{"id":14299,"date":"2012-04-18T08:21:27","date_gmt":"2012-04-18T06:21:27","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14299"},"modified":"2012-04-18T08:21:45","modified_gmt":"2012-04-18T06:21:45","slug":"tcmb-nin-gercek-politika-faizi-ne","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/tcmb-nin-gercek-politika-faizi-ne\/","title":{"rendered":"TCMB&#8217; nin Ger\u00e7ek Politika Faizi Ne?"},"content":{"rendered":"<p><strong>Birinci nokta:<\/strong>\u00a0\u015eu sat\u0131rlar 27 Mart 2012&#8217;de yay\u0131nlanan son Para Politikas\u0131 Kurulu Karar\u0131&#8217;n\u0131n ilk paragraf\u0131ndan al\u0131nma: &#8220;Para Politikas\u0131 Kurulu, politika faizi olan bir hafta vadeli repo ihale faiz oran\u0131 ile bankam\u0131z b\u00fcnyesindeki Bankalararas\u0131 Para Piyasas\u0131 ve \u0130stanbul Menkul K\u0131ymetler Borsas\u0131 Repo-Ters Repo Pazar\u0131&#8217;nda uygulanmakta olan faiz oranlar\u0131n\u0131n a\u015fa\u011f\u0131daki gibi sabit tutulmas\u0131na karar vermi\u015ftir: a) Politika faizi olan bir hafta vadeli repo ihale faiz oran\u0131 y\u00fczde 5,75\u00d6&#8221;<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2928839322\"><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>Demek ki Merkez Bankas\u0131&#8217;na (TCMB) g\u00f6re politika faizi bir hafta vadeli repo faizi. \u015eimdi TCMB&#8217;nin &#8216;politika faizim&#8217; olarak nitelendirdi\u011fi faizin son aylardaki d\u00fczeyine bakal\u0131m: 4 A\u011fustos 2011&#8217;den bu yana y\u00fczde 5.75 d\u00fczeyinde. Ve yine demek ki TCMB&#8217;nin &#8216;politika faizim&#8217; dedi\u011fi faiz sekiz bu\u00e7uk ayd\u0131r de\u011fi\u015fmiyor. G\u00fczel.<\/p>\n<p><strong>\u0130kinci nokta:<\/strong>\u00a0Bak\u0131n, 2012 y\u0131l\u0131n\u0131n ilk enflasyon raporunun ikinci sayfas\u0131n\u0131n son sat\u0131rlar\u0131nda neler belirtiyor TCMB: &#8220;\u00d6y\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 art\u0131r\u0131lm\u0131\u015ft\u0131r.&#8221;<\/p>\n<p>Demek ki TCMB Ekim 2011&#8217;den bu yana &#8216;para politikas\u0131nda \u00f6nemli bir s\u0131k\u0131la\u015ft\u0131rmaya&#8217; gitmi\u015f. Bunun i\u00e7in de TCMB taraf\u0131ndan &#8216;ortalama fonlama maliyeti belirgin \u015fekilde&#8217; art\u0131r\u0131lm\u0131\u015f.<\/p>\n<p><strong>\u00dc\u00e7\u00fcnc\u00fc nokta:<\/strong>\u00a0&#8216;TCMB&#8217;nin politika faizi&#8217; 4 A\u011fustos 2011&#8217;den bu yana sabitken, Ekim 2011&#8217;den bu yana para politikas\u0131 nas\u0131l s\u0131k\u0131la\u015ft\u0131r\u0131lm\u0131\u015f oluyor? Ekim 2011 tarihi, A\u011fustos 2011 tarihinden sonra geldi\u011fine g\u00f6re, bu i\u015fte bir i\u015f olmal\u0131.<\/p>\n<p><strong>D\u00f6rd\u00fcnc\u00fc nokta:<\/strong>\u00a0Elbet &#8216;bu i\u015fte bir i\u015f var&#8217;. Demek ki &#8216;TCMB&#8217;nin politika faizim&#8217; dedi\u011fi faiz, ger\u00e7ek politika faizi de\u011fil. Uzun bir s\u00fcredir bankalar TCMB&#8217;den k\u0131sa vadeli bor\u00e7lan\u0131yorlar. Bu ko\u015fullar alt\u0131nda, TCMB&#8217;ce a\u00e7\u0131klanan ya da TCMB&#8217;nin baz\u0131 i\u015flemleri sonucunda olu\u015fan bir faizin politika faizi olabilmesi i\u00e7in, o faizin TCMB&#8217;nin bankalara bor\u00e7 verdi\u011fi paran\u0131n faizi olmas\u0131 gerekiyor. Yukar\u0131da &#8216;ikinci nokta&#8217; ba\u015fl\u0131\u011f\u0131nda TCMB&#8217;den yap\u0131lan al\u0131nt\u0131da belirtildi\u011fi gibi, TCMB bankalara verdi\u011fi borcun maliyetini (faizini) son zamanlarda gerek g\u00f6rd\u00fc\u011f\u00fcnde de\u011fi\u015ftirmi\u015f. Bu faize &#8216;fonlama maliyeti&#8217; ad\u0131n\u0131 veriyor. Demek ki, TCMB&#8217;nin ger\u00e7ek politika faizi, bankalara satt\u0131\u011f\u0131 paran\u0131n bankalar a\u00e7\u0131s\u0131ndan &#8216;fonlama maliyeti&#8217;.<\/p>\n<p><strong>Be\u015finci nokta:<\/strong>\u00a029 Kas\u0131m 2011&#8217;den bu yana, TCMB, bankalara bor\u00e7 verdi\u011fi paran\u0131n faizini g\u00fcnl\u00fck olarak belirliyor. TCMB&#8217;nin &#8216;ortalama fonlama maliyeti&#8217; dedi\u011fi bu faiz, o tarihten bu yana en d\u00fc\u015f\u00fck y\u00fczde 7 d\u00fczeyinde oldu. 23 Mart&#8217;tan bu yana ise y\u00fczde 7.7 ile 10.2 aras\u0131nda dalgalan\u0131yor. Pazartesi g\u00fcn\u00fc fonlama maliyeti y\u00fczde 10 d\u00fczeyindeydi. Ocak ba\u015f\u0131nda ise y\u00fczde 11.9&#8217;u g\u00f6rm\u00fc\u015ft\u00fc.<\/p>\n<p>Demek ki, TCMB&#8217;nin ger\u00e7ek politika faizi olan &#8216;fonlama maliyeti&#8217;, 29 Kas\u0131m 2011&#8217;den bu yana TCMB&#8217;nin &#8216;politika faizim&#8217; dedi\u011fi haftal\u0131k repo faizinin olduk\u00e7a \u00fczerinde hareket ediyor. Grafik 1&#8217;de her iki faizin 29 Kas\u0131m 2011&#8217;den itibaren hareketleri yer al\u0131yor. Oynak olan TCMB&#8217;nin &#8216;fonlama maliyeti&#8217; ad\u0131n\u0131 verdi\u011fi ger\u00e7ek politika faizi. Alttaki d\u00fcz \u00e7izgi ise TCMB&#8217;nin &#8216;politika faizim&#8217; dedi\u011fi faizi temsil ediyor. Ger\u00e7ek politika faizi, &#8216;TCMB&#8217;nin politika faizim&#8217; dedi\u011fi ama ger\u00e7ek politika faizi olmayan faizin \u00e7ok \u00fczerinde.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1074175040\"><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><strong>Alt\u0131nc\u0131 nokta:<\/strong>\u00a0Bu yaz\u0131n\u0131n yay\u0131nland\u0131\u011f\u0131 g\u00fcn Para Politikas\u0131 Kurulu toplant\u0131s\u0131 var. Bu toplant\u0131da TCMB&#8217;nin &#8216;politika faizim&#8217; dedi\u011fi faizi de\u011fi\u015ftirmesinin ne \u00f6nemi var? Yukar\u0131daki tart\u0131\u015fma \u00e7er\u00e7evesinde pek bir \u00f6nemi yok.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.dunya.com\/tcmbnin-gercek-politika-faizi-ne-148078yy.htm\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Birinci nokta:\u00a0\u015eu sat\u0131rlar 27 Mart 2012&#8217;de yay\u0131nlanan son Para Politikas\u0131 Kurulu Karar\u0131&#8217;n\u0131n ilk paragraf\u0131ndan al\u0131nma: &#8220;Para Politikas\u0131 Kurulu, politika faizi olan bir hafta vadeli repo&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-14299","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\/14299","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=14299"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14299\/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=14299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}