 Finde- Repon jurnn s3: M nn91illtitJuInnä (% IstflAtM) Amtl BINjR§ san:Iurumi{sgn{flti4 qÒiamu msaistbqsw:nmgiåinghta, gnmmgam9tUmsisnnQ MM1MUd t 25 ""flhH0U2$JftI1 22 2 iq angii3hjtuucu~ qný 20 -mnrngng "bntjbå 54 Mlt 12 IsrO¶dmnuMrilssuft~aAqb~Ésajr¶~2,3 ftfS ~1 2 =0 SlånUi 2015 IGJUB 27 MALU 18 tit~ an:fCU i 10 1 fl 20102"1 6mrröumAtnscnsm0 Uimuwnbg'1b lmintmnuUjutLdM91 2010 2011 2012 2013 2014 2015 Itf:tnflJgQ18flG:irU 11.6 mMLU 941Si r21% 2015 aging:a 22.04 MPS W Rb g Må g120101 im:u am: snu4sin?uhagM4 wflnam$Iasinansgnn:tnsq ,f mmiéiqC1 ei tfl StL9 CiJ runutflbmnnstgfcutsu närn?sltGSmm-91 nrU1 elnfååmri:QI;}Tfn8[ t9fitjpUltU 30 ffn1uu titnnåi [Sii4b94i39 2010-14 1 mittjJLUtrtti32gfn9r Uu'2l3mmcirIn9 10 1 fljI ORW7Iritnm åUI Qd 10AM8IN89JN1 1ug }T1tfltgu 23 MM QbI1Q it Ugk i : rnru Gu11 w91:uil:fi on m RIiR JE2:AETh2BL9CiJrUn 2tLmflUE TÙSIst1cumm tw:dx 22.1 MWW 5b 16.6 MRU tlUditSiqbo 20151 9u98uib:hid Urw91abunl tfU gnimnu fl m gnSimrUgL|8I9t9J m<1$u2it 9jýitiLUUmntn 30 MMIW iq]u!4gitq mjtW:tm gi 24 mtiini io 20101i Gru wMetnl 4t' 17ÅiMtiriiÅifi 2015 I mI M ,Atfi fWnntfi(CMA) uig qgUm iw Agngth ta il gi 2016>» mb rgiun1 tyq: unnai1n91t2IrJutåUItPUIQGmms maSIrin 87 mnM1iItiqý 2014 Lmn 96 mi :1iuiq;bQ 2015 1 årlsann1sm:sBUggerntsMtadnuIif8mr~taIgmBlumnn Bbanll.st2 uål ga~ur{n f ånmunBbg1n:ngrnns gbu:u9iuunmrneuntmn i tansmerw ffnltt'iå, ommstsmnnntifggjnngamlålmn91rn:LnntTaunlLut LUtI12 (Speculative sectors) Ri/Uqr$ii umnm umM axf1bms99iirt, h tn ru6isif 2015 mi nn912Ud TùitImflnijB1s0 34 mrntU åbråflfl&5 20 mI 1fiW an912WZHUI nmrnius nt mig 2nw9 OItmnn 3vH9 2LgnJ å2låb[UU) M2sisigji u OW:tiflégUn nIt8IsJ 4 MtMt¶IIt 2010 ItIi 13 MtrMW igi 2015 > mm L19 uMiutilt -isi rtbLnU 9 irmilltiu wmim rim miâàtrnWWs9 r27 q:tg 9 24 u2 g g1 20151 fLUgtiMfnIm9CiUnW UI9[gruI29j4 ImEitf1(unU¶jm: Um 9t1J119,BH§Ifil omIUII9ruQflUnmsLUI9runwm7 mBnoIUIuu9MlltJUUtp2t 4qUi Bu årpå imitniuaigwAS}aunåLtwnn muitmfiirqwntujÛut&L1 m1:Nu brn:n u:mru:mging utrn t mm: toft:msi n sontuñaigs Mtnsagr i flhLnlfl 40 a¶I¶IuI 1sm:igiinn 9QMUs, LUssmtUg SiÑGggig ngåÜs 12.5n mi siUlS flntflWUt Ö 1 ftpblQjiu> nj@nnusmnåannn BsaIufntmt IBIhIUadrQmngandtn91 r¶fti ttnann20 itnirnm: (NPL) EiqhtißnmhidUmn tTBlUfI(tfl EUU JltI§§1 rii ¶ESiitmU 3 mrn Bn91MU muriiflLr¶tnru9mtUhi 2011 UN Ei WU2O S U Ef mUnLuc1ig UttrfmE 9 EUtPJUtjtJfUlfln flfn: agmñ 1nmmln nSrgoms tŠLul UJ1g9mbLan ciwmnwrnnum unUTnbnsn glhnnnluarnLmn 1m9:muñansm~ nn00m om1mrui§uI9J EmsyjnmTUrtenpjflpgnt Luumlgåm: rmeiunmBcOUoL9j1?m anbng~ngammsmuCn et1mIUg1ym1nnes OS tÛ1mí1 mnb Si bLtTrtmU nsstniigOUrÙSmcnr «inb 81: tnJamrnqfggluftImmuIBmsytnfn rgjasimn (%/) 1Q2013 292013 3Q2013 4Q2013 1Q2014 2Q2014 392014 4Q2014 392015 Acbe1snaneM1u (Arcasgjuiwwi:mi 32.11 31.97 31.96 25.58 29.43 22.90 27.30 27.00 31.8 am nn s(smw40.40 43.08 47.39 47.74 50.26 50.42 53.40 56.71 N/A nammngnagunfHnrq']JnI8> m¶pnh 86.46 90.46 104.05 97.24 97.75 90,68 92.96 95.86 N/A fn2nJ1ThámI~uaUM'1nstu 2.31 2.52 2.55 2.70 2.59 2.63 2.56 2.22 N/A ålinnencum i0-jimfwN 2O-2 90-nu p 40wffiWw4 ts>. Tcöw*iIUtiåmn tP:r1ea*utfir s (MFI) maTi m Ii2igb1 frd'titmtlå I fllnt Bti1Wgi1SPt11d 8tU9 mu s: urs röast g:åårnnfimInUBnuqnXtfiri}IJ r mi ru;pS Imwm2tsc mnjltf8?8t1nn (ROE) å22 22 MMftW huptnm2ArInlsptini8 tihil 3u s4: Auusjfges:gsimes:uwenn :mnins J5: fnn ring:61PtfifgSgra¶juinmé AwCnerf:wBe%tfitÅ:frqegtrnthu (MDIs) MnAffimt f1Jugqb1Ú6dWIMg 0000 00- 3500 52% - sCItUl5Ul m ia" MN flf anminFsm130 Mn l - [W 020DMa 1. - ÅuIagMa Mf. 2500 45% 105% m rtistl mio. - alnnnmo , Mio. 052% 0000 1500 60% 40 2fi 2013 *2014 1000 10 ne550nam núnhg mgi 2"1 02010 2011 2012 201. uc -nior; u 9-smifr4uM ý o wmIp§L ~W t R jUmni W6 ntiheti RVW1 ålkvi nå2MW2tn2g fWiqltpWti ftfi f fG $7: CM98M VinUs2wiýý f tluqrnuC tuarnjyå , itflac 2HR2M RI!2 3 9 M265 MU4"i"9mfLtýMft IRIUM1MCR3rfi t IA qu S5§0 6 1 MUliW'Ipfisf no0 - 00ll - 000 r i n 9% 2 2012 2 2 3m00 m01 202014 Ulil umiileinm flMmnrHHgui lrr nt@i{uxnsI Thim55 ilit:wsqm er 9$171DhbimnmSmi t:rgcågx it /6 89 rtm il¶ UttDiingisfiøiñtjn 13§ 12 m29n5ílU1iM91BW{U 98 Zfln¶tti 129tg IUIgtnhImi B1tflB0g2 Hråruijnla Lm åg S 97 mruui 98 ttlg Smi Gt S ÙtE g tÙ Ú 1 Lcwjlt (JU SS Åh S6) i [91:wibrTi Å tl i9Spt1 ieSQnO rg!)t ImruÅtnBh¶ gagåØürgm:åtuiunpòi 9issaI8:ttir mig dnn e1s:u:e:gs6Latinws raluåtms grnm0£911rut¶: rØw uEn1m m BIEi j9iÅi 16.2 m tim gåmrØj1tSj 2013 uruttmà 20 friil1 gri20151 OnlE::í]'båt91råtllm åtesrg :t?niuftfr15 30 mtrfnm1UmgfnIynt11p1uto MIX , Ut1gJggfinIng~tn4th fS hfrigi2O16>> mta fsmpwsmn$Ur:s2utfi$t$g mcinThûnnrnemmn flI41sann92isUe: flsug mmnd:reautiqrtimvituns: menswgnswIrnnurmgunes nsni nri ffsastrnnuhmpreåstn-, 4ti m un hns: cåuanfjUsI mup:tirmI A; Lmfl1'UQØtåLUnn nq idwUrjñps!Uganritii ii 2014 Hc g MrUttnum2snEtirth Larw2sms gmLmBinIt2 niruaspgrnnsiltsu9 an:mnaunWspMnunLsrtnI21 ntlmrÛnmIuiBBrImn numn S7) , mi3flp§wustus Oikocredit ui§?m q 2015 sM2 UtTŠmU(pn[sLsnsgLs9sy 1tintsmIrns:1ojmiIm[1:911nml5mA tÛn{pnsUscijnj YUnsmt3ijBssBiimn, Iniun:I9]t¶ rÖsu9uIghU0 m2gJsUflJmi pAq:gtn9nmn gti:u:mns:ngtwn ~tflwusmsreina nnngsgu r, sn milclmrn:mEL n9jIb U$U9 Hnto as tto mmmmUI a tbùrcs mSsuir (45 mflII n,af 2015) 12yn184stl~Ul åtUmsr9jbnS 1,3 måns~1s1ngiu jU 1.4 In3 min mniimiÑ6ap uAqbr[ej9h thnårursimUtiUdsfU9 IrnW?ig:flflm1EñUnIlJItUrW Wwummmwnwugisrlwt ågn Ouig!mmn sm Irpus mms ånpMgftnnru(uågs 60 Aflaeqnlissnin gbUli20141mfflUL5IsU?mfn qgrnnmsu ämsli> mb gabm ILtIus nte njm fJn R1IUM1 mr w IflSM plifs:fil1 f m l i um 2 W n muLrin ja). IPtHil Et1J11VtUUfin¶Y tftX1 i tf1$U Sij§ $ msnitUlslumifl njut~n BfLUvl mttfi .mtt 9upr1tfihlattJitstnB9gingq3flgugreits mrtg zgiqpflsmsé utjorgGro ta irnurs Unuafsq:u rfguin itnsTiniruinmnumúIån nnpúdàiunn rañantsnâw (i emA1iftwAy1i m$uISyruwnmusW:9tnsnatin2flnage pUuimc 0.2 m1mus Is t!i t.tsmæUt¶gwnBIGs19it1D§2 0.86 M1WSi tdf At jfUi9 1 1t84m Q' 20161 tgijétqpiJ nsuut¶mm (Csx) msitdn gúû Is19 20 tUSM Qi 2012 tU 1,096.77 Int im s Ôtår4k 488,000 mrrnO,t Ül§Js:mBtI9tUtn 390.73 fmws'ltPf§ 2 Is 4m ýi 2016 It nQl$ Ul t figfig n 8,759 trj 2dmm: g umsi?Thwtússi msmntšijt1&nrlur rmten trmun rdustiñtnsin9lssiIiw (CBC) ho inG2M1iÅfr1Ønh 'ðÈin JU à9ini[i ittisuJ ngd1m4Ø11nBqj 1], An 8UCtf8 l1 2015 CBC mBSjUliCP6n1tdåCIB6 4.2 nnmA juumA°1l iflns r9sgtUâgrnsan? msiurcna: S mstnsamit:riØ tcu11 sltUjns11JwrntUIcL:mtmt3t9gurñnand918wt Qs1úbmrn.ps6jpCB tn$mcnnmUtmunmsU1nmi1rm:gnILollantirmUnA m6Mtm:rU,nw B wnptmei rnnm åuttl hJUmi nU11¶mtifltNfUln wtgg (FATF) tg$mume tTnumrnfsilamI ftangib nm1MMn (AML) kinø IW118rCnm:JggiaIamgfthågtaflSing (CFT), utgiknmJI9jr?En91nH3ns1mrq a1 AML åt CFT 1ti1j8MY:Q 2015 FATF m2MugnIwU smanorisuitøsico:uu AMUCFT suc'itnni åtm8ni¶yl1 nym cnsUt~it12(fiUJ1t3 8bU9UJs EØfÛ UigigtigniioMgnÙ lråwustmnr 4 ethua lnnsm mBmåfnttnaln4BsgungmnanIB UllflhftanggarUs: mn1o ig'mgwei 1 :9m1%nsw19sáfiUMf W lt u nud9ritpcnnnrs J (NAC)M mUfitb 2 2010 '1 (CSX) 188 mnaj"in immn lG 3a[s singi 20121 " m:uc&nmnò norguiwmngmug mrmvwu1wmrdi4 tåriAfi qng wñatigwl airm:nwurgnp m nymg t,màmigiùr itgaarnhfming tamå åsgruogúhagyngu s ntirIcars: nmsim finlAImåi t u4nIgime smnanting§n nr (NRA)l 13p3 n m isug (NAG) { j Eaj1h nilnM5mng (2002) - mntu, UggKJgffnI qMýftgn4n fS hr1 gi 2016 » md in runùnn min:pijntmIútimtubim wmIrmúitwigsn§m ([FRS)4 åianrn 4,K n H8lMOlh5niJ$ gjItIJ9Ji gIntfmW1lmargflCá4If I|FRS dMttn ulq2gs24âHgjB (SME) UPiIfi eglm Wflii IimTttisdsThW igQ 2010 (FSAP) Q8sfl urgnHiótul 92J1wugus0ggq?¶t12cwnnmawj wsnmI8a1atU1tu1m a?im:ms tmunusmm BbIýHJU BmustnLegyusUnmgir%ft91mB IFRS i1 0). nmi: minnnngneiie: wwginrme mhInlmeimumé1 àwå1sgfim nhmrun xr MUsIPngU mnnéIe1cåawutfi 1mwiétUmti q:lgØ 22I r 2016 12.5ff:ut BUjurmfuflgi situsami Ajtueinnsnminusnnmmffautn ss:Mrnhgrmnisui å] urnnigigatJusmmt3h, mnatpûf uLtfmnflgågs 12.5 mmus åIm:m: ¶nuru ânb 193r1 ugü ñmIéBb:rlnbgra: 9hfitwIamrIItniEuInIsis Lfuwo~w1itgssg:uo2m lÅmtlAblwpns (ELA) i imosginmgsionfsenãfnNsnâ §tim:gmstnàsgl:u:rnns4 (i> muårgagå;m:minsvrus,u ad nstg sasiganen ñjjs EwsuiguI9Lr1nnsiurns1 flaqlnLd:9pfiT Iubuåflsjfirunmd såbnwpms åirimmr TrinJlusu innhstannsû:mnùåim atns:mrn sm¶mt§s rauu: mråUinitib 20 lUr&nmmi flfnl:mnùlmulw nnlt wuaru9rer, wnrj LEntiíaW ~~~~ n u euv:nirc 3isttúltssni Inn srq?me¶ smafl ü:mifl§n > md (Iii) iansgstsw su nmatnéglhnttNslusJnsUmmaLtimthnwnstnsn flfrn nsymrmmrntLusasinw1hMuslnsmuasmò nsur-timesrgotmcum nu h tnigrp1 12gj1421 nmma?tmårimsisý marnVn - ftjnmvms4t66ansåasi a (iv) mamgsulngttu iaRmmUQsnus'i ]ngirutislJ w:tu:InnJsvetIuui ncm amrsrsisn Ugt 2tRs1(m:nQinm8fngi1rmimrù2nsni9tense1 nwIs:m02nU:n§Ut mn s2mtUsI4ng, $mmtinnl2 mG s lmsW12sårm:nmm:iacn njAMInG,: cnt nwls cnlUritgiuts umAurtlUtgn§:mmifrnseŠtnA, cwgwp c2cs:ti ammmirunnsa -t3mcrnpstmns" ttnAstnå âbmÉcites~td w (nbiin)n Uti, mjphustns: lnwUnnnfit§Un§aqämwU§Unn WIsJ itaits gemut%maonmnnam'Usatninhöt1ton iaim:mrajifnmmasgUpni c91mémflingtiuusgstrta me åustjutriinde$toniå flågE2 :tTntmartfIus: n nujIun$i (v) mrmAtim1m:swotigns nas tUjflUJU ItsJt tntansJtpåflmtmamtfLemautt åuwQåmitnnm Qspnns 1 guWMs: mäswnUWlfuflffUlu12t' (vi) tansg ut9]j m:tU~i~ngnosnsiw1s imtnnjiß C GyJIUnrySft4gns, gq susrn: CBC Nqb1Šm1tht1iLnjar¶ IpmIqi:UnjAimjffsr 500.000 iluÛilÙiäts (vl)Îm gn n g m åt f l üg L t9N os ms nl Ugn*å-1 s 1 fl etproIoggis tuJistáigsteamu:mnsgiwtncnsn:gtnJansasgl2gnifi1gigIs ?åtf~sthi¿>, mflXus:mne314a itsAnsygwûUtigantnrsuå sas~tswqtigiu (vilii) I~tntIjmpIst (Simulationi exercise> Eiin rnsumluftgégr 1 ritjp fl12 :W 2 tm nsönl 1u[ nar ~m gi U$LT1 úímiatÙ DUflnsIt11nÙL1UUMgi EnflgnrUtrf Gjpö gLtmrggsJs9mWagelamflrméfanisan tiosg nminsimmfnnmisissa Uggfinggtt fe i 2O16>> md MmGAintifläfLtu;h a: mamg WnsI:6 Ifm:Tufi å inisUé9Cymgpf lLs? t u Kl ni ~ ~u~ iuu njun gi mi b qbmlLn]HnQnJi:fcm:lu unitlitfliujr LUI9M idasmannn:nsrarmussrurusdnnryaLCIdIM Bnwlrg mimnagu n nb tsan4 gamrnqs âmm: nnammnzéLm:nmmr anstnn:ngi stamiienss f t nsm ag cáamt;'Wtagnn rggimýntnsmil Ammw-:Wstauswåiutitjnsonsgun:tLuåg fl8x, mtunestruismmnangspltatm:usnsitñgwmus:ftfnovnmù ItlS:fliPrUUi M$U1ts:UflQj*1iW:fft Wm1ffi21nIJf:1agtggU§§f fttf2M[¶qflR$j1tstfii t12011 (FSDS) Im Mti Ai nlgflt1mni ti gi 2010 (FSAP)1 MEg1IM8GiminE[L FSDS ir w ûnnnMl,&ust5ñoyigiusmsairms M ni9rùmznf wJsgñ mmnnsnmanuuuts: rfini tpOaft8 r$n:2tomrndiumrn ttoc nQt iwIardt icUR m ?1n £D9u9ud u KAs 5-10IM81mt1 msnwirt:E-. rlsiä rimn mfuluWsrntusigpsUgiss finflItRWJ Bbr g tamtm1mmff!d1 i trMriMis:9'}ji FSDS ifstltW M21tKjnAsMfG 3f:unius mnusi N1flqfngUtsålsagntffn mnarmn umul ænèügis;ùsigstnûsgliluùfisusgristr àt9m nusEmanirýnpl t9husisågsño 1nrösånperquIgJfre, n gafsrig i 2014 IUmntmmInge M0A g t gt$ 206s b6na :n imIvnnmålpagm : arsunmuw in nsia iii do UN g mgnurgnmruuanen 38 mIq:m[IsusIiHqNjagmrdnqganIJ1run flyd iJ1n gcii 1r !tslå muinwnmnrstmuo1w nnuèOluign;vc1ui :muinnm iO rzuê m;érma1uiunmùn rm[fiwqo fugefui9n1 oimuwgisismigjtpji gpiruäln úminiguttgsfni anänm njripùr n nwuimII:m niJmLum sun3nsirm1lGngri ibunilwrgbhngyg äbnew1g tig(Jg n MQg tgt s 4itigl2016» >Go 2012 2013 2014 2015e 2016p 2017f 2018f tNr Mnc/fWl iu ýbgqt4s) 7.3 7.4 7.1 7.0 6.9 6.8 6.8 ngM$mTgynrlgswm 4Vahafqs13) 9.9 11.3 10.1 12.6 10.7 11.1 12.5 W gAUs Q) ltfpp (%fUmgw glpitU§ingga 2.5 4.6 1.2 2.8 3.0 3.5 3.8 Irým"imtan:(%/ 2 idwrý) åanmoigiåm(%si M) 15.3 15.1 18.0 17.5 17.5 17.5 17.0 fnærmn flnnss ei rut) 21.0 21.5 21.5 20.5 22.3 22.0 22.5 Iawjminhpm rn åninrnnr a/ -5.9 -6.6 -3.8 -3.0 -4.8 -4.5 -5.5 InjmihmwagiwnriMana/ -3.3 -2.7 -1.4 -0.8 -2.8 -2.9 -4.1 ti Qr:Iffgnug(ns qWI M Min) -2,455.7 -2,598.4 -3,213.0 -3,217.1 -3,301.7 -3,552.6 -3,693.3 sign f O å (nnflSa q TH1rM n5,632.8 6,890.2 7,408.4 8,519.6 9,550.0 10,520.0 11,830.0 (%lsLuPJmtuN¶4s) 7.9 22.3 7.5 15.0 12.1 10.2 12.5 mntsi W r,m ei( Itmtun@U§iq8)>I 7.0 17.6 11.7 14.5 14.0 14.0 14.0 mIrigm9§Qe (nnsÉpmrnh) 8,088.5 9,488.6 10,621.4 11,736.7 12,851.7 14,072.6 15,523.3 (%Utgiuiuåiqs) 20.6 17.3 11.9 10.5 9.5 9.5 10.3 rtuifanå or3i (rnns r rmItin>2/ -1,376.0 -1,378.1 -1,969.9 -1,984.9 -1,884.3 -1,999.2 -2,332.7 (%IBtIÅM) -9.7 -9.0 -11.9 -10.8 -9.3 -9.3 -10.0 1mnhqnSUùñon (nnBqgoImThin) 1,697.9 1,826.1 1,676.9 1,802.7 1,652.9 1,747.7 1,780.0 UniWmtItII, (ø aBÉ QiwInfJ) 4,547.4 5,110.7 5,555.4 6,020.0 6,469.3 6,894.5 7,343.0 (%.s ds) 32.1 33.3 33.4 32.8 32.0 32.2 31.6 namlrrdntnnr(%mtsi sQJabIwn) 1.0 1.1 1.3 1.4 1.5 1.6 1.7 esufümutTunyIufdrrrugmnsqgrmmiHn) 3,463.0 3,642.5 4,657.9 5,672.1 6,398.7 6,847.7 7,258.9 (åusfalsrnligruosa]ålw ) 3.7 3.5 4.1 4.5 4.7 4.6 4.1 *qpstfistg 1nn191g11U?n (% gjnnqU1giJu2bq1s) 29.6 28.6 28.4 27.0 25.8 25.0 24.5 HtMiLmt: inng (%qbMw) 11.6 11.3 11.5 11.7 12.0 11.8 11.5 RhJlUnr (4W/qimin ggn)» 3,995.0 3,995.0 4,075.0 4,054.0 4,058.0 4,062.0 4,067.0 fIgaIgT¶t§fl (g21=10) 105.4 109.9 113.1 119.8 121.8 124.3 127.4 (%tLUtt1WIÉiJua11gi s) 0.5 4.3 2.0 1.3 1.7 2.0 2.5 éU nni aM m n írg (nns1ir-ijnlmin) 14,188 15,362 16,623 18,363 20,190.7 21,412.1 23,243.7 (pan:1pnn§g d omt ngotmwrafjdwiÉngia inod:rgistqgn3nsiinrrin =férgiå p = åilcu § f= qpninn. a/p4uameffitffinlfal r"t2mus 1/rti rin mhå rUit Ugtfginon1gef4t 1s sm gdi 2O16>> 69