Faiz Koridoru, Likidite Yonetimi ve Para Piyasalarinda Efektif Fonlama Faizi

[TR] 2010 yilinda Turkiye Cumhuriyet Merkez Bankasi (TCMB) birden fazla politika faizinin ve aktif likidite politikasinin bir arada kullanilabildigi yeni bir koridor sistemine gecmistir. Kara (2015) calismasinda gosterildigi uzere yeni sistem, TCMB’nin temel fonlama araclarina iliskin faizleri degistirmeden sadece fonlama kompozisyonunu degistirerek para piyasasi faizlerini etkilemesine olanak tanimaktadir. TCMB’nin agirlikli ortalama fonlama faizi (TCMB AOFF), TCMB’nin fonlama kalemlerine iliskin tutarlar ve faizler dikkate alinarak hesaplanmakta olup, bankalarin TCMB’den borclanmalarinin efektif maliyetine iliskin bir gostergedir. Bankalarin TCMB disi kaynaklardan da borclanabildigi goz onunde bulunduruldugunda, bankalarin para piyasalarindaki kisa vadeli borclanmalarina iliskin kosullarin butuncul bir sekilde yorumlanmasi acisindan TCMB AOFF’nin yani sira Borsa Istanbul Gecelik Repo/Ters Repo Pazari’ndaki faizler ve kur takasi piyasasindaki kisa vadeli faizlerin de takibi onem arz etmektedir. Bu cercevede notta bankalarin para piyasalarindaki TCMB disi temel finansman maliyetlerini de hesaba katarak daha kapsamli bir efektif maliyet gostergesi elde etmek amaclanmaktadir. Soz konusu yeni gosterge TCMB+Piyasa AOFF olarak adlandirilmistir. [EN] Since 2010, the Central Bank of Turkey (CBRT) has been implementing a new corridor system in which multiple policy rates are used in conjunction with an active liquidity policy. Kara (2015) shows how the new system enables the CBRT to affect the money market rates without changing its policy rates, but changing only the composition of funding provided from the 1 week repo rate and the overnight lending rate. CBRT’s weighted average funding rate (CBRT WAFR), which is the effective cost of banks’ borrowing from the CBRT, is calculated by taking into account the outstanding funding volumes and the corresponding policy rates. As banks can also borrow from sources other than the CBRT, in order to have broader sense of banks’ borrowing cost in the money markets, it is also necessary to follow the market rates such as the Borsa Istanbul Overnight Repo/Reverse Repo rates and the short-term rates in the cross currency swap market. In that respect, this note aims to calculate an effective cost indicator for the banks’ borrowing from the money markets, taking into account the funds from both the CBRT and other sources. This new indicator is named as the CBRT+Market WAFR.