{"id":356,"date":"2011-05-24T19:03:52","date_gmt":"2011-05-24T16:03:52","guid":{"rendered":"http:\/\/bilgeyatirimci.net\/?p=356"},"modified":"2011-06-04T19:45:39","modified_gmt":"2011-06-04T16:45:39","slug":"merkez-bankasinin-sesine-kulak-vermek-gerek","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkez-bankasinin-sesine-kulak-vermek-gerek\/","title":{"rendered":"Merkez Bankas\u0131&#8217;n\u0131n Sesine Kulak Vermek Gerek"},"content":{"rendered":"<p>Merkez Bankas\u0131\u2019n\u0131n, 2011 y\u0131l\u0131n\u0131n Ocak ay\u0131nda i\u015fleme koydu\u011fu de\u011fi\u015fiklikler, piyasalar taraf\u0131ndan yak\u0131ndan izlenmeye devam ediyor. 25 Ocak&#8217;ta a\u00e7\u0131klad\u0131\u011f\u0131 enflasyon raporunda baz senaryo alt\u0131nda, daha d\u00fc\u015f\u00fck politika faizi ve daha y\u00fcksek zorunlu kar\u015f\u0131l\u0131k oranlar\u0131 ile, politika bile\u015fiminin, i\u00e7inde bulundu\u011fumuz konjonkt\u00fcrde finansal istikrar\u0131 ve fiyat istikrar\u0131n\u0131 birlikte g\u00f6zetebilmek a\u00e7\u0131s\u0131ndan en uygun se\u00e7enek olarak ortaya \u00e7\u0131kt\u0131\u011f\u0131n\u0131 ifade etmi\u015fti.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-703388838\"><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>Asl\u0131na bakarsan\u0131z, Merkez Bankas\u0131; faiz indirimleri, zorunlu kar\u015f\u0131l\u0131k art\u0131r\u0131mlar\u0131 ve bu \u00e7er\u00e7evede likidite y\u00f6netimi ile uygulad\u0131\u011f\u0131 para politikas\u0131 sonucu; piyasalara s\u0131k\u0131la\u015ft\u0131r\u0131c\u0131 bir para politikas\u0131 sunmak istiyor. Burada, bana g\u00f6re Merkez Bankas\u0131n\u0131n\u00a0 esas amac\u0131, fiyat istikrar\u0131n\u0131n sa\u011flanmas\u0131 i\u00e7in gerekli olan olas\u0131 tehditleri ortadan kald\u0131rmak. Bu tehdit ise;\u00a0 2011 y\u0131l\u0131 i\u00e7in\u00a0 cari a\u00e7\u0131k gibi g\u00f6r\u00fclmekte.\u00a0 \u015eu an ki g\u00f6r\u00fcn\u00fcm ise pek i\u00e7 a\u00e7\u0131c\u0131 de\u011fil. Cari a\u00e7\u0131k\u2019\u0131n y\u00fckselmesi; kredi geni\u015flemesini art\u0131r\u0131yor ve\u00a0 kurlarda a\u015f\u0131r\u0131 de\u011ferlenmelere neden oluyor.\u00a0 Al\u0131nan tedbirler sonucunda, \u00f6n\u00fcm\u00fczde ki aylarda kredi geni\u015flemesinde yava\u015flama ve kurlarda dolayl\u0131 olarak d\u00fc\u015f\u00fc\u015f e\u011filimi g\u00f6rece\u011fiz.<\/p>\n<p>\u00d6zellikle, ekonomide zor g\u00fcnler ge\u00e7iren r\u00f6nesans k\u0131tas\u0131n\u0131n para birimi Euro\u2019da d\u00fc\u015f\u00fc\u015fler beklenmekte. Tabi ki bu durumun i\u00e7 piyasa da fiyatlar \u00fczerinde etkisi olacak. Bankalar, piyasaya\u00a0 daha fazla kredi verebilmek i\u00e7in bir k\u0131sm\u0131 ellerinde bulunan hazine ka\u011f\u0131tlar\u0131n\u0131 satacak ve bunun sonucu olarak da\u00a0 hazine ka\u011f\u0131tlar\u0131n\u0131n fiyat\u0131 d\u00fc\u015ferek, faiz y\u00fckselmeye ba\u015flayacak.<\/p>\n<p>Gelinen noktay\u0131 analiz edecek olursak, TCMB, artan cari i\u015flemler a\u00e7\u0131\u011f\u0131 ve t\u00fcketici kredilerini \u00f6nlemek i\u00e7in, munzam kar\u015f\u0131l\u0131klar\u0131 y\u00fckselterek frenlemek istiyor. Bu durumda, 2011 senesi i\u00e7inde, 2010 y\u0131l\u0131nda ger\u00e7ekle\u015fen % 8,5 b\u00fcy\u00fcme rakam\u0131na ula\u015fmak zor g\u00f6z\u00fck\u00fcyor. Ancak, \u015funu ifade etmek gerekir ki, T\u00fcrkiye, 2010 y\u0131l\u0131nda i\u00e7 t\u00fcketim ile y\u00fcksek b\u00fcy\u00fcme rakamlar\u0131na ula\u015ft\u0131. Bir anlamda, ithalata dayal\u0131 b\u00fcy\u00fcd\u00fc. Peki, bankalar 2011 y\u0131l\u0131nda, kredi musluklar\u0131n\u0131 k\u0131st\u0131\u011f\u0131 zaman ne olacak ? T\u00fcrk \u00f6zel sekt\u00f6r\u00fc, 2011 y\u0131l\u0131 i\u00e7inde, yat\u0131r\u0131m kararlar\u0131n\u0131 al\u0131rken ihtiyatl\u0131 olmaya \u00e7al\u0131\u015facak. Gelecek aylar, bu sorunun cevab\u0131n\u0131 verecek gibi g\u00f6z\u00fck\u00fcyor.<\/p>\n<p><strong>Dr. \u0130smet DEM\u0130RKOL<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Merkez Bankas\u0131\u2019n\u0131n, 2011 y\u0131l\u0131n\u0131n Ocak ay\u0131nda i\u015fleme koydu\u011fu de\u011fi\u015fiklikler, piyasalar taraf\u0131ndan yak\u0131ndan izlenmeye devam ediyor. 25 Ocak&#8217;ta a\u00e7\u0131klad\u0131\u011f\u0131 enflasyon raporunda baz senaryo alt\u0131nda, daha d\u00fc\u015f\u00fck&hellip;<\/p>\n","protected":false},"author":7,"featured_media":934,"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-356","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\/356","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=356"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/934"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}