{"id":54237,"date":"2018-04-19T18:21:50","date_gmt":"2018-04-19T15:21:50","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=54237"},"modified":"2018-04-21T11:23:02","modified_gmt":"2018-04-21T08:23:02","slug":"mahfi-egilmez-merkez-bankasina-esnek-faiz-politikasi-onerisi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/mahfi-egilmez-merkez-bankasina-esnek-faiz-politikasi-onerisi\/","title":{"rendered":"Mahfi E\u011filmez &#8211; Merkez Bankas\u0131&#8217;na Esnek Faiz Politikas\u0131 \u00d6nerisi"},"content":{"rendered":"<h2>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131<\/h2>\n<p>Merkez Bankas\u0131 Para Politikas\u0131 Kurulu toplant\u0131s\u0131 yakla\u015f\u0131rken Banka\u2019n\u0131n uygulad\u0131\u011f\u0131 faiz oran\u0131 her zaman oldu\u011fu gibi yine tart\u0131\u015fma konusu oluyor. Bu kez yabanc\u0131 fonlar ve yat\u0131r\u0131mc\u0131lar Merkez Bankas\u0131\u2019n\u0131n 25 ile 150 baz puan faiz art\u0131rmas\u0131 gerekti\u011fini savunuyorken yerli fon y\u00f6neticileri Merkez Bankas\u0131\u2019n\u0131n faiz art\u0131rmas\u0131na gerek olmad\u0131\u011f\u0131n\u0131 ileri s\u00fcr\u00fcyorlar. Konuya objektif olarak bakarsak enflasyonun y\u00fczde 10\u2019un \u00fczerinde seyretti\u011fi ve TL\u2019nin sepet kura kar\u015f\u0131, erken se\u00e7im karar\u0131n\u0131n olumlu etkisine ra\u011fmen, y\u0131lba\u015f\u0131na g\u00f6re y\u00fczde 8,5 kay\u0131p ya\u015fad\u0131\u011f\u0131 bir ortamda Merkez Bankas\u0131\u2019ndan faiz art\u0131r\u0131m\u0131 karar\u0131 beklenmesi do\u011frudur. Yerli fon y\u00f6neticileri burada ya\u015fad\u0131klar\u0131 i\u00e7in ister istemez kendilerini sistemle \u00f6zde\u015fle\u015ftiriyor ve Merkez Bankas\u0131\u2019n\u0131n yerine kendilerini koyarak d\u00fc\u015f\u00fcn\u00fcyorlar. \u00d6yle olunca da konu objektif de\u011ferlendirmenin d\u0131\u015f\u0131na \u00e7\u0131k\u0131yor ve Merkez Bankas\u0131\u2019n\u0131n kar\u015f\u0131 kar\u015f\u0131ya kald\u0131\u011f\u0131 bask\u0131lar vb devreye girince faiz art\u0131ramayaca\u011f\u0131 d\u00fc\u015f\u00fcncesi a\u011f\u0131rl\u0131k kazan\u0131yor. Sonu\u00e7ta kendilerini Merkez Bankas\u0131\u2019n\u0131n yerine koyarak meseleye bakt\u0131klar\u0131 i\u00e7in de faiz art\u0131rmamas\u0131 gerekti\u011fi sonucuna var\u0131yorlar.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1966671479\"><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\u2019n\u0131n bankalar\u0131 fonlamakta kulland\u0131\u011f\u0131 \u00fc\u00e7 arac\u0131 var: (1) Gecelik bor\u00e7 verme imk\u00e2n\u0131 (mevcut faiz oran\u0131 y\u00fczde 9,25), (2) Haftal\u0131k repo ihalesiyle bor\u00e7 verme imk\u00e2n\u0131 (mevcut faiz oran\u0131 y\u00fczde 8) ve (3) Ge\u00e7 likidite penceresi fonlama imk\u00e2n\u0131 (mevcut faiz oran\u0131 y\u00fczde 12,75). Merkez Bankas\u0131 uzunca bir s\u00fcredir haftal\u0131k repo ihalesi a\u00e7m\u0131yor ve bankalar\u0131 haftal\u0131k olarak fonlam\u0131yor. Bu durumda da politika faizi olarak ilan etti\u011fi y\u00fczde 8 oran\u0131ndaki haftal\u0131k bor\u00e7 verme faizi hi\u00e7bir anlam ta\u015f\u0131m\u0131yor. Buna kar\u015f\u0131l\u0131k d\u00fcnyadaki Merkez Bankas\u0131 faizleri listesinde bu y\u00fczde 8\u2019lik oran bizim Merkez Bankas\u0131\u2019n\u0131n politika faizi olarak yer almaya devam ediyor. 2017 \u00f6ncesinde ge\u00e7 likidite penceresi fonlamas\u0131 sadece zor durumda olan bankalara kulland\u0131r\u0131lan bir imk\u00e2n iken 2017 y\u0131l\u0131nda \u00f6nce gecelik bor\u00e7 verme imk\u00e2n\u0131yla birlikte s\u00fcrekli kullan\u0131lmaya ba\u015fland\u0131, sonra gecelik bor\u00e7 verme uygulamas\u0131 da ask\u0131ya al\u0131nd\u0131 ve ge\u00e7 likidite penceresi fonlamas\u0131 tek ba\u015f\u0131na kullan\u0131lmaya ba\u015fland\u0131. Bug\u00fcnk\u00fc g\u00f6r\u00fcn\u00fcmde Merkez Bankas\u0131\u2019n\u0131n d\u00fcnyaya a\u00e7\u0131klad\u0131\u011f\u0131 politika faizi y\u00fczde 8 olsa da ger\u00e7ekte bankalar\u0131 gecelik olarak fonlamakta uygulad\u0131\u011f\u0131 faiz y\u00fczde 12,75.<\/p>\n<h6>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"http:\/\/www.mahfiegilmez.com\/2018\/04\/merkez-bankasna-esnek-faiz-politikas.html\" target=\"_blank\" rel=\"noopener nofollow external\" data-wpel-link=\"external\">TIKLAYINIZ<\/a>.<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131 Merkez Bankas\u0131 Para Politikas\u0131 Kurulu toplant\u0131s\u0131 yakla\u015f\u0131rken Banka\u2019n\u0131n uygulad\u0131\u011f\u0131 faiz oran\u0131 her zaman oldu\u011fu gibi yine tart\u0131\u015fma konusu oluyor. Bu kez&hellip;<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","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":[808,801,847],"class_list":["post-54237","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi","tag-mahfi-egilmez-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54237","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=54237"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54237\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=54237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=54237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=54237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}