{"status":true,"post":{"id":34466,"user_id":23,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 21:38:43","created_at":"2022-08-18T21:00:00.000000Z","updated_at":"2022-10-24T18:38:43.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":34466,"is_featured":0,"title":"TCMB faiz karar\u0131 ve piyasalara etkisi","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p style=\"text-align: right;\"><span class=\"large\"><strong>H\u0130KMET BAYDAR<\/strong><\/span><br><span class=\"large\"> <strong><\/strong><\/span><\/p>  <p><span class=\"large\">TCMB, 18 A\u011fustos 2022\u2019de politika faizi olan 1 haftal\u0131k repo ihale faiz oran\u0131n\u0131 y\u00fczde 14\u2019ten y\u00fczde 13\u2019e indirdi. Yani bankalara bundan sonra 100 baz puan daha az bir faizle bor\u00e7 verecek. Merkez Bankas\u0131\u2019n\u0131n a\u00e7\u0131klad\u0131\u011f\u0131 faiz, do\u011frudan Merkez Bankas\u0131\u2019n\u0131n bankalara 1 haftal\u0131k bor\u00e7larda ge\u00e7erli olan bir oran. Di\u011fer TCMB piyasalar\u0131nda ge\u00e7erli bir oran de\u011fil. Ancak bu \u015fekilde bankalar\u0131n kendisinden bor\u00e7lanma maliyetlerini de 100 baz puan d\u00fc\u015f\u00fcrm\u00fc\u015f oldu.<\/span><\/p>  <p><span class=\"large\"><strong>\u015e\u0130MD\u0130 NE OLACAK?<\/strong><\/span><\/p>  <p><span class=\"large\">S\u00f6z konusu indirim, piyasa beklentilerinden farkl\u0131d\u0131r. Yani piyasa bir de\u011fi\u015fiklik beklemiyorken indirim gelmi\u015ftir. Dolay\u0131s\u0131yla bu hareketin fiyatlara yans\u0131mas\u0131n\u0131 g\u00f6rece\u011fiz. \u00d6rne\u011fin ilk tepki Amerikan Dolar\u0131\u2019nda oldu ve 18 TL\u2019nin \u00fczerine \u00e7\u0131kt\u0131. Daha sonra Vadeli \u0130\u015flem ve Opsiyon boras\u0131nda Temmuz vadeli USD\/TL kontrat\u0131nda fiyat 26\u2019lardan 27\u2019lerin \u00fczerine y\u00fckseldi. Normal piyasa ko\u015fullar\u0131nda faizler d\u00fc\u015f\u00fcnce vadeli fiyatlarda vade fark\u0131n\u0131n azalmas\u0131 nedeniyle daha sert d\u00fc\u015f\u00fc\u015fler olurdu. Ancak tam tersine sanki faiz y\u00fckselmi\u015f gibi bir tepki var. Buradan \u015funu anl\u0131yoruz;<\/span><\/p>  <p><span class=\"large\">D\u00fc\u015f\u00fcr\u00fclen faiz piyasada dolar al\u0131m e\u011filimini tetikliyor gibi bir hava olu\u015fturuluyor. Bu arada d\u00fc\u015fen faizlerin her zaman i\u00e7in borsalar\u0131n lehine oldu\u011funu unutmamak laz\u0131m.<\/span><\/p>  <p><span class=\"large\"><strong>TCMB POL\u0130T\u0130KA FA\u0130Z\u0130NDEK\u0130 D\u00dc\u015e\u00dc\u015e KRED\u0130 BULMAYI KOLAYLA\u015eTIRIR MI?<\/strong><\/span><\/p>  <p><span class=\"large\">\u015eimdilik zor g\u00f6r\u00fcn\u00fcyor. \u00c7\u00fcnk\u00fc kredilerin bolla\u015fmas\u0131 i\u00e7in kayna\u011fa ihtiya\u00e7 var. O kaynak da temel olarak mevduat\u2026 D\u00fc\u015fen faizler mevduata giri\u015fi zorla\u015ft\u0131r\u0131rken, getiri paray\u0131 koruyamaz d\u00fc\u015f\u00fcncesi alt\u0131n, d\u00f6viz, bina, arazi vb. alanlara mevduat kaymas\u0131na sebep olabilir. Borsan\u0131n y\u00fckselmesi de daha \u00e7ok enflasyona g\u00f6re reel getiri aray\u0131\u015f\u0131yla alakal\u0131d\u0131r.<\/span><\/p>  <p><span class=\"large\">T\u00fcrkiye, 2022 y\u0131l\u0131nda d\u00fcnyan\u0131n en b\u00fcy\u00fck b\u00fcy\u00fcme performans\u0131n\u0131 g\u00f6steren \u00fclkeler aras\u0131nda yer almaya aday. Bu nedenle \u00f6nemli kayna\u011fa ihtiyac\u0131m\u0131z var. Bu kayna\u011f\u0131 bulup piyasalara kanaliz edemezsek, kredi faizlerinde daha fazla y\u00fckseli\u015fler g\u00f6rebiliriz. \u00c7\u00fcnk\u00fc b\u00fcy\u00fcyen ekonomilerde yat\u0131r\u0131m i\u00e7in kaynak ihtiyac\u0131 artar.<\/span><\/p>  <p><span class=\"large\">Bir yandan sendikasyon kredileri ile i\u00e7eri kaynak sokulmas\u0131, di\u011fer yandan yabanc\u0131 do\u011frudan yat\u0131r\u0131mlar ve eurobond ihra\u00e7lar\u0131, ekonomi i\u00e7in can suyu olabilir.<\/span><\/p>  <p><span class=\"large\">Ancak d\u0131\u015f kaynak giri\u015fi, ihracat\u00e7\u0131 d\u0131\u015f\u0131nda d\u00f6viz kredi kullan\u0131m s\u0131n\u0131rlamas\u0131 nedeniyle ancak swap yoluyla T\u00fcrk Liras\u0131\u2019na d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilecek. Ekonomide gerekli ivmenin sa\u011flanmas\u0131 i\u00e7in \u00f6nemli oranda d\u0131\u015f kaynak giri\u015fi ihtiyac\u0131 var. Bu sa\u011flanabilirse, hem kredi faizlerinde d\u00fc\u015f\u00fc\u015f g\u00f6rebiliriz, hem de kurdaki stres azal\u0131r.<\/span><\/p>  \t\t\t\t","slug":"tcmb-faiz-karari-ve-piyasalara-etkisi","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"TCMB faiz karar\u0131 ve piyasalara etkisi","meta_description":"H\u0130KMET BAYDAR","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":1194,"cropped_1200x675":null,"user":{"id":23,"name":"H\u0130KMET","surname":"BAYDAR","email":"hikmet-baydar@gmail.com","slug":"hikmet-baydar","avatar":"\/front\/uploads\/avatar\/1733691600m8IdzrjJsMVvSMC.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-10-19T14:42:06.000000Z","updated_at":"2024-12-18T09:49:02.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":34565,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":34466,"locale":"tr","category_id":73,"title":"TCMB faiz karar\u0131 ve piyasalara etkisi","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p style=\"text-align: right;\"><span class=\"large\"><strong>H\u0130KMET BAYDAR<\/strong><\/span><br><span class=\"large\"> <strong><\/strong><\/span><\/p>  <p><span class=\"large\">TCMB, 18 A\u011fustos 2022\u2019de politika faizi olan 1 haftal\u0131k repo ihale faiz oran\u0131n\u0131 y\u00fczde 14\u2019ten y\u00fczde 13\u2019e indirdi. Yani bankalara bundan sonra 100 baz puan daha az bir faizle bor\u00e7 verecek. Merkez Bankas\u0131\u2019n\u0131n a\u00e7\u0131klad\u0131\u011f\u0131 faiz, do\u011frudan Merkez Bankas\u0131\u2019n\u0131n bankalara 1 haftal\u0131k bor\u00e7larda ge\u00e7erli olan bir oran. Di\u011fer TCMB piyasalar\u0131nda ge\u00e7erli bir oran de\u011fil. Ancak bu \u015fekilde bankalar\u0131n kendisinden bor\u00e7lanma maliyetlerini de 100 baz puan d\u00fc\u015f\u00fcrm\u00fc\u015f oldu.<\/span><\/p>  <p><span class=\"large\"><strong>\u015e\u0130MD\u0130 NE OLACAK?<\/strong><\/span><\/p>  <p><span class=\"large\">S\u00f6z konusu indirim, piyasa beklentilerinden farkl\u0131d\u0131r. Yani piyasa bir de\u011fi\u015fiklik beklemiyorken indirim gelmi\u015ftir. Dolay\u0131s\u0131yla bu hareketin fiyatlara yans\u0131mas\u0131n\u0131 g\u00f6rece\u011fiz. \u00d6rne\u011fin ilk tepki Amerikan Dolar\u0131\u2019nda oldu ve 18 TL\u2019nin \u00fczerine \u00e7\u0131kt\u0131. Daha sonra Vadeli \u0130\u015flem ve Opsiyon boras\u0131nda Temmuz vadeli USD\/TL kontrat\u0131nda fiyat 26\u2019lardan 27\u2019lerin \u00fczerine y\u00fckseldi. Normal piyasa ko\u015fullar\u0131nda faizler d\u00fc\u015f\u00fcnce vadeli fiyatlarda vade fark\u0131n\u0131n azalmas\u0131 nedeniyle daha sert d\u00fc\u015f\u00fc\u015fler olurdu. Ancak tam tersine sanki faiz y\u00fckselmi\u015f gibi bir tepki var. Buradan \u015funu anl\u0131yoruz;<\/span><\/p>  <p><span class=\"large\">D\u00fc\u015f\u00fcr\u00fclen faiz piyasada dolar al\u0131m e\u011filimini tetikliyor gibi bir hava olu\u015fturuluyor. Bu arada d\u00fc\u015fen faizlerin her zaman i\u00e7in borsalar\u0131n lehine oldu\u011funu unutmamak laz\u0131m.<\/span><\/p>  <p><span class=\"large\"><strong>TCMB POL\u0130T\u0130KA FA\u0130Z\u0130NDEK\u0130 D\u00dc\u015e\u00dc\u015e KRED\u0130 BULMAYI KOLAYLA\u015eTIRIR MI?<\/strong><\/span><\/p>  <p><span class=\"large\">\u015eimdilik zor g\u00f6r\u00fcn\u00fcyor. \u00c7\u00fcnk\u00fc kredilerin bolla\u015fmas\u0131 i\u00e7in kayna\u011fa ihtiya\u00e7 var. O kaynak da temel olarak mevduat\u2026 D\u00fc\u015fen faizler mevduata giri\u015fi zorla\u015ft\u0131r\u0131rken, getiri paray\u0131 koruyamaz d\u00fc\u015f\u00fcncesi alt\u0131n, d\u00f6viz, bina, arazi vb. alanlara mevduat kaymas\u0131na sebep olabilir. Borsan\u0131n y\u00fckselmesi de daha \u00e7ok enflasyona g\u00f6re reel getiri aray\u0131\u015f\u0131yla alakal\u0131d\u0131r.<\/span><\/p>  <p><span class=\"large\">T\u00fcrkiye, 2022 y\u0131l\u0131nda d\u00fcnyan\u0131n en b\u00fcy\u00fck b\u00fcy\u00fcme performans\u0131n\u0131 g\u00f6steren \u00fclkeler aras\u0131nda yer almaya aday. Bu nedenle \u00f6nemli kayna\u011fa ihtiyac\u0131m\u0131z var. Bu kayna\u011f\u0131 bulup piyasalara kanaliz edemezsek, kredi faizlerinde daha fazla y\u00fckseli\u015fler g\u00f6rebiliriz. \u00c7\u00fcnk\u00fc b\u00fcy\u00fcyen ekonomilerde yat\u0131r\u0131m i\u00e7in kaynak ihtiyac\u0131 artar.<\/span><\/p>  <p><span class=\"large\">Bir yandan sendikasyon kredileri ile i\u00e7eri kaynak sokulmas\u0131, di\u011fer yandan yabanc\u0131 do\u011frudan yat\u0131r\u0131mlar ve eurobond ihra\u00e7lar\u0131, ekonomi i\u00e7in can suyu olabilir.<\/span><\/p>  <p><span class=\"large\">Ancak d\u0131\u015f kaynak giri\u015fi, ihracat\u00e7\u0131 d\u0131\u015f\u0131nda d\u00f6viz kredi kullan\u0131m s\u0131n\u0131rlamas\u0131 nedeniyle ancak swap yoluyla T\u00fcrk Liras\u0131\u2019na d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilecek. Ekonomide gerekli ivmenin sa\u011flanmas\u0131 i\u00e7in \u00f6nemli oranda d\u0131\u015f kaynak giri\u015fi ihtiyac\u0131 var. Bu sa\u011flanabilirse, hem kredi faizlerinde d\u00fc\u015f\u00fc\u015f g\u00f6rebiliriz, hem de kurdaki stres azal\u0131r.<\/span><\/p>  \t\t\t\t","slug":"tcmb-faiz-karari-ve-piyasalara-etkisi","orjinalimage":null,"news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"TCMB faiz karar\u0131 ve piyasalara etkisi","meta_description":"H\u0130KMET BAYDAR","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":1194,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}