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\u00d6ZET
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\u2502 T\u00fcrkiye ekonomisi 2026\u2019n\u0131n ikinci \u00e7eyre\u011finde y\u0131ll\u0131k %2,3 b\u00fcy\u00fcd\u00fc. Man\u015fet
\u2502 rakam pozitif olsa da yat\u0131r\u0131m, d\u0131\u015f denge ve finansal ko\u015fullar birlikte
\u2502 okundu\u011funda daha temkinli bir resim ortaya \u00e7\u0131k\u0131yor. Ayn\u0131 d\u00f6nemde yat\u0131r\u0131m
\u2502 fonlar\u0131na getirilen yeni kurallar, yat\u0131r\u0131mc\u0131 korumas\u0131n\u0131 ve i\u015flem g\u00fcvenli\u011fini
\u2502 g\u00fc\u00e7lendirmeyi hedeflerken sekt\u00f6r\u00fcn \u00e7al\u0131\u015fma bi\u00e7iminde ciddi bir uyum s\u00fcreci
\u2502 ba\u015flat\u0131yor. K\u00fcresel tarafta ise ABD Merkez Bankas\u0131\u2019n\u0131n enflasyon vurgusu,
\u2502 T\u00fcrkiye\u2019nin faiz ve sermaye ak\u0131mlar\u0131 a\u00e7\u0131s\u0131ndan hareket alan\u0131n\u0131 s\u0131n\u0131rl\u0131
\u2502 tutuyor.<\/p>\n\n\n\n
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T\u00fcrkiye ekonomisi 2026 y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %2,3 b\u00fcy\u00fcd\u00fc. Mevsim ve takvim etkilerinden ar\u0131nd\u0131r\u0131lm\u0131\u015f veri bir \u00f6nceki \u00e7eyre\u011fe k\u0131yasla %1,1 art\u0131\u015fa i\u015faret ediyor. Bu iki oran, ekonominin teknik anlamda b\u00fcy\u00fcmeyi s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Buna kar\u015f\u0131l\u0131k b\u00fcy\u00fcmenin nereden geldi\u011fi ve hangi alanlarda zay\u0131fl\u0131k birikti\u011fi, man\u015fet orandan daha \u00f6nemli hale gelmi\u015f durumda.<\/p>\n\n\n\n
Hanehalk\u0131 t\u00fcketimi ayn\u0131 d\u00f6nemde y\u0131ll\u0131k %3,5 artt\u0131. Devletin nihai t\u00fcketim harcamalar\u0131 %1,8 gerilerken gayrisafi sabit sermaye olu\u015fumundaki art\u0131\u015f yaln\u0131zca %0,6\u2019da kald\u0131. Burada \u00f6ne \u00e7\u0131kan konu, i\u00e7 t\u00fcketimin ekonomiyi desteklemeye devam etmesine ra\u011fmen gelecekteki \u00fcretim kapasitesini besleyecek yat\u0131r\u0131m taraf\u0131n\u0131n olduk\u00e7a s\u0131n\u0131rl\u0131 ilerlemesi. Bir ekonomi bir s\u00fcre t\u00fcketimle b\u00fcy\u00fcyebilir; ancak makine, te\u00e7hizat, teknoloji ve verimlilik yat\u0131r\u0131mlar\u0131 ayn\u0131 tempoyu yakalamad\u0131\u011f\u0131nda orta vadede b\u00fcy\u00fcmenin kalitesi tart\u0131\u015fmal\u0131 hale gelir.<\/p>\n\n\n\n
\u00dcretim taraf\u0131ndaki tablo da benzer bir ayr\u0131\u015fma i\u00e7eriyor. Baz\u0131 hizmet kollar\u0131 ve bilgi-ileti\u015fim faaliyetleri b\u00fcy\u00fcmeye katk\u0131 sa\u011flarken in\u015faat\u0131n y\u0131ll\u0131k %1,9 daralmas\u0131, faiz ve finansman ko\u015fullar\u0131n\u0131n yat\u0131r\u0131m i\u015ftah\u0131 \u00fczerindeki etkisini hat\u0131rlat\u0131yor. Tar\u0131m\u0131n d\u00f6nemsel katk\u0131s\u0131 b\u00fcy\u00fcmeyi destekleyebilir, fakat iklim ve verim ko\u015fullar\u0131na a\u00e7\u0131k olan bu katk\u0131n\u0131n kal\u0131c\u0131 bir sanayi kapasitesi art\u0131\u015f\u0131yla ayn\u0131 \u015fekilde de\u011ferlendirilmemesi laz\u0131m.<\/p>\n\n\n\n
Bu a\u015famada bizim a\u00e7\u0131m\u0131zdan temel soru, \u201cekonomi b\u00fcy\u00fcyor mu?\u201d sorusundan \u00e7ok \u201cb\u00fcy\u00fcme ne kadar \u00fcretken ve ne kadar s\u00fcrd\u00fcr\u00fclebilir?\u201d sorusu. Sabit sermaye yat\u0131r\u0131mlar\u0131n\u0131n s\u0131n\u0131rl\u0131 kalmas\u0131, i\u015fletmelerin yeni kapasite konusunda se\u00e7ici davrand\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Y\u00fcksek finansman maliyeti, i\u00e7 talebin y\u00f6n\u00fcne ili\u015fkin belirsizlik ve i\u015fletme sermayesi ihtiyac\u0131n\u0131n b\u00fcy\u00fcmesi, firmalar\u0131 uzun vadeli yat\u0131r\u0131mdan ziyade nakit ak\u0131\u015f\u0131n\u0131 korumaya itiyor. Bu davran\u0131\u015f \u015firket baz\u0131nda anla\u015f\u0131l\u0131r; \u00fclke \u00f6l\u00e7e\u011finde ise potansiyel b\u00fcy\u00fcmenin a\u015fa\u011f\u0131 gelmesi riskini ta\u015f\u0131yor.<\/p>\n\n\n\n
\u0130\u015eG\u00dcC\u00dc GEL\u0130RLER\u0130 VE \u015e\u0130RKET K\u00c2RLILI\u011eI AYNI \u00c7ER\u00c7EVEDE OKUNMALI<\/p>\n\n\n\n
T\u00dc\u0130K verisine g\u00f6re i\u015fg\u00fcc\u00fc \u00f6demeleri ikinci \u00e7eyrekte cari fiyatlarla y\u0131ll\u0131k %36,7, net i\u015fletme art\u0131\u011f\u0131 ve karma gelir ise %38,7 artt\u0131. Bu nominal de\u011fi\u015fimler tek ba\u015f\u0131na \u00e7al\u0131\u015fanlar\u0131n refah\u0131 veya \u015firketlerin reel k\u00e2rl\u0131l\u0131\u011f\u0131 hakk\u0131nda kesin sonu\u00e7 vermiyor; ayn\u0131 d\u00f6nemin fiyat art\u0131\u015flar\u0131 hesaba kat\u0131lmadan yap\u0131lacak kar\u015f\u0131la\u015ft\u0131rma yan\u0131lt\u0131c\u0131 olabilir. Yine de i\u015fletme gelirlerinin i\u015fg\u00fcc\u00fc \u00f6demelerinden daha h\u0131zl\u0131 artmas\u0131, gelir da\u011f\u0131l\u0131m\u0131 tart\u0131\u015fmas\u0131n\u0131 canl\u0131 tutuyor.<\/p>\n\n\n\n
\u015eirketler taraf\u0131nda da tek bir ortalamadan s\u00f6z etmek zor. Fiyatlama g\u00fcc\u00fc y\u00fcksek, d\u00f6viz geliri bulunan veya d\u00fc\u015f\u00fck bor\u00e7lulukla \u00e7al\u0131\u015fan i\u015fletmeler mevcut ko\u015fullar\u0131 daha rahat y\u00f6netirken; i\u00e7 pazara ba\u011fl\u0131, yo\u011fun i\u015fletme sermayesi kullanan ve krediye ihtiya\u00e7 duyan firmalar daha fazla bask\u0131 hissediyor. Bu ayr\u0131\u015fma yaln\u0131z bilan\u00e7olarda de\u011fil, istihdam ve yat\u0131r\u0131m kararlar\u0131nda da g\u00f6r\u00fcl\u00fcyor. Kredi maliyeti y\u00fcksek kald\u0131\u011f\u0131nda ilk ertelenen kalem \u00e7o\u011fu zaman kapasite yat\u0131r\u0131m\u0131, ard\u0131ndan yeni i\u015fe al\u0131mlar oluyor.<\/p>\n\n\n\n
Stok hareketleri de bu d\u00f6nemde yak\u0131ndan izlenmeli. Firmalar\u0131n stok azaltmas\u0131 k\u0131sa vadede nakit ihtiyac\u0131n\u0131 d\u00fc\u015f\u00fcr\u00fcrken \u00fcretime verilen yeni sipari\u015fleri zay\u0131flatabilir. Buna kar\u015f\u0131l\u0131k sat\u0131\u015f beklentisinin toparlanmas\u0131 halinde stok yenileme d\u00f6ng\u00fcs\u00fc b\u00fcy\u00fcmeyi h\u0131zla destekleyebilir. Bu nedenle sanayi \u00fcretimi, kapasite kullan\u0131m oran\u0131 ve reel kesim g\u00fcveni, \u00f6n\u00fcm\u00fczdeki \u00e7eyreklerde b\u00fcy\u00fcmenin y\u00f6n\u00fcn\u00fc anlamak i\u00e7in GSYH verisiyle birlikte okunmal\u0131.<\/p>\n\n\n\n
Bu nedenle \u00fccret pay\u0131 tart\u0131\u015fmas\u0131n\u0131 sadece \u201ck\u00e2r m\u0131, \u00fccret mi?\u201d ikilemine s\u0131k\u0131\u015ft\u0131rmak do\u011fru olmaz. Verimlilik, rekabet, finansman y\u00fck\u00fc, kur ge\u00e7i\u015fkenli\u011fi ve sekt\u00f6r\u00fcn d\u0131\u015f ticaret pozisyonu birlikte ele al\u0131nmal\u0131. Kal\u0131c\u0131 refah art\u0131\u015f\u0131, \u00fccretlerin nominal olarak y\u00fckselmesinden \u00e7ok \u00e7al\u0131\u015fan ba\u015f\u0131na \u00fcretimin ve bunun payla\u015f\u0131m\u0131n\u0131n iyile\u015fmesiyle m\u00fcmk\u00fcn. Aksi halde \u00fccret art\u0131\u015f\u0131 fiyatlara, fiyat art\u0131\u015f\u0131 da yeniden \u00fccret talebine d\u00f6nerek ayn\u0131 d\u00f6ng\u00fcy\u00fc besleyebilir.<\/p>\n\n\n\n
ZAYIFLAYAN TALEBE RA\u011eMEN CAR\u0130 A\u00c7IK NEDEN GEN\u0130\u015eL\u0130YOR?<\/p>\n\n\n\n
\u0130kinci \u00e7eyrekte mal ve hizmet ihracat\u0131 y\u0131ll\u0131k %3,4 azal\u0131rken ithalat %6,4 geriledi. \u0130thalattaki daha h\u0131zl\u0131 d\u00fc\u015f\u00fc\u015f ilk bak\u0131\u015fta d\u0131\u015f dengenin b\u00fcy\u00fcmeye destek verdi\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Buna kar\u015f\u0131l\u0131k TCMB\u2019nin \u00f6demeler dengesi verisi, cari i\u015flemler a\u00e7\u0131\u011f\u0131n\u0131n Haziran 2026 itibar\u0131yla on iki ayl\u0131k toplamda 38,9 milyar dolara ula\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Haziran 2025\u2019te ayn\u0131 g\u00f6sterge 24,2 milyar dolar d\u00fczeyindeydi.<\/p>\n\n\n\n
\u0130\u00e7 talep so\u011furken cari a\u00e7\u0131\u011f\u0131n geni\u015flemesi, ekonominin \u00fcretim ve ticaret yap\u0131s\u0131na ili\u015fkin \u00f6nemli bir sinyal. Enerji ve ara mal\u0131 ithalat\u0131na ba\u011f\u0131ml\u0131l\u0131k, alt\u0131n talebi, ihracat pazarlar\u0131ndaki yava\u015flama ve reel kur geli\u015fmeleri bu sonucu ayn\u0131 anda etkileyebiliyor. Dolay\u0131s\u0131yla \u201cb\u00fcy\u00fcme yava\u015flarsa cari a\u00e7\u0131k otomatik olarak kapan\u0131r\u201d varsay\u0131m\u0131 her d\u00f6nemde \u00e7al\u0131\u015fm\u0131yor. Talep kompozisyonu ithal girdiye d\u00f6n\u00fck kald\u0131\u011f\u0131nda, d\u00fc\u015f\u00fck b\u00fcy\u00fcme ile y\u00fcksek d\u0131\u015f finansman ihtiyac\u0131 yan yana g\u00f6r\u00fclebiliyor.<\/p>\n\n\n\n
Bu tablo bize para politikas\u0131n\u0131n kar\u015f\u0131la\u015ft\u0131\u011f\u0131 ikilemi de anlat\u0131yor. Faiz indirimleri i\u00e7 talebi ve \u015firket finansman\u0131n\u0131 rahatlatabilir; fakat kur, beklentiler ve ithalat kanal\u0131 \u00fczerinden cari a\u00e7\u0131k ile enflasyon \u00fczerinde yeni bask\u0131 olu\u015fturabilir. \u00d6te yandan faizlerin uzun s\u00fcre \u00e7ok y\u00fcksek kalmas\u0131 da yat\u0131r\u0131m ve \u00fcretim kapasitesini zay\u0131flat\u0131yor. Sa\u011fl\u0131kl\u0131 \u00e7\u0131k\u0131\u015f, yaln\u0131z politika faizinin seviyesine de\u011fil; verimlilik yat\u0131r\u0131mlar\u0131na, ihracat\u0131n katma de\u011ferine ve enerji ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltan projelere ba\u011fl\u0131.<\/p>\n\n\n\n
SE\u00c7\u0130C\u0130 KRED\u0130LERDE ASIL MESELE \u00d6L\u00c7\u00dcLEB\u0130L\u0130R SONU\u00c7<\/p>\n\n\n\n
Son d\u00f6nemde imalat sanayisine d\u00f6n\u00fck geni\u015f \u00f6l\u00e7ekli finansman paketleri a\u00e7\u0131kland\u0131. Bu t\u00fcr destekler, genel kredi s\u0131k\u0131l\u0131\u011f\u0131n\u0131n \u00fcretim ve istihdam \u00fczerindeki yan etkilerini azaltabilir. Ancak destek program\u0131n\u0131n ba\u015far\u0131s\u0131, a\u00e7\u0131klanan toplam tutardan \u00e7ok kayna\u011f\u0131n hangi firmalara, hangi ko\u015fullarla ve hangi performans hedefleri kar\u015f\u0131l\u0131\u011f\u0131nda kulland\u0131r\u0131ld\u0131\u011f\u0131yla anla\u015f\u0131l\u0131r.<\/p>\n\n\n\n
\u0130yi tasarlanm\u0131\u015f bir se\u00e7ici kredi program\u0131nda ihracat art\u0131\u015f\u0131, ilave istihdam, yerlile\u015ftirme, enerji verimlili\u011fi veya teknolojik kapasite gibi hedefler ba\u015ftan tan\u0131mlan\u0131r. Sonu\u00e7lar d\u00f6nemsel olarak \u00f6l\u00e7\u00fcl\u00fcr ve kamuoyuyla payla\u015f\u0131l\u0131r. Sadece ucuz kaynak sunup kullan\u0131m sonras\u0131 denetimi s\u0131n\u0131rl\u0131 b\u0131rakmak, verimsiz firmalar\u0131 ayakta tutabilir ve enflasyonla m\u00fccadeleyi zorla\u015ft\u0131rabilir. Buna kar\u015f\u0131l\u0131k net hedefleri olan, s\u00fcresi belirlenmi\u015f ve ba\u015far\u0131s\u0131z projelerde deste\u011fi sonland\u0131ran bir yap\u0131, y\u00fcksek faiz ortam\u0131nda \u00fcretken yat\u0131r\u0131mlar\u0131 koruyabilir.<\/p>\n\n\n\n
Kamu bankalar\u0131 \u00fczerinden y\u00fcr\u00fct\u00fclen programlarda bilan\u00e7o etkisi ayr\u0131ca izlenmeli. Kredi riskinin uzun vadede kamunun \u00fczerinde kalmas\u0131, ba\u015flang\u0131\u00e7ta g\u00f6r\u00fcnmeyen bir maliyeti gelece\u011fe ta\u015f\u0131yabilir. Bizim a\u00e7\u0131m\u0131zdan do\u011fru yakla\u015f\u0131m, deste\u011fe kar\u015f\u0131 \u00e7\u0131kmak de\u011fil; her liral\u0131k kayna\u011f\u0131n ne kadar \u00fcretim, ihracat ve istihdam yaratt\u0131\u011f\u0131n\u0131 sorabilmek. Bu \u015feffafl\u0131k, hem b\u00fct\u00e7e disiplinini hem de programlar\u0131n toplumsal kabul\u00fcn\u00fc g\u00fc\u00e7lendirir.<\/p>\n\n\n\n
YATIRIM FONLARINDA YEN\u0130 D\u00d6NEM: G\u00dcVENL\u0130K \u0130LE ESNEKL\u0130K ARASINDA DENGE<\/p>\n\n\n\n
Sermaye Piyasas\u0131 Kurulu, Yat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Rehber\u2019i 28 A\u011fustos 2026 tarihinde g\u00fcncelledi. De\u011fi\u015fikliklerin \u00f6nemli bir b\u00f6l\u00fcm\u00fc repo ve ters repo i\u015flemlerinde takas, teminat ve limit yap\u0131s\u0131n\u0131 s\u0131k\u0131la\u015ft\u0131r\u0131yor. Fonlar\u0131n borsada ger\u00e7ekle\u015ftirdi\u011fi belirli i\u015flemlerin merkezi takas s\u00fcrecine al\u0131nmas\u0131, i\u015flem ve kar\u015f\u0131 taraf riskini daha g\u00f6r\u00fcn\u00fcr hale getirmeyi ama\u00e7l\u0131yor. Serbest fonlar\u0131n baz\u0131 repo, ters repo ve vaad s\u00f6zle\u015fmelerinde %20 s\u0131n\u0131rlar\u0131na tabi tutulmas\u0131; mevcut a\u015fan pozisyonlar i\u00e7in de 2026 sonuna uzanan kademeli uyum takvimi \u00f6ng\u00f6r\u00fclmesi bu \u00e7er\u00e7evenin par\u00e7as\u0131.<\/p>\n\n\n\n
Rehber ayr\u0131ca para piyasas\u0131 fonlar\u0131n\u0131n portf\u00f6y\u00fcn\u00fcn asgari %10\u2019unun devlet i\u00e7 bor\u00e7lanma senetleri veya belirlenen kira sertifikalar\u0131na y\u00f6nlendirilmesini d\u00fczenliyor. Portf\u00f6y y\u00f6netiminde organizasyon ve g\u00f6zetim taraf\u0131 da g\u00fc\u00e7lendiriliyor: Her fon i\u00e7in en az iki portf\u00f6y y\u00f6neticisi g\u00f6revlendirilmesi, bir y\u00f6neticinin \u00fcstlenebilece\u011fi fon say\u0131s\u0131na s\u0131n\u0131r getirilmesi ve yo\u011funla\u015fmalar\u0131n \u00fcst y\u00f6netime raporlanmas\u0131 \u00f6ne \u00e7\u0131kan ba\u015fl\u0131klar aras\u0131nda.<\/p>\n\n\n\n
Bu de\u011fi\u015fikliklerin yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan olumlu yan\u0131, likidite ve kar\u015f\u0131 taraf riskinin daha yak\u0131ndan izlenmesi. \u00d6zellikle karma\u015f\u0131k i\u015flemlerde teminat\u0131n niteli\u011fi ve takas mekanizmas\u0131, stres d\u00f6nemlerinde fon de\u011ferini do\u011frudan etkileyebilir. Standartlar\u0131n y\u00fckselmesi, sekt\u00f6r genelinde daha kar\u015f\u0131la\u015ft\u0131r\u0131labilir ve denetlenebilir bir yap\u0131 sa\u011flayabilir.<\/p>\n\n\n\n
Di\u011fer tarafta uyum maliyeti var. K\u00fc\u00e7\u00fck portf\u00f6y y\u00f6netim \u015firketleri, ilave personel ve sistem ihtiyac\u0131n\u0131 b\u00fcy\u00fck kurumlara g\u00f6re daha a\u011f\u0131r hissedebilir. Baz\u0131 fonlar\u0131n stratejileri daralabilir, birle\u015fme veya kapanma kararlar\u0131 g\u00fcndeme gelebilir. Bunun yat\u0131r\u0131mc\u0131 i\u00e7in sonucu yaln\u0131z maliyet art\u0131\u015f\u0131 olmayabilir; \u00fcr\u00fcn \u00e7e\u015fitlili\u011fi ve rekabet de etkilenebilir. Kademeli ge\u00e7i\u015f takvimleri bu bask\u0131y\u0131 azalt\u0131yor, ancak uygulamadaki ikincil d\u00fczenlemeler ve g\u00f6zetim yakla\u015f\u0131m\u0131 yak\u0131ndan izlenmeli.<\/p>\n\n\n\n
Burada sa\u011fl\u0131kl\u0131 denge, yat\u0131r\u0131mc\u0131y\u0131 karma\u015f\u0131k ve teminats\u0131z risklerden korurken profesyonel yat\u0131r\u0131mc\u0131ya y\u00f6nelik \u00fcr\u00fcnlerin hareket alan\u0131n\u0131 tamamen ortadan kald\u0131rmamak. Kurallar\u0131n ama\u00e7la orant\u0131l\u0131 uygulanmas\u0131 ve piyasa oyuncular\u0131ndan gelen veriye g\u00f6re g\u00f6zden ge\u00e7irilmesi, d\u00fczenlemenin kalitesini art\u0131r\u0131r. Fon yat\u0131r\u0131mc\u0131s\u0131 a\u00e7\u0131s\u0131ndan da yaln\u0131z ge\u00e7mi\u015f getiriye bakmak yerine likidite, portf\u00f6y yo\u011funla\u015fmas\u0131, kar\u015f\u0131 taraf riski ve stratejinin yeni s\u0131n\u0131rlara uyumu daha \u00f6nemli hale geliyor.<\/p>\n\n\n\n
K\u00dcRESEL FA\u0130ZLER T\u00dcRK\u0130YE\u2019N\u0130N HAREKET ALANINI SINIRLI TUTUYOR<\/p>\n\n\n\n
ABD Merkez Bankas\u0131\u2019n\u0131n 28 A\u011fustos tarihli de\u011ferlendirmesi, k\u00fcresel faiz g\u00f6r\u00fcn\u00fcm\u00fcnde h\u0131zl\u0131 bir gev\u015feme beklentisini desteklemiyor. Ba\u015fkan, PCE enflasyonunun y\u0131ll\u0131k %3,7 ile %2 hedefinin \u00fczerinde oldu\u011funu, i\u015fsizlik oran\u0131n\u0131n ise %4,1 seviyesinde kald\u0131\u011f\u0131n\u0131 belirtti. Mesaj\u0131n \u00f6z\u00fc, enflasyonda kal\u0131c\u0131 iyile\u015fme g\u00f6r\u00fclmeden faiz y\u00f6n\u00fcne ili\u015fkin \u00f6nceden taahh\u00fct vermemek. Konu\u015fman\u0131n sonunda kullan\u0131lan \u201cbir karara de\u011fil, bir disipline ba\u011fl\u0131l\u0131k\u201d vurgusu da yak\u0131n toplant\u0131 i\u00e7in kesin bir faiz art\u0131r\u0131m\u0131 ya da indirimi sinyali olarak okunmamal\u0131.<\/p>\n\n\n\n
T\u00fcrkiye a\u00e7\u0131s\u0131ndan d\u0131\u015far\u0131daki faiz seviyesi, yerli varl\u0131klar\u0131n sunmas\u0131 gereken risk primini etkiliyor. ABD\u2019de reel getiri y\u00fcksek kald\u0131k\u00e7a geli\u015fmekte olan \u00fclkelere sermaye ak\u0131m\u0131 daha se\u00e7ici olur. Bu da TCMB\u2019nin i\u00e7 talepteki yava\u015flamaya ra\u011fmen kur ve rezerv dengelerini g\u00f6zeterek hareket etmesine yol a\u00e7\u0131yor. Ba\u015fka bir ifadeyle i\u00e7erideki b\u00fcy\u00fcme ihtiyac\u0131 faiz indirimi y\u00f6n\u00fcnde bask\u0131 yarat\u0131rken, d\u0131\u015f finansman ko\u015fullar\u0131 ve enflasyon beklentileri aceleci bir gev\u015femenin maliyetini art\u0131r\u0131yor.<\/p>\n\n\n\n
SONU\u00c7: MAN\u015eET RAKAMDAN \u00c7OK DAYANIKLILI\u011eA BAKMA ZAMANI<\/p>\n\n\n\n
\u0130kinci \u00e7eyrek b\u00fcy\u00fcmesi ekonomide ani bir duru\u015f olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor; ancak yat\u0131r\u0131m\u0131n zay\u0131f seyri, cari a\u00e7\u0131\u011f\u0131n geni\u015flemesi ve \u015firketler aras\u0131ndaki finansman ayr\u0131\u015fmas\u0131 daha dikkatli bir okuma istiyor. K\u0131sa vadede t\u00fcketim ve se\u00e7ici kredi programlar\u0131 faaliyeti destekleyebilir. Orta vadede ise kal\u0131c\u0131 \u00e7\u00f6z\u00fcm, daha fazla ithal girdi ve bor\u00e7la b\u00fcy\u00fcmekten ziyade \u00fcretken kapasiteyi, ihracat gelirini ve verimlili\u011fi art\u0131rmaktan ge\u00e7iyor.<\/p>\n\n\n\n
Yat\u0131r\u0131m fonlar\u0131nda ba\u015flayan d\u00fczenleme s\u00fcreci de ayn\u0131 temel meseleye ba\u011flan\u0131yor: Finansal sistem b\u00fcy\u00fcrken risk y\u00f6netimi ve \u015feffafl\u0131k geride kalmamal\u0131. Bununla birlikte koruma amac\u0131, rekabeti ve \u00fcr\u00fcn \u00e7e\u015fitlili\u011fini gere\u011finden fazla daraltmamal\u0131. \u00d6n\u00fcm\u00fczdeki aylarda b\u00fcy\u00fcme verisinin y\u00f6n\u00fc kadar yat\u0131r\u0131m harcamalar\u0131, on iki ayl\u0131k cari a\u00e7\u0131k, kredi kompozisyonu ve fon sekt\u00f6r\u00fcndeki uyum ad\u0131mlar\u0131 birlikte izlenmeli. Ekonominin ger\u00e7ek dayan\u0131kl\u0131l\u0131\u011f\u0131, tek bir \u00e7eyreklik b\u00fcy\u00fcme oran\u0131ndan \u00e7ok bu g\u00f6stergelerin ayn\u0131 anda iyile\u015fmesiyle anla\u015f\u0131lacak.<\/p>\n\n\n\n
Kaynaklar<\/p>\n\n\n\n
\u00d6ZET \u2502 T\u00fcrkiye ekonomisi 2026\u2019n\u0131n ikinci \u00e7eyre\u011finde y\u0131ll\u0131k %2,3 b\u00fcy\u00fcd\u00fc. Man\u015fet\u2502 rakam pozitif olsa da yat\u0131r\u0131m, d\u0131\u015f denge ve finansal ko\u015fullar birlikte\u2502 okundu\u011funda daha temkinli bir resim ortaya \u00e7\u0131k\u0131yor. Ayn\u0131 d\u00f6nemde yat\u0131r\u0131m \u2502 fonlar\u0131na getirilen yeni kurallar, yat\u0131r\u0131mc\u0131 korumas\u0131n\u0131 ve i\u015flem g\u00fcvenli\u011fini\u2502 g\u00fc\u00e7lendirmeyi hedeflerken sekt\u00f6r\u00fcn \u00e7al\u0131\u015fma bi\u00e7iminde ciddi bir uyum s\u00fcreci \u2502 ba\u015flat\u0131yor. K\u00fcresel tarafta […]<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-309","kk_study","type-kk_study","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study"}],"about":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/types\/kk_study"}],"version-history":[{"count":2,"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/309\/revisions"}],"predecessor-version":[{"id":311,"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/309\/revisions\/311"}],"wp:attachment":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/media?parent=309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}