{"id":14747,"date":"2012-04-28T08:26:21","date_gmt":"2012-04-28T06:26:21","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14747"},"modified":"2012-04-28T08:26:33","modified_gmt":"2012-04-28T06:26:33","slug":"daha-yuksek-faiz-ve-degerli-lira","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/daha-yuksek-faiz-ve-degerli-lira\/","title":{"rendered":"Daha Y\u00fcksek Faiz ve De\u011ferli Lira"},"content":{"rendered":"<p>Fonlama maliyetinin d\u00fczeyini, d\u00f6viz kurundaki geli\u015fmeler, dolay\u0131s\u0131yla da risk alma i\u015ftah\u0131ndaki de\u011fi\u015fiklikler belirleyecek.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-579785263\"><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) y\u0131l\u0131n ikinci enflasyon raporunu bir bas\u0131n toplant\u0131s\u0131 ile a\u00e7\u0131klad\u0131. Hem rapordan hem de bas\u0131n toplant\u0131s\u0131nda Say\u0131n Erdem Ba\u015f\u00e7\u0131\u2019n\u0131n yapt\u0131\u011f\u0131 sunumdan edindi\u011fim izlenimlerim \u015f\u00f6yle:<br \/>\nTCMB\u2019nin \u00e7ok ama\u00e7l\u0131 yeni para politikas\u0131 devam ediyor. 2010\u2019un sonlar\u0131ndan bu yana bu ama\u00e7lar aras\u0131nda \u00fc\u00e7 tanesi daha \u00e7ok vurgulan\u0131yor: Kredi art\u0131\u015f h\u0131z\u0131n\u0131 makul d\u00fczeylerde tutmak, k\u0131sa vadeli d\u00f6viz cinsinden sermaye giri\u015f ve \u00e7\u0131k\u0131\u015flar\u0131n\u0131n d\u00f6viz kuru \u00fczerindeki \u2018a\u015f\u0131r\u0131\u2019 etkilerini azaltmak ve enflasyonla m\u00fccadele etmek. Bu \u00fc\u00e7 ama\u00e7tan ikincisi bazen cari a\u00e7\u0131k ile birlikte ele al\u0131nd\u0131. Dolay\u0131s\u0131yla bir yanda enflasyon, di\u011fer yanda kredi art\u0131\u015f\u0131 ve \u00fc\u00e7\u00fcnc\u00fc olarak da d\u00f6viz kuru-k\u0131sa vadeli sermaye giri\u015fi-cari a\u00e7\u0131k ama\u00e7lar\u0131 var. Zaman zaman bu \u2018\u00fc\u00e7\u2019 amaca b\u00fcy\u00fcme de eklendi.<\/p>\n<p><strong>Fonlama maliyeti\u00a0<\/strong><br \/>\nTCMB, birinci olarak, kredi arz\u0131nda 2010 ve 2011\u2019in ilk yar\u0131s\u0131nda ya\u015fanan \u00e7ok h\u0131zl\u0131 art\u0131\u015f\u0131n frenlendi\u011fini ve kredi arz\u0131ndaki art\u0131\u015f\u0131n istedi\u011fi d\u00fczeye geldi\u011fini belirtiyor. \u0130kinci olarak, hem enerji d\u0131\u015f\u0131 cari a\u00e7\u0131\u011f\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde azalmakta oldu\u011funa i\u015faret ediyor hem de cari a\u00e7\u0131\u011f\u0131n finansman\u0131n\u0131n giderek daha uzun vadeli sermaye giri\u015fleri ile yap\u0131ld\u0131\u011f\u0131na dikkat \u00e7ekiyor. T\u00fcm bu geli\u015fmelerde yeni para politikas\u0131 \u00e7er\u00e7evesinde al\u0131nan \u00f6nlemlerin \u00f6nemli bir rol oynad\u0131klar\u0131n\u0131n alt\u0131n\u0131 \u00e7iziyor.<br \/>\nAncak enflasyonun hedeften \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fcksek oldu\u011funu belirtiyor. Bu durumun 2011\u2019in ikinci yar\u0131s\u0131ndaki geli\u015fmelerle ili\u015fkisini vurguluyor. Bu geli\u015fmeler aras\u0131nda \u00f6zellikle d\u00f6viz kuru art\u0131\u015f\u0131n\u0131, enerji fiyatlar\u0131ndaki y\u00fckseli\u015fi ve yurti\u00e7inde kamunun kontrol\u00fcnde olan baz\u0131 mal ve hizmetlerin fiyatlar\u0131na yap\u0131lan zamlar\u0131 say\u0131yor. Bu geli\u015fmelerin, \u00f6zellikle enflasyon bekleyi\u015flerini olumsuz etkileyerek fiyatlama davran\u0131\u015flar\u0131na ve \u00fccret pazarl\u0131klar\u0131na yans\u0131yarak enflasyonu daha da y\u00fckseltme tehlikesi yaratt\u0131\u011f\u0131n\u0131 s\u00f6yl\u00fcyor. Bu nedenle ekim ay\u0131ndan itibaren enflasyonla m\u00fccadeleyi \u00f6n plana ald\u0131\u011f\u0131n\u0131 ve bu \u00e7er\u00e7evede para politikas\u0131n\u0131 s\u0131k\u0131la\u015ft\u0131rd\u0131\u011f\u0131n\u0131 belirtiyor. Bu s\u0131k\u0131la\u015ft\u0131rmay\u0131 da temel olarak \u2018fonlama maliyeti\u2019 dedi\u011fi ve bankalara verdi\u011fi k\u0131sa vadeli borcun faizini g\u00f6steren faizi g\u00fcnl\u00fck olarak artt\u0131rarak yapt\u0131\u011f\u0131n\u0131 vurguluyor. Ger\u00e7ekten de TCMB\u2019nin ger\u00e7ek politika faizi olan fonlama maliyetinin, 29 Kas\u0131m\u2019dan bu yana ge\u00e7en s\u00fcrede ortalama de\u011feri y\u00fczde 8,2 oldu. T\u00fcm bu s\u00fcrede y\u00fczde 7 ile 11,5 aras\u0131nda dalgaland\u0131, son haftalarda ise y\u00fczde 9 civar\u0131nda seyrediyor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1086317&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>Fonlama maliyetinin d\u00fczeyini, d\u00f6viz kurundaki geli\u015fmeler, dolay\u0131s\u0131yla da risk alma i\u015ftah\u0131ndaki de\u011fi\u015fiklikler belirleyecek. Merkez Bankas\u0131 (TCMB) y\u0131l\u0131n ikinci enflasyon raporunu bir bas\u0131n toplant\u0131s\u0131 ile a\u00e7\u0131klad\u0131.&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-14747","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\/14747","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=14747"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14747\/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=14747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}