{"status":true,"post":{"id":16437,"user_id":11,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-21 10:08:43","created_at":"2017-05-01T21:00:00.000000Z","updated_at":"2022-10-21T07:08:43.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":16437,"is_featured":0,"title":"TCMB stratejisini s\u00fcrd\u00fcr\u00fcyor","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\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n (TCMB) ekonomik \u00e7evreleri ve piyasalarca merakla takip edilen Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131ndan, \u00f6ng\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi ge\u00e7 likidite penceresi faiz oran\u0131nda 0.50 puanl\u0131k bir art\u0131\u015f karar\u0131 \u00e7\u0131kt\u0131. K\u00fcresel piyasalarda belirsizlik s\u00fcrerken ve referandum sonras\u0131 T\u00fcrkiye\u2019de piyasalar canlan\u0131rken, TCMB\u2019nin kontroll\u00fc s\u0131k\u0131la\u015ft\u0131rmay\u0131 s\u00fcrd\u00fcrmesi en do\u011fru strateji. TCMB\u2019nin, piyasalardaki toparlanmay\u0131 bozacak ve TL\u2019nin maliyetini s\u0131\u00e7ratacak bir ad\u0131m atmas\u0131 ger\u00e7ek manada s\u00fcrpriz olurdu. TCMB, b\u00f6ylece, piyasadaki TL\u2019nin maliyetini, iki haneli oranlara y\u00fckselmi\u015f olan enflasyonu normalle\u015ftirmek ad\u0131na, kontroll\u00fc olarak belirli bir oranda tutmay\u0131 s\u00fcrd\u00fcrecek. PPK\u2019n\u0131n karar\u0131 sonras\u0131nda, dolar kuru bir ara 3.5557 TL\u2019yi g\u00f6rerek, 3 Ocak\u2019tan beri en d\u00fc\u015f\u00fck seviyeyi test etti. 10 y\u0131ll\u0131k tahvil faizi ise 12 baz puan d\u00fc\u015f\u00fc\u015fle y\u00fczde 10.37 oldu. Yani, ekonomi \u00e7evreleri TCMB y\u00f6netiminin ad\u0131m\u0131n\u0131 do\u011fru olarak alg\u0131lad\u0131.<\/span><\/p>  <p><span class=\"large\">\u0130ki haneli d\u00fczeye \u00e7\u0131km\u0131\u015f olan enflasyonun normalle\u015fmesi ve bu normalle\u015fme s\u00fcrecine ba\u011fl\u0131 olarak, TCMB\u2019nin para politikas\u0131 faiz oranlar\u0131n\u0131 makul bir tempoyla d\u00fc\u015f\u00fcrerek, referandum sonras\u0131 olu\u015fan siyasi istikrar ortam\u0131yla birlikte hareketlenmeye ba\u015flam\u0131\u015f olan \u00f6zel sekt\u00f6r yat\u0131r\u0131mlar\u0131 ve piyasa canlanmas\u0131na katk\u0131 sa\u011flamas\u0131 kritik \u00f6nemde. Yurti\u00e7inde de, yat\u0131r\u0131m ama\u00e7l\u0131 ve yat\u0131r\u0131mlar\u0131n finansman\u0131 ama\u00e7l\u0131 olarak, sadece bir haftada SPK\u2019ya \u00f6zel sekt\u00f6r tahvil ihrac\u0131 ba\u015fvurusu 18.3 milyar TL\u2019ye ula\u015fm\u0131\u015f durumda. Borsadaki \u015firketlerimizin de\u011feri bitirdi\u011fimiz hafta ilk kez 720 milyar TL\u2019ye yakla\u015ft\u0131. 16 Nisan sonras\u0131nda olu\u015fan bu atmosferi koruyup, b\u00fcy\u00fcmenin h\u0131zlanmas\u0131na \u00f6ncelik vermemiz gerekiyor.<\/span><\/p>  <p><span class=\"large\"><strong>K\u00dcRESEL P\u0130YASALARIN G\u00d6Z\u00dc MACRON VE TRUMP\u2019TA<\/strong><\/span><\/p>  <p><span class=\"large\">Ekonomi \u00e7evreleri, 16 Nisan referandumu sonras\u0131nda ekonomi alan\u0131ndaki \u00f6nemli konu ba\u015fl\u0131klar\u0131na odaklanmaya ba\u015flad\u0131. Fransa\u2019daki Cumhurba\u015fkanl\u0131\u011f\u0131 se\u00e7imi ilk turu sonras\u0131nda ortaya \u00e7\u0131kan oy da\u011f\u0131l\u0131m\u0131, Fransa\u2019n\u0131n Avrupa Birli\u011fi\u2019nde kalma olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendirince, Euro\u2019nun dolar kar\u015f\u0131s\u0131nda g\u00fc\u00e7lenmesine \u015fahit olduk. Fransa\u2019daki se\u00e7imlerin Avrupa piyasalar\u0131ndaki olumlu havay\u0131 g\u00fc\u00e7lendirmesi, T\u00fcrkiye\u2019deki siyasi tansiyonun azalmas\u0131 ile birlikte d\u00f6viz kurlar\u0131na ve \u0130stanbul Borsas\u0131\u2019na olumlu y\u00f6nde yans\u0131d\u0131. <\/span><br><span class=\"large\"> ABD Dolar\u0131 cephesinde ise haftan\u0131n iki kritik konusu Ba\u015fkan Trump\u2019\u0131n 27 Nisan\u2019da a\u00e7\u0131klad\u0131\u011f\u0131 yeni \u2018Vergi Paketi\u2019 ve ABD\u2019nin birinci \u00e7eyrek b\u00fcy\u00fcme verisi. ABD ekonomi \u00e7evreleri, Trump\u2019\u0131n se\u00e7im vaatlerini yerine getirmek ad\u0131na, bug\u00fcne kadar ba\u015far\u0131l\u0131 bir performans g\u00f6sterememesine ba\u011fl\u0131 olarak yeni vergi paketi ile ses getirmek isteyebilece\u011fini d\u00fc\u015f\u00fcn\u00fcyorlar.<\/span><\/p>  <p><span class=\"large\">Trump\u2019\u0131n resmen a\u00e7\u0131klanan paketi, kurumlar vergisini y\u00fczde 35\u2019ten y\u00fczde 15\u2019e \u00e7ekecek. S&amp;P 500\u2019deki \u015firketlerin \u00f6dedi\u011fi ortalama vergi oran\u0131 y\u00fczde 29 seviyesinde. Ki\u015fisel gelir vergisi ise 7 kademeden 3 kademeye d\u00fc\u015f\u00fcr\u00fclecek. ABD\u2019de \u015fu anda 7 ayr\u0131 kademede, y\u00fczde 10, 15, 25, 28, 33, 35 ve 39.6 oranlar\u0131nda uygulanan ki\u015fisel gelir vergisi, Trump\u2019\u0131n yeni plan\u0131na g\u00f6re y\u00fczde 10.25 ve 35 olacak. Ayr\u0131ca deniza\u015f\u0131r\u0131 \u00fclkelerdeki k\u00e2rlara tek seferlik vergi uygulanacak. Yeni vergi plan\u0131na g\u00f6re, \u015firketler deniza\u015f\u0131r\u0131 k\u00e2rlar\u0131n\u0131, yabanc\u0131 k\u00e2rlar\u0131n en fazla ABD vergilerinden muaf oldu\u011fu bir b\u00f6lgesel vergi sistemine getirirlerse, vergiye tabi olmayacak. Mevcut durumda, ABD kurumlara k\u00e2rlar\u0131 nerede kazan\u0131lm\u0131\u015f olursa olsun vergi uyguluyor.<\/span><\/p>  <p><span class=\"large\"><strong>KANADA\u2019DAN \u0130THAL KERESTEYE Y\u00dcZDE 24 EK VERG\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Trump\u2019\u0131n \u00f6nceki performans\u0131 dikkate al\u0131narak, paketin bekleneni vermeyece\u011fini d\u00fc\u015f\u00fcnenler de var. Trump\u2019\u0131n vergi gelirlerini azalt\u0131c\u0131, buna kar\u015f\u0131l\u0131k kamu alt yap\u0131 yat\u0131r\u0131mlar\u0131 ile kamu harcamalar\u0131n\u0131 art\u0131r\u0131c\u0131 ad\u0131mlar\u0131 hi\u00e7 \u015f\u00fcphesiz ABD\u2019nin b\u00fct\u00e7e performans\u0131n\u0131 olumsuz y\u00f6nde etkileyecek ve enflasyonu tetikleyecek. Bu durum, ABD Merkez Bankas\u0131\u2019n\u0131 (Fed) para politikas\u0131n\u0131 daha da s\u0131k\u0131la\u015ft\u0131r\u0131c\u0131 ad\u0131mlara zorlayabilir. Bu nedenle, Trump\u2019\u0131n ekonomi ve bilhassa KOB\u0130\u2019leri destekleyici ad\u0131mlar\u0131 ile Fed\u2019in politikalar\u0131ndaki olas\u0131 \u00e7eli\u015fkiler dikkatle takip edilecek. Trump\u2019\u0131n Kanada\u2019dan ithal edilen keresteye y\u00fczde 24 ek vergi koymas\u0131 da g\u00f6zden ka\u00e7mad\u0131.<\/span><\/p>  \t\t\t\t","slug":"tcmb-stratejisini-surduruyor","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"TCMB stratejisini s\u00fcrd\u00fcr\u00fcyor","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":111,"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":16536,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":16437,"locale":"tr","category_id":73,"title":"TCMB stratejisini s\u00fcrd\u00fcr\u00fcyor","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\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n (TCMB) ekonomik \u00e7evreleri ve piyasalarca merakla takip edilen Para Politikas\u0131 Kurulu (PPK) toplant\u0131s\u0131ndan, \u00f6ng\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi ge\u00e7 likidite penceresi faiz oran\u0131nda 0.50 puanl\u0131k bir art\u0131\u015f karar\u0131 \u00e7\u0131kt\u0131. K\u00fcresel piyasalarda belirsizlik s\u00fcrerken ve referandum sonras\u0131 T\u00fcrkiye\u2019de piyasalar canlan\u0131rken, TCMB\u2019nin kontroll\u00fc s\u0131k\u0131la\u015ft\u0131rmay\u0131 s\u00fcrd\u00fcrmesi en do\u011fru strateji. TCMB\u2019nin, piyasalardaki toparlanmay\u0131 bozacak ve TL\u2019nin maliyetini s\u0131\u00e7ratacak bir ad\u0131m atmas\u0131 ger\u00e7ek manada s\u00fcrpriz olurdu. TCMB, b\u00f6ylece, piyasadaki TL\u2019nin maliyetini, iki haneli oranlara y\u00fckselmi\u015f olan enflasyonu normalle\u015ftirmek ad\u0131na, kontroll\u00fc olarak belirli bir oranda tutmay\u0131 s\u00fcrd\u00fcrecek. PPK\u2019n\u0131n karar\u0131 sonras\u0131nda, dolar kuru bir ara 3.5557 TL\u2019yi g\u00f6rerek, 3 Ocak\u2019tan beri en d\u00fc\u015f\u00fck seviyeyi test etti. 10 y\u0131ll\u0131k tahvil faizi ise 12 baz puan d\u00fc\u015f\u00fc\u015fle y\u00fczde 10.37 oldu. Yani, ekonomi \u00e7evreleri TCMB y\u00f6netiminin ad\u0131m\u0131n\u0131 do\u011fru olarak alg\u0131lad\u0131.<\/span><\/p>  <p><span class=\"large\">\u0130ki haneli d\u00fczeye \u00e7\u0131km\u0131\u015f olan enflasyonun normalle\u015fmesi ve bu normalle\u015fme s\u00fcrecine ba\u011fl\u0131 olarak, TCMB\u2019nin para politikas\u0131 faiz oranlar\u0131n\u0131 makul bir tempoyla d\u00fc\u015f\u00fcrerek, referandum sonras\u0131 olu\u015fan siyasi istikrar ortam\u0131yla birlikte hareketlenmeye ba\u015flam\u0131\u015f olan \u00f6zel sekt\u00f6r yat\u0131r\u0131mlar\u0131 ve piyasa canlanmas\u0131na katk\u0131 sa\u011flamas\u0131 kritik \u00f6nemde. Yurti\u00e7inde de, yat\u0131r\u0131m ama\u00e7l\u0131 ve yat\u0131r\u0131mlar\u0131n finansman\u0131 ama\u00e7l\u0131 olarak, sadece bir haftada SPK\u2019ya \u00f6zel sekt\u00f6r tahvil ihrac\u0131 ba\u015fvurusu 18.3 milyar TL\u2019ye ula\u015fm\u0131\u015f durumda. Borsadaki \u015firketlerimizin de\u011feri bitirdi\u011fimiz hafta ilk kez 720 milyar TL\u2019ye yakla\u015ft\u0131. 16 Nisan sonras\u0131nda olu\u015fan bu atmosferi koruyup, b\u00fcy\u00fcmenin h\u0131zlanmas\u0131na \u00f6ncelik vermemiz gerekiyor.<\/span><\/p>  <p><span class=\"large\"><strong>K\u00dcRESEL P\u0130YASALARIN G\u00d6Z\u00dc MACRON VE TRUMP\u2019TA<\/strong><\/span><\/p>  <p><span class=\"large\">Ekonomi \u00e7evreleri, 16 Nisan referandumu sonras\u0131nda ekonomi alan\u0131ndaki \u00f6nemli konu ba\u015fl\u0131klar\u0131na odaklanmaya ba\u015flad\u0131. Fransa\u2019daki Cumhurba\u015fkanl\u0131\u011f\u0131 se\u00e7imi ilk turu sonras\u0131nda ortaya \u00e7\u0131kan oy da\u011f\u0131l\u0131m\u0131, Fransa\u2019n\u0131n Avrupa Birli\u011fi\u2019nde kalma olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendirince, Euro\u2019nun dolar kar\u015f\u0131s\u0131nda g\u00fc\u00e7lenmesine \u015fahit olduk. Fransa\u2019daki se\u00e7imlerin Avrupa piyasalar\u0131ndaki olumlu havay\u0131 g\u00fc\u00e7lendirmesi, T\u00fcrkiye\u2019deki siyasi tansiyonun azalmas\u0131 ile birlikte d\u00f6viz kurlar\u0131na ve \u0130stanbul Borsas\u0131\u2019na olumlu y\u00f6nde yans\u0131d\u0131. <\/span><br><span class=\"large\"> ABD Dolar\u0131 cephesinde ise haftan\u0131n iki kritik konusu Ba\u015fkan Trump\u2019\u0131n 27 Nisan\u2019da a\u00e7\u0131klad\u0131\u011f\u0131 yeni \u2018Vergi Paketi\u2019 ve ABD\u2019nin birinci \u00e7eyrek b\u00fcy\u00fcme verisi. ABD ekonomi \u00e7evreleri, Trump\u2019\u0131n se\u00e7im vaatlerini yerine getirmek ad\u0131na, bug\u00fcne kadar ba\u015far\u0131l\u0131 bir performans g\u00f6sterememesine ba\u011fl\u0131 olarak yeni vergi paketi ile ses getirmek isteyebilece\u011fini d\u00fc\u015f\u00fcn\u00fcyorlar.<\/span><\/p>  <p><span class=\"large\">Trump\u2019\u0131n resmen a\u00e7\u0131klanan paketi, kurumlar vergisini y\u00fczde 35\u2019ten y\u00fczde 15\u2019e \u00e7ekecek. S&amp;P 500\u2019deki \u015firketlerin \u00f6dedi\u011fi ortalama vergi oran\u0131 y\u00fczde 29 seviyesinde. Ki\u015fisel gelir vergisi ise 7 kademeden 3 kademeye d\u00fc\u015f\u00fcr\u00fclecek. ABD\u2019de \u015fu anda 7 ayr\u0131 kademede, y\u00fczde 10, 15, 25, 28, 33, 35 ve 39.6 oranlar\u0131nda uygulanan ki\u015fisel gelir vergisi, Trump\u2019\u0131n yeni plan\u0131na g\u00f6re y\u00fczde 10.25 ve 35 olacak. Ayr\u0131ca deniza\u015f\u0131r\u0131 \u00fclkelerdeki k\u00e2rlara tek seferlik vergi uygulanacak. Yeni vergi plan\u0131na g\u00f6re, \u015firketler deniza\u015f\u0131r\u0131 k\u00e2rlar\u0131n\u0131, yabanc\u0131 k\u00e2rlar\u0131n en fazla ABD vergilerinden muaf oldu\u011fu bir b\u00f6lgesel vergi sistemine getirirlerse, vergiye tabi olmayacak. Mevcut durumda, ABD kurumlara k\u00e2rlar\u0131 nerede kazan\u0131lm\u0131\u015f olursa olsun vergi uyguluyor.<\/span><\/p>  <p><span class=\"large\"><strong>KANADA\u2019DAN \u0130THAL KERESTEYE Y\u00dcZDE 24 EK VERG\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Trump\u2019\u0131n \u00f6nceki performans\u0131 dikkate al\u0131narak, paketin bekleneni vermeyece\u011fini d\u00fc\u015f\u00fcnenler de var. Trump\u2019\u0131n vergi gelirlerini azalt\u0131c\u0131, buna kar\u015f\u0131l\u0131k kamu alt yap\u0131 yat\u0131r\u0131mlar\u0131 ile kamu harcamalar\u0131n\u0131 art\u0131r\u0131c\u0131 ad\u0131mlar\u0131 hi\u00e7 \u015f\u00fcphesiz ABD\u2019nin b\u00fct\u00e7e performans\u0131n\u0131 olumsuz y\u00f6nde etkileyecek ve enflasyonu tetikleyecek. Bu durum, ABD Merkez Bankas\u0131\u2019n\u0131 (Fed) para politikas\u0131n\u0131 daha da s\u0131k\u0131la\u015ft\u0131r\u0131c\u0131 ad\u0131mlara zorlayabilir. Bu nedenle, Trump\u2019\u0131n ekonomi ve bilhassa KOB\u0130\u2019leri destekleyici ad\u0131mlar\u0131 ile Fed\u2019in politikalar\u0131ndaki olas\u0131 \u00e7eli\u015fkiler dikkatle takip edilecek. Trump\u2019\u0131n Kanada\u2019dan ithal edilen keresteye y\u00fczde 24 ek vergi koymas\u0131 da g\u00f6zden ka\u00e7mad\u0131.<\/span><\/p>  \t\t\t\t","slug":"tcmb-stratejisini-surduruyor","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 stratejisini s\u00fcrd\u00fcr\u00fcyor","meta_description":"Prof. Dr. Kerem Alkin","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":111,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}