{"id":13440,"date":"2012-03-28T08:27:59","date_gmt":"2012-03-28T06:27:59","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=13440"},"modified":"2012-03-28T08:28:25","modified_gmt":"2012-03-28T06:28:25","slug":"merkezden-altin-hamle","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkezden-altin-hamle\/","title":{"rendered":"Merkez&#8217;den Alt\u0131n Hamle"},"content":{"rendered":"<p>Politika faizlerini de\u011fi\u015ftirmeyen Merkez Bankas\u0131, TL mevduatlar i\u00e7in tutulabilecek alt\u0131n kar\u015f\u0131l\u0131k oran\u0131n\u0131 y\u00fczde 10\u2019dan 20\u2019ye y\u00fckseltti. Zorunlu kar\u015f\u0131l\u0131k oran\u0131 de\u011fi\u015fmedi\u011finden bankalar, artan miktar\u0131n tamam\u0131n\u0131 Merkez\u2019e alt\u0131n verdikleri takdirde, TL kar\u015f\u0131l\u0131klar\u0131n\u0131 geri alabilecek. Merkez Bankas\u0131, alt\u0131n miktar\u0131 tam olarak yat\u0131r\u0131ld\u0131\u011f\u0131nda, 6.1 milyar liran\u0131n serbest kalaca\u011f\u0131n\u0131 hesaplam\u0131\u015f. Peki bankalar bu alt\u0131n\u0131 nereden bulacak? Gittik\u00e7e artan \u2018yast\u0131k alt\u0131ndaki alt\u0131n\u0131\u2019 ekonomiye kazand\u0131rma \u00e7abas\u0131 g\u00f6sterecek.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-429013122\"><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, d\u00fcn yapt\u0131\u011f\u0131 Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131nda politika faizini ve faiz koridorunu de\u011fi\u015ftirmezken, T\u00fcrk Liras\u0131 (TL) y\u00fck\u00fcml\u00fcl\u00fcklerde zorunlu kar\u015f\u0131l\u0131klar\u0131n alt\u0131n olarak tutulabilecek k\u0131sm\u0131n\u0131 y\u00fczde 10\u2019dan y\u00fczde 20\u2019ye y\u00fckseltti, k\u0131ymetli maden hari\u00e7 yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fcklerde ise y\u00fczde 10\u2019dan s\u0131f\u0131ra indirdi.<\/p>\n<p>Yap\u0131lan a\u00e7\u0131klamada yeni zorunlu kar\u015f\u0131l\u0131k uygulamas\u0131 \u00e7er\u00e7evesinde bankalar\u0131n d\u00f6viz cinsinden tutmalar\u0131 gereken zorunlu kar\u015f\u0131l\u0131k tutar\u0131 ve Merkez Bankas\u0131\u2019n\u0131n d\u00f6viz rezervlerinin yakla\u015f\u0131k 1.3 milyar dolar artaca\u011f\u0131, T\u00fcrk Liras\u0131 zorunlu kar\u015f\u0131l\u0131klar i\u00e7in alt\u0131n tesis imk\u00e2n\u0131n\u0131n tamam\u0131n\u0131n kullan\u0131lmas\u0131 durumunda ise Merkez Bankas\u0131\u2019n\u0131n alt\u0131n rezervinin yakla\u015f\u0131k 2.2 milyar dolar artaca\u011f\u0131, b\u00f6ylelikle piyasaya yakla\u015f\u0131k 6.1 milyar TL likiditenin kal\u0131c\u0131 olarak sa\u011flanaca\u011f\u0131 belirtildi.<\/p>\n<p>Yeni uygulama 30 Mart tarihli y\u00fck\u00fcml\u00fcl\u00fck cetvelinden itibaren ge\u00e7erli olacak ve tesis d\u00f6neminin 13 Nisan\u2019da ba\u015flayacak.<\/p>\n<p>Peki Merkez Bankas\u0131\u2019n\u0131n d\u00fcn ald\u0131\u011f\u0131 kararlar ne anlama geliyor?<\/p>\n<p><strong>KARAR 1<\/p>\n<p>Politika faizi ve faiz koridoru de\u011fi\u015ftirilmedi:<\/p>\n<p>NASIL OKUMALIYIZ?<\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3544366356\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\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>Piyasa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n ve ekonomistlerin neredeyse tamam\u0131 politika faizlerinin de\u011fi\u015fmesini beklemiyordu. Bor\u00e7 alma (y\u00fczde 5) ile bor\u00e7 verme (y\u00fczde 11.50) band\u0131n\u0131n \u00fcst taraf\u0131ndan (Merkez\u2019in bor\u00e7 verme) daralmas\u0131 bir ihtimaldi. Zira \u00f6nceki hafta Merkez Bankas\u0131 Ba\u015fkan\u0131 Erdem Ba\u015f\u00e7\u0131\u2019n\u0131n Adana\u2019daki sunumunda \u201cb\u00fcy\u00fcmeyi\u201d \u00f6ne \u00e7\u0131karmas\u0131 bu ihtimali d\u00fc\u015f\u00fcnd\u00fcrtm\u00fc\u015ft\u00fc. Hatta bu a\u00e7\u0131klama ile kur da yukar\u0131 gitmi\u015fti.<\/p>\n<p>Ba\u015f\u00e7\u0131\u2019n\u0131n enflasyonu yeniden \u00f6n plana almas\u0131, son \u00fc\u00e7 g\u00fcn\u00fcn \u201cistisnai g\u00fcn\u201d ilan edimesi bu ihtimali neredeyse tamamen ortadan kald\u0131rm\u0131\u015ft\u0131 zaten.<\/p>\n<p><strong>KARAR 2<\/p>\n<p>T\u00dcRK L\u0130RASI y\u00fck\u00fcml\u00fcl\u00fckler i\u00e7in tesis edilECEK zorunlu kar\u015f\u0131l\u0131\u011eIN alt\u0131n olarak tesis edilebilecek k\u0131sm\u0131 y\u00fczde 10\u2019dan 20\u2019ye y\u00fckseltildi.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3393318947\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\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>NASIL OKUMALIYIZ?<\/strong><\/p>\n<p>En \u00f6nemli de\u011fi\u015fiklik (ve MB\u2019nin s\u00fcrprizi) bu oldu. TL y\u00fck\u00fcml\u00fcl\u00fckler i\u00e7in tutulacak kar\u015f\u0131l\u0131k oran\u0131 de\u011fi\u015fmemekle birlikte T\u00fcrk Liras\u0131 mevduatlar i\u00e7in tutulabilecek alt\u0131n kar\u015f\u0131l\u0131k oran\u0131 y\u00fczde 10\u2019dan y\u00fczde 20\u2019ye y\u00fckseltiliyor. B\u00f6ylelikle alt\u0131ndaki art\u0131\u015f ile beraber 2.2 milyar dolarl\u0131k rezerv art\u0131\u015f\u0131 sa\u011flan\u0131yor. Uluslararas\u0131 rezervlerin hesaplanmas\u0131nda alt\u0131n da (MB uluslararas\u0131 standartlarda alt\u0131n istedi\u011fine dikkat \u00e7ekmekte fayda var.) \u201cyabanc\u0131 para- d\u00f6viz\u201d olarak hesaplara kat\u0131l\u0131yor. Zorunlu kar\u015f\u0131l\u0131k oran\u0131 de\u011fi\u015fmedi\u011finden bankalar; artan miktar\u0131n tamam\u0131n\u0131 MB\u2019ye alt\u0131n verdikleri takdirde, TL kar\u015f\u0131l\u0131klar\u0131n\u0131 geri alabilecekler. MB; alt\u0131n miktar\u0131 tam olarak yat\u0131r\u0131ld\u0131\u011f\u0131nda, 6.1 milyar TL\u2019nin serbest kalaca\u011f\u0131n\u0131 hesaplam\u0131\u015f. B\u00f6ylelikle piyasan\u0131n MB\u2019ye TL borcu azal\u0131yor.<\/p>\n<p>Peki bankalar bu alt\u0131n\u0131 nereden bulacaklar? Gittik\u00e7e artan \u201cyast\u0131k alt\u0131ndaki alt\u0131n\u0131\u201d ekonomiye kazand\u0131rma \u00e7abas\u0131yla bulunacak. Her ne kadar bilezikler k\u0131sa zamanda \u201cstandart\u201d hale gelemese de alt\u0131na bundan b\u00f6yle yat\u0131r\u0131m yapacaklar\u0131n \u201cstandart\u201d alt\u0131na y\u00f6nlendirilmesi, alt\u0131n-para-d\u00f6viz swaplar\u0131 arac\u0131l\u0131\u011f\u0131yla bankalar bu alt\u0131n\u0131 temin etme \u00e7abas\u0131n\u0131 art\u0131racaklard\u0131r.<\/p>\n<p><strong>KARAR 3<\/p>\n<p>K\u0131ymetli maden hari\u00e7 yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fckler i\u00e7in gereken zorunlu kar\u015f\u0131l\u0131klar\u0131n alt\u0131n olarak tesis edilebilecek k\u0131sm\u0131 % 10\u2019dan 0\u2019a indirildi:<\/p>\n<p>NASIL OKUMALIYIZ?<\/strong><\/p>\n<p>D\u00f6viz hesaplar\u0131 i\u00e7in art\u0131k alt\u0131n zorunlu kar\u015f\u0131l\u0131k olarak tutulamayacak. D\u00f6viz hesaplar\u0131 (DTH) i\u00e7in yine bankalar eskisi gibi d\u00f6viz cinsinden kar\u015f\u0131l\u0131k tutabilecekler. Bu Merkez Bankas\u0131\u2019n\u0131n kullan\u0131labilir rezervlerini 1.3 milyar dolar artmas\u0131 anlam\u0131na geliyor elini g\u00fc\u00e7lendiriyor.<\/p>\n<p><strong>KARAR 4<\/p>\n<p>Ayl\u0131k repo ihalelerinde fonlama tutar\u0131n\u0131 6 milyar TL\u2019den 5 milyar TL\u2019ye d\u00fc\u015f\u00fcr\u00fcrken, miktar y\u00f6ntemiyle yap\u0131lacak ihalelerde sa\u011flanacak fonlamay\u0131 da azaltt\u0131<\/p>\n<p>NASIL OKUMALIYIZ?<\/strong><\/p>\n<p>Teknik olarak piyasaya verilecek 6.1 milyar TL\u2019nin fonlama ihtiyac\u0131n\u0131 azaltmas\u0131yla MB\u2019nin fonlayaca\u011f\u0131 miktar azalacak. Di\u011fer yandan \u201cistisnai g\u00fcnlerin\u201d h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc g\u00fcnlerde bankac\u0131l\u0131k sistemi de ihtiya\u00e7lar\u0131n\u0131 en aza indirdi\u011finden MB\u2019den al\u0131nacak miktar azal\u0131yor. Bu kararla MB likidite \u00fczerindeki kontrol\u00fcn\u00fc artt\u0131rarak, \u201cistisnai g\u00fcn\u201d say\u0131s\u0131n\u0131 d\u00fc\u015f\u00fcrmeyi ama\u00e7lad\u0131\u011f\u0131n\u0131 ortaya koydu&#8230;.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131n\u0131 okumak i\u00e7in <strong><a href=\"http:\/\/haber.gazetevatan.com\/Haber\/439519\/1\/Gundem\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Politika faizlerini de\u011fi\u015ftirmeyen Merkez Bankas\u0131, TL mevduatlar i\u00e7in tutulabilecek alt\u0131n kar\u015f\u0131l\u0131k oran\u0131n\u0131 y\u00fczde 10\u2019dan 20\u2019ye y\u00fckseltti. Zorunlu kar\u015f\u0131l\u0131k oran\u0131 de\u011fi\u015fmedi\u011finden bankalar, artan miktar\u0131n tamam\u0131n\u0131 Merkez\u2019e&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-13440","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\/13440","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=13440"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13440\/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=13440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=13440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=13440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}