{"status":true,"post":{"id":29958,"user_id":23,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 16:12:41","created_at":"2021-12-09T21:00:00.000000Z","updated_at":"2022-10-24T13:12:41.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":29958,"is_featured":0,"title":"TCMB faiz indirimi piyasay\u0131 nas\u0131l etkiliyor?","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

H\u0130KMET BAYDAR<\/strong><\/span>
<\/strong><\/span>
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Bilindi\u011fi \u00fczere TCMB, 18 Kas\u0131m 2021 tarihli duyurusuyla politika faizini y\u00fczde 16\u2019dan y\u00fczde 15 seviyesine indirdi\u011fini a\u00e7\u0131klad\u0131. Bu a\u00e7\u0131klamay\u0131 yaparken de duyurusunda gerek\u00e7elerini belirtti. <\/span>
<\/span>
A\u00e7\u0131klanan gerek\u00e7elere kat\u0131l\u0131p kat\u0131lmamak ayr\u0131 bir konu. Burada, TCMB b\u00f6yle bir karar alarak neleri etkiledi, ona bir bakal\u0131m. <\/span><\/p>

TCMB\u2019nin sayfas\u0131nda a\u00e7\u0131k piyasa i\u015flemleri b\u00f6l\u00fcm\u00fcnde politika faizinin bir hafta vadeli repo ihale faiz oran\u0131 oldu\u011fu belirtiliyor. <\/span>
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P\u0130YASA F\u0130YATLAMALARI<\/strong><\/span>
<\/span>
Repo nedir? TCMB, neden repo ihalesi a\u00e7ar?<\/span>
<\/span>
Repo, \u0130ngilize repurchase yani \u2018yeniden sat\u0131n alma\u2019 kelimesinin k\u0131salt\u0131lm\u0131\u015f hali olup, TCMB\u2019nin piyasadan ge\u00e7ici olarak ald\u0131\u011f\u0131 devlet tahvili kar\u015f\u0131l\u0131\u011f\u0131 para aktarmas\u0131n\u0131 ifade eder. \u00d6rne\u011fin 1 haftal\u0131k repo i\u00e7in 1 haftal\u0131\u011f\u0131na devlet tahvilini bloke ederek kar\u015f\u0131l\u0131\u011f\u0131nda bankalara nakit para yani likidite verir. Elinde devlet tahvili veya hazine bonosu olmayan bankalar, bu imkandan yararlanamazlar. <\/span>
<\/span>
Burada indirilen faizler de bankalar\u0131n daha ucuz bor\u00e7lanmas\u0131na olanak sa\u011flayarak, bankalar\u0131n kaynak maliyetini d\u00fc\u015f\u00fcr\u00fcr. Burada rakam\u0131 art\u0131rmas\u0131 bankalar\u0131 rahatlat\u0131rken, azaltmas\u0131 bankalar\u0131n likidite yani para s\u0131k\u0131nt\u0131s\u0131na girmesine yol a\u00e7abilir. <\/span>
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Son yap\u0131lan ihalelere bakarsak, yaz\u0131 tarihi itibariyle yakla\u015f\u0131k 368 milyon TL haftal\u0131k fonlama pozisyonu oldu\u011funu g\u00f6r\u00fcyoruz. <\/span>
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Bu i\u015flem bahane edilerek d\u00f6viz kurlar\u0131nda manip\u00fclasyona varan a\u015f\u0131r\u0131 oynakl\u0131klar yap\u0131l\u0131yor. Kald\u0131 ki, \u00f6nemli olan piyasan\u0131n beklentilerden sap\u0131p sapmad\u0131\u011f\u0131d\u0131r. Piyasa fiyatlamalar\u0131n\u0131n i\u00e7erisinde beklenti de\u011ferler yer al\u0131r. Oysa son a\u00e7\u0131klama, beklenti dahilinde olmas\u0131na ra\u011fmen kurlar ihale bahanesiyle manip\u00fcle edilmi\u015f olabilir.<\/span>
<\/span>
BANKA BAZLI DA\u011eILIM<\/strong><\/span>
<\/span>
TCMB, b\u00f6yle ortamlarda paray\u0131 hangi bankalara verdi\u011fini, verdi\u011fi para ile bankalar\u0131n hangi a\u00e7\u0131\u011f\u0131n\u0131 kapatt\u0131klar\u0131n\u0131 bilmeli. 368 milyon TL fonlamas\u0131n\u0131n banka baz\u0131nda da\u011f\u0131l\u0131m\u0131 \u00e7ok \u00f6nemli. <\/span>
<\/span>
TCMB, politika faizini d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fc halde fonlama yapmazsa, bankalar nakde s\u0131k\u0131\u015fmaya ba\u015flayabilir. Bunun i\u00e7in kendi varl\u0131klar\u0131nda sat\u0131\u015fa ge\u00e7erler. Bunlar; d\u00f6viz, devlet tahvilleri gibi varl\u0131klard\u0131r. Bunun yan\u0131nda kulland\u0131rd\u0131klar\u0131 rotatif kredileri de nakit a\u00e7\u0131\u011f\u0131n\u0131 kapatamad\u0131klar\u0131 takdirde kulland\u0131rmazlar. Bankalar tahvil sat\u0131\u015f\u0131 yapt\u0131\u011f\u0131nda devlet tahvillerinde faizler y\u00fckselir. \u015eu ara y\u00fczde 20\u2019lerin \u00fczerinde olmas\u0131n\u0131n sebebi de budur. D\u00f6vizde ise swap yoluyla d\u00f6vizleri merkez bankas\u0131na vermi\u015flerse, swap vadesini beklemek zorundalar. Ancak o zaman d\u00f6viz satabilirler. <\/span>
<\/span>
Yaz\u0131n\u0131n yaz\u0131ld\u0131\u011f\u0131 tarih itibariyle toplam 45 milyar dolar kar\u015f\u0131l\u0131\u011f\u0131 TL\u2019nin d\u00f6viz kar\u015f\u0131l\u0131\u011f\u0131nda bankalara aktar\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6rebilirsiniz. <\/span><\/p>

Burada piyasaya \u00f6nemli bir rakam nakit aktar\u0131ld\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bankalar ald\u0131klar\u0131 bu parayla ne yapm\u0131\u015flarsa konunun iyi takip edilmesi \u00f6nemli. <\/span>
<\/span>
Peki, swap vadesinde TCMB bu dolarlar\u0131 iade ederken, TL bor\u00e7lanan bankalar hangi likiditeyle bu borcu kapatacaklar? Yani bor\u00e7 ald\u0131klar\u0131 TL\u2019yi vadesinde yerine koyabilecekler mi? \u0130\u015fte, i\u015fin p\u00fcf noktas\u0131 buras\u0131. TCMB, swap pozisyonlar\u0131 kapat\u0131rken bankalara d\u00f6vizleri iade edecek ve kar\u015f\u0131l\u0131\u011f\u0131nda da verdi\u011fi TL\u2019yi geri alacak. E\u011fer swap i\u015flemlerine devam etmezse bankalar TCMB\u2019ye olan borcu \u00f6demek i\u00e7in TL bulmak zorunda. <\/span>
<\/span>
O zaman varl\u0131k sat\u0131\u015f\u0131 yap\u0131lmak zorunda. Ya tahvil ya d\u00f6viz ya da pazar pay\u0131n\u0131n daralmas\u0131n\u0131 g\u00f6ze alarak kulland\u0131rd\u0131klar\u0131 kredileri geri \u00e7a\u011f\u0131racaklar. B\u00f6yle bir durumda kur ataklar\u0131n\u0131n yerini kur \u00e7\u00f6k\u00fc\u015f\u00fcne b\u0131rakma ihtimali de \u00e7ok artar.<\/span><\/p> \t\t\t\t","slug":"tcmb-faiz-indirimi-piyasayi-nasil-etkiliyor","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"TCMB faiz indirimi piyasay\u0131 nas\u0131l etkiliyor?","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":1139,"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":30057,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":29958,"locale":"tr","category_id":73,"title":"TCMB faiz indirimi piyasay\u0131 nas\u0131l etkiliyor?","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

H\u0130KMET BAYDAR<\/strong><\/span>
<\/strong><\/span>
<\/span>
Bilindi\u011fi \u00fczere TCMB, 18 Kas\u0131m 2021 tarihli duyurusuyla politika faizini y\u00fczde 16\u2019dan y\u00fczde 15 seviyesine indirdi\u011fini a\u00e7\u0131klad\u0131. Bu a\u00e7\u0131klamay\u0131 yaparken de duyurusunda gerek\u00e7elerini belirtti. <\/span>
<\/span>
A\u00e7\u0131klanan gerek\u00e7elere kat\u0131l\u0131p kat\u0131lmamak ayr\u0131 bir konu. Burada, TCMB b\u00f6yle bir karar alarak neleri etkiledi, ona bir bakal\u0131m. <\/span><\/p>

TCMB\u2019nin sayfas\u0131nda a\u00e7\u0131k piyasa i\u015flemleri b\u00f6l\u00fcm\u00fcnde politika faizinin bir hafta vadeli repo ihale faiz oran\u0131 oldu\u011fu belirtiliyor. <\/span>
<\/span>
P\u0130YASA F\u0130YATLAMALARI<\/strong><\/span>
<\/span>
Repo nedir? TCMB, neden repo ihalesi a\u00e7ar?<\/span>
<\/span>
Repo, \u0130ngilize repurchase yani \u2018yeniden sat\u0131n alma\u2019 kelimesinin k\u0131salt\u0131lm\u0131\u015f hali olup, TCMB\u2019nin piyasadan ge\u00e7ici olarak ald\u0131\u011f\u0131 devlet tahvili kar\u015f\u0131l\u0131\u011f\u0131 para aktarmas\u0131n\u0131 ifade eder. \u00d6rne\u011fin 1 haftal\u0131k repo i\u00e7in 1 haftal\u0131\u011f\u0131na devlet tahvilini bloke ederek kar\u015f\u0131l\u0131\u011f\u0131nda bankalara nakit para yani likidite verir. Elinde devlet tahvili veya hazine bonosu olmayan bankalar, bu imkandan yararlanamazlar. <\/span>
<\/span>
Burada indirilen faizler de bankalar\u0131n daha ucuz bor\u00e7lanmas\u0131na olanak sa\u011flayarak, bankalar\u0131n kaynak maliyetini d\u00fc\u015f\u00fcr\u00fcr. Burada rakam\u0131 art\u0131rmas\u0131 bankalar\u0131 rahatlat\u0131rken, azaltmas\u0131 bankalar\u0131n likidite yani para s\u0131k\u0131nt\u0131s\u0131na girmesine yol a\u00e7abilir. <\/span>
<\/span>
Son yap\u0131lan ihalelere bakarsak, yaz\u0131 tarihi itibariyle yakla\u015f\u0131k 368 milyon TL haftal\u0131k fonlama pozisyonu oldu\u011funu g\u00f6r\u00fcyoruz. <\/span>
<\/span>
Bu i\u015flem bahane edilerek d\u00f6viz kurlar\u0131nda manip\u00fclasyona varan a\u015f\u0131r\u0131 oynakl\u0131klar yap\u0131l\u0131yor. Kald\u0131 ki, \u00f6nemli olan piyasan\u0131n beklentilerden sap\u0131p sapmad\u0131\u011f\u0131d\u0131r. Piyasa fiyatlamalar\u0131n\u0131n i\u00e7erisinde beklenti de\u011ferler yer al\u0131r. Oysa son a\u00e7\u0131klama, beklenti dahilinde olmas\u0131na ra\u011fmen kurlar ihale bahanesiyle manip\u00fcle edilmi\u015f olabilir.<\/span>
<\/span>
BANKA BAZLI DA\u011eILIM<\/strong><\/span>
<\/span>
TCMB, b\u00f6yle ortamlarda paray\u0131 hangi bankalara verdi\u011fini, verdi\u011fi para ile bankalar\u0131n hangi a\u00e7\u0131\u011f\u0131n\u0131 kapatt\u0131klar\u0131n\u0131 bilmeli. 368 milyon TL fonlamas\u0131n\u0131n banka baz\u0131nda da\u011f\u0131l\u0131m\u0131 \u00e7ok \u00f6nemli. <\/span>
<\/span>
TCMB, politika faizini d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fc halde fonlama yapmazsa, bankalar nakde s\u0131k\u0131\u015fmaya ba\u015flayabilir. Bunun i\u00e7in kendi varl\u0131klar\u0131nda sat\u0131\u015fa ge\u00e7erler. Bunlar; d\u00f6viz, devlet tahvilleri gibi varl\u0131klard\u0131r. Bunun yan\u0131nda kulland\u0131rd\u0131klar\u0131 rotatif kredileri de nakit a\u00e7\u0131\u011f\u0131n\u0131 kapatamad\u0131klar\u0131 takdirde kulland\u0131rmazlar. Bankalar tahvil sat\u0131\u015f\u0131 yapt\u0131\u011f\u0131nda devlet tahvillerinde faizler y\u00fckselir. \u015eu ara y\u00fczde 20\u2019lerin \u00fczerinde olmas\u0131n\u0131n sebebi de budur. D\u00f6vizde ise swap yoluyla d\u00f6vizleri merkez bankas\u0131na vermi\u015flerse, swap vadesini beklemek zorundalar. Ancak o zaman d\u00f6viz satabilirler. <\/span>
<\/span>
Yaz\u0131n\u0131n yaz\u0131ld\u0131\u011f\u0131 tarih itibariyle toplam 45 milyar dolar kar\u015f\u0131l\u0131\u011f\u0131 TL\u2019nin d\u00f6viz kar\u015f\u0131l\u0131\u011f\u0131nda bankalara aktar\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6rebilirsiniz. <\/span><\/p>

Burada piyasaya \u00f6nemli bir rakam nakit aktar\u0131ld\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bankalar ald\u0131klar\u0131 bu parayla ne yapm\u0131\u015flarsa konunun iyi takip edilmesi \u00f6nemli. <\/span>
<\/span>
Peki, swap vadesinde TCMB bu dolarlar\u0131 iade ederken, TL bor\u00e7lanan bankalar hangi likiditeyle bu borcu kapatacaklar? Yani bor\u00e7 ald\u0131klar\u0131 TL\u2019yi vadesinde yerine koyabilecekler mi? \u0130\u015fte, i\u015fin p\u00fcf noktas\u0131 buras\u0131. TCMB, swap pozisyonlar\u0131 kapat\u0131rken bankalara d\u00f6vizleri iade edecek ve kar\u015f\u0131l\u0131\u011f\u0131nda da verdi\u011fi TL\u2019yi geri alacak. E\u011fer swap i\u015flemlerine devam etmezse bankalar TCMB\u2019ye olan borcu \u00f6demek i\u00e7in TL bulmak zorunda. <\/span>
<\/span>
O zaman varl\u0131k sat\u0131\u015f\u0131 yap\u0131lmak zorunda. Ya tahvil ya d\u00f6viz ya da pazar pay\u0131n\u0131n daralmas\u0131n\u0131 g\u00f6ze alarak kulland\u0131rd\u0131klar\u0131 kredileri geri \u00e7a\u011f\u0131racaklar. B\u00f6yle bir durumda kur ataklar\u0131n\u0131n yerini kur \u00e7\u00f6k\u00fc\u015f\u00fcne b\u0131rakma ihtimali de \u00e7ok artar.<\/span><\/p> \t\t\t\t","slug":"tcmb-faiz-indirimi-piyasayi-nasil-etkiliyor","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 indirimi piyasay\u0131 nas\u0131l etkiliyor?","meta_description":"H\u0130KMET BAYDAR","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":1139,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}