{"id":8185,"date":"2011-11-26T16:49:42","date_gmt":"2011-11-26T13:49:42","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=8185"},"modified":"2011-11-26T16:49:42","modified_gmt":"2011-11-26T13:49:42","slug":"kur-o-kadar-da-cok-dalgalanmiyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/kur-o-kadar-da-cok-dalgalanmiyor\/","title":{"rendered":"&#8220;Kur O Kadar da \u00c7ok Dalgalanm\u0131yor!&#8221;"},"content":{"rendered":"<p>Merkez Bankas\u0131 Ba\u015fkan\u0131 Erdem Ba\u015f\u00e7\u0131 &#8220;Dalgalanma d\u00fc\u015f\u00fcncesi gerceli&#8221;<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2175038361\"><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\u00a0Ba\u015fkan\u0131\u00a0Erdem Ba\u015f\u00e7\u0131, &#8221;T\u00fcrkiye&#8217;dekurun\u00a0dalgalanmas\u0131 o kadar \u00e7ok de\u011fil. Belki de insanlar bunun daha \u00e7ok dalgaland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyor, ama g\u00f6rece olarak bakt\u0131\u011f\u0131n\u0131zda, bug\u00fcnk\u00fc ortam i\u00e7inde di\u011fer \u00fclkelerle kar\u015f\u0131la\u015ft\u0131rd\u0131\u011f\u0131n\u0131zda bizde asl\u0131nda \u00e7ok b\u00fcy\u00fck birdalgalanma\u00a0yok&#8221; dedi.<\/p>\n<p>Ba\u015f\u00e7\u0131,\u00a0Merkez Bankas\u0131\u00a0taraf\u0131ndan d\u00fczenlenen ve d\u00fcn ba\u015flayan &#8221;Finansal\u00a0\u0130stikrar\u0131n,\u00a0EnflasyonHedeflemesine Dahil Edilmesi&#8221; konulu konferans\u0131n son oturumunda yapt\u0131\u011f\u0131 konu\u015fmada,\u00a0Merkez Bankas\u0131&#8217;n\u0131n \u00f6zellikle son bir y\u0131l i\u00e7inde uygulad\u0131\u011f\u0131 para politikas\u0131 hakk\u0131nda bilgi verdi.<\/p>\n<p>Kredi b\u00fcy\u00fcmesini dengelemeye \u00e7al\u0131\u015ft\u0131klar\u0131n\u0131, Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme\u00a0Kurumu (BDDK) tedbirleri, zorunluk kar\u015f\u0131l\u0131k ve sermaye yeterlilik oran\u0131 tedbirlerinden sonra t\u00fcketici kredisi b\u00fcy\u00fcme oran\u0131n\u0131n yak\u0131n zamanda y\u00fczde 10&#8217;un alt\u0131na kadar indi\u011fini hat\u0131rlatan Ba\u015f\u00e7\u0131, bunun \u00f6nemli bir geli\u015fme oldu\u011funu vurgulad\u0131.<\/p>\n<p>D\u00f6vize de de\u011finen Ba\u015f\u00e7\u0131, konu\u015fmas\u0131n\u0131 \u015f\u00f6yle s\u00fcrd\u00fcrd\u00fc:<\/p>\n<p>&#8221;\u00c7\u0131k\u0131\u015f olursa o zaman\u00a0kurunuz d\u00fc\u015fer, giri\u015f olursa\u00a0kurunuz y\u00fckselir. Uygulad\u0131\u011f\u0131n\u0131z politikalarla, budalgalanmalar\u0131 daha da dengeleyebilirsiniz. T\u00fcrkiye&#8217;de\u00a0kur\u00a0dalgalanmalar\u0131na bakarsan\u0131z, g\u00f6receli olarak volatiliteyi ba\u015fka \u00fclkelerle k\u0131yaslad\u0131\u011f\u0131n\u0131zda biz bunu daha dengelemi\u015f vaziyetteyiz. T\u00fcrkiye&#8217;de\u00a0kurun\u00a0dalgalanmas\u0131 o kadar \u00e7ok de\u011fil. Belki de insanlar bunun daha \u00e7ok dalgaland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyor, ama g\u00f6rece olarak bakt\u0131\u011f\u0131n\u0131zda, bug\u00fcnk\u00fc ortam i\u00e7inde di\u011fer \u00fclkelerle kar\u015f\u0131la\u015ft\u0131rd\u0131\u011f\u0131n\u0131zda bizde asl\u0131nda \u00e7ok b\u00fcy\u00fck bir\u00a0dalgalanma\u00a0yok. Bu, hem d\u00f6viz sat\u0131\u015f\u0131, hem de faiz koridoru vas\u0131tas\u0131yla gelinen bir durum&#8230;\u00a0Kur\u00a0ne \u015fekilde gidiyor? Giri\u015f oldu\u011funda\u00a0kur\u00a0de\u011fer kazan\u0131yor. Biz, faiz koridorunu kesiyoruz. O zaman temel olarak\u00a0kurumuz de\u011fer kaybetti. Avrupa&#8217;daki sorunlar artt\u0131k\u00e7a, TL asl\u0131nda ba\u015fka para birimlerine bak\u0131l\u0131rsa gayet iyi durumda. Yani tam olarak y\u00f6netemeseniz bile belli oranda\u00a0kur\u00a0\u00fczerinde etki yapmak m\u00fcmk\u00fcn.&#8221;<\/p>\n<p><strong>&#8220;L\u0130K\u0130D\u0130TE TARAFINDA SIKIYIZ&#8221;<\/strong><br \/>\nErdem Ba\u015f\u00e7\u0131,\u00a0enflasyon\u00a0hedeflemesine de dikkati \u00e7ekerek, \u015funlar\u0131 kaydetti:<\/p>\n<p>&#8221;Enflasyonu hi\u00e7bir zaman hedeften ay\u0131rmamak laz\u0131m. Burada olduk\u00e7a iyi gidiyoruz. Yak\u0131n zamanda vergi art\u0131\u015f\u0131 nedeniyle birtak\u0131m ilave fiyat bask\u0131lar\u0131 oldu. K\u0131sa vadede\u00a0enflasyondaki art\u0131\u015flar devam ediyor, ama ge\u00e7ici olarak y\u00fcksek olan\u00a0enflasyon, di\u011fer \u00fclkelerden \u00f6nc\u00fc olacak bize&#8230; Yani di\u011fer geli\u015fmekte olan ekonomiler b\u00fcy\u00fck ihtimalle\u00a0enflasyon\u00a0a\u00e7\u0131s\u0131ndan \u00f6n\u00fcm\u00fczdeki aylar takip edecekler. \u00c7\u00fcnk\u00fc onlar\u0131n para biriminin de\u011fer kayb\u0131 daha yeni ba\u015flad\u0131. Son 3 ayd\u0131r b\u00fct\u00fcn geli\u015fmekte olan piyasalar\u0131n para biriminde bir d\u00fc\u015f\u00fc\u015f oldu. Onlar gelecekte ge\u00e7ici olarak\u00a0enflasyonda y\u00fckselme ya\u015fayacaklar. Biz \u015fimdi ya\u015f\u0131yoruz.&#8221;<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1711091604\"><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>Likidite taraf\u0131nda s\u0131k\u0131 olduklar\u0131n\u0131n alt\u0131n\u0131 \u00e7izen Ba\u015f\u00e7\u0131, &#8221;Sisteme \u00e7ok fazla likidite vermiyoruz. B\u00f6yle olursa o zaman\u00a0enflasyon\u00a0taraf\u0131nda g\u00fcvende olmam\u0131z laz\u0131m. Tabii burada beklentilerin y\u00f6netilmesi \u00e7ok \u00f6nemli. Birden fazla hedef, birden fazla enstr\u00fcman bazen kat\u0131l\u0131mc\u0131lar\u0131n kafas\u0131n\u0131 kar\u0131\u015ft\u0131rmaya sebebiyet verebiliyor. Fiyat\u00a0istikrar\u0131 hedefini hi\u00e7bir zaman unutmamak gerekiyor&#8221; dedi.<\/p>\n<p><strong>PARA BASMAK R\u0130SKL\u0130<\/strong><br \/>\nMerkez Bankas\u0131\u00a0Ba\u015fkan\u0131\u00a0Erdem Ba\u015f\u00e7\u0131, e\u011fer herhangi bir\u00a0merkez bankas\u0131\u00a0arkas\u0131 olmayan paray\u0131 basarsa\u00a0enflasyon, e\u011fer finansal sekt\u00f6r arkas\u0131nda deste\u011fi olmayan paray\u0131 basarsa kriz oldu\u011funu belirtti.<\/p>\n<p>Ba\u015f\u00e7\u0131,\u00a0Merkez Bankas\u0131\u00a0taraf\u0131ndan d\u00fczenlenen &#8221;Finansal\u00a0\u0130stikrar\u0131n, Enflasyon Hedeflemesine Dahil Edilmesi&#8221; konulu konferans\u0131n son oturumundaki konu\u015fmas\u0131n\u0131n ard\u0131ndan kat\u0131l\u0131mc\u0131lar\u0131n sorular\u0131n\u0131 yan\u0131tlad\u0131.<\/p>\n<p>Erdem Ba\u015f\u00e7\u0131, ge\u00e7mi\u015fte para politikas\u0131yla ilgili tek enstr\u00fcman kullanman\u0131n etkileri ve sermaye ak\u0131\u015f\u0131 \u00f6nlemlerine ili\u015fkin bir soruya kar\u015f\u0131l\u0131k, makro ihtiyati d\u00fczenlemelerle sermaye ak\u0131\u015f\u0131 d\u00fczenlemelerinin tan\u0131m\u0131na, aradaki fark\u0131n ne oldu\u011funa bakmak gerekti\u011fini ifade ederek, T\u00fcrkiye&#8217;nin bu anlamda bir tanesini kulland\u0131\u011f\u0131n\u0131, bunun yabanc\u0131 para cinsinden ailelerin bor\u00e7lanmas\u0131n\u0131n yasaklanmas\u0131 oldu\u011funu s\u00f6yledi.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-703375536\"><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>Ba\u015f\u00e7\u0131, \u015funlar\u0131 kaydetti:<\/p>\n<p>&#8221;Bu bir makro ihtiyati ara\u00e7 gibi g\u00f6r\u00fcn\u00fcyor ama asl\u0131nda sermaye ak\u0131\u015f\u0131 ile ilgili olarak g\u00f6r\u00fclmeli. \u00c7\u00fcnk\u00fc T\u00fcrk vatanda\u015f\u0131n\u0131 d\u00fcnya vatanda\u015flar\u0131na g\u00f6re ay\u0131r\u0131yor. \u00c7\u00fcnk\u00fc d\u00fcnya vatanda\u015flar\u0131 istedi\u011fini yapabiliyor. O kadar net bir ayr\u0131m de\u011fil ama burada esas mesele uygulama. Sermaye ak\u0131\u015f kontrolleri, ya da sermaye kontrol\u00fc \u00f6nlemlerini uygulayabilir misiniz? Bu \u00e7ok zor. Tek enstr\u00fcmana gelince birden fazla enstr\u00fcman olmas\u0131n\u0131n daha iyi oldu\u011funu san\u0131r\u0131m herkes \u00f6\u011frendi. Birden fazla enstr\u00fcman olmas\u0131ndan da hepimiz memnunuz ama cari hesab\u0131n arkas\u0131nda yatan esas meselenin kur de\u011fil kredi oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz. \u00d6nce ithal mal\u0131 almak i\u00e7in paran\u0131z olmas\u0131 laz\u0131m ve bunu da d\u0131\u015far\u0131dan \u00f6d\u00fcn\u00e7 al\u0131yorsunuz. O zaman bak\u0131yorsunuz mallara, yurt i\u00e7i mal m\u0131 yurt d\u0131\u015f\u0131 mal m\u0131 acaba? \u00d6nce para olmal\u0131. Buradaki teoriyi herkes biliyor; tek bir mal olan modelde a\u015f\u0131r\u0131 oranda cari hesap a\u00e7\u0131\u011f\u0131 olabilir. Bu krediden kaynaklan\u0131r. Onun i\u00e7in biz cari a\u00e7\u0131k problemiyle ilgili olarak para birimi yerine daha \u00e7ok krediye odaklan\u0131yoruz.&#8221;<\/p>\n<p>Ba\u015f\u00e7\u0131, &#8221;E\u011fer herhangi bir merkez bankas\u0131 arkas\u0131 olmayan paray\u0131 basarsa enflasyon oluyor, e\u011fer finansal sekt\u00f6r arkas\u0131nda deste\u011fi olmayan paray\u0131 bas\u0131yorsa kriz oluyor&#8221; dedi.<\/p>\n<p>AA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Merkez Bankas\u0131 Ba\u015fkan\u0131 Erdem Ba\u015f\u00e7\u0131 &#8220;Dalgalanma d\u00fc\u015f\u00fcncesi gerceli&#8221; Merkez Bankas\u0131\u00a0Ba\u015fkan\u0131\u00a0Erdem Ba\u015f\u00e7\u0131, &#8221;T\u00fcrkiye&#8217;dekurun\u00a0dalgalanmas\u0131 o kadar \u00e7ok de\u011fil. Belki de insanlar bunun daha \u00e7ok dalgaland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyor, ama&hellip;<\/p>\n","protected":false},"author":2,"featured_media":4702,"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":[317],"class_list":["post-8185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar","tag-finansal-istikrar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/8185","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=8185"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/8185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/4702"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=8185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=8185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=8185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}