{"id":3678,"date":"2011-08-04T14:46:11","date_gmt":"2011-08-04T11:46:11","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=3678"},"modified":"2011-08-04T14:46:11","modified_gmt":"2011-08-04T11:46:11","slug":"merkezden-kuresel-hamle","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/merkezden-kuresel-hamle\/","title":{"rendered":"Merkez&#8217;den K\u00fcresel Hamle"},"content":{"rendered":"<p>Politika faizi yar\u0131m puan d\u00fc\u015ft\u00fc. Makas y\u00fczde 85 darald\u0131. Merkez likiditeye de ne\u015fter vurdu.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3772010333\"><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\u00a0Para Politikas\u0131 Kurulu,\u00a0politika faiziolan bir hafta vadeli repo ihale faiz oran\u0131n\u0131 s\u00fcrpriz bir kararla y\u00fczde\u00a0<strong>6.25&#8217;ten y\u00fczde 5.75&#8217;e d\u00fc\u015f\u00fcrd\u00fc<\/strong>. Kurul, ayr\u0131ca\u00a0gecelik bor\u00e7lanma\u00a0faiz oran\u0131n\u0131 ise y\u00fczde\u00a0<strong>1.50&#8217;den y\u00fczde 5&#8217;e y\u00fckseltti.\u00a0<\/strong>S\u00f6z konusu bu iki hamle ve arkas\u0131ndan likiditeye ili\u015fkin gelen a\u00e7\u0131klamalarla T\u00fcrk Liras\u0131 \u00fczerindeki belirsizlik artarken d\u00f6vizde tepki al\u0131mlar\u0131 h\u0131z kazand\u0131.\u00a0Merkez Bankas\u0131&#8217;n\u0131n bu m\u00fcdahelesini anlamakta zorlanan piyasada ise belirsizlik devam ediyor<strong>.<\/p>\n<p>\u0130LK TEPK\u0130 D\u00d6V\u0130ZDEN GELD\u0130!<br \/>\nMB&#8217;nin karar\u0131na ilk tepki d\u00f6viz piyasas\u0131ndan geldi. Ard\u0131ndan hisse senetleri piyasas\u0131ndaki sat\u0131\u015flar h\u0131z kazan\u0131rken yine kritik destek seviyesine gelindi.\u00a0<\/strong>Dolar ve Euro y\u00fczde 1&#8217;e yak\u0131n de\u011fer kazan\u0131rken sepet kur da ayn\u0131 tepkiyi verdi. Derinle\u015fen sat\u0131\u015flarla Borsa endeksindeki kay\u0131p y\u00fczde 1&#8217;in \u00fczerine \u00e7\u0131kt\u0131. Endeks 60.500&#8217;de destek bulmaya \u00e7al\u0131\u015f\u0131yor. Dolar ilk tepkiyle birlikte \u00f6nce 1.72-73 test etti. Ve \u015fa\u015fk\u0131na d\u00f6nen piyasada temkinli hareket s\u00fcr\u00fcyor, d\u00f6vizin ate\u015fi d\u00fc\u015fm\u00fcyor.<strong>G\u00f6sterge faiz ise y\u00fczde 8.50&#8217;in alt\u0131na gerilemi\u015f durumda.<\/p>\n<p>1.74&#8217;\u00dc TEST ETT\u0130<\/strong><br \/>\n\u015ea\u015fk\u0131na \u00e7eiren hamleyle y\u00fckselen dolar saat 13.45 itibariyle ise \u0130stanbul serbest piyasada\u00a0 1.7250 liradan al\u0131n\u0131p\u00a0<strong>1.7400 liradan<\/strong>\u00a0sat\u0131l\u0131yor. 2.4550 liradan al\u0131nan Euronun sat\u0131\u015f fiyat\u0131 ise 2.4700 lira olarak belirlendi.<\/p>\n<p>Dolar, 9 Mart 2009 Pazartesi g\u00fcn\u00fc 1,8200&#8217;lere kadar \u00e7\u0131karak TL kar\u015f\u0131s\u0131nda t\u00fcm zamanlar\u0131n rekorunu k\u0131rm\u0131\u015ft\u0131. 2009 y\u0131l\u0131n\u0131 1,5000&#8217;\u00fcn alt\u0131nda 1,4970 liradan tamamlayan dolar ge\u00e7en y\u0131l\u0131 da 1,5500 liradan kapatm\u0131\u015ft\u0131.<\/p>\n<p>Dolar, en son 25 Temmuz g\u00fcn\u00fc g\u00f6rd\u00fc\u011f\u00fc 1,7300 liran\u0131n \u00fcst\u00fcn\u00fc bir kez daha denedi ve 1,7400 liraya kadar \u00e7\u0131karak hem bu y\u0131l\u0131n en y\u00fcksek de\u011ferine ula\u015ft\u0131 hem de Mart 2009 y\u0131l\u0131 ortalar\u0131ndan sonra ilk kez bu seviyelere \u00e7\u0131km\u0131\u015f oldu.<\/p>\n<p><strong>Para Politikas\u0131 Kurulu&#8217;nun karar\u0131 \u015f\u00f6yle:\u00a0<\/strong><br \/>\n&#8220;Para Politikas\u0131 Kurulu (Kurul),\u00a0politika faizi\u00a0olan bir hafta vadeli repo ihale faiz oran\u0131 ile Bankam\u0131z b\u00fcnyesindeki Bankalararas\u0131 Para Piyasas\u0131 ve \u0110stanbul Menkul K\u0131ymetler Borsas\u0131 Repo\u2013Ters Repo Pazar\u0131\u2019nda uygulanmakta olan faiz oranlar\u0131n\u0131n asa\u011f\u0131daki gibi belirlenmesine karar vermistir:<br \/>\na)\u00a0Politika faizi\u00a0olan bir hafta vadeli repo ihale faiz oran\u0131 y\u00fczde\u00a0<strong>6,25\u2019ten y\u00fczde 5,75\u2019e<\/strong>d\u00fcs\u00fcr\u00fclm\u00fcst\u00fcr.<br \/>\nb) Gecelik faiz oranlar\u0131:\u00a0Merkez Bankas\u0131\u00a0bor\u00e7lanma faiz oran\u0131 y\u00fczde 1,50\u2019den y\u00fczde 5\u2019e y\u00fckseltilmis; bor\u00e7 verme faiz oran\u0131\u00a0<strong>y\u00fczde 9<\/strong>, a\u00e7\u0131k piyasa islemleri \u00e7er\u00e7evesinde piyasa yap\u0131c\u0131s\u0131 bankalara repo islemleri yoluyla tan\u0131nan bor\u00e7lanma imkan\u0131 faiz oran\u0131\u00a0<strong>y\u00fczde 8<\/strong>\u00a0d\u00fczeyinde sabit tutulmustur,<br \/>\nc) Ge\u00e7 Likidite Penceresi Faiz Oranlar\u0131: Ge\u00e7 Likidite Penceresi uygulamas\u0131 \u00e7er\u00e7evesinde, Bankalararas\u0131 Para Piyasas\u0131\u2019nda saat 16.00\u201317.00 aras\u0131 gecelik vadede uygulanan\u00a0Merkez Bankas\u0131\u00a0bor\u00e7lanma faiz oran\u0131\u00a0<strong>y\u00fczde 0<\/strong>, bor\u00e7 verme faiz oran\u0131\u00a0<strong>y\u00fczde 12 d\u00fczeyinde sabit<\/strong>tutulmustur.<\/p>\n<p><strong>FA\u0130ZE M\u00dcDAHALE<\/strong><br \/>\nBaz\u0131 Avrupa \u00fclkelerindeki kamu borcu sorununa ve k\u00fcresel b\u00fcy\u00fcmeye iliskin endiseler giderek g\u00fc\u00e7lenmis ve Temmuz ay\u0131 Kurul toplant\u0131s\u0131nda isaret edilen\u00a0<strong>riskler belirginlesmistir<\/strong>. Bu \u00e7er\u00e7evede Kurul,\u00a0<strong>k\u0131sa vadeli faizlerde olu\u015fabilecek a\u015fa\u011f\u0131 y\u00f6nl\u00fc oynakl\u0131\u011f\u0131 azaltmak amac\u0131yla<\/strong>,\u00a0gecelik bor\u00e7lanma\u00a0faizini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rarak faiz koridorunu daraltmaya karar vermi\u015ftir. Ayr\u0131ca,<strong>\u00a0T\u00fcrk liras\u0131 piyasalar\u0131ndaki likidite y\u00f6netiminin etkinli\u011fini art\u0131rmak<\/strong>\u00a0ve\u00a0Merkez Bankas\u0131nca sa\u011flanan likiditenin sistem i\u00e7inde daha dengeli da\u011f\u0131lmas\u0131na katk\u0131da bulunmak amac\u0131yla teknik bir d\u00fczenleme yap\u0131lmas\u0131n\u0131 uygun g\u00f6rm\u00fcst\u00fcr.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2153080961\"><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>D\u00d6V\u0130Z L\u0130K\u0130D\u0130TES\u0130<\/strong><br \/>\nBunun yan\u0131 s\u0131ra Kurul,\u00a0<strong>k\u00fcresel ekonomiye dair giderek artan sorunlar\u0131n yurt i\u00e7i iktisadi faaliyet \u00fczerinde durgunlu\u011fa yol a\u00e7ma riskini azaltmak amac\u0131yla\u00a0politika faizinde \u00f6l\u00e7\u00fcl\u00fc bir indirime gitmistir.<\/strong><br \/>\nKurul, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde gelismelerin yak\u0131ndan izlenmesi ve gerek duyulmas\u0131 halinde uygun g\u00f6r\u00fclecek ara\u00e7 ve y\u00f6ntemlerle\u00a0<strong>piyasaya d\u00f6viz likiditesi sa\u011flanmas\u0131 konusunda mutab\u0131k kalm\u0131st\u0131r<\/strong>.<br \/>\nA\u00e7\u0131klanacak her t\u00fcrl\u00fc yeni verinin ve haberin, Kurul\u2019un gelece\u011fe y\u00f6nelik politika durusunu de\u011fistirmesine neden olabilece\u011fi \u00f6nemle vurgulanmal\u0131d\u0131r.&#8221;<\/p>\n<p><strong>L\u0130K\u0130D\u0130TEYE NE\u015eTER<\/strong><br \/>\nMerkez Bankas\u0131, ayr\u0131ca likiditeye de ne\u015fter vurma karar\u0131 ald\u0131. Son d\u00f6nemde zorunlu ka\u015f\u0131l\u0131klar\u0131n art\u0131r\u0131lmas\u0131 nedeniyle repo ihalelerine ihale tutar\u0131n\u0131n\u00a0<strong>7 kat\u0131ndan fazla<\/strong>\u00a0teklif gelmeye ba\u015flad\u0131\u011f\u0131na dikkat \u00e7eken\u00a0Merkez Bankas\u0131, ihaleye kat\u0131lan kurumlara ihale tutar\u0131 kadar teklif verme imkan\u0131n\u0131 kald\u0131rarak, toplam ihale<strong>\u00a0tutar\u0131n\u0131n 5&#8217;te 1&#8217;i kadar teklif\u00a0<\/strong>verme s\u0131n\u0131r\u0131 getirdi.<\/p>\n<p>\u0130\u015fte Merkez&#8217;in likidite hamlesiyle ilgili yapt\u0131\u011f\u0131 a\u00e7\u0131klama:<br \/>\n&#8220;Bilindi\u011fi \u00fczere, T\u00fcrkiye Cumhuriyet\u00a0Merkez Bankas\u0131\u2019n\u0131n temel fonlama arac\u0131 olan bir hafta vadeli repo ihaleleri 20 May\u0131s 2010 tarihinden itibaren miktar ihalesi y\u00f6ntemi ile yap\u0131lmakta olup, ihalelere iliskin hususlar 20 May\u0131s 2010 tarih 2010-25 say\u0131l\u0131 bas\u0131n duyurusuyla kamuoyuyla paylas\u0131lm\u0131st\u0131r. Buna g\u00f6re mevcut durumda her bir kurulus en fazla ilan edilen ihale tutar\u0131 kadar teklif verebilmekte, gelen tekliflerin toplam\u0131 ilan edilen ihale tutar\u0131ndan az veya esit ise tekliflerin hepsi kazanmaktad\u0131r.<br \/>\nGelen tekliflerin toplam\u0131n\u0131n ilan edilen ihale tutar\u0131n\u0131 asmas\u0131 durumunda, ihale tutar\u0131 kuruluslara, ihale tutar\u0131n\u0131n toplam teklif tutar\u0131na oran\u0131 ile her bir kurulusun toplam teklifinin \u00e7arp\u0131lmas\u0131 yoluyla da\u011f\u0131t\u0131lmaktad\u0131r.<br \/>\nAktif olarak kullan\u0131lmaya baslanan zorunlu kars\u0131l\u0131k oranlar\u0131n\u0131n artt\u0131r\u0131lmas\u0131 2011 y\u0131l\u0131nda T\u00fcrk liras\u0131 piyasas\u0131ndaki likidite kosullar\u0131n\u0131n belirgin bir sekilde daralmas\u0131na neden olmustur. Bu gelismeyle birlikte repo ihalelerinde, kuruluslar\u0131n zaman zaman ihtiya\u00e7lar\u0131n\u0131n \u00fczerinde teklif vermeye baslad\u0131klar\u0131 g\u00f6zlenmistir. \u00d6rne\u011fin miktar ihalesine ge\u00e7ilen 20 May\u0131s 2010 tarihinden itibaren y\u0131l sonuna kadar ge\u00e7en d\u00f6nemde<br \/>\ntoplam teklif miktar\u0131n\u0131n ihalede verilen miktara oran\u0131 ortalama 3,3 iken, 2011 y\u0131l\u0131nda bug\u00fcne kadar ger\u00e7eklesen islemler i\u00e7in s\u00f6z konusu oran 7,5 olarak ger\u00e7eklesmistir. Buna kars\u0131n, zorunlu kars\u0131l\u0131k oranlar\u0131ndaki art\u0131s nedeniyle piyasadaki likidite miktar\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde darald\u0131\u011f\u0131 15 Nisan 2011 tarihinden bu yana yasanan d\u00f6nemde repo ihalelerinde herhangi bir kurulusun bor\u00e7lanma tutar\u0131 ihale tutar\u0131n\u0131n %17\u2019sini ge\u00e7memistir.<br \/>\nBu \u00e7er\u00e7evede her t\u00fcr piyasa gelismesi yak\u0131ndan takip edilerek kuruluslar\u0131n ihtiya\u00e7lar\u0131 oran\u0131nda teklif vermelerini sa\u011flamak suretiyle likidite y\u00f6netiminin etkinli\u011fini art\u0131rmak ve\u00a0Merkez Bankas\u0131nca sa\u011flanan likiditenin sistem i\u00e7inde daha dengeli da\u011f\u0131lmas\u0131na katk\u0131da bulunmak amac\u0131yla, 5 A\u011fustos 2011 tarihinden itibaren her bir kurulusun ihalelere verebilece\u011fi toplam teklif tutar\u0131n\u0131n, ilan edilen ihale tutar\u0131n\u0131n en fazla y\u00fczde 20\u2019si ile s\u0131n\u0131rland\u0131r\u0131lmas\u0131na karar verilmistir. \u00d6rne\u011fin, ihale tutar\u0131n\u0131n<strong>10 milyar<\/strong>\u00a0T\u00fcrk liras\u0131 olarak ilan edildi\u011fi bir g\u00fcnde her bir kurulus ihaleye en fazla\u00a0<strong>2 milyar T\u00fcrk liras\u0131<\/strong>\u00a0teklif verebilecektir. Bu \u00f6rnekte; ihaleye gelen toplam teklif tutar\u0131n\u0131n 16 milyar T\u00fcrk liras\u0131 oldu\u011funun varsay\u0131ld\u0131\u011f\u0131 durumda, kurulusun kazand\u0131\u011f\u0131 tutar\u00a0<strong>1.25 milyar T\u00fcrk liras\u0131<\/strong>\u00a0olacakt\u0131r.<br \/>\nLikiditede \u00f6ng\u00f6r\u00fclemeyen nedenlerle s\u0131k\u0131s\u0131kl\u0131k ortaya \u00e7\u0131kmas\u0131 halinde a\u00e7\u0131labilecek olan bir hafta vadeli g\u00fcn i\u00e7i repo ihalelerinde,\u00a0<strong>s\u00f6z konusu y\u00fczde 20\u2019lik<\/strong>\u00a0s\u0131n\u0131rlama ge\u00e7erli olmay\u0131p, kuruluslar\u0131n g\u00f6nderebilecekleri teklif miktar\u0131 ilan edilen ihale miktar\u0131 ile s\u0131n\u0131rl\u0131 olmaya devam edecektir. Miktar ihalesine iliskin mevcut di\u011fer kurallar ge\u00e7erli\u011fini koruyacakt\u0131r.<br \/>\nBankam\u0131z, bu g\u00fcne kadar oldu\u011fu gibi bundan sonra da her t\u00fcrl\u00fc piyasa kosulunda piyasan\u0131n ihtiyac\u0131 olan likiditeyi sa\u011flamaya, kuruluslar aras\u0131nda likiditenin dengeli bir sekilde da\u011f\u0131lmas\u0131na gereken \u00f6zeni g\u00f6stermeye devam edecektir.&#8221;<\/p>\n<p><strong>UZMANLAR NE DED\u0130?<\/strong><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3373571711\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\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>&#8220;\u015eA\u015eIRTAN B\u0130R HAREKET&#8221;<\/strong><br \/>\n<strong>Ata Portf\u00f6y Y\u00f6netim A.\u015e. Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 Mehmet Gerz, kararla ilgili olarak \u015fu a\u00e7\u0131klamalarda bulundu:<\/strong><\/p>\n<p>&#8220;Bu piyasay\u0131 \u015fa\u015f\u0131rtan bir hareket. Bence burda \u00f6nemli olan gecelik faizlerin y\u00fczde 1.5&#8217;in y\u00fczde 5&#8217;e \u00e7\u0131kar\u0131lmas\u0131. Bu hamle k\u0131sa vadeli spek\u00fclatif d\u00f6viz giri\u015fine kap\u0131 a\u00e7\u0131yor. \u00c7\u00fck\u00fc cari a\u00e7\u0131\u011f\u0131n finansman\u0131 bug\u00fcnk\u00fc global konjonkt\u00fcrde \u00e7ok zor ve buna ihtiya\u00e7 vard\u0131.<\/p>\n<p>Politika fazini indirimesi ise s\u00fcpriz bir geli\u015fme. Bu hamle ise MB&#8217;nin Avrupa&#8217;daki bir kriz senaryosundan ciddi bir \u015fekilde endi\u015fe etti\u011fini ve bunun yans\u0131mlar\u0131n\u0131n olumsuz olaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. MB son geli\u015fmlerde zaten Avrupa&#8217;daki geli\u015fmeler dikkat \u00e7ekmi\u015fti.<\/p>\n<p>Beni ve piyasay\u0131 \u015fa\u015f\u0131rtan ise Avrupa krizine bakarak\u00a0politika faizinde bir indirim yap\u0131lmas\u0131 oldu. Bu duruma irtibatta oldu\u011fum yabanc\u0131 yat\u0131r\u0131mc\u0131lar da \u015fa\u015f\u0131rm\u0131\u015f durumda. Bu hamlenin hakl\u0131l\u0131\u011f\u0131n\u0131 zaman i\u00e7inde g\u00f6rece\u011fiz.<\/p>\n<p>Merkez Bankas\u0131&#8217;n\u0131n gerekli g\u00f6rd\u00fc\u011f\u00fc halerde d\u00f6viz satabilece\u011fini a\u00e7\u0131klamas\u0131 ise d\u00f6vizde daha fazla y\u00fckseli\u015flere de sessiz kalmayaca\u011f\u0131 anlam\u0131na geliyor. Bu y\u00fczden dolarda 1.70&#8217;in, Euro&#8217;da 2.45&#8217;in \u00fczeri, enflasyona menfi etki edece\u011fi i\u00e7in,\u00a0Merkez Bankas\u0131n\u0131, rahats\u0131z edebilir.&#8221;<\/p>\n<p><strong>&#8220;TL&#8217;Y\u0130 CAZ\u0130P KILACAK&#8221;<\/strong><br \/>\n<strong>Garanti Yat\u0131r\u0131m Stratejisti Tufan C\u00f6mert,<\/strong>\u00a0faizin y\u00fczde 5.75&#8217;e indirilmesinin TL i\u00e7in negatif oldu\u011funu, ancak faiz koridorunun daralt\u0131lmas\u0131n\u0131n TL&#8217;yi cazip k\u0131laca\u011f\u0131n\u0131 aktard\u0131. C\u00f6mert, &#8220;Merkez Bankas\u0131\u00a0b\u00fcy\u00fcme taraf\u0131 i\u00e7in endi\u015feli. TL&#8217;nin de\u011fer kaybetmesi ikinci planda&#8221; diye konu\u015ftu.<\/p>\n<p><strong>AN\u0130 DUR\u015eUN ZAMANI GELD\u0130 M\u0130?<\/strong><br \/>\n<strong>Halkbank Hazine Y\u00f6netimi Ara\u015ft\u0131rma B\u00f6l\u00fcm M\u00fcd\u00fcr\u00fc Orkide Salt\u0131k<\/strong>\u00a0da ayn\u0131 \u015fekilde karar\u0131n s\u00fcrpriz oldu\u011funa dikkat \u00e7ekti. &#8220;Son al\u0131nan kararlar sanki \u00f6ncekilerle \u00e7eli\u015fiyor&#8221; diyen Salt\u0131k, \u015funlar\u0131 s\u00f6yledi:<br \/>\n&#8220;Banka volatiliteyi azaltmaya \u00e7al\u0131\u015f\u0131rken \u015fimdi de faiz indirimiyle belirsizlik artm\u0131\u015f durumda. Bu yeni politikan\u0131n anla\u015f\u0131lmas\u0131 zaman alacak gibi g\u00f6r\u00fcn\u00fcyor. Bug\u00fcnden yar\u0131na bir \u015fey s\u00f6ylemek zor. Belki orta vadede olumlu etkilerini g\u00f6rebiliriz. \u00d6zellikle\u00a0politika faizindeki s\u00fcrpriz indirim TL \u00fczerindeki belirsizli\u011fi art\u0131m\u0131\u015f g\u00f6z\u00fck\u00fcyor. Ki bunun da etkilerini g\u00f6r\u00fcyoruz. Bence faiz silah\u0131 biraz erken \u00e7ekildi. D\u00fcnyadaki di\u011fer \u00fclkeler bu konuda beklemeye ge\u00e7mi\u015f durumda fakat biz bunun yerine erken bir indirim yapt\u0131k.Bence faizi sabit tutabilirdik. San\u0131r\u0131m &#8220;Ani duru\u015fun&#8221; zaman\u0131 geldi. \u00d6te yandna repo taraf\u0131ndaki d\u00fczenlemeler olumlu olacakt\u0131rk. Bu da faiz \u00fczerindeki bask\u0131y\u0131 azaltabilir&#8221;<\/p>\n<p><strong>&#8220;MB&#8217;N\u0130N DURU\u015eU DE\u011e\u0130\u015e\u0130YOR&#8221;<\/strong><br \/>\n<strong>Finansbank Ba\u015f Ekonomisti \u0130nan Demir\u00a0<\/strong>de \u015funlar\u0131 aktard\u0131<strong>:\u00a0<\/strong><br \/>\n&#8220;Merkez Bankas\u0131&#8217;n\u0131n\u00a0gecelik bor\u00e7lanma\u00a0ve\u00a0politika faizini indirmesini bekliyorduk. Merkez Bankas\u0131 son d\u00f6nemde s\u00fcrpriz kararlar al\u0131yordu.\u00a0Politika faizinin d\u00fc\u015f\u00fcr\u00fclmesinden dolay\u0131 TL de\u011fer kaybetti. Ancak Merkez Bankas\u0131&#8217;n\u0131n faiz koridorunu daraltmas\u0131 orta vadede TL&#8217;yi destekler. Bu kararlar, Merkez Bankas\u0131&#8217;n\u0131n politika duru\u015funda daha uzun vadeli bir de\u011fi\u015fikli\u011fe gitti\u011fi \u015feklinde de\u011ferlendirilmeli. MB art\u0131k &#8216;d\u00fc\u015f\u00fck\u00a0politika faizi, d\u00fc\u015f\u00fck zorunlu kar\u015f\u0131l\u0131k, daha dar faiz koridoru&#8217; duru\u015funa do\u011fru gidiyor.\u00a0Politika faizi\u00a0ile piyasa faizi aras\u0131ndaki fark\u0131n tersine d\u00f6nd\u00fc\u011f\u00fcn\u00fc g\u00f6rebiliriz. Zorunlu kar\u015f\u0131l\u0131klar ne \u015fekilde de\u011fi\u015fecek, bu takip edilmeli.&#8221;<\/p>\n<p><strong>&#8220;BA\u015eKA POL\u0130T\u0130KALARI DA G\u00d6RECE\u011e\u0130Z<\/strong>&#8221;<br \/>\n<strong>Osmanl\u0131 Poertf\u00f6y Genel M\u00fcd\u00fcr\u00fc Murat Salar<\/strong>, &#8220;Bununla kal\u0131nmayacak ve munzam kar\u015f\u0131l\u0131klarda da hareket olacak. Bu kararlar kurda da volatilite yaratt\u0131\u011f\u0131 i\u00e7in biraz istenilen bir hareket de\u011fil. Ba\u015fka politikalar uygulanarak volatilitenin azalt\u0131lmaya \u00e7al\u0131\u015f\u0131laca\u011f\u0131n\u0131 g\u00f6rece\u011fiz&#8221; dedi.<\/p>\n<p>kaynak<\/p>\n<p><a href=\"http:\/\/ekonomi.haberturk.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/ekonomi.haberturk.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Politika faizi yar\u0131m puan d\u00fc\u015ft\u00fc. Makas y\u00fczde 85 darald\u0131. Merkez likiditeye de ne\u015fter vurdu. Merkez Bankas\u0131\u00a0Para Politikas\u0131 Kurulu,\u00a0politika faiziolan bir hafta vadeli repo ihale faiz&hellip;<\/p>\n","protected":false},"author":2,"featured_media":3679,"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-3678","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\/3678","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=3678"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/3678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/3679"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=3678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=3678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=3678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}