{"id":97180,"date":"2020-05-02T10:40:18","date_gmt":"2020-05-02T06:40:18","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T20:00:00","slug":"","status":"publish","type":"post","link":"https:\/\/ucnoqta.az\/?p=97180","title":{"rendered":"V\u00fcsal Qas\u0131ml\u0131: “Faiz d\u0259hlizi parametrl\u0259ri tarazla\u015fd\u0131r\u0131c\u0131 olmal\u0131d\u0131r”<\/b><\/font>"},"content":{"rendered":"

 M\u0259rk\u0259zi Bank\u0131n q\u0259rar\u0131na \u0259sas\u0259n uçot d\u0259r\u0259c\u0259si 7.25% v\u0259 faiz d\u0259hlizinin a\u015fa\u011f\u0131 h\u0259ddi 6.75% s\u0259viyy\u0259sind\u0259 d\u0259yi\u015fm\u0259z saxlan\u0131lmaqla, faiz d\u0259hlizinin yuxar\u0131 h\u0259ddi 9%-d\u0259n 8%-\u0259 endirilib.<\/strong><\/p>\n

Ucnoqta.az x\u0259b\u0259r verir ki, bu q\u0259rar\u0131 \u015f\u0259rh ed\u0259n \u0130qtisadi \u0130slahatlar\u0131n T\u0259hlili v\u0259 Kommunikasiya M\u0259rk\u0259zinin icraç\u0131 direktoru Vüsal Qas\u0131ml\u0131 bildirib ki, faiz d\u0259r\u0259c\u0259l\u0259ri d\u0259hlizinin maksimal h\u0259ddi bir günlük v\u0259saitl\u0259rin yerl\u0259\u015fdirm\u0259 (\u018fks-REPO) faiz d\u0259r\u0259c\u0259sini mü\u0259yy\u0259n edir: “Bel\u0259likl\u0259, M\u0259rk\u0259zi Bank v\u0259saitl\u0259ri 1 faiz ucuz yerl\u0259\u015fdirm\u0259kl\u0259 bazarda orta faiz d\u0259r\u0259c\u0259sini a\u015fa\u011f\u0131 salmaq v\u0259 ucuz likvidlikl\u0259 t\u0259minetm\u0259k niyy\u0259ti bar\u0259d\u0259 siqnal verir. Çünki banklararas\u0131 pul bazar\u0131nda faiz d\u0259r\u0259c\u0259l\u0259ri art\u0131rd\u0131 ki, bu da n\u0259tic\u0259 etibar\u0131 il\u0259 kreditl\u0259rin bahala\u015fmas\u0131na g\u0259tirib ç\u0131xara bil\u0259rdi. Ba\u015fqa t\u0259r\u0259fd\u0259n is\u0259, banklaras\u0131 bazarda pulun bahala\u015fmas\u0131 y\u0131\u011f\u0131m\u0131n art\u0131r\u0131lmas\u0131 üçün siqnald\u0131r ki, bunu h\u0259l\u0259lik reall\u0131qda görm\u0259k mümkün deyil.”<\/p>\n

V.Qas\u0131ml\u0131n\u0131n sözl\u0259rin\u0259 gör\u0259, pul bazas\u0131n\u0131n t\u0259kc\u0259 bu ilin mart-aprel aylar\u0131nda 2 milyard manatdan çox v\u0259 ya 17 faiz daralmas\u0131 manatla faizl\u0259rin yüks\u0259lm\u0259sin\u0259 r\u0259vac verir: “Manatla na\u011fd pul kütl\u0259sinin v\u0259 bank ehtiyatlar\u0131n\u0131n azalmas\u0131, kredit resurslar\u0131n\u0131 m\u0259hdudla\u015fd\u0131r\u0131r v\u0259 faizl\u0259r\u0259 art\u0131r\u0131c\u0131 t\u0259sir göst\u0259rir. Eyni zamanda pul multiplikatoru – bank sisteminin pul yaratmaq qabiliyy\u0259ti a\u015fa\u011f\u0131 dü\u015für. Banklaras\u0131 REPO bazar\u0131ndada orta faiz bu ilin mart-aprel aylar\u0131nda iki d\u0259f\u0259y\u0259 yax\u0131n yüks\u0259lib. Buna gör\u0259 d\u0259 faiz d\u0259hlizinin maksimal h\u0259ddinin a\u015fa\u011f\u0131 endirilm\u0259si faizl\u0259r\u0259 cilovlay\u0131c\u0131 t\u0259sir ba\u011f\u0131\u015flayacaq.”<\/p>\n

Vüsal Qas\u0131ml\u0131 hesab edir ki, t\u0259diyy\u0259 balans\u0131nda yaranm\u0131\u015f k\u0259sir fonunda investisiya f\u0259all\u0131\u011f\u0131n\u0131n art\u0131r\u0131lmas\u0131 üçün faiz d\u0259r\u0259c\u0259l\u0259rinin a\u015fa\u011f\u0131 sal\u0131nmas\u0131 arzuolunand\u0131r:  “Ucuz v\u0259 \u0259lveri\u015fli maliyy\u0259l\u0259\u015fm\u0259 m\u0259nb\u0259l\u0259rinin olmas\u0131 böhranla mübariz\u0259d\u0259 \u0259sas \u015f\u0259rtdir.”<\/p>\n

V.Qas\u0131ml\u0131n\u0131n sözl\u0259rin\u0259 gör\u0259, t\u0259diyy\u0259 balans\u0131n\u0131n k\u0259sirinin yaranmas\u0131 uçot d\u0259r\u0259c\u0259sinin a\u015fa\u011f\u0131 dü\u015fm\u0259sin\u0259 imkan vermir: “Bir yandan biz\u0259 ucuz maliyy\u0259 laz\u0131m oldu\u011fu kimi, dig\u0259r t\u0259r\u0259fd\u0259n d\u0259 manat\u0131n sabitliyini qorumaq v\u0259 inflyasiyan\u0131 n\u0259zar\u0259td\u0259 saxlamaq üçün uçot d\u0259r\u0259c\u0259sini a\u015fa\u011f\u0131 salmaq olmur. Bel\u0259likl\u0259, faiz d\u0259hlizi parametrl\u0259ri makro iqtisadiyyat üçün tarazla\u015fd\u0131r\u0131c\u0131 olmal\u0131d\u0131r. \u0130ndiki halda prioritet maliyy\u0259 sabitliyi, inflyasiyan\u0131n n\u0259zar\u0259td\u0259 saxlan\u0131lmas\u0131 v\u0259 real sektorun maliyy\u0259l\u0259\u015fdirilm\u0259sidir.”<\/p>\n

\u0130\u0130TKM-in r\u0259hb\u0259rinin fikrinc\u0259, M\u0259rk\u0259zi Bank\u0131n bundan \u0259vv\u0259lki q\u0259rar\u0131 il\u0259 faiz d\u0259r\u0259c\u0259l\u0259ri d\u0259hlizinin minimal h\u0259ddi, y\u0259ni bir günlük v\u0259saitl\u0259rin c\u0259lb olunma (REPO) faiz d\u0259r\u0259c\u0259sid\u0259 yüks\u0259ldilib: “Haz\u0131rda faiz d\u0259r\u0259c\u0259si d\u0259hlizi son bir ild\u0259 \u0259n dar ç\u0259rçiv\u0259d\u0259dir, çünki müt\u0259madi olaraq d\u0259hlizin yuxar\u0131 h\u0259ddi azal\u0131r v\u0259 a\u015fa\u011f\u0131 h\u0259ddi is\u0259 yüks\u0259lir, bir sözl\u0259, bir-birin\u0259 yax\u0131nla\u015fd\u0131r\u0131l\u0131r. M\u0259s\u0259l\u0259n, 1 il qabaq faiz d\u0259r\u0259c\u0259si d\u0259hlizinin a\u015fa\u011f\u0131 v\u0259 yuxar\u0131 h\u0259dl\u0259ri 4% f\u0259rql\u0259nirdis\u0259, indi bu göst\u0259rici 1,25%-\u0259 enib. T\u0259qdir\u0259layiq hald\u0131r ki, parallel olaraq kredit v\u0259 depozit faizl\u0259ri aras\u0131nda spredd\u0259 kiçilir.”<\/p>\n

V.Qas\u0131ml\u0131 bildirib ki, bir günlük v\u0259saitl\u0259rin c\u0259lbi v\u0259 yerl\u0259\u015fdirm\u0259sini ehtiva ed\u0259n faiz d\u0259hlizinin a\u015fa\u011f\u0131 v\u0259 yuxar\u0131 h\u0259dl\u0259ri vasit\u0259sil\u0259 M\u0259rk\u0259zi Bank bazarda likvidliyi çevik t\u0259nziml\u0259y\u0259 bilir: “Bütün dünyada oldu\u011fu kimi, bizim M\u0259rk\u0259zi Bank da çal\u0131\u015f\u0131r ki, onun t\u0259klif etdiyi faiz d\u0259hlizi il\u0259 orta bazar faizi aras\u0131nda spred kiçilsin v\u0259 transmissiya gücü arts\u0131n. Bu m\u0259qamda Az\u0259rbaycanda da beyn\u0259lxalq metodikaya uy\u011fun orta bazar faizini – bençmark\u0131 mü\u0259yy\u0259nl\u0259\u015fdirm\u0259k yerin\u0259 dü\u015f\u0259rdi. Çünki bu al\u0259t istinad nöqt\u0259si olmaqla pul bazar\u0131nda faizl\u0259rin mü\u0259yy\u0259nl\u0259\u015fdirilm\u0259sind\u0259 v\u0259 monetar siyas\u0259td\u0259 istifad\u0259 oluna bil\u0259r.  Banklararas\u0131 q\u0131sa müdd\u0259tli faiz d\u0259r\u0259c\u0259sini t\u0259qdim etm\u0259k üçün Avrozonada EON\u0130A, Rusiyada RUONIA v\u0259 Qazax\u0131standa TON\u0130A kimi indeksl\u0259rd\u0259n istifad\u0259 olunur.”<\/p>\n","protected":false},"excerpt":{"rendered":"

 M\u0259rk\u0259zi Bank\u0131n q\u0259rar\u0131na \u0259sas\u0259n uçot d\u0259r\u0259c\u0259si 7.25% v\u0259 faiz d\u0259hlizinin a\u015fa\u011f\u0131 h\u0259ddi 6.75% s\u0259viyy\u0259sind\u0259 d\u0259yi\u015fm\u0259z saxlan\u0131lmaqla, faiz d\u0259hlizinin yuxar\u0131 h\u0259ddi 9%-d\u0259n 8%-\u0259 endirilib. Ucnoqta.az x\u0259b\u0259r verir ki, bu q\u0259rar\u0131 \u015f\u0259rh…<\/p>\n","protected":false},"author":1,"featured_media":251278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-97180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/posts\/97180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=97180"}],"version-history":[{"count":0,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/posts\/97180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=\/wp\/v2\/media\/251278"}],"wp:attachment":[{"href":"https:\/\/ucnoqta.az\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=97180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=97180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ucnoqta.az\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=97180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}