{"id":14171,"date":"2012-04-14T10:47:08","date_gmt":"2012-04-14T08:47:08","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14171"},"modified":"2012-04-14T10:47:22","modified_gmt":"2012-04-14T08:47:22","slug":"simdi-daha-mi-seffaf","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/simdi-daha-mi-seffaf\/","title":{"rendered":"\u015eimdi Daha m\u0131 \u015eeffaf?"},"content":{"rendered":"<p>\u015eu anda piyasalar a\u00e7\u0131s\u0131ndan \u00f6nemli olan TCMB faizi a\u00e7\u0131k ki &#8216;fonlama maliyeti&#8217;; TCMB&#8217;nin politika faizim dedi\u011fi faiz de\u011fil.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4053002923\"><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 (TCMB), 29 Kas\u0131m 2011\u2019den \u00f6nce bankalara verdi\u011fi borcun faizine Para Politikas\u0131 Kurulu Toplant\u0131s\u0131\u2019nda karar veriyordu. Bu faiz oran\u0131, en az\u0131ndan iki toplant\u0131 aras\u0131ndaki d\u00f6nemde sabit kal\u0131yordu. Bir sonraki toplant\u0131da faizde bir de\u011fi\u015fiklik yap\u0131lm\u0131yorsa bankalar\u0131n bor\u00e7lanma faizleri daha uzun s\u00fcre de\u011fi\u015fmemi\u015f oluyordu. B\u00fct\u00fcn piyasalar a\u00e7\u0131s\u0131ndan \u00f6nemli olan faiz buydu. Bu nedenle ona \u2018politika faizi\u2019 deniliyordu. Mesela 10 May\u0131s 2010 ile 28 Kas\u0131m 2011 d\u00f6neminde politika faizi, bir hafta vadeli repo ihale faiziydi. \u201c28 Kas\u0131m 2011\u2019e kadar\u201d dedim, oysa TCMB\u2019ye g\u00f6re h\u00e2l\u00e2 politika faizi bu faiz.<br \/>\nBak\u0131n, 2012 y\u0131l\u0131n ilk enflasyon raporunun ikinci sayfas\u0131n\u0131n son sat\u0131rlar\u0131nda neler belirtiyor TCMB: \u201c&#8230;y\u00fcksek oranl\u0131 fiyat ayarlamalar\u0131 k\u0131sa vadede enflasyonda \u00f6ng\u00f6r\u00fclenin \u00fczerinde bir art\u0131\u015fa neden olmu\u015ftur. TCMB, bu durumun beklentileri bozmas\u0131na izin vermemek i\u00e7in ekim ay\u0131ndan itibaren para politikas\u0131nda \u00f6nemli bir s\u0131k\u0131la\u015ft\u0131rmaya gitmi\u015ftir. Bu \u00e7er\u00e7evede, faiz koridoru yukar\u0131 do\u011fru geni\u015fletilmi\u015f ve bir hafta vadeli repo ihalesi ile yap\u0131lan T\u00fcrk Liras\u0131 fonlamas\u0131n\u0131n miktar\u0131 gerekli g\u00f6r\u00fcld\u00fc\u011f\u00fcnde ayarlanarak ortalama fonlama maliyeti belirgin \u015fekilde artt\u0131r\u0131lm\u0131\u015ft\u0131r.\u201d<br \/>\nDikkat: TCMB\u2019nin \u2018fonlama maliyeti\u2019 dedi\u011fi, bankalara verdi\u011fi k\u0131sa vadeli borcun faizi. Fonlama maliyeti, 29 Kas\u0131m 2011\u2019den bu yana TCMB\u2019nin \u2018politika faizim\u2019 dedi\u011fi haftal\u0131k repo faizinin olduk\u00e7a \u00fczerinde hareket ediyor. Grafik 1\u2019de her iki faizin 29 Kas\u0131m 2011\u2019den itibaren hareketleri yer al\u0131yor. Oynak olan, TCMB\u2019nin \u2018fonlama maliyeti\u2019 ad\u0131n\u0131 verdi\u011fi faiz. Alttaki d\u00fcz \u00e7izgi ise TCMB\u2019nin \u2018politika faizim\u2019 dedi\u011fi faizi temsil ediyor.<br \/>\n\u015eu anda piyasalar a\u00e7\u0131s\u0131ndan \u00f6nemli olan Merkez Bankas\u0131 (TCMB) faizi hangisi? San\u0131yorum bir s\u00fcredir bu sorunun yan\u0131t\u0131 a\u00e7\u0131k: \u015eu anda piyasalar a\u00e7\u0131s\u0131ndan \u00f6nemli olan TCMB faizi a\u00e7\u0131k ki \u2018fonlama maliyeti\u2019; TCMB\u2019nin politika faizim dedi\u011fi faiz de\u011fil. Dolay\u0131s\u0131yla, gelin \u2018TCMB\u2019ye g\u00f6re politika faizi\u2019 ve \u2018piyasalara g\u00f6re politika faizi\u2019 ayr\u0131m\u0131 yapal\u0131m.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1084896&amp;Yazar=FATIH-OZATAY&amp;CategoryID=101\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u015eu anda piyasalar a\u00e7\u0131s\u0131ndan \u00f6nemli olan TCMB faizi a\u00e7\u0131k ki &#8216;fonlama maliyeti&#8217;; TCMB&#8217;nin politika faizim dedi\u011fi faiz de\u011fil. Merkez Bankas\u0131 (TCMB), 29 Kas\u0131m 2011\u2019den \u00f6nce&hellip;<\/p>\n","protected":false},"author":16,"featured_media":894,"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-14171","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\/14171","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=14171"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/894"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=14171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}