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Merkez Bankası'nın döviz müdahalesi ne anlama geliyor? - HAKANSEYHAN
Gözde Yeniova Saylak gyeniova@ekonomist.com.tr Merkez Bankası’nın bir süredir elindeki araçları döviz oynaklığına ve devamlı artışına karşı nasıl kullanacağı sorgulanmaya başlamıştı. Ana politikasının gevşeme doğrultusunda olması ise bu sürede TL’yi üstün dereceli düşük seviyelere çekti. Direkt müdahale mevzusunda, net döviz rezervlerinin güçlü olmaması itibarıyla bu olasılık zayıf görünüyordu. Bununla birlikte 2014’ten beri de bu biçim bir satış müdahalesi söz mevzusu olmamıştı. Sadece bugün TCMB, yedi yıl aradan sonrasında ilk kez döviz satarak piyasalara müdahale etti.
Para otoritesinden meydana getirilen açıklamada, müdahalenin piyasadaki “sağlıksız fiyat oluşumlarından” kaynaklandığı açıklandı. Merkez bankası, “döviz kurlarındaki sağlıksız fiyat oluşumları sebebiyle” Borsa İstanbul Vadeli İşlemler Piyasası’nda da işlem halletmeye başladı.
Tera Yatırım Başekonomisti Enver Erkan bu müdahaleyle ilgili sorularımı yanıtladı.
“2014’ten beri de bu biçim bir satış müdahalesi söz mevzusu olmamıştı. Dolayısıyla, ne kadarlık bir direkt satış söz mevzusu; kur etkisine o açıdan bakmak lazım. Merkez Bankası’nın piyasaya girmiş olması ve döviz arzı sağlaması bakımından da bunu söylem ve fiil etkisiyle desteklemesi icap ettiğini düşünüyoruz. Bilhassa kur mevzusundaki beklentilerin revize edilmesi noktasında, bunun siyaset desteğiyle yapılması icap ettiğinin mühim bulunduğunu belirtiriz. Döviz müdahalesi muhtemelen satılabilir yükümlülüklerden yapılıyor. Şirketlerin döviz talebi yada bankacılık sisteminden extra oluşan talebi karşılamak için olarak günlük bazda kur hareketinde geri çekilmeler elde edecektir. Sadece siyaset doğrultusu belli olduğundan ve Merkez Bankası’nın faizleri indirmeye yönelik doğrultusu bilinmiş olduğu için bunun kurda devamlı bir düşüş sağlama noktasında yetersiz kalabileceğini düşünürüz.
Bankalarla meydana getirilen swapları da hesaba katacak olursak, Merkez Bankası’nın açık pozisyonu itibarıyla kafi bir biriki tesiri sağlama noktasından uzak olması söz mevzusu olabilir. Bununla birlikte kuru yukarıya gönderen sözlü yada siyaset doğrultusundaki aksiyonlar, kur volatilitesinin durmamasına neden olabilir. Şu demek oluyor ki, şu aşamada döviz talebi direkt müdahalelerle günlük olarak sürdürülür sadece piyasa talep karşılandıktan sonrasında benzer eğilimine devam edebilir. Banka hazinelerinden gelen bilgilerin ve Merkez Bankası’nın işlem dökümünün mevzuya ilişkin daha sıhhatli data vereceğini düşünüyoruz. Stratejinin sürdürülebilirliği, döviz müdahalesinin boyutu ve VİOP işlem pozisyonlarının durumuna bakacağız. Yarın Merkez Bankası’nın ekonomistlerle toplantısı olacağını da hatırlatmak isteriz.
Kurun artış noktasında FED’in varlık alımlarını azaltması, faiz artışını düşünmesi benzer biçimde dış siyaset baskılarına ek olarak TCMB’nin gevşeme politikası dahilinde yıl sonuna doğru faiz indirmeye devam etmesi beklentisi temel nedenler olarak duruyor. Dün TV yayınında konuşan Cumhurbaşkanı Sn. Recep Tayyip Erdoğan da büyümeyi hızlandırma ve istihdam yaratmayı amaçlayan yeni iktisat perspektifi doğrultusunda seçim öncesine kadar faizlerin inebileceği değerlendirmesinde bulunmuştu. Merkez Bankası’nın da bu doğrultuda 16 Aralık toplantısında faiz indirimlerine devam etmesi planlanıyor.”
Başa dön tuşu