{"id":14248,"date":"2012-04-17T09:19:13","date_gmt":"2012-04-17T07:19:13","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14248"},"modified":"2012-04-17T09:19:29","modified_gmt":"2012-04-17T07:19:29","slug":"asil-ozur-dilemesi-gerekenler-kim","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/asil-ozur-dilemesi-gerekenler-kim\/","title":{"rendered":"As\u0131l \u00d6z\u00fcr Dilemesi Gerekenler Kim?"},"content":{"rendered":"<p>TCMB&#8217;nin benim politika faizim dedi\u011fi ama asl\u0131nda onun politika faizi olmayan haftal\u0131k repo faizini y\u00fckseltmesinin \u00f6nemi yok.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-609635536\"><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>Yar\u0131n, Merkez Bankas\u0131\u2019n\u0131n (TCMB) Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131 var. PPK toplant\u0131lar\u0131ndan sonra yay\u0131mlanan duyurularda, TCMB\u2019nin \u2018politika faizim\u2019 dedi\u011fi bir faiz var. Bu faiz, TCMB\u2019nin repo ihaleleri yoluyla haftal\u0131k vadede bankalara verdi\u011fi borcun faizi ve 4 A\u011fustos 2011\u2019den bu yana y\u00fczde 5,75 d\u00fczeyinde. TCMB\u2019nin bu faizi y\u00fckseltmesinin gerekip gerekmedi\u011fi hakk\u0131nda anlams\u0131z bir tart\u0131\u015fmad\u0131r gidiyor.<br \/>\n\u2018Anlams\u0131z\u2019, \u00e7\u00fcnk\u00fc bu faizin bir \u00f6nemi yok. Basit bir nedenle: Uzun bir s\u00fcredir bankalar TCMB\u2019den k\u0131sa vadeli bor\u00e7lan\u0131yorlar. Bu ko\u015fullar alt\u0131nda, TCMB\u2019ce a\u00e7\u0131klanan ya da TCMB\u2019nin baz\u0131 i\u015flemleri sonucunda olu\u015fan bir faizin politika faizi olabilmesi i\u00e7in o faizin TCMB\u2019nin bankalara bor\u00e7 verdi\u011fi paran\u0131n faizi olmas\u0131 gerekiyor. Oysa 29 Kas\u0131m 2011\u2019den bu yana TCMB de\u011fi\u015fik bir politika izliyor. Bankalara bor\u00e7 verdi\u011fi paran\u0131n faizini g\u00fcnl\u00fck olarak belirliyor. TCMB\u2019nin \u2018ortalama fonlama maliyeti\u2019 dedi\u011fi bu faiz, o tarihten bu yana en d\u00fc\u015f\u00fck y\u00fczde 7 d\u00fczeyinde oldu. 23 Mart\u2019tan bu yana ise y\u00fczde 7,7 ile 10.2 aras\u0131nda dalgalan\u0131yor. Bu yaz\u0131n\u0131n kaleme al\u0131nd\u0131\u011f\u0131 s\u0131rada cuma g\u00fcn\u00fcn\u00fcn faizi, bilinen son fonlama maliyetiydi ve y\u00fczde 9,4 d\u00fczeyindeydi. Ocak ba\u015f\u0131nda ise y\u00fczde 11,9\u2019u g\u00f6rm\u00fc\u015ft\u00fc.<br \/>\nK\u0131sacas\u0131, TCMB\u2019nin as\u0131l politika faizi, bu faiz. Yoksa TCMB bir dolu faiz oran\u0131 a\u00e7\u0131kl\u0131yor. Mesela gecelik vadede bankalara bor\u00e7 verme faizi y\u00fczde 11,5, gecelik vadede bankalardan bor\u00e7 alma faizi ise y\u00fczde 5. Saat 16-17 aras\u0131nda \u2018ge\u00e7 likidite penceresi\u2019 uygulamas\u0131 \u00e7er\u00e7evesinde, \u2018normal\u2019 saatlerde elindeki paray\u0131 ba\u015fka bir bankaya gecelik vadede satamayan banka, paras\u0131n\u0131 TCMB\u2019ye getirirse y\u00fczde 0 faiz al\u0131yor. Ayn\u0131 saatler aras\u0131nda, acil gecelik paraya ihtiyac\u0131 olan bir banka TCMB\u2019den bor\u00e7 al\u0131rsa bunun faizi ise y\u00fczde 14,5 oluyor. Dolay\u0131s\u0131yla bu son iki faiz cezai faiz. Bitmedi: Piyasa yap\u0131c\u0131s\u0131 konumundaki bankalar gecelik vadede TCMB\u2019den y\u00fczde 11,5 yerine y\u00fczde 11\u2019den bor\u00e7lanabiliyorlar. Yine bitmedi: Reeskont faizi y\u00fczde 17, avans i\u015flemlerinde uygulanan faiz ise y\u00fczde 17,75 d\u00fczeyinde. Bir de yurtd\u0131\u015f\u0131nda ikamet eden vatanda\u015flar\u0131m\u0131z TCMB\u2019de d\u00f6viz mevduat hesab\u0131 a\u00e7abiliyorlar. Bu hesaplar\u0131n da vadelerine ve para birimlerine g\u00f6re ayr\u0131 faizleri var.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1085157&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>TCMB&#8217;nin benim politika faizim dedi\u011fi ama asl\u0131nda onun politika faizi olmayan haftal\u0131k repo faizini y\u00fckseltmesinin \u00f6nemi yok. Yar\u0131n, Merkez Bankas\u0131\u2019n\u0131n (TCMB) Para Politikas\u0131 Kurulu (PPK)&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-14248","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\/14248","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=14248"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14248\/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=14248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}