{"id":38012,"date":"2026-09-17T21:22:30","date_gmt":"2026-09-17T21:22:30","guid":{"rendered":"https:\/\/sonkale16tv.com.tr\/?p=38012"},"modified":"2026-09-17T21:22:32","modified_gmt":"2026-09-17T21:22:32","slug":"sikilasma-nakit-akisini-zorluyor-piyasalar-boguluyor","status":"publish","type":"post","link":"https:\/\/sonkale16tv.com.tr\/index.php\/2026\/09\/17\/sikilasma-nakit-akisini-zorluyor-piyasalar-boguluyor\/","title":{"rendered":"S\u0131k\u0131la\u015fma nakit ak\u0131\u015f\u0131n\u0131 zorluyor! Piyasalar bo\u011fuluyor"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>TCMB\u2019nin aylard\u0131r uygulad\u0131\u011f\u0131 s\u0131k\u0131 likidite politikas\u0131 reel sekt\u00f6r ve Kapal\u0131\u00e7ar\u015f\u0131\u2019da yak\u0131nmalar\u0131 art\u0131rd\u0131. TL bulman\u0131n \u00e7ok zorla\u015ft\u0131\u011f\u0131na i\u015faret eden reel sekt\u00f6r ve Kapal\u0131\u00e7ar\u015f\u0131 temsilcilerine kar\u015f\u0131l\u0131k piyasa uzmanlar\u0131 TCMB\u2019nin son 3 g\u00fcn \u00f6ncesine kadar piyasadan 1 trilyon lira para \u00e7ekti\u011fini hat\u0131rlatarak hem miktar hem de fiyat bazl\u0131 s\u0131k\u0131la\u015fma oldu\u011fu i\u00e7in daha zorlu ge\u00e7ti\u011fini vurgulad\u0131.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dezenflasyon program\u0131 sava\u015f nedeniyle kesintiye u\u011frayan T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131, piyasay\u0131 y\u00fczde 40 faizden fonlamaya devam ederken temmuzun ikinci yar\u0131s\u0131ndan itibaren piyasadan \u00e7ekti\u011fi para miktar\u0131n\u0131 1 trilyon liran\u0131n \u00fczerine ta\u015f\u0131d\u0131. Net fonlama negatifte devam ederken son \u00fc\u00e7 g\u00fcnde sterilizasyonu yar\u0131ya indirdi. Ancak bu s\u0131k\u0131l\u0131k Kapal\u0131\u00e7ar\u015f\u0131 ve reel sekt\u00f6r taraf\u0131ndan TL bulman\u0131n zorla\u015ft\u0131\u011f\u0131 yorumlar\u0131na yol a\u00e7arken, uzmanlar bu miktarda piyasadan TL \u00e7ekmenin normal zamanlardan daha yo\u011fun bir s\u0131k\u0131la\u015fma getirdi\u011fine, \u015fu an hem miktar hem de fiyat bazl\u0131 s\u0131k\u0131la\u015fma yap\u0131ld\u0131\u011f\u0131na i\u015faret etti.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TCMB\u2019nin s\u0131k\u0131 para politikas\u0131 s\u00fcr\u00fcyor<br>TCMB ocak Para Politikas\u0131 Kurulu toplant\u0131s\u0131nda 100 baz puanl\u0131k faiz indirimi sonras\u0131nda bu y\u0131lki di\u011fer 4 toplant\u0131s\u0131nda politika faizine dokunmad\u0131. Hatta mart PPK\u2019s\u0131nda y\u00fczde 37\u2019den piyasaya para verdi\u011fi haftal\u0131k repo ihalelerine ara verdi ve \u015fu zamana kadar da yeniden ihale a\u00e7mad\u0131. Son olarak temmuz PPK\u2019s\u0131nda da pas ge\u00e7en TCMB\u2019nin verilerine g\u00f6re toplam sterilizasyonu yani piyasadan \u00e7ekti\u011fi para miktar\u0131 da 30 Temmuz\u2019a kadar 1 trilyonun \u00fczerinde seyretti. 29 Temmuz\u2019da 1.29 trilyon liraya kadar \u00e7\u0131kt\u0131. A\u011f\u0131rl\u0131kl\u0131 ortalama fonlama maliyeti de y\u00fczde 40\u2019de kalmaya devam etti. 30 Temmuz\u2019dan itibaren ise sterilizasyon miktar\u0131n\u0131 indirmeye ba\u015flayan TCMB\u2019nin analitik bilan\u00e7osuna g\u00f6re d\u00fcn itibariyle toplam piyasadan \u00e7ekti\u011fi para 700 milyar liraya kadar indi. Yani neredeyse yar\u0131ya indirdi piyasadan \u00e7ekti\u011fi miktar\u0131.*** TCMB\u2019nin bu s\u0131k\u0131l\u0131\u011f\u0131 piyasaya da yans\u0131d\u0131. Kapal\u0131\u00e7ar\u015f\u0131 esnaflar\u0131n\u0131n verdi\u011fi bilgiye g\u00f6re TL bulmak olduk\u00e7a zorla\u015ft\u0131 ve Kapal\u0131\u00e7ar\u015f\u0131\u2019da \u201cTL tatile \u00e7\u0131kt\u0131\u201d yorumlar\u0131 yayg\u0131nla\u015fmaya ba\u015flad\u0131.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ticari aktivitenin yava\u015flad\u0131\u011f\u0131 d\u00f6nem<br>EKONOM\u0130\u2019ye bilgi veren piyasa uzmanlar\u0131 TCMB\u2019nin 1 trilyon lira civar\u0131 piyasadan para \u00e7ekti\u011fini hat\u0131rlatarak yurtd\u0131\u015f\u0131nda TL \u00e7oklu\u011funa ra\u011fmen yurti\u00e7inin olduk\u00e7a s\u0131k\u0131 oldu\u011funa dikkat \u00e7ekti. Bir di\u011fer uzman ise reel sekt\u00f6r\u00fcn her zaman bu konuda dertli oldu\u011funu hat\u0131rlatarak TL bulunam\u0131yor noktas\u0131nda bir s\u0131k\u0131l\u0131k g\u00f6rmedi\u011fini dile getirdi. Ayn\u0131 uzman TCMB\u2019nin aylard\u0131r s\u0131k\u0131 likidite politikas\u0131yla ilerledi\u011fine de i\u015faret etti.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ekonomist U\u011fur G\u00fcrses sava\u015fla birlikte TCMB\u2019nin daha s\u0131k\u0131la\u015ft\u0131rd\u0131\u011f\u0131 para politikas\u0131n\u0131n devam etti\u011fini dile getirerek, ticari aktivitenin de bu d\u00f6nemde yava\u015flad\u0131\u011f\u0131n\u0131 hat\u0131rlatt\u0131. G\u00fcrses, \u201cTicari aktivitenin yava\u015flad\u0131\u011f\u0131 d\u00f6nemde \u015firketlerin nakit giri\u015fleri yava\u015flar ve azal\u0131r. Ayn\u0131 zamanda s\u0131k\u0131 para politikas\u0131n\u0131n da uygulanmas\u0131yla \u015firketlerin piyasada para yok alg\u0131s\u0131 g\u00fc\u00e7leniyor\u201d diye konu\u015ftu.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hem miktar hem fiyat bazl\u0131 s\u0131k\u0131la\u015fma<br>ICBC Yat\u0131r\u0131m Hazine Direkt\u00f6r\u00fc Dr. Alp \u015eerbetli de TCMB\u2019nin sterilizasyonunun en y\u00fcksek 1,3 trilyon liraya \u00e7\u0131kt\u0131\u011f\u0131n\u0131 \u00f6nceki g\u00fcn itibariyle 662,7 milyar liraya d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc belirterek, zaman zaman maa\u015f \u00f6demeleri, vergi \u00f6demeleri nedeniyle TL\u2019de bir s\u0131k\u0131\u015f\u0131kl\u0131k olabildi\u011fini ancak son d\u00f6nemde al\u0131\u015f\u0131lm\u0131\u015f\u0131n d\u0131\u015f\u0131nda bir s\u0131k\u0131\u015f\u0131kl\u0131k g\u00f6rmedi\u011fini s\u00f6yledi. Ancak \u015eerbetli, reel sekt\u00f6r ve serbest piyasan\u0131n son d\u00f6nemde TL bulma g\u00fc\u00e7l\u00fc\u011f\u00fc konusunda hakl\u0131 nedenleri oldu\u011funa i\u015faret ederek, hem piyasadaki toplam talebin darald\u0131\u011f\u0131n\u0131 hem de s\u0131k\u0131la\u015fman\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc vurgulad\u0131. \u015eerbetli bu d\u00f6nemde hem miktar hem de fiyat bazl\u0131 s\u0131k\u0131la\u015fma ya\u015fand\u0131\u011f\u0131na dikkat \u00e7ekti. TCMB\u2019nin yak\u0131n zamanda piyasa fonlamas\u0131n\u0131 gev\u015fetmesini beklemedi\u011fini s\u00f6yleyen \u015eerbetli, eyl\u00fcl PPK ile birlikte belki haftal\u0131k fonlamaya ge\u00e7ebilece\u011fini bu durumun da kredi faiz oranlar\u0131nda biraz a\u015fa\u011f\u0131 hareket yaratabilece\u011fini kaydetti. \u015eerbetli, d\u00f6viz taraf\u0131nda da ola\u011fan\u00fcst\u00fc bir durum olmad\u0131\u011f\u0131n\u0131 sadece TCMB\u2019nin ayl\u0131k olarak y\u00fczde 1,25\u2019lerde yukar\u0131 gitmesine izin verirken bu oran\u0131n y\u00fczde 1,75-1,85 aral\u0131\u011f\u0131na \u00e7ekti\u011fini dile getirdi.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TCMB\u2019nin aylard\u0131r uygulad\u0131\u011f\u0131 s\u0131k\u0131 likidite politikas\u0131 reel sekt\u00f6r ve Kapal\u0131\u00e7ar\u015f\u0131\u2019da yak\u0131nmalar\u0131 art\u0131rd\u0131. TL bulman\u0131n \u00e7ok zorla\u015ft\u0131\u011f\u0131na i\u015faret eden reel sekt\u00f6r ve Kapal\u0131\u00e7ar\u015f\u0131 temsilcilerine kar\u015f\u0131l\u0131k piyasa uzmanlar\u0131 TCMB\u2019nin son 3 g\u00fcn \u00f6ncesine kadar piyasadan 1 trilyon lira para \u00e7ekti\u011fini hat\u0131rlatarak hem miktar hem de fiyat bazl\u0131 s\u0131k\u0131la\u015fma oldu\u011fu i\u00e7in daha zorlu ge\u00e7ti\u011fini vurgulad\u0131. Dezenflasyon program\u0131 sava\u015f [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[286],"tags":[],"class_list":["post-38012","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ekonomi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/38012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=38012"}],"version-history":[{"count":1,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/38012\/revisions"}],"predecessor-version":[{"id":38013,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/38012\/revisions\/38013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/media\/38011"}],"wp:attachment":[{"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=38012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=38012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sonkale16tv.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=38012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}