{"id":48644,"date":"2017-02-01T09:58:31","date_gmt":"2017-02-01T06:58:31","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=48644"},"modified":"2017-04-27T13:41:44","modified_gmt":"2017-04-27T10:41:44","slug":"erol-gurcan-tcmbnin-yolu-merkez-bankasi-fonlama-yapisi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/erol-gurcan-tcmbnin-yolu-merkez-bankasi-fonlama-yapisi\/","title":{"rendered":"Erol G\u00fcrcan &#8211; TCMB&#8217;nin Yolu: Merkez Bankas\u0131 Fonlama Yap\u0131s\u0131"},"content":{"rendered":"<p><em><strong>Son d\u00f6nemlerde a\u011f\u0131rl\u0131kl\u0131 olarak d\u00f6viz kurunda artan oynakl\u0131\u011fa kar\u015f\u0131l\u0131k yap\u0131lan Merkez Bankas\u0131 hamleleri yine son d\u00f6nemin en s\u0131cak g\u00fcndem ba\u015fl\u0131klar\u0131ndan biri h\u00e2line geldi. Ancak, \u00fcst \u00fcste gelen hamlelerin sadele\u015fmeden ziyade bir miktar kafalar\u0131 kar\u0131\u015ft\u0131rd\u0131\u011f\u0131 da ortada.\u00a0TCMB\u2019nin \u201cNeyi, Ni\u00e7in, Nas\u0131l\u201d yapt\u0131\u011f\u0131 konusuna ge\u00e7meden \u00f6nce birka\u00e7 hat\u0131rlatmayla ba\u015flayal\u0131m.\u00a0<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3421300485\"><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><strong>\u00d6nce birka\u00e7 hat\u0131rlatma\u2026<\/strong><\/p>\n<p>2011 y\u0131l\u0131 sonras\u0131nda TCMB faizlerinin<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> izledi\u011fi seyir ve son durum a\u015fa\u011f\u0131daki grafikte verilmi\u015ftir:<\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-1.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48645 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-1.png\" alt=\"\" width=\"680\" height=\"416\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-1.png 680w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-1-300x184.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/p>\n<ul>\n<li><strong>Faiz Koridoru Nedir? Ne de\u011fildir?<\/strong><\/li>\n<\/ul>\n<p>TCMB\u2019nin gecelik vadede bor\u00e7 alma (taban) ve bor\u00e7 verme (tavan) faizlerinden olu\u015fan faiz koridoru son durum itibariyle % 7.25 &#8211; % 9.25 aral\u0131\u011f\u0131nda. Normal \u015fartlarda,\u00a0 TCMB, operasyonel yap\u0131 gere\u011fi piyasadaki fonlama faizlerinin (gecelik para piyasas\u0131 faizleri) bu koridorun i\u00e7inde belirlenmesini ama\u00e7lad\u0131\u011f\u0131ndan, son g\u00fcnlerde duyulan ihtiya\u00e7 ve TCMB\u2019nin politika tercihi gere\u011fi her ne kadar Ge\u00e7 Likidite Penceresi (GLP) bor\u00e7 verme faizi de aktif bir fonlama kanal\u0131 gibi bir i\u015flev g\u00f6rse de\u00a0 (GLP) faiz aral\u0131\u011f\u0131 faiz koridoru olarak g\u00f6r\u00fclmemeli.<\/p>\n<p>GLP, normal \u015fartlarda kullan\u0131lan temel bir fonlama kanal\u0131 de\u011fildir. Bu kanal, g\u00fcn i\u00e7inde hesaplar\u0131n\u0131 denkle\u015ftirmek zorunda olan ancak bunu yapamayarak hesaplar\u0131n\u0131 kapatamayan bankalar\u0131 cezaland\u0131rmak amac\u0131yla ve Merkez Bankas\u0131n\u0131n &#8220;Son Kredit\u00f6r (Lender of Last Resort)&#8221; g\u00f6revi kapsam\u0131nda likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131na d\u00fc\u015fen bankalar taraf\u0131ndan kullan\u0131lmakta.<\/p>\n<ul>\n<li>2 Ocak 1990 \u2013 13 Ocak 2017 tarihleri aras\u0131ndaki yakla\u015f\u0131k 27 y\u0131ll\u0131k d\u00f6nemdeki toplam 7054 i\u015flem g\u00fcn\u00fcnde GLP bor\u00e7 verme kanal\u0131 toplam 9 g\u00fcn kullan\u0131lm\u0131\u015ft\u0131.<\/li>\n<\/ul>\n<p>Dolay\u0131s\u0131yla, GLP\u2019nin kal\u0131c\u0131 olarak bir fonlama kanal\u0131 gibi i\u015flev g\u00f6rece\u011fini d\u00fc\u015f\u00fcnm\u00fcyoruz. \u00d6zellikle d\u00f6viz kuru oynakl\u0131\u011f\u0131n\u0131n fiyat istikrar\u0131 ile finansal istikrar\u0131 bozucu etkisinin ve\/veya bu kanala duyulan ihtiyac\u0131\/tercihi ortadan kald\u0131racak bir geli\u015fmenin g\u00f6r\u00fclmesiyle birlikte GLP\u2019nin yeniden tarihsel ve tan\u0131msal olarak olmas\u0131 gerekti\u011fi gibi kullan\u0131lmaya devam etmesini bekliyoruz. Bankalar\u0131n likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131nda oldu\u011funu ya da hesaplar\u0131n\u0131 yapamad\u0131\u011f\u0131n\u0131 i\u015faret eden bir kanal\u0131n kal\u0131c\u0131 bir fonlama arac\u0131 h\u00e2line d\u00f6n\u00fc\u015fmesini hem operasyonel a\u00e7\u0131dan hem de olu\u015fturdu\u011fu g\u00f6r\u00fcnt\u00fc a\u00e7\u0131s\u0131ndan \u00e7ok sa\u011fl\u0131kl\u0131 bulmuyoruz.<\/p>\n<ul>\n<li><strong>Politika Faizi ve A\u011f\u0131rl\u0131kl\u0131 Ortalama Fonlama Faizi<\/strong><\/li>\n<\/ul>\n<p>Normal \u015fartlarda, TCMB, \u015fu an % 8.00 seviyesinde olan 1 hafta vadeli repo ihale faiz oran\u0131n\u0131 temel politika faiz oran\u0131 olarak kullanmaktad\u0131r. Bankalar bu kanal \u00fczerinden k\u0131sa vadeli fonlama ihtiya\u00e7lar\u0131 i\u00e7in ellerindeki Devlet \u0130\u00e7 Bor\u00e7lanma Senetlerini (D\u0130BS) yani tahvil-bonolar\u0131 TCMB\u2019ye verip para al\u0131rlar. \u0130htiya\u00e7 duyulmad\u0131\u011f\u0131 g\u00fcnlerde 1 hafta vadeli repo ihalesi a\u00e7\u0131lmad\u0131\u011f\u0131 gibi son d\u00f6nemlerde oldu\u011fu gibi piyasaya verilen fonlama i\u00e7in yaln\u0131zca 1 hafta vadeli repo faizi kullan\u0131lmayarak; TCMB gecelik bor\u00e7 verme ve\/veya GLP bor\u00e7 verme kanallar\u0131ndaki farkl\u0131 faiz seviyelerinden de fonlama yap\u0131labilir. Bu \u015fekilde farkl\u0131 faiz kanallar\u0131ndan fonlama yap\u0131ld\u0131\u011f\u0131nda banklar\u0131n elde etti\u011fi fonlaman\u0131n ortalama maliyeti yani A\u011f\u0131rl\u0131kl\u0131 Ortalama Fonlama Faizi (AOFF) hangi faizden ne miktarda fonlama yap\u0131ld\u0131\u011f\u0131 hesab\u0131ndan elde edilen ortalamayla ortaya \u00e7\u0131kar. B\u00f6yle d\u00f6nemlerde, politika faizi tan\u0131msal olarak (sabit belirli bir seviye olmay\u0131p de\u011fi\u015fkenlik g\u00f6sterebildi\u011finden) ya da al\u0131\u015f\u0131ld\u0131k \u015fekilde olmasa da fiili anlamda AOFF olarak g\u00f6r\u00fclebilir.<\/p>\n<ul>\n<li><strong>Fonlama faizi en \u00e7ok ka\u00e7 olabilir? <\/strong><\/li>\n<\/ul>\n<p>GLP\u2019nin aktif bir fonlama kanal\u0131 gibi kullan\u0131lmad\u0131\u011f\u0131, yani, fonlaman\u0131n 1 hafta vadeli repo ihale faizi ile faiz koridorunun \u00fcst band\u0131ndan yap\u0131ld\u0131\u011f\u0131 d\u00f6nemlerde en y\u00fcksek fonlama faizinin faiz koridorunun \u00fcst band\u0131nda olu\u015fmas\u0131 beklenir. Bu, 1 hafta vadeli repo ihalesi a\u00e7\u0131lmayarak t\u00fcm fonlaman\u0131n faiz koridoru \u00fcst band\u0131ndaki faiz seviyesinden yap\u0131ld\u0131\u011f\u0131 durumlarda olu\u015fur (25 Ocak 2017\u2019de oldu\u011fu gibi). GLP\u2019nin kullan\u0131ld\u0131\u011f\u0131 durumlarda ise; \u00e7ok u\u00e7 bir durum s\u00f6z konusu olmad\u0131k\u00e7a piyasadaki fonlama faizi GLP bor\u00e7 verme faizi \u00fczerinde olu\u015famaz. Zira; B\u0130ST b\u00fcnyesindeki Repo &#8211; Ters Repo piyasas\u0131 arac\u0131l\u0131\u011f\u0131yla birbirlerinden fon bulabilen bankalar, \u00e7ok s\u0131k\u0131\u015ft\u0131klar\u0131 durumlarda TCMB&#8217;ye gidip GLP&#8217;deki maliyetle (\u015fu an % 11.00) fon sa\u011flama imk\u00e2n\u0131 varken ba\u015fka bir bankadan daha y\u00fcksek maliyete katlanmak istemeyecektir.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3794089974\"><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<ul>\n<li><strong>TCMB, Ocak ay\u0131 boyunca hangi ad\u0131mlar\u0131 att\u0131?<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-2.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48646 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-2.png\" alt=\"\" width=\"565\" height=\"281\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-2.png 565w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-2-300x149.png 300w\" sizes=\"auto, (max-width: 565px) 100vw, 565px\" \/><\/a><\/p>\n<p>Yukar\u0131da, g\u00fcnl\u00fck bazda dolar\/TL grafi\u011fi 2016 y\u0131l\u0131 ba\u015f\u0131ndan bu yana olu\u015fan g\u00f6r\u00fcnt\u00fcy\u00fc kapsayacak bi\u00e7imde verilmi\u015ftir. Grafik \u00fczerindeki ilk 2 ok 2016 y\u0131l\u0131nda ya\u015fanan i\u00e7 siyasi \u015foklar\u0131 (Ba\u015fbakan De\u011fi\u015fimi ve Darbe Giri\u015fimi), en sondaki ok ise Trump\u2019\u0131n ABD ba\u015fkan\u0131 se\u00e7ilmesi sonras\u0131nda kurda g\u00f6r\u00fclen tepkiyi i\u015faret etmektedir. 2016 y\u0131l\u0131n\u0131 3.5268 TL seviyesinden tamamlayan dolar\/TL, Ocak ay\u0131 ba\u015f\u0131nda olduk\u00e7a ciddi bir y\u00fckseli\u015f g\u00f6stererek 11 Ocak\u2019ta tarihi y\u00fcksek seviyesini 3.9422 TL\u2019ye kadar getirdi. Buna kar\u015f\u0131l\u0131k TCMB\u2019den ocak ay\u0131 boyunca gelen ad\u0131mlar\u0131 k\u0131saca hat\u0131rlamak gerekirse;<\/p>\n<ul>\n<li><strong>10 Ocak 2017 <\/strong>\n<ul>\n<li>Likiditeyi bir miktar s\u0131karak TL de\u011ferini y\u00fckseltmek amac\u0131yla Bankalararas\u0131 Para Piyasas\u0131\u2019nda bankalar\u0131n bor\u00e7 alma limiti 22 milyar TL\u2019ye indirildi (\u00d6ncesinde yakla\u015f\u0131k 40 milyar TL civar\u0131nda bir hacim g\u00f6r\u00fclmekteydi).<\/li>\n<li>Yabanc\u0131 Para Zorunlu Kar\u015f\u0131l\u0131k Oranlar\u0131 t\u00fcm vadelerde 50 bp indirilerek piyasaya ek dolar likidite sa\u011flanmas\u0131 ama\u00e7land\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><strong>12 Ocak 2017<\/strong>\n<ul>\n<li>TCMB, 12 Ocak tarihinden bu yana 1 Hafta Vadeli Repo \u0130halesi a\u00e7m\u0131yor. Bu ad\u0131mla, TCMB temel fonlama yapt\u0131\u011f\u0131 iki kanaldan (ilgili tarihte 1 hafta vadeli repo ihalesi &#8211; %8.00 ve gecelik bor\u00e7 verme &#8211; %8.50 seviyesindeydi) daha d\u00fc\u015f\u00fck faizli olan\u0131 kapatarak ortalama fonlama maliyetinin yukar\u0131da olu\u015fmas\u0131n\u0131 ve bu sayede TL de\u011ferinin y\u00fckselmesini ama\u00e7lamakta.<\/li>\n<\/ul>\n<\/li>\n<li><strong>13 Ocak 2017:<\/strong>\n<ul>\n<li>Likiditeyi bir miktar daha s\u0131karak TL de\u011ferini y\u00fckseltmek amac\u0131yla,\n<ul>\n<li>Bankalararas\u0131 Para Piyasas\u0131\u2019nda bankalar\u0131n bor\u00e7 alma limiti 11 milyar TL\u2019ye indirildi.<\/li>\n<li>Gerekli g\u00f6r\u00fclen g\u00fcnlerde Borsa \u0130stanbul b\u00fcnyesindeki repo pazarlar\u0131nda TCMB taraf\u0131ndan yap\u0131lan fonlama tutar\u0131 s\u0131n\u0131rland\u0131r\u0131labilece\u011fi a\u00e7\u0131kland\u0131.<\/li>\n<\/ul>\n<\/li>\n<li>Bankalar\u0131n g\u00fcn sonunda kalan likidite ihtiya\u00e7lar\u0131n\u0131 TCMB\u2019nin Ge\u00e7 Likidite Penceresi (GLP) bor\u00e7 verme faiz oran\u0131ndan limitsiz olarak kar\u015f\u0131layabilmeleri m\u00fcmk\u00fcn oldu\u011fu hat\u0131rlatarak ortalama fonlama faizinin daha da art\u0131r\u0131labilece\u011fi mesaj\u0131 verildi. Zira, 12 Ocak itibariyle kullan\u0131lmayan temel fonlama kanallar\u0131ndan olan 1 Hafta Vadeli Repo \u0130hale faizi % 8.00 seviyesindeyken; alternatif fonlama kanal\u0131 olarak i\u015faret edilen GLP bor\u00e7 verme faiz oran\u0131 % 10.00 seviyesindeydi.<\/li>\n<\/ul>\n<\/li>\n<li><strong>17 Ocak 2017: <\/strong>\n<ul>\n<li>T\u00fcrk Liras\u0131 ve d\u00f6viz likiditesi y\u00f6netimindeki esnekli\u011fin ve ara\u00e7 \u00e7e\u015fitlili\u011finin art\u0131r\u0131lmas\u0131 amac\u0131yla T\u00fcrk Liras\u0131 Depolar\u0131 (Mevduat) Kar\u015f\u0131l\u0131\u011f\u0131 D\u00f6viz Depolar\u0131 (Mevduat) piyasas\u0131n\u0131n a\u00e7\u0131lmas\u0131na karar verildi. Bu sayede, TCMB rezervleri azalt\u0131lmadan piyasadaki d\u00f6viz ihtiyac\u0131n\u0131n k\u0131smen kar\u015f\u0131lanmas\u0131n\u0131n hedeflendi\u011fini s\u00f6yleyebiliriz. A\u015fa\u011f\u0131da bu piyasa yoluyla TCMB\u2019nin ger\u00e7ekle\u015ftirdi\u011fi i\u015flemlere ili\u015fkin detaylar a\u015fa\u011f\u0131daki tabloda verilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-3.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48647 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-3.png\" alt=\"\" width=\"481\" height=\"277\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-3.png 481w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-3-300x173.png 300w\" sizes=\"auto, (max-width: 481px) 100vw, 481px\" \/><\/a><\/p>\n<ul>\n<li><strong>24 Ocak 2017:<\/strong>\n<ul>\n<li>TCMB yeni y\u0131l\u0131n ilk Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131nda faiz koridorunun \u00fcst band\u0131nda 75 bp ve GLP bor\u00e7 verme faizinde 100 bp art\u0131\u015fa giderken di\u011fer faizlerde herhangi bir de\u011fi\u015fikli\u011fe yapmad\u0131. Kararla birlikte yay\u0131nlanan\u0131 metinde k\u0131sa vadede enflasyon taraf\u0131ndaki belirgin y\u00fckseli\u015fin s\u00fcrmeye devam edece\u011fi vurgusunun olduk\u00e7a g\u00fc\u00e7l\u00fc bir \u015fekilde verildi. Buna ek olarak, ihtiya\u00e7 duyulmas\u0131 h\u00e2linde parasal s\u0131k\u0131la\u015ft\u0131rma yap\u0131labilece\u011fi ve likidite ara\u00e7lar\u0131 ile gerekli tedbirlerin al\u0131nmaya devam edece\u011fi de metinde \u00f6ne \u00e7\u0131kan di\u011fer \u00f6nemli mesajlar oldu.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\u00d6zetle, TCMB\u2019nin kurdaki artan tansiyona kar\u015f\u0131l\u0131k ald\u0131\u011f\u0131 ba\u015fl\u0131ca \u00f6nlemler;<\/p>\n<ul>\n<li>Piyasaya verilen TL likidite miktar\u0131n\u0131n k\u0131s\u0131lmas\u0131,<\/li>\n<li>Temel fonlama arac\u0131 olan 1 Hafta Vadeli Repo \u0130halesi kanal\u0131n\u0131n kullan\u0131lmayarak; fonlaman\u0131n \u00fcst bant ve GLP \u00fczerinden yap\u0131lmas\u0131,<\/li>\n<li>TL Depo kar\u015f\u0131l\u0131\u011f\u0131 d\u00f6viz depo takas (swap) i\u015flemlerine ba\u015flanmas\u0131,<\/li>\n<li>Koridor \u00fcst band\u0131 ve GLP bor\u00e7 verme faizinde art\u0131r\u0131ma gidilmesi olarak \u00f6zetlenebilir.<\/li>\n<\/ul>\n<p>Bu hat\u0131rlatmalar\u0131n ard\u0131ndan TCMB fonlama kanallar\u0131n\u0131n ne oldu\u011funa, di\u011fer bir ifadeyle TCMB\u2019nin piyasaya nas\u0131l likidite sundu\u011funa bakal\u0131m.<\/p>\n<p><strong>TCMB Fonlama Kanallar\u0131 <\/strong><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3110287915\"><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<ol>\n<li><strong>Kendi B\u00fcnyesindeki Bankalararas\u0131 Para Piyasas\u0131 (BPP)<\/strong>\n<ol>\n<li><strong>Haftal\u0131k Vade<\/strong>\n<ol>\n<li>1 Hafta Vadeli Repo \u0130halesi<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li>Genel Anlamda ve Normal \u015eartlarda Politika Faizi Olarak Bilinen Kanal<\/li>\n<li>Faiz Oran\u0131 % 8.00<\/li>\n<li>10:00 &#8211; 11:00 aras\u0131nda yap\u0131lmakta<\/li>\n<li>Miktar \u0130halesi Y\u00f6ntemi (Bu kanaldan ne kadar para verece\u011fini TCMB belirliyor; bankalardan gelen talepler, TCMB&#8217;nin ilan etti\u011fi miktar\u0131 a\u015fmayacak \u015fekilde bankalar\u0131n teminatlar\u0131<a href=\"#_ftn1\" name=\"_ftnref1\">[2]<\/a> \u00f6l\u00e7\u00fcs\u00fcnde payla\u015ft\u0131r\u0131l\u0131yor)<\/li>\n<li>Gerek g\u00f6r\u00fclmemesi durumunda a\u00e7\u0131lmayabilir<\/li>\n<li>12 Ocak 2017&#8217;den bu yana kullan\u0131lm\u0131yor<\/li>\n<li>12 Ocak \u00f6ncesinde, son d\u00f6nemlerde g\u00fcnl\u00fck yapt\u0131\u011f\u0131 toplam fonlaman\u0131n % 40 &#8211; 45&#8217;i bu kanal \u00fczerinden yap\u0131lmaktayd\u0131.<\/li>\n<li>Fonlaman\u0131n tamam\u0131 buradan yap\u0131l\u0131yor olsa buradaki faize fiili olarak da &#8220;Politika Faizi&#8221; demek m\u00fcmk\u00fcn; ancak, mevcut durumda fiili anlamda &#8220;Politika Faizi&#8221; demek do\u011fru de\u011fil. Yukar\u0131da de\u011findi\u011fimiz gibi tek bir fonlama kanal\u0131 yerine farkl\u0131 faiz seviyelerindeki kanallardan fonlama yap\u0131ld\u0131\u011f\u0131 d\u00f6nemlerde &#8220;A\u011f\u0131rl\u0131kl\u0131 Ortalama Fonlama Faizini (AOFF)&#8221; fiili politika faizi olarak g\u00f6rmek daha anlaml\u0131.\n<ol>\n<li><strong>Gecelik Vade<\/strong>\n<ol>\n<li><strong>TCMB Gecelik Bor\u00e7 Verme Faizi<\/strong>\n<ul>\n<li>Faiz koridorunun \u00fcst band\u0131<\/li>\n<li>Faiz Oran\u0131 % 9.25<\/li>\n<li>10:00 &#8211; 12:00 &amp; 13:00 &#8211; 16:00 aras\u0131nda kullan\u0131labilir<\/li>\n<li>Kotasyon Y\u00f6ntemi (Bankalar Teminat Kar\u015f\u0131l\u0131\u011f\u0131nda ve Limitli olarak faydalanmakta)<\/li>\n<li>Normal \u015eartlar Alt\u0131nda, TCMB&#8217;nin haftal\u0131k vadede (bir \u00fcst maddede bahsi ge\u00e7en) verdi\u011fi fonlama miktar\u0131 yeterli oldu\u011funda kullan\u0131lmas\u0131na gerek yok. TCMB, likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 yaratarak TL&#8217;nin de\u011ferini korumak ya da art\u0131rmak amac\u0131yla haftal\u0131k vadedeki fonlama miktar\u0131n\u0131 k\u0131sarak bankalar\u0131 bu kanala y\u00f6nlendirmekte. Normal \u015fartlar alt\u0131nda % 8 faiz ile haftal\u0131k olarak yeterli fon bulma imkan\u0131 olan bankalar, % 9.25 maliyet ile gecelik bor\u00e7lanmak istemeyecektir.<\/li>\n<li>TCMB, piyasadaki likiditeyi bir miktar s\u0131karak TL de\u011ferini y\u00fckseltmek amac\u0131yla Bankalararas\u0131 Para Piyasas\u0131\u2019nda bankalar\u0131n bor\u00e7 alma limitini 10 Ocak&#8217;ta 22 milyar TL\u2019ye; 13 Ocak&#8217;ta 11 milyar TL&#8217;ye indirdi (\u00d6ncesinde yakla\u015f\u0131k 40 milyar TL civar\u0131nda bir hacim g\u00f6r\u00fclmekteydi).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong>Ge\u00e7 Likidite Penceresi (GLP)<\/strong>\n<ul>\n<li>TCMB GLP Bor\u00e7 alma faizi % 0.00, bor\u00e7 verme faizi % 11.00<\/li>\n<li>16:00 &amp; 17:00 aras\u0131nda kullan\u0131labilir<\/li>\n<li>Kotasyon Y\u00f6ntemi (Bankalar taraf\u0131ndan teminat kar\u015f\u0131l\u0131\u011f\u0131nda &#8220;limitsiz&#8221; olarak kullan\u0131labilir)<\/li>\n<li>&#8220;Hat\u0131rlatma&#8221; b\u00f6l\u00fcm\u00fcnde de\u011finildi\u011fi gibi normal \u015fartlarda kullan\u0131lan ya da tercih edilen bir kanal de\u011fil.<\/li>\n<li>\u00d6zellikle TCMB&#8217;nin son d\u00f6nemde buray\u0131 aktif bir fonlama ya da politika arac\u0131 olarak kullanmaya ba\u015flamas\u0131yla birlikte, buradaki bor\u00e7 verme faiz oran\u0131 TCMB&#8217;nin elindeki bir &#8220;sopa&#8221; olarak da d\u00fc\u015f\u00fcn\u00fclebilir: Piyasaya, &#8220;Gerekirse fonlama faizini buraya kadar y\u00fckseltebilirim&#8221; mesaj\u0131 veriyor.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol start=\"2\">\n<li><strong>B\u0130ST B\u00fcnyesindeki Repo &#8211; Ters Repo Piyasas\u0131<\/strong>\n<ol>\n<li><strong>Gecelik Vade<\/strong>\n<ul>\n<li>Banka &#8211; Banka ve\/veya TCMB &#8211; Banka aras\u0131nda Repo &#8211; Ters Repo i\u015flemlerinin ger\u00e7ekle\u015fti\u011fi piyasad\u0131r<\/li>\n<li>Faiz oran\u0131 % 9.25 (faiz koridoru \u00fcst band\u0131na denk)<\/li>\n<li>09:15 &#8211; 12:00 &amp; 13:00 &#8211; 14:00<\/li>\n<li>Kotasyon Y\u00f6ntemi (Gerekti\u011fi takdirde limitli, teminat kar\u015f\u0131l\u0131\u011f\u0131)<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><strong>Fonlama Yap\u0131s\u0131<\/strong><\/p>\n<p>Al\u0131nan \u00f6nlemler \u00f6ncesinde ve sonras\u0131nda fonlama yap\u0131s\u0131nda g\u00f6zlenen de\u011fi\u015fimler a\u015fa\u011f\u0131daki grafikler \u00fczerinden incelenebilir:<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"307\"><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-4.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-48648\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-4.png\" alt=\"\" width=\"283\" height=\"283\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-4.png 283w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-4-150x150.png 150w\" sizes=\"auto, (max-width: 283px) 100vw, 283px\" \/><\/a><\/td>\n<td width=\"307\">Yandaki grafiklerde (\u00fcst grafik son 1 y\u0131ll\u0131k d\u00f6nem; alttaki grafik son 3 ayl\u0131k d\u00f6nem) TCMB&#8217;nin piyasaya verdi\u011fi toplam fon miktar\u0131 (mavi \u00e7izgi &#8211; sol eksen) ve AOFF (k\u0131rm\u0131z\u0131 \u00e7izgi &#8211; sa\u011f eksen) verilmi\u015ftir. TCMB yakla\u015f\u0131k son 1 y\u0131ll\u0131k d\u00f6nemde piyasaya g\u00fcnl\u00fck ortalama kabaca 100 milyar TL&#8217;lik fon verirken, son g\u00fcnlerde bu rakam 60 &#8211; 70 milyar TL&#8217;ye kadar gerilemi\u015f ve GLP&#8217;nin kullan\u0131lmaya ba\u015flamas\u0131yla da AOFF taraf\u0131nda ciddi bir s\u0131\u00e7rama g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Yarat\u0131lan bilin\u00e7li likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 ve fonlama maliyetindeki art\u0131\u015f\u0131n kur taraf\u0131ndaki y\u00fckseli\u015fi bir miktar dizginledi\u011fi s\u00f6ylenebilir. Ancak, son d\u00f6nemlerde dolar\u0131n k\u00fcresel olarak da a\u011f\u0131rl\u0131kl\u0131 olarak zay\u0131flama e\u011filiminde oldu\u011fu da g\u00f6z \u00f6n\u00fcnde bulundurulmal\u0131d\u0131r.<\/td>\n<\/tr>\n<tr>\n<td width=\"307\"><strong>10 Ocak itibariyle gelen \u00f6nlemlerden \u00f6nce toplam fonlama miktar\u0131n\u0131n kanallara g\u00f6re da\u011f\u0131l\u0131m\u0131<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Toplam Fonlama: 86.0 milyar TL<\/p>\n<p>1 Hafta Repo Faizi: % 8.00<\/p>\n<p>BPP Gecelik Faiz: % 8.50<\/p>\n<p>B\u0130ST Gecelik Repo Faiz: % 8.50<\/p>\n<p>GLP Bor\u00e7 Verme: % 10.00<\/p>\n<p>AOFF: % 8.30<\/td>\n<td width=\"307\">\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-5.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48649 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-5.png\" alt=\"\" width=\"188\" height=\"231\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td width=\"307\"><strong>1 Hafta Repo \u0130halesinin yap\u0131lmad\u0131\u011f\u0131 ve GLP&#8217;nin kullan\u0131ld\u0131\u011f\u0131 18 Ocak itibariyle toplam fonlama miktar\u0131n\u0131n kanallara g\u00f6re da\u011f\u0131l\u0131m\u0131<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Toplam Fonlama: 70.0 milyar TL<\/p>\n<p>1 Hafta Repo Faizi: % 8.00<\/p>\n<p>BPP Gecelik Faiz: % 8.50<\/p>\n<p>B\u0130ST Gecelik Repo Faiz: % 8.50<\/p>\n<p>GLP Bor\u00e7 Verme: % 10.00<\/p>\n<p>AOFF: % 9.06<\/td>\n<td width=\"307\">\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-6.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48650 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-6.png\" alt=\"\" width=\"190\" height=\"230\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td width=\"307\"><strong>24 Ocak&#8217;taki toplant\u0131 sonras\u0131nda 25 Ocak itibariyle toplam fonlama miktar\u0131n\u0131n kanallara g\u00f6re da\u011f\u0131l\u0131m\u0131<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Toplam Fonlama: 63.4 milyar TL<\/p>\n<p>1 Hafta Repo Faizi: % 8.00<\/p>\n<p>BPP Gecelik Faiz: % 9.25<\/p>\n<p>B\u0130ST Gecelik Repo Faiz: % 9.25<\/p>\n<p>GLP Bor\u00e7 Verme: % 11.00<\/p>\n<p>AOFF: % 9.25<\/td>\n<td width=\"307\">\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-7.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48651 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-7.png\" alt=\"\" width=\"192\" height=\"232\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td width=\"307\"><strong>31 Ocak 2017 tarihi itibariyle toplam fonlama miktar\u0131n\u0131n kanallara g\u00f6re da\u011f\u0131l\u0131m\u0131<\/strong><\/p>\n<p>Toplam Fonlama: 101.0 milyar TL<\/p>\n<p>1 Hafta Repo Faizi: % 8.00<\/p>\n<p>BPP Gecelik Faiz: % 9.25<\/p>\n<p>B\u0130ST Gecelik Repo Faiz: % 9.25<\/p>\n<p>GLP Bor\u00e7 Verme: % 11.00<\/p>\n<p>AOFF: % 10.34<\/td>\n<td width=\"307\">\u00a0<a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-8.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48652 aligncenter\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-8.png\" alt=\"\" width=\"194\" height=\"230\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Sonu\u00e7<\/strong><\/p>\n<p><a href=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-9.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48653 alignright\" src=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-9.png\" alt=\"\" width=\"304\" height=\"231\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-9.png 304w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2017\/02\/erol-g\u00fcrcan-mb-fonlama-9-300x228.png 300w\" sizes=\"auto, (max-width: 304px) 100vw, 304px\" \/><\/a><\/p>\n<p>Bu yaz\u0131da, TCMB\u2019nin piyasaya hangi kanallardan fonlama sa\u011flad\u0131\u011f\u0131n\u0131 ve \u00f6zellikle son d\u00f6nemlerde at\u0131lan ad\u0131mlarla birlikte bu fonlama yap\u0131s\u0131n\u0131n nas\u0131l \u015fekillendi\u011fini irdelemeye \u00e7al\u0131\u015ft\u0131k. \u015eu ana kadar al\u0131nan \u00f6nlemlerin kur taraf\u0131nda olumlu sonu\u00e7lar vermeye ba\u015flad\u0131\u011f\u0131 s\u00f6ylenebilir. Bu \u00f6nlemlerle birlikte kurdaki y\u00fckseli\u015f hareketinin sonlanmas\u0131na ek olarak; TCMB\u2019nin sosyal medyadaki resmi hesab\u0131ndan 31 Ocak 2017 tarihinde payla\u015f\u0131lan kur oynakl\u0131\u011f\u0131na ili\u015fkin yanda verdi\u011fimiz grafikte bu durumu teyit eder niteliktedir. Yeri gelmi\u015fken, TCMB\u2019nin ileti\u015fim politikas\u0131 kapsam\u0131nda olduk\u00e7a etkin bir \u015fekilde kulland\u0131\u011f\u0131 resmi sosyal medya hesaplar\u0131ndaki payla\u015f\u0131mlar\u0131n para politikas\u0131n\u0131n anla\u015f\u0131labilirli\u011fi a\u00e7\u0131s\u0131ndan son derece yerinde oldu\u011funu ve bu kanal\u0131n olduk\u00e7a ba\u015far\u0131l\u0131 bir \u015fekilde kullan\u0131ld\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcm\u00fcz\u00fc de belirtebiliriz. Bununla birlikte, kur taraf\u0131nda ciddi \u00f6l\u00e7\u00fcde artan tansiyona kar\u015f\u0131 TCMB\u2019nin ocak ay\u0131 boyunca att\u0131\u011f\u0131 ad\u0131mlar\u0131n etkisinin sa\u011fl\u0131kl\u0131 bir \u015fekilde g\u00f6zlenmesi i\u00e7in h\u00e2len erken oldu\u011funu da s\u00f6ylemeliyiz. \u00d6zellikle, dolar\u0131n 6 \u00f6nemli geli\u015fmi\u015f \u00fclke para birimine kar\u015f\u0131 de\u011ferini g\u00f6steren dolar endeksinde (Ocak ay\u0131 ba\u015f\u0131nda 104 s\u0131n\u0131r\u0131na dayand\u0131ktan sonra a\u011f\u0131rl\u0131kl\u0131 olarak a\u015fa\u011f\u0131 y\u00f6nl\u00fc bir seyir izleyen DXY, ay sonunda 100 seviyesinin alt\u0131na sarkt\u0131) ocak ay\u0131 ba\u015f\u0131ndan bu yana g\u00f6zlenen zay\u0131flama e\u011filiminin de dolar\/TL taraf\u0131nda d\u00fc\u015fen tansiyona katk\u0131 sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6z ard\u0131 etmemek gerekir. TCMB\u2019nin ald\u0131\u011f\u0131 \u00f6nlemlerin olduk\u00e7a k\u0131sa bir vadede olumlu etkileri g\u00f6zlenmeye ba\u015flanm\u0131\u015f olsa da bu \u00f6nlemlerin ne \u00f6l\u00e7\u00fcde yeterli oldu\u011funun as\u0131l olarak dolar\u0131n k\u00fcresel olarak g\u00fc\u00e7lenme e\u011filimi g\u00f6sterdi\u011fi d\u00f6nemde TL\u2019nin izleyece\u011fi performans ile daha sa\u011fl\u0131kl\u0131 de\u011ferlendirilebilece\u011fini hat\u0131rlatmakta fayda var.<\/p>\n<p style=\"text-align: right;\"><strong>Erol G\u00fcrcan<\/strong><\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Gedik Yat\u0131r\u0131m Ara\u015ft\u0131rma B\u00f6l\u00fcm\u00fc olarak ayl\u0131k strateji b\u00fcltenlerimizi sunmaya ba\u015flad\u0131\u011f\u0131m\u0131zdan bu yana her ay Finansal Okur-Yazarl\u0131\u011fa katk\u0131 sa\u011flamak amac\u0131yla g\u00fcncel geli\u015fmelere ili\u015fkin konular\u0131 ele ald\u0131\u011f\u0131m\u0131z Finans K\u00fcrs\u00fcs\u00fc b\u00f6l\u00fcm\u00fcnde May\u0131s 2016\u2019da \u201c<a href=\"https:\/\/gedik-cdn.foreks.com\/yatirim\/reports\/files\/000\/000\/492\/original\/aylikstratejibulteni_mayis2016.pdf?1462168162\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\"><strong>Merkez Bankas\u0131 Faiz Oranlar\u0131<\/strong><\/a>\u201dn\u0131 detayl\u0131 bir \u015fekilde ele alm\u0131\u015ft\u0131k. Dileyenler, \u00f6nceki c\u00fcmledeki koyu renkle yaz\u0131lm\u0131\u015f b\u00f6l\u00fcme t\u0131klayarak rapora ula\u015f\u0131p; ilgili b\u00f6l\u00fcme g\u00f6z atabilirler.<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[2]<\/a> Bankalar\u0131n sahip oldu\u011fu ve TCMB&#8217;den sa\u011flad\u0131klar\u0131 fon kar\u015f\u0131l\u0131\u011f\u0131nda i\u00e7in vermeleri gereken (genel olarak) Hazine taraf\u0131ndan ihra\u00e7 edilen devlet tahvil \u2013 bonolar\u0131 ile kira sertifikalar\u0131d\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Son d\u00f6nemlerde a\u011f\u0131rl\u0131kl\u0131 olarak d\u00f6viz kurunda artan oynakl\u0131\u011fa kar\u015f\u0131l\u0131k yap\u0131lan Merkez Bankas\u0131 hamleleri yine son d\u00f6nemin en s\u0131cak g\u00fcndem ba\u015fl\u0131klar\u0131ndan biri h\u00e2line geldi. Ancak, \u00fcst&hellip;<\/p>\n","protected":false},"author":2885,"featured_media":0,"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-48644","post","type-post","status-publish","format-standard","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/48644","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\/2885"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=48644"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/48644\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=48644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=48644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=48644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}