{"id":51872,"date":"2017-11-01T17:11:40","date_gmt":"2017-11-01T14:11:40","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=51872"},"modified":"2017-11-01T17:21:06","modified_gmt":"2017-11-01T14:21:06","slug":"erol-gurcan-tcmb-2017-yili-4-enflasyon-raporu-bilgilendirme-toplantisindan-notlar","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/erol-gurcan-tcmb-2017-yili-4-enflasyon-raporu-bilgilendirme-toplantisindan-notlar\/","title":{"rendered":"Erol G\u00fcrcan &#8211; TCMB 2017 Y\u0131l\u0131 4. Enflasyon Raporu Bilgilendirme Toplant\u0131s\u0131ndan Notlar"},"content":{"rendered":"<p><em><strong>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 (TCMB) 2017 y\u0131l\u0131n\u0131n 4. ve son Enflasyon Raporu\u2019nu bu sabah yay\u0131mlarken; her raporda oldu\u011fu gibi, d\u00fczenledi\u011fi bas\u0131n toplant\u0131s\u0131 ile raporun tan\u0131t\u0131m\u0131n\u0131 ger\u00e7ekle\u015ftirdi.<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2740067598\"><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>\u00a0<\/strong><strong>TCMB T\u00dcFE Tahminlerinde Yukar\u0131 Y\u00f6nl\u00fc Revizyona Gidildi<\/strong><\/p>\n<p>Bug\u00fcn yay\u0131mlanan rapor ile birlikte, TCMB; 2017, 2018 ve 2019 y\u0131lsonu T\u00dcFE tahminlerinde yukar\u0131 y\u00f6nl\u00fc revizyonlara gitti. A\u015fa\u011f\u0131daki tabloda 2016 y\u0131l\u0131 4. Enflasyon raporu itibariyle TCMB\u2019nin s\u0131ras\u0131yla enflasyon tahminlerinde yapt\u0131\u011f\u0131 revizeler; TCMB Hedefi ve TCMB Beklenti Anketi ile Orta Vadeli Programda \u00f6ng\u00f6r\u00fclen son rakamlar verilmi\u015ftir:<\/p>\n<p><a href=\"http:\/\/erolgurcan.com\/wp-content\/uploads\/2017\/11\/Erol-G\u00fcrcan-01.11.2017-1.png\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-534 aligncenter\" src=\"http:\/\/erolgurcan.com\/wp-content\/uploads\/2017\/11\/Erol-G\u00fcrcan-01.11.2017-1.png\" alt=\"\" width=\"691\" height=\"137\" \/><\/a><\/p>\n<p>A\u011fustos ay\u0131nda yay\u0131mlanan bir \u00f6nceki Enflasyon Raporu\u2019nda, enflasyonun 2017 y\u0131l sonunda % 70 olas\u0131l\u0131kla % 7.8 \u2013 9.6 aral\u0131\u011f\u0131nda (orta noktas\u0131 % 8.7) ger\u00e7ekle\u015fece\u011fi tahmini payla\u015f\u0131lm\u0131\u015ft\u0131. Son rapor ile birlikte % 70 olas\u0131l\u0131kl\u0131 tahmin aral\u0131\u011f\u0131 % 9.3 \u2013 10.3\u2019e (orta noktas\u0131\u00a0 % 9.8) revize edildi.<\/p>\n<p>Bir \u00f6nceki enflasyon raporuna g\u00f6re;<\/p>\n<ul>\n<li><strong>2017 y\u0131lsonu enflasyon tahmininde yap\u0131lan 1.1 puanl\u0131k yukar\u0131 y\u00f6nl\u00fc g\u00fcncelleme<\/strong>nin;\n<ul>\n<li>5 puan\u0131 TL cinsi ithalat fiyatlar\u0131 varsay\u0131m\u0131ndaki yukar\u0131 y\u00f6nl\u00fc revizyondan,<\/li>\n<li>4 puan\u0131 \u00e7\u0131kt\u0131 a\u00e7\u0131\u011f\u0131ndaki yukar\u0131 y\u00f6nl\u00fc g\u00fcncellemeden,<\/li>\n<li>2 puan\u0131 ise 2017\/3.\u00c7eyrek enflasyon ger\u00e7ekle\u015fmelerinin \u00f6nceki tahminlerin \u00fczerinde olmas\u0131 ve enflasyon ana e\u011filimindeki y\u00fckseli\u015ften kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><strong>2018 y\u0131lsonu enflasyon tahmininde yap\u0131lan 0.6 puanl\u0131k yukar\u0131 y\u00f6nl\u00fc g\u00fcncelleme<\/strong>nin;\n<ul>\n<li>4 puan\u0131 TL cinsi ithalat fiyatlar\u0131 varsay\u0131m\u0131ndaki yukar\u0131 y\u00f6nl\u00fc revizyondan,<\/li>\n<li>1 puan\u0131 \u00e7\u0131kt\u0131 a\u00e7\u0131\u011f\u0131ndaki yukar\u0131 y\u00f6nl\u00fc g\u00fcncellemeden,<\/li>\n<li>1 puan\u0131 ise 2017\/3.\u00c7eyrek enflasyon ger\u00e7ekle\u015fmelerinin \u00f6nceki tahminlerin \u00fczerinde olmas\u0131 ve enflasyon ana e\u011filimindeki y\u00fckseli\u015ften kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>T\u00dcFE\u2019nin Aral\u0131k 2016 itibariyle d\u00fc\u015f\u00fc\u015f e\u011filimine girmesi bekleniyor, ama\u2026<\/strong><\/p>\n<p>TCMB Ba\u015fkan\u0131 \u00c7etinkaya, enflasyonun Aral\u0131k 2016 itibariyle baz etkilerinin (i\u015flenmemi\u015f g\u0131da ve ge\u00e7en y\u0131lsonunda t\u00fct\u00fcn ve otomotive yap\u0131lan vergi ayarlamalar\u0131 kaynakl\u0131) lehe d\u00f6nmesiyle enflasyon taraf\u0131nda d\u00fc\u015f\u00fc\u015f g\u00f6zlenmesinin beklendi\u011fi ifade edildi. Di\u011fer taraftan, soru-cevap b\u00f6l\u00fcm\u00fcnde gelen bir soruya istinaden bu hafta a\u00e7\u0131klanacak olan Ekim 2017 T\u00dcFE rakamlar\u0131nda piyasadaki konsens\u00fcs beklentilere g\u00f6re negatif bir s\u00fcrpriz gelme olas\u0131l\u0131\u011f\u0131n\u0131n bulundu\u011fu ifade edildi. Bu nedenle, gerek bu hafta g\u00f6rece\u011fimiz ekim, gerekse de gelecek ay g\u00f6rece\u011fimiz kas\u0131m rakamlar\u0131nda da T\u00dcFE\u2019deki y\u00fcksek seyrin devam edece\u011fini s\u00f6yleyebiliriz. Ayr\u0131ca, yak\u0131n d\u00f6nemde TL\u2019de g\u00f6r\u00fclen de\u011fer kay\u0131plar\u0131 ile birlikte 2018 y\u0131l\u0131 i\u00e7in planlanan vergi art\u0131\u015f\u0131n\u0131n da en iyi ihtimalle lehe d\u00f6necek olan baz etkisini s\u0131n\u0131rlayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyor; bu nedenle enflasyon taraf\u0131nda a\u015fa\u011f\u0131dan ziyade yukar\u0131 y\u00f6nl\u00fc risklerin h\u00e2len a\u011f\u0131r basan tarafta kalmaya devam etti\u011fini de\u011ferlendiriyoruz.<\/p>\n<p><strong>TCMB\u2019nin tahmin ve mesajlar\u0131 piyasay\u0131 ikna etmeye \u015fu an i\u00e7in pek yetmedi\u2026 <\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1161376064\"><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>TCMB, taraf\u0131ndan yap\u0131lan de\u011ferlendirmelerde iktisadi faaliyetteki toparlanman\u0131n genel anlamda devam edece\u011fi varsay\u0131m\u0131nda bulunuldu\u011fu ifade edildi. Buna kar\u015f\u0131n, gelecek y\u0131l i\u00e7 talepte g\u00f6rece \u0131l\u0131ml\u0131 bir g\u00f6r\u00fcn\u00fcm sergilenece\u011fi beklentisi ile \u00e7\u0131kt\u0131 a\u00e7\u0131\u011f\u0131 taraf\u0131ndan enflasyon g\u00f6r\u00fcn\u00fcm\u00fcne katk\u0131 sa\u011flanaca\u011f\u0131 ifade edildi. Orta Vadeli Program\u2019daki % 5.5\u2019lik 2018 y\u0131l\u0131 b\u00fcy\u00fcme tahmini ile 2017 y\u0131l\u0131nda b\u00fcy\u00fcme taraf\u0131ndaki mevcut g\u00fc\u00e7l\u00fc seyri g\u00f6z \u00f6n\u00fcne ald\u0131\u011f\u0131m\u0131zda; \u00e7\u0131kt\u0131 a\u00e7\u0131\u011f\u0131 \u00fczerinden enflasyona sa\u011flanmas\u0131 beklenen olumlu etkinin fazla iyimser bir tahmin oldu\u011funu de\u011ferlendirmekteyiz.<\/p>\n<p>Ayr\u0131ca, enflasyon ger\u00e7ekle\u015fmeleri ve beklentilerindeki mevcut bozulma, yak\u0131n d\u00f6nemde TL\u2019de g\u00f6zlenen de\u011fer kay\u0131plar\u0131, enerji ve emtia fiyatlar\u0131ndaki y\u00fckseli\u015f ile k\u0131sa vadede enflasyonda negatif s\u00fcrpriz beklentisine kar\u015f\u0131n son Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131nda faizlerde herhangi bir de\u011fi\u015fikli\u011fe gidilmemi\u015f olmas\u0131n\u0131n gerek\u00e7esi de y\u00f6neltilen sorular aras\u0131ndayd\u0131.<\/p>\n<p>Bu konuya ili\u015fkin, karar metnine yap\u0131lan para politikas\u0131ndaki s\u0131k\u0131 duru\u015fun enflasyonda belirgin bir iyile\u015fme g\u00f6r\u00fclene kadar korunaca\u011f\u0131 ifadesine \u201cenflasyonun hedeflerle uyumlu h\u00e2le gelene kadar\u201d ifadesinin eklenmi\u015f olmas\u0131n\u0131n; TCMB\u2019nin yukar\u0131 y\u00f6nl\u00fc risklerin fark\u0131nda oldu\u011fu ve gerekli g\u00f6rmesi durumunda elindeki ara\u00e7larla m\u00fcdahale etmeye haz\u0131r oldu\u011fu, dolay\u0131s\u0131yla s\u0131k\u0131 duru\u015fun daha g\u00fc\u00e7lendirildi\u011fi anlam\u0131n\u0131 ta\u015f\u0131d\u0131\u011f\u0131 ifade edildi.<\/p>\n<p>Ge\u00e7en y\u0131l ya\u015fanan i\u00e7-d\u0131\u015f negatif \u015foklar ile sene ba\u015f\u0131ndaki k\u00fcresel beklentilerde g\u00f6zlenen bozulmalar\u0131n enflasyon g\u00f6r\u00fcn\u00fcm\u00fcnde bozulmaya yol a\u00e7t\u0131\u011f\u0131; ayr\u0131ca 2016 y\u0131l\u0131 sonunda % 10\u2019lara gerileyen kredi b\u00fcy\u00fcme h\u0131z\u0131n\u0131n Kredi Garanti Fonu (KGF) etkisiyle kredi b\u00fcy\u00fcmesinde sert bir art\u0131\u015fa yol a\u00e7m\u0131\u015f olmas\u0131n\u0131n aktar\u0131m mekanizmas\u0131n\u0131n i\u015fleyi\u015fini olumsuz etkiledi\u011fi belirtildi. KGF etkisinin normalize olmaya ba\u015flamas\u0131yla birlikte aktar\u0131m mekanizmas\u0131n\u0131n etkinli\u011finin artaca\u011f\u0131, ayr\u0131ca aral\u0131k itibariyle enflasyonda beklenen d\u00fc\u015f\u00fc\u015f e\u011filimi ve gelecek y\u0131la ili\u015fkin enflasyon beklentilerinin mevcut seviyelerin alt\u0131nda oldu\u011fu dikkate alarak para politikas\u0131ndaki mevcut s\u0131k\u0131l\u0131\u011f\u0131n yeterli oldu\u011funu d\u00fc\u015f\u00fcnd\u00fckleri ve son toplant\u0131 itibariyle herhangi bir de\u011fi\u015fikli\u011fe ihtiya\u00e7 duyulmad\u0131\u011f\u0131 ifade edildi. TCMB\u2019nin beklentisi, enflasyonda beklenen d\u00fc\u015f\u00fc\u015f e\u011filimine KGF etkisinin ge\u00e7mesiyle aktar\u0131m mekanizmas\u0131 \u00fczerinden mevcut s\u0131k\u0131 duru\u015fun da katk\u0131 verece\u011fi y\u00f6n\u00fcnde.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3821805105\"><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>S\u0131k\u0131 Para Politikas\u0131nda Zorunlu Kar\u015f\u0131l\u0131klar \u0130ner mi?<\/strong><\/p>\n<p>Yak\u0131n d\u00f6nemde Ekonomi Bakan\u0131 Zeybekci taraf\u0131ndan yap\u0131lan de\u011ferlendirmelerde; kredi faizlerinin d\u00fc\u015f\u00fcr\u00fclebilmesi i\u00e7in kaynak maliyetlerinde ayarlamalar yap\u0131labilece\u011fi y\u00f6n\u00fcnde a\u00e7\u0131klamalar gelmi\u015fti. \u00d6neri olarak da baz\u0131 vergi ve har\u00e7lar\u0131n d\u00fc\u015f\u00fcr\u00fclmesi ile zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131n daha makul oranlara indirilmesi konusunda g\u00f6r\u00fc\u015flerini payla\u015fm\u0131\u015f; bunun sadece kendi \u00f6nerisi oldu\u011funu vurgulayarak karar konusunda as\u0131l taraflar\u0131n Maliye, Hazine, Merkez Bankas\u0131 ve Bankalar Birli\u011fi oldu\u011funu ifade etmi\u015fti. Soru-cevap b\u00f6l\u00fcm\u00fcnde TCMB Ba\u015fkan\u0131 \u00c7etinkaya\u2019ya bu konuya ili\u015fkin g\u00f6r\u00fc\u015fleri ve para politikas\u0131ndaki s\u0131k\u0131 duru\u015f dikkate al\u0131nd\u0131\u011f\u0131nda bu \u015fekilde gev\u015fetici bir hamle g\u00f6r\u00fclme olas\u0131l\u0131\u011f\u0131 soruldu. <strong>Yan\u0131t olarak,<\/strong> zorunlu kar\u015f\u0131l\u0131klara ili\u015fkin olas\u0131 bir ayarlama konusunda do\u011frudan bir cevap verilmemekle birlikte; TCMB\u2019nin hedefinin kal\u0131c\u0131 iyile\u015fme ve istikrar oldu\u011fu vurgusunu yaparak; kaynak maliyetleri a\u00e7\u0131s\u0131ndan tasarruf oranlar\u0131n\u0131n art\u0131r\u0131lmas\u0131, fiyat istikrar\u0131n\u0131n art\u0131raca\u011f\u0131 \u00f6ng\u00f6r\u00fclebilirlik ve sermaye piyasalar\u0131n\u0131n geli\u015fmesinin \u00f6nemine vurgu yapt\u0131. Buradan hareketle, \u015fu an i\u00e7in TCMB\u2019nin kar\u015f\u0131l\u0131klar\u0131n indirilmesi y\u00f6n\u00fcnde bir haz\u0131rl\u0131k i\u00e7inde olmad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz. Bankalar\u0131n kredi vermek i\u00e7in temel fonlama kaynaklar\u0131n\u0131n mevduat, bono-tahvil ihrac\u0131 ve yurt d\u0131\u015f\u0131 bor\u00e7lanma oldu\u011funu dikkate alarak (sermayeleri d\u0131\u015f\u0131nda) olas\u0131 bir kar\u015f\u0131l\u0131k indiriminin k\u0131sa vadede kredi b\u00fcy\u00fcme potansiyelini art\u0131r\u0131c\u0131 ihtimali oldu\u011funu varsaymakla birlikte; kredi faizlerinde kal\u0131c\u0131 bir d\u00fc\u015f\u00fc\u015f i\u00e7in sorunun as\u0131l \u00e7\u00f6z\u00fcm\u00fc olmayaca\u011f\u0131n\u0131 ve Kredi\/Mevduat oranlar\u0131n\u0131n mevcut seyrini dikkate alarak k\u0131r\u0131lganl\u0131\u011f\u0131 art\u0131r\u0131c\u0131 bir unsur olaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n<p><strong>Raporda \u00e7e\u015fitli g\u00fcncel konulara ili\u015fkin analizlerin yer ald\u0131\u011f\u0131 kutular<\/strong><\/p>\n<p>Enflasyon Raporlar\u0131nda ana b\u00f6l\u00fcmlere ilave olarak ekonominin farkl\u0131 alanlar\u0131na dair \u00f6zel konular\u0131n ayr\u0131nt\u0131l\u0131 \u015fekilde incelendi\u011fi kutular da yer al\u0131yor. Bu raporda yer alan kutular \u015fu \u015fekilde:<\/p>\n<ul>\n<li><em>Fed Bilan\u00e7osunun K\u00fc\u00e7\u00fclt\u00fclmesi ve Olas\u0131 Etkileri<\/em> (Kutu 2.1., Sayfa 20)<\/li>\n<li><em>\u00dcretici Fiyatlar\u0131ndan T\u00fcketici Fiyatlar\u0131na Ge\u00e7i\u015fkenlik <\/em>(Kutu 3.1., Sayfa 36)<\/li>\n<li><em>T\u00fcrkiye\u2019nin Cari \u0130\u015flemler A\u00e7\u0131\u011f\u0131nda Reel \u0130yile\u015fme<\/em> (Kutu 4.1., Sayfa 51)<\/li>\n<li><em>Birim \u0130\u015fg\u00fcc\u00fc Maliyeti Bazl\u0131 Reel Efektif D\u00f6viz Kuru Endeksinin Kapsam\u0131n\u0131n Geni\u015fletilmesi<\/em> (Kutu 4.2., Sayfa 53)<\/li>\n<li><em>\u0130malat Sanayiinde Kapasite Kullan\u0131m\u0131 ve Yat\u0131r\u0131ma Etkileri<\/em> (Kutu 4.3., Sayfa 56)<\/li>\n<li><em>Kredi Kanal\u0131n\u0131n Para Politikas\u0131n\u0131n Aktar\u0131m\u0131ndaki Rol\u00fc: T\u00fcrkiye Ekonomisine Dair Anket Temelli Bir Analiz<\/em> (Kutu 5.1., Sayfa 69)<\/li>\n<\/ul>\n<p><strong>\u00d6zetle\u2026<\/strong><\/p>\n<p>Son PPK toplant\u0131s\u0131nda oldu\u011fu gibi bug\u00fcnk\u00fc Enflasyon Raporu toplant\u0131s\u0131nda da TCMB\u00a0 taraf\u0131ndan verilen mesajlar\u0131n; \u015fu an i\u00e7in piyasalar\u0131 rahatlatma ve\/veya ikna etme a\u00e7\u0131s\u0131ndan pek yeterli olmad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz. Toplant\u0131 sonras\u0131nda TL\u2019de g\u00f6zlenen de\u011fer kay\u0131plar\u0131n\u0131n da bu durumu teyit eder nitelikte oldu\u011funu s\u00f6yleyebiliriz. Mevcut risk ve belirsizliklerde herhangi bir rahatlama g\u00f6r\u00fclmedik\u00e7e, \u00f6zellikle de a\u00e7\u0131klanacak T\u00dcFE rakamlar\u0131nda ifade edildi\u011fi gibi negatif s\u00fcrprizler g\u00f6r\u00fclmesi durumunda; piyasan\u0131n TCMB\u2019yi test etmek isteyebilece\u011fi ve TL\u2019deki de\u011fer kay\u0131plar\u0131n\u0131n devam edebilece\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz. Ayr\u0131ca, enflasyon beklentilerinde g\u00f6zlenen mevcut bozulman\u0131n bir miktar daha derinle\u015fmesi riski bulunmas\u0131 nedeniyle de TCMB\u2019nin mevcut duru\u015fu ile mesajlar\u0131n\u0131n yeterince ikna edici olarak de\u011ferlendiremedi\u011fimizi da ifade edelim. 2017 y\u0131lsonu i\u00e7in % 10.1 seviyesinde olan T\u00dcFE tahminimizi korumaya devam ediyoruz.<\/p>\n<p>2017 itibariyle planl\u0131 PPK say\u0131s\u0131 8\u2019e inen TCMB\u2019nin bir sonraki ve y\u0131l\u0131n son toplant\u0131s\u0131 14 Aral\u0131k tarihinde ger\u00e7ekle\u015ftirilecek. Ayr\u0131ca, 30 Kas\u0131m\u2019daki y\u0131l\u0131n 2. ve son Finansal \u0130stikrar Raporu ile 5 Aral\u0131k\u2019taki 2018 Y\u0131l\u0131 Para ve Kur Politikas\u0131 metinlerinin de bas\u0131n toplant\u0131s\u0131yla tan\u0131t\u0131lacak olmas\u0131 nedeniyle TCMB\u2019nin son PPK\u2019ya kadar 2 defa daha piyasalara do\u011frudan s\u00f6zl\u00fc m\u00fcdahale \u015fans\u0131n\u0131n bulundu\u011funu hat\u0131rlatal\u0131m.<\/p>\n<p>Bug\u00fcn yay\u0131nlanan 2017 Y\u0131l\u0131 4. Enflasyon Raporu ve toplant\u0131ya ili\u015fkin detaylara TCMB sitesinden veya a\u015fa\u011f\u0131daki ilgili ba\u015fl\u0131klar\u0131 t\u0131klayarak ula\u015fabilirsiniz:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/05d70252-0fa7-4257-9777-fedee4cc36b7\/enf-ekim2017_tam.pdf?MOD=AJPERES&amp;CACHEID=ROOTWORKSPACE-05d70252-0fa7-4257-9777-fedee4cc36b7-lZSPt8Z\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">Raporun Tam Metni<\/a><\/li>\n<li><a href=\"http:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/7e4427e2-2db0-4d0e-85cf-5ee721746757\/7b17-4.pdf?MOD=AJPERES&amp;CACHEID=ROOTWORKSPACE-7e4427e2-2db0-4d0e-85cf-5ee721746757-lZSBeq0\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">Orta Vadeli \u00d6ng\u00f6r\u00fcler B\u00f6l\u00fcm\u00fc<\/a><\/li>\n<li><a href=\"http:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/TCMB+TR\/TCMB+TR\/Main+Menu\/Duyurular\/Baskanin+Konusmalari\/2017\/KonusmaB01_11_2017\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">TCMB Ba\u015fkan\u0131 \u00c7etinkaya\u2019n\u0131n Konu\u015fma Metni<\/a><\/li>\n<li><a href=\"http:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/6c8b6ab6-1532-474c-a0bf-31d85a0b4925\/SunumB01_11_2017.pdf?MOD=AJPERES&amp;CACHEID=ROOTWORKSPACE-6c8b6ab6-1532-474c-a0bf-31d85a0b4925-lZSzWTv\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">TCMB Ba\u015fkan\u0131 \u00c7etinkaya\u2019n\u0131n Sunumu<\/a><\/li>\n<\/ul>\n<p style=\"text-align: right;\"><strong>Erol G\u00fcrcan<\/strong><\/p>\n<p style=\"text-align: right;\">Gedik Yat\u0131r\u0131m<\/p>\n<p style=\"text-align: right;\">Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 M\u00fcd\u00fcr\u00fc<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 (TCMB) 2017 y\u0131l\u0131n\u0131n 4. ve son Enflasyon Raporu\u2019nu bu sabah yay\u0131mlarken; her raporda oldu\u011fu gibi, d\u00fczenledi\u011fi bas\u0131n toplant\u0131s\u0131 ile raporun tan\u0131t\u0131m\u0131n\u0131&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-51872","post","type-post","status-publish","format-standard","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/51872","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=51872"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/51872\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=51872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=51872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=51872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}