{"id":14348,"date":"2012-04-19T08:44:58","date_gmt":"2012-04-19T06:44:58","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14348"},"modified":"2012-04-19T08:45:16","modified_gmt":"2012-04-19T06:45:16","slug":"daha-sik-yuzde-7-nin-uzerine-cikacak","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/daha-sik-yuzde-7-nin-uzerine-cikacak\/","title":{"rendered":"Daha S\u0131k Y\u00fczde 7&#8242; nin \u00dczerine \u00c7\u0131kacak"},"content":{"rendered":"<p>Ek parasal s\u0131k\u0131la\u015ft\u0131rma daha s\u0131k uygulanaca\u011f\u0131na g\u00f6re, &#8216;ger\u00e7ek politika faizi&#8217; de daha s\u0131k y\u00fczde 7&#8217;nin \u00fczerine \u00e7\u0131kacak.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-713918727\"><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>Para Politikas\u0131 Kurulu (PPK) d\u00fcn topland\u0131. Yap\u0131lan a\u00e7\u0131klamadan ilk \u00f6nemli al\u0131nt\u0131 \u015fu: \u201c&#8230; faiz oranlar\u0131n\u0131n a\u015fa\u011f\u0131daki gibi sabit tutulmas\u0131na karar verilmi\u015ftir: a) Politika faizi olan bir hafta vadeli repo ihale faiz oran\u0131 y\u00fczde 5,75&#8230;\u201d T\u00fcm PPK kararlar\u0131nda politika faizi olarak bir hafta vadeli repo ihale faiz oran\u0131 g\u00f6steriliyor. Bu faiz 4 A\u011fustos 2011\u2019den bu yana y\u00fczde 5,75 d\u00fczeyinde; de\u011fi\u015fmiyor. Oysa Merkez Bankas\u0131 (TCMB) en \u00f6nemli raporlar\u0131nda, mesela en son enflasyon raporunda, ekim ay\u0131ndan bu yana para politikas\u0131nda \u00f6nemli bir s\u0131k\u0131la\u015ft\u0131rmaya gidildi\u011fini vurguluyor. \u2018TCMB\u2019nin politika faizi\u2019 4 A\u011fustos 2011\u2019den bu yana sabitken Ekim 2011\u2019den bu yana para politikas\u0131 nas\u0131l s\u0131k\u0131la\u015ft\u0131r\u0131lm\u0131\u015f oluyor?<\/p>\n<p><strong>\u2018Garip\u2019 durum\u00a0<\/strong><br \/>\nBunun olamayaca\u011f\u0131 yeteri kadar a\u00e7\u0131k san\u0131yorum. Bu \u2018garip\u2019 durum, TCMB\u2019nin a\u00e7\u0131klamalar\u0131nda ger\u00e7ek politika faizinin ne oldu\u011funu a\u00e7\u0131k\u00e7a belirtmemesinden kaynaklan\u0131yor.<br \/>\nTCMB, az \u00f6nce s\u00f6z\u00fcn\u00fc etti\u011fim parasal s\u0131k\u0131la\u015ft\u0131rmay\u0131 nas\u0131l yapt\u0131\u011f\u0131n\u0131 bak\u0131n son enflasyon raporunun ikinci sayfas\u0131nda nas\u0131l a\u00e7\u0131kl\u0131yor: \u201c&#8230; (TCMB) 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 \/>\nSon iki yaz\u0131da vurgulamaya \u00e7al\u0131\u015ft\u0131m: A\u00e7\u0131k ki TCMB\u2019nin ger\u00e7ek politika faizi i\u015fte bu \u2018fonlama maliyeti\u2019. Bu durumda piyasalar\u0131n as\u0131l odaklanmas\u0131 gereken faiz, \u2018fonlama maliyeti\u2019. Ancak \u015f\u00f6yle bir sorun var: Bu ger\u00e7ek politika faizi, 29 Kas\u0131m 2011\u2019den bu yana hemen her g\u00fcn TCMB taraf\u0131ndan de\u011fi\u015ftiriliyor. O tarihten bu yana en d\u00fc\u015f\u00fck y\u00fczde 7 ile 11,9 aras\u0131nda dalgalan\u0131yor. Farkl\u0131 bir ifadeyle, ger\u00e7ek politika faizinin ne d\u00fczeyde olu\u015faca\u011f\u0131 hakk\u0131nda \u00f6nemli bir belirsizlik var.<br \/>\nBu durumda, ger\u00e7ek politika faizinin i\u00e7inde yer almak zorunda oldu\u011fu faiz koridorunun geni\u015fli\u011fi ile alt ve \u00fcst s\u0131n\u0131rlar\u0131n\u0131n hangi d\u00fczeylerde olduklar\u0131 piyasalar a\u00e7\u0131s\u0131ndan \u00e7ok daha \u00f6nemli hale geliyor. Zira bu s\u0131n\u0131rlar, g\u00fcnl\u00fck olarak hangi de\u011feri alaca\u011f\u0131 belli olmayan ger\u00e7ek politika faizinin alabilece\u011fi alt ve \u00fcst s\u0131n\u0131rlar\u0131 belirliyor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1085376&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>Ek parasal s\u0131k\u0131la\u015ft\u0131rma daha s\u0131k uygulanaca\u011f\u0131na g\u00f6re, &#8216;ger\u00e7ek politika faizi&#8217; de daha s\u0131k y\u00fczde 7&#8217;nin \u00fczerine \u00e7\u0131kacak. Para Politikas\u0131 Kurulu (PPK) d\u00fcn topland\u0131. Yap\u0131lan a\u00e7\u0131klamadan&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-14348","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\/14348","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=14348"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14348\/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=14348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}