{"status":true,"post":{"id":13449,"user_id":11,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-21 09:28:38","created_at":"2016-04-10T21:00:00.000000Z","updated_at":"2022-10-21T06:28:38.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":13449,"is_featured":0,"title":"T\u00fcrk tahvilleri reva\u00e7ta, enflasyon ini\u015fte","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><span class=\"large\">T\u00fcrk ekonomisiyle ilgili var olan s\u0131k\u0131nt\u0131lardan daha ciddi boyutlarda hissedilen genel keyifsizlik alg\u0131s\u0131, sadece yurt d\u0131\u015f\u0131 ile s\u0131n\u0131rl\u0131 de\u011fil. T\u00fcrk bankac\u0131l\u0131k sekt\u00f6r\u00fcnde de ekonomisiyle ilgili alg\u0131, ilgin\u00e7tir yurt d\u0131\u015f\u0131ndan bile k\u00f6t\u00fc. Bunda, kendileri a\u00e7\u0131s\u0131ndan, \u00f6z kaynak k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 yeterli g\u00f6rmemelerinin etkisi b\u00fcy\u00fck.<\/span><\/p>  <p><span class=\"large\">\u00d6te yandan petrol fiyatlar\u0131n\u0131n 30 dolar\u0131n ciddi manada alt\u0131na inmesi beklenirken, yeniden 40 dolara t\u0131rmanm\u0131\u015f olmas\u0131 T\u00fcrk bankalar\u0131n\u0131n tahvil arz\u0131ndaki art\u0131\u015fa destek oluyor. T\u00fcrk bankalar\u0131n\u0131n tahvil sat\u0131\u015flar\u0131, olumsuz tahminlerin aksine 1 milyar 750 milyon dolara ula\u015ft\u0131.<\/span><\/p>  <p><span class=\"large\"><strong>T\u00dcRK BANKALARINDAN ETK\u0130L\u0130 TAHV\u0130L ARZI<\/strong><\/span><\/p>  <p><span class=\"large\">Bu nedenle, en dip noktalar g\u00f6r\u00fcld\u00fckten sonra, bug\u00fcn ham petrol fiyatlar\u0131nda olu\u015fan y\u00fczde 50\u2019lik y\u00fckseli\u015f risk i\u015ftah\u0131n\u0131n artmas\u0131na da neden olmu\u015f gibi. Bunun olumlu etkileri T\u00fcrkiye piyasalar\u0131na da yay\u0131ld\u0131. Uluslararas\u0131 raporlardaki de\u011ferlendirmelere g\u00f6re, petrol fiyatlar\u0131ndaki toparlanmayla birlikte T\u00fcrkiye\u2019nin b\u00fcy\u00fck bankalar\u0131na uluslararas\u0131 tahvil piyasas\u0131n\u0131n kap\u0131s\u0131 a\u00e7\u0131ld\u0131. \u00d6rne\u011fin bir bankam\u0131z\u0131n ge\u00e7en haftaki 750 milyon dolarl\u0131k tahvil sat\u0131\u015f\u0131na, d\u00f6rt kat\u0131 talep gelmi\u015f durumda. Y\u0131lba\u015f\u0131ndan bu yana, sadece bankalar de\u011fil, reel sekt\u00f6r de dahil olmak \u00fczere, T\u00fcrkiye\u2019nin toplam \u00f6zel sekt\u00f6r tahvil arz\u0131 hali haz\u0131rda 2.5 milyar dolar\u0131 buldu ve ge\u00e7en y\u0131l\u0131n toplam sat\u0131\u015f tutar\u0131n\u0131 yakalad\u0131. T\u00fcrk bankalar\u0131, \u015fubat ortas\u0131ndan beri petrolde g\u00f6r\u00fclen y\u00fckseli\u015fle birlikte geli\u015fen piyasalar i\u00e7in artan risk i\u015ftah\u0131ndan faydalan\u0131yor. B\u00f6ylece Euro tahvil piyasas\u0131na girme f\u0131rsat\u0131 yakal\u0131yor. \u00d6n\u00fcm\u00fczdeki aylarda di\u011fer T\u00fcrk bankalar\u0131 da tahvil sat\u0131\u015f\u0131na y\u00f6nelebilir. <\/span><\/p>  <p><span class=\"large\"><strong>MAN\u015eET ENFLASYONU AZALSA DA, \u00c7EK\u0130RDEK SIKINTILI<\/strong><\/span><\/p>  <p><span class=\"large\">Bu haftan\u0131n en kritik g\u00f6stergesi, T\u00fcrkiye \u0130statistik Kurumu\u2019nun a\u00e7\u0131klad\u0131\u011f\u0131 mart ay\u0131 fiyat endeksleri verisi oldu. T\u00fcrkiye\u2019de enflasyonun yumu\u015fama s\u00fcrecine girmesi \u00f6nemli. \u00c7\u00fcnk\u00fc, ge\u00e7ti\u011fimiz mart ay\u0131 toplant\u0131s\u0131nda, uzunca bir s\u00fcredir beklenen faiz indirimi ad\u0131m\u0131n\u0131, hayli temkinli ve k\u00fc\u00e7\u00fck bir ad\u0131m da olsa, TCMB Para Politikas\u0131 Kurulu atm\u0131\u015f durumda. TCMB Para Politikas\u0131 Kurulu\u2019nun bu ayki toplant\u0131s\u0131, hem be\u015f Para Politikas\u0131 Kurulu \u00fcyesinin g\u00f6rev s\u00fcresinin dolmas\u0131 ve yeni atama olaca\u011f\u0131na dair beklentiler olmas\u0131 nedeniyle hem de k\u00fcresel piyasalarda yumu\u015fayan beklentilere ba\u011fl\u0131 olarak, Para Politikas\u0131 Kurulu\u2019nun mutlaka faiz indirimlerine devam etmesi gerekti\u011fine dair beklentiyle hayli \u00f6nemli. Bunun yan\u0131 s\u0131ra, man\u015fet enflasyon y\u00fczde 7.46\u2019ya kadar gerilemi\u015f iken, TCMB\u2019nin para politikas\u0131 kararlar\u0131 i\u00e7in dikkatle takip etti\u011fi H ve I kodlu \u00f6zel kapsaml\u0131 T\u00dcFE\u2019ler, yani \u00e7ekirdek enflasyon de\u011ferleri, ne yaz\u0131k ki h\u00e2l\u00e2 y\u00fczde 9\u2019un \u00fczerinde. Bu da, temel mallarda, fiyat belirleme s\u00fcrecinde h\u00e2l\u00e2 s\u0131k\u0131nt\u0131 oldu\u011funa i\u015faret ediyor. TCMB\u2019nin bu veriyi nas\u0131l de\u011ferlendirece\u011fi \u00f6nemli.<\/span><\/p>  <p><span class=\"large\"><strong>MAL\u0130YET ENFLASYONU HIZLA YUMU\u015eUYOR<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel emtia fiyatlar\u0131ndaki yumu\u015fama ve gerileyen dolar-TL kuru, maliyet enflasyonu \u00fczerinde etkili olmaya ba\u015flam\u0131\u015f g\u00f6z\u00fck\u00fcyor. Y\u0131lba\u015f\u0131nda y\u00fczde 7.21 olan \u0130TO Toptan E\u015fya Fiyatlar\u0131 Endeksi\u2019ndeki y\u0131lland\u0131r\u0131lm\u0131\u015f art\u0131\u015f oran\u0131, mart sonunda y\u00fczde 5.19\u2019a geriledi. Nitekim, T\u00dc\u0130K\u2019in de yurti\u00e7i \u00dcretici Fiyatlar\u0131 Endeksi\u2019ndeki y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f art\u0131\u015f oran\u0131, ocak ay\u0131nda y\u00fczde 5.94 idi. Mart sonunda ise y\u00fczde 3.80\u2019e gerilemi\u015f durumda. <\/span><\/p>  <p><span class=\"large\">Ge\u00e7en y\u0131l\u0131n mart ay\u0131nda, rekor bir seviye olarak, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda y\u00fczde 15.40\u2019\u0131 g\u00f6ren tar\u0131m \u00dcFE\u2019si ise ge\u00e7en y\u0131l\u0131 y\u00fczde 14.02\u2019lik, hayli y\u00fcksek bir art\u0131\u015fla kapatt\u0131ktan sonra, yeni y\u0131la y\u00fczde 8.13\u2019l\u00fck bir tar\u0131m maliyet enflasyonu ile ba\u015flad\u0131. \u015eubat ay\u0131nda tar\u0131mda maliyet enflasyonu, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda y\u00fczde 5.53\u2019e geldi. Maliyet enflasyonu g\u00f6stergelerindeki gerileme s\u00fcrer ise t\u00fcketici enflasyonundaki yumu\u015fama da, hi\u00e7 \u015f\u00fcphesiz, TCMB \u00fcst y\u00f6netimini faiz indirimleri konusunda cesaretlendirecektir.<\/span><\/p>  \t\t\t\t","slug":"turk-tahvilleri-revacta-enflasyon-iniste","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"T\u00fcrk tahvilleri reva\u00e7ta, enflasyon ini\u015fte","meta_description":"Prof. Dr. Kerem Alkin","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":97,"cropped_1200x675":null,"user":{"id":11,"name":"KEREM","surname":"ALK\u0130N","email":"irem05@daglaroglu.com","slug":"prof-dr-kerem-alkin","avatar":"\/front\/uploads\/avatar\/17336916000GNrERW0ucj2Ja7.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T09:50:43.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":13548,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":13449,"locale":"tr","category_id":73,"title":"T\u00fcrk tahvilleri reva\u00e7ta, enflasyon ini\u015fte","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><span class=\"large\">T\u00fcrk ekonomisiyle ilgili var olan s\u0131k\u0131nt\u0131lardan daha ciddi boyutlarda hissedilen genel keyifsizlik alg\u0131s\u0131, sadece yurt d\u0131\u015f\u0131 ile s\u0131n\u0131rl\u0131 de\u011fil. T\u00fcrk bankac\u0131l\u0131k sekt\u00f6r\u00fcnde de ekonomisiyle ilgili alg\u0131, ilgin\u00e7tir yurt d\u0131\u015f\u0131ndan bile k\u00f6t\u00fc. Bunda, kendileri a\u00e7\u0131s\u0131ndan, \u00f6z kaynak k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 yeterli g\u00f6rmemelerinin etkisi b\u00fcy\u00fck.<\/span><\/p>  <p><span class=\"large\">\u00d6te yandan petrol fiyatlar\u0131n\u0131n 30 dolar\u0131n ciddi manada alt\u0131na inmesi beklenirken, yeniden 40 dolara t\u0131rmanm\u0131\u015f olmas\u0131 T\u00fcrk bankalar\u0131n\u0131n tahvil arz\u0131ndaki art\u0131\u015fa destek oluyor. T\u00fcrk bankalar\u0131n\u0131n tahvil sat\u0131\u015flar\u0131, olumsuz tahminlerin aksine 1 milyar 750 milyon dolara ula\u015ft\u0131.<\/span><\/p>  <p><span class=\"large\"><strong>T\u00dcRK BANKALARINDAN ETK\u0130L\u0130 TAHV\u0130L ARZI<\/strong><\/span><\/p>  <p><span class=\"large\">Bu nedenle, en dip noktalar g\u00f6r\u00fcld\u00fckten sonra, bug\u00fcn ham petrol fiyatlar\u0131nda olu\u015fan y\u00fczde 50\u2019lik y\u00fckseli\u015f risk i\u015ftah\u0131n\u0131n artmas\u0131na da neden olmu\u015f gibi. Bunun olumlu etkileri T\u00fcrkiye piyasalar\u0131na da yay\u0131ld\u0131. Uluslararas\u0131 raporlardaki de\u011ferlendirmelere g\u00f6re, petrol fiyatlar\u0131ndaki toparlanmayla birlikte T\u00fcrkiye\u2019nin b\u00fcy\u00fck bankalar\u0131na uluslararas\u0131 tahvil piyasas\u0131n\u0131n kap\u0131s\u0131 a\u00e7\u0131ld\u0131. \u00d6rne\u011fin bir bankam\u0131z\u0131n ge\u00e7en haftaki 750 milyon dolarl\u0131k tahvil sat\u0131\u015f\u0131na, d\u00f6rt kat\u0131 talep gelmi\u015f durumda. Y\u0131lba\u015f\u0131ndan bu yana, sadece bankalar de\u011fil, reel sekt\u00f6r de dahil olmak \u00fczere, T\u00fcrkiye\u2019nin toplam \u00f6zel sekt\u00f6r tahvil arz\u0131 hali haz\u0131rda 2.5 milyar dolar\u0131 buldu ve ge\u00e7en y\u0131l\u0131n toplam sat\u0131\u015f tutar\u0131n\u0131 yakalad\u0131. T\u00fcrk bankalar\u0131, \u015fubat ortas\u0131ndan beri petrolde g\u00f6r\u00fclen y\u00fckseli\u015fle birlikte geli\u015fen piyasalar i\u00e7in artan risk i\u015ftah\u0131ndan faydalan\u0131yor. B\u00f6ylece Euro tahvil piyasas\u0131na girme f\u0131rsat\u0131 yakal\u0131yor. \u00d6n\u00fcm\u00fczdeki aylarda di\u011fer T\u00fcrk bankalar\u0131 da tahvil sat\u0131\u015f\u0131na y\u00f6nelebilir. <\/span><\/p>  <p><span class=\"large\"><strong>MAN\u015eET ENFLASYONU AZALSA DA, \u00c7EK\u0130RDEK SIKINTILI<\/strong><\/span><\/p>  <p><span class=\"large\">Bu haftan\u0131n en kritik g\u00f6stergesi, T\u00fcrkiye \u0130statistik Kurumu\u2019nun a\u00e7\u0131klad\u0131\u011f\u0131 mart ay\u0131 fiyat endeksleri verisi oldu. T\u00fcrkiye\u2019de enflasyonun yumu\u015fama s\u00fcrecine girmesi \u00f6nemli. \u00c7\u00fcnk\u00fc, ge\u00e7ti\u011fimiz mart ay\u0131 toplant\u0131s\u0131nda, uzunca bir s\u00fcredir beklenen faiz indirimi ad\u0131m\u0131n\u0131, hayli temkinli ve k\u00fc\u00e7\u00fck bir ad\u0131m da olsa, TCMB Para Politikas\u0131 Kurulu atm\u0131\u015f durumda. TCMB Para Politikas\u0131 Kurulu\u2019nun bu ayki toplant\u0131s\u0131, hem be\u015f Para Politikas\u0131 Kurulu \u00fcyesinin g\u00f6rev s\u00fcresinin dolmas\u0131 ve yeni atama olaca\u011f\u0131na dair beklentiler olmas\u0131 nedeniyle hem de k\u00fcresel piyasalarda yumu\u015fayan beklentilere ba\u011fl\u0131 olarak, Para Politikas\u0131 Kurulu\u2019nun mutlaka faiz indirimlerine devam etmesi gerekti\u011fine dair beklentiyle hayli \u00f6nemli. Bunun yan\u0131 s\u0131ra, man\u015fet enflasyon y\u00fczde 7.46\u2019ya kadar gerilemi\u015f iken, TCMB\u2019nin para politikas\u0131 kararlar\u0131 i\u00e7in dikkatle takip etti\u011fi H ve I kodlu \u00f6zel kapsaml\u0131 T\u00dcFE\u2019ler, yani \u00e7ekirdek enflasyon de\u011ferleri, ne yaz\u0131k ki h\u00e2l\u00e2 y\u00fczde 9\u2019un \u00fczerinde. Bu da, temel mallarda, fiyat belirleme s\u00fcrecinde h\u00e2l\u00e2 s\u0131k\u0131nt\u0131 oldu\u011funa i\u015faret ediyor. TCMB\u2019nin bu veriyi nas\u0131l de\u011ferlendirece\u011fi \u00f6nemli.<\/span><\/p>  <p><span class=\"large\"><strong>MAL\u0130YET ENFLASYONU HIZLA YUMU\u015eUYOR<\/strong><\/span><\/p>  <p><span class=\"large\">K\u00fcresel emtia fiyatlar\u0131ndaki yumu\u015fama ve gerileyen dolar-TL kuru, maliyet enflasyonu \u00fczerinde etkili olmaya ba\u015flam\u0131\u015f g\u00f6z\u00fck\u00fcyor. Y\u0131lba\u015f\u0131nda y\u00fczde 7.21 olan \u0130TO Toptan E\u015fya Fiyatlar\u0131 Endeksi\u2019ndeki y\u0131lland\u0131r\u0131lm\u0131\u015f art\u0131\u015f oran\u0131, mart sonunda y\u00fczde 5.19\u2019a geriledi. Nitekim, T\u00dc\u0130K\u2019in de yurti\u00e7i \u00dcretici Fiyatlar\u0131 Endeksi\u2019ndeki y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f art\u0131\u015f oran\u0131, ocak ay\u0131nda y\u00fczde 5.94 idi. Mart sonunda ise y\u00fczde 3.80\u2019e gerilemi\u015f durumda. <\/span><\/p>  <p><span class=\"large\">Ge\u00e7en y\u0131l\u0131n mart ay\u0131nda, rekor bir seviye olarak, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda y\u00fczde 15.40\u2019\u0131 g\u00f6ren tar\u0131m \u00dcFE\u2019si ise ge\u00e7en y\u0131l\u0131 y\u00fczde 14.02\u2019lik, hayli y\u00fcksek bir art\u0131\u015fla kapatt\u0131ktan sonra, yeni y\u0131la y\u00fczde 8.13\u2019l\u00fck bir tar\u0131m maliyet enflasyonu ile ba\u015flad\u0131. \u015eubat ay\u0131nda tar\u0131mda maliyet enflasyonu, y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda y\u00fczde 5.53\u2019e geldi. Maliyet enflasyonu g\u00f6stergelerindeki gerileme s\u00fcrer ise t\u00fcketici enflasyonundaki yumu\u015fama da, hi\u00e7 \u015f\u00fcphesiz, TCMB \u00fcst y\u00f6netimini faiz indirimleri konusunda cesaretlendirecektir.<\/span><\/p>  \t\t\t\t","slug":"turk-tahvilleri-revacta-enflasyon-iniste","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":"T\u00fcrk tahvilleri reva\u00e7ta, enflasyon ini\u015fte","meta_description":"Prof. Dr. Kerem Alkin","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":97,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}