{"id":13326,"date":"2012-03-26T08:38:31","date_gmt":"2012-03-26T06:38:31","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=13326"},"modified":"2012-03-26T08:38:38","modified_gmt":"2012-03-26T06:38:38","slug":"piyasalarin-yonunu-merkez-bankasi-toplantisi-belirleyecek","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/piyasalarin-yonunu-merkez-bankasi-toplantisi-belirleyecek\/","title":{"rendered":"Piyasalar\u0131n y\u00f6n\u00fcn\u00fc Merkez Bankas\u0131 toplant\u0131s\u0131 belirleyecek"},"content":{"rendered":"<p>Merkez Bankas\u0131\u2019n\u0131n Sal\u0131 g\u00fcn\u00fc yapaca\u011f\u0131 Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131 piyasalar\u0131n ana g\u00fcndem maddesi olacak. \u00d6nceki haftaya bak\u0131ld\u0131\u011f\u0131nda faiz \u00fcst band\u0131n\u0131n ya da zorunlu kar\u015f\u0131l\u0131klar\u0131n en az\u0131ndan 50 baz puan daralt\u0131lmas\u0131 ihtimali y\u00fcksekti. Ancak enflasyon \u2018vurgusundan\u2019 sonra bu ihtimal azald\u0131. \u015eimdilik piyasadaki beklenti, MB\u2019nin bu toplant\u0131da herhangi bir de\u011fi\u015fikli\u011fe gitmeyece\u011fi y\u00f6n\u00fcnde.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2091427019\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Merkez Bankas\u0131; ge\u00e7ti\u011fimiz haftan\u0131n son iki g\u00fcn\u00fc \u2018istisnai g\u00fcn\u2019 ilan etti ve piyasaya verdi\u011fi \u2018ucuz fonlamay\u0131\u2019 kesti. Ge\u00e7ti\u011fimiz hafta ortas\u0131ndaki ortalama fonlama y\u00fczde 7.75 seviyesindeyken \u00f6nce 8.25, ard\u0131ndan Cuma g\u00fcn\u00fc 9 seviyelerine y\u00fckseldi. B\u00f6ylelikle Merkez Bankas\u0131 \u2018kurlar\u0131n y\u00fckselmesinden\u2019 rahats\u0131z oldu\u011funu \u201ctav\u0131r koyarak\u201d piyasalara s\u00f6yledi. Merkez Bankas\u0131\u2019n\u0131n resmi olarak a\u00e7\u0131klad\u0131\u011f\u0131 bir kur hedefi yok (!) ancak kurlardaki y\u00fckseli\u015fin hem beklentileri, hem de enflasyon hedeflerini bozdu\u011fu ya da sekteye u\u011fratt\u0131\u011f\u0131 i\u00e7in istemedi\u011fini dolayl\u0131 bir \u015fekilde s\u00f6ylemi\u015f oldu.<\/p>\n<p>Dolar\/TL kurlar\u0131nda 1.8060\u2019\u0131n \u00fczerine \u00e7\u0131k\u0131lmas\u0131n\u0131n 1.8280\u2019deki yeni hedefin \u00f6n\u00fcn\u00fc a\u00e7aca\u011f\u0131n\u0131 (1.8250 g\u00f6r\u00fcld\u00fc!) ancak bunun \u00fczerine ge\u00e7ilmesinin zor olaca\u011f\u0131n\u0131 de\u011fi\u015fik ortamlarda dile getirmi\u015ftim. Bu varsay\u0131m\u0131n ard\u0131nda da MB\u2019nin \u201c\u00f6rt\u00fcl\u00fc\u201d hedeflerinin olaca\u011f\u0131n\u0131 ve \u015fu ya da bu \u015fekilde piyasalara m\u00fcdahil olaca\u011f\u0131n\u0131 belirtmi\u015ftim. MB beni yan\u0131ltmad\u0131! D\u00f6viz piyasas\u0131na do\u011frudan m\u00fcdahale etmek yerine, para piyasa\u0131na verdi\u011fi \u201cd\u00fc\u015f\u00fck\u201d faizli haftal\u0131k faizden verdi\u011fi fonlama muslu\u011funu kapatt\u0131. \u201c\u0130stisnai g\u00fcn\u201d denilince akla fonlama faizlerinin y\u00fckselece\u011fi geliyor. Nitekim MB\u2019nin son hareketi de bu y\u00f6ndeydi. D\u00f6viz al\u0131m\u0131 i\u00e7in kullan\u0131lan TL\u2019nin faiz maliyetini artt\u0131r\u0131nca bir yandan al\u0131nan d\u00f6vizin i\u00e7in maliyeti artt\u0131, di\u011fer yandan da TL\u2019nin faiz \u201ccazibesi\u201d artt\u0131. 2010 y\u0131l\u0131n\u0131n son aylar\u0131nda artan zorunlu kar\u015f\u0131l\u0131k oranlar\u0131yla birlikte piyasalar\u0131 40-50 milyar \u201ca\u00e7\u0131\u011fa\u201d d\u00fc\u015f\u00fcren MB, piyasalar\u0131 faiz ile \u201cterbiye\u201d etme politikas\u0131n\u0131 s\u00fcrd\u00fcr\u00fcyor.<\/p>\n<p>K\u0131sa vadede i\u015fe yarayacak bu politikan\u0131n da di\u011fer merkez bankas\u0131 m\u00fcdahaleleri gibi \u201czaman kazand\u0131r\u0131c\u0131\u201d faydas\u0131ndan ba\u015fka bir faydas\u0131 olmas\u0131 zor. Kazan\u0131lan zamanda yap\u0131sal \u00f6nlemlere y\u00f6nelik ad\u0131mlar at\u0131lmad\u0131\u011f\u0131 takdirde; ki ba\u015fta cari a\u00e7\u0131k olmak \u00fczere bu konuda ciddi ad\u0131mlar\u0131n at\u0131ld\u0131\u011f\u0131n\u0131 s\u00f6ylemek hayli zor; bu m\u00fcdahalelerin \u00e7ok da i\u015fe yarayaca\u011f\u0131n\u0131 s\u00f6ylemek g\u00fc\u00e7.<\/p>\n<p>Bu haftay\u0131 \u201cMerkez Bankas\u0131 Haftas\u0131\u201d yapacak bir ba\u015fka nokta ge\u00e7ti\u011fimiz hafta a\u00e7\u0131klanan 8.5 milyar TL\u2019lik k\u00e2r! Ge\u00e7ti\u011fimiz y\u0131l hem d\u00f6viz piyasalar\u0131na yap\u0131lan sat\u0131\u015ftan, hem eldeki rezervlerin yeniden de\u011ferlemesinden hem de piyasalara verilen fonlamadan else edilen kazan\u00e7larla MB, bu y\u0131l\u0131n vergi rekortmenleri aras\u0131na girme \u015fans\u0131n\u0131 art\u0131rd\u0131. Bu konuya \u00f6n\u00fcm\u00fczdeki g\u00fcnlerde yeniden d\u00f6nece\u011fim. \u015eimdilik bu k\u00e2r\u0131n olu\u015fmas\u0131nda; MB\u2019nin hem ald\u0131\u011f\u0131 d\u00f6vizler i\u00e7in \u00f6dedi\u011fi TL\u2019nin, hem de bankac\u0131l\u0131k sistemine sa\u011flad\u0131\u011f\u0131 TL\u2019nin maliyetinin \u201cs\u0131f\u0131r\u201d olmas\u0131n\u0131n en \u00f6nemli unsur oldu\u011funu s\u00f6ylemekle yetinece\u011fim.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/haber.gazetevatan.com\/Haber\/439034\/1\/Gundem\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Merkez Bankas\u0131\u2019n\u0131n Sal\u0131 g\u00fcn\u00fc yapaca\u011f\u0131 Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131 piyasalar\u0131n ana g\u00fcndem maddesi olacak. \u00d6nceki haftaya bak\u0131ld\u0131\u011f\u0131nda faiz \u00fcst band\u0131n\u0131n ya da zorunlu kar\u015f\u0131l\u0131klar\u0131n&hellip;<\/p>\n","protected":false},"author":19,"featured_media":910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=13326"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/910"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=13326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=13326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=13326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}