{"id":1589,"date":"2021-03-08T19:00:00","date_gmt":"2021-03-08T17:00:00","guid":{"rendered":"https:\/\/ekonomi101.net\/?p=1589"},"modified":"2021-08-13T22:53:14","modified_gmt":"2021-08-13T20:53:14","slug":"doviz-rezervi-nedir-neden-onemlidir","status":"publish","type":"post","link":"https:\/\/ekonomi101.net\/doviz-rezervi-nedir-neden-onemlidir\/","title":{"rendered":"D\u00f6viz Rezervi Nedir? Neden \u00d6nemlidir?"},"content":{"rendered":"\n<p>Yurt i\u00e7inde \u00f6zellikle son bir y\u0131ll\u0131k s\u00fcre\u00e7 i\u00e7erisinde g\u00fcndemin bir numaras\u0131 pandemi olurken hemen ard\u0131ndan konu\u015fulan bir di\u011fer \u015fey ise merkez bankas\u0131 rezervleri olmu\u015ftur.<\/p>\n\n\n\n<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 rezervlerinin azalmas\u0131 ile gelen ele\u015ftirilere kar\u015f\u0131l\u0131k olarak Erdo\u011fan, \u201cBir s\u00fcredir zaten ekonomik sald\u0131r\u0131 alt\u0131nda olan T\u00fcrkiye\u2019nin salg\u0131nla birlikte uluslararas\u0131 alanda ortaya \u00e7\u0131kan finansal dalgalanmalara kar\u015f\u0131 tedbir geli\u015ftirmesi gerekiyordu. Bu zorlu d\u00f6nemde \u00f6demeler dengesi taraf\u0131nda bir s\u0131k\u0131nt\u0131yla kar\u015f\u0131la\u015fmamak i\u00e7in planl\u0131 ve kontroll\u00fc d\u00f6viz i\u015flemleri yap\u0131ld\u0131. Yap\u0131lan bu d\u00f6viz i\u015flemlerinin tamam\u0131 piyasa kurallar\u0131 i\u00e7indedir ve hukuka uygundur. Ne d\u00f6vizin buharla\u015fmas\u0131 ne de bir istismar, haks\u0131z kazan\u00e7, hukuka ve ahlaka ayk\u0131r\u0131 i\u015flem s\u00f6z konusudur. Bu d\u00f6viz i\u015flemler sayesinde \u00fclkemiz uluslararas\u0131 alanda ciddi etkilere yol a\u00e7an \u015foklara ra\u011fmen hedeflerine ba\u011fl\u0131 kalmay\u0131 ba\u015fard\u0131\u201d a\u00e7\u0131klamas\u0131n\u0131 yapm\u0131\u015ft\u0131. Peki, nedir bu d\u00f6viz rezervi?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>D\u00f6viz Rezervi Nedir?<\/strong><\/h2>\n\n\n\n<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 tan\u0131mlamas\u0131na g\u00f6re d\u00f6viz rezervleri, d\u0131\u015f \u00f6deme zorluklar\u0131n\u0131n ya\u015fanmas\u0131 halinde parasal yetkiler taraf\u0131ndan kontrol\u00fc sa\u011flanan ve her daim kullan\u0131ma haz\u0131r olarak bekletilen d\u0131\u015f varl\u0131klar olarak tan\u0131mlanmaktad\u0131r.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"620\" height=\"310\" src=\"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/rezerv.jpg?resize=620%2C310&#038;ssl=1\" alt=\"d\u00f6viz rezervi\" class=\"wp-image-1590\" title=\"\" data-recalc-dims=\"1\"><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Rezervler Nelerden Olu\u015fmaktad\u0131r?<\/strong><\/h2>\n\n\n\n<ul><li>Uluslararas\u0131 standartlara uygun alt\u0131n<\/li><li>IMF (Uluslararas\u0131 Para Fonu) Rezerv Pozisyonu<\/li><li>Birbirine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir d\u00f6viz varl\u0131klar\u0131<\/li><li>\u00d6zel \u00c7ekme Haklar\u0131<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>D\u00f6viz Rezervleri Neden \u00d6nemlidir?<\/strong><\/h2>\n\n\n\n<p>D\u0131\u015f \u00f6demelere destek sa\u011flanabilmesi, ekonomik iyile\u015fme ile risk priminin d\u00fc\u015fmesi sonucunda bor\u00e7lanma maliyetlerini minimum d\u00fczeye getirmek, ekonomik \u015foklara kar\u015f\u0131 g\u00fc\u00e7l\u00fc duru\u015f sergileyebilmek ve yurtd\u0131\u015f\u0131 yat\u0131r\u0131mc\u0131s\u0131n\u0131n g\u00fcvenini kazanmak i\u00e7in d\u00f6viz rezervleri olduk\u00e7a b\u00fcy\u00fck \u00f6neme sahiptir. Bu rezerv miktar\u0131 ne kadar y\u00fcksek olursa yat\u0131r\u0131mc\u0131lar\u0131n o \u00fclkeye g\u00fcveni de o oranda fazla olmaktad\u0131r.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"660\" height=\"369\" src=\"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/do\u0308viz-rezervi.jpg?resize=660%2C369&#038;ssl=1\" alt=\"d\u00f6viz rezervi nedir\" class=\"wp-image-1591\" title=\"\" data-recalc-dims=\"1\"><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Merkez Bankas\u0131 Neden Rezerv Tutar?<\/strong><\/h2>\n\n\n\n<p>Merkez bankas\u0131, kriz d\u00f6nemi i\u00e7erisinde ya\u015fanacak olan \u015foklar\u0131n \u00fclke ekonomisi \u00fczerindeki etkilerini en d\u00fc\u015f\u00fck d\u00fczeye indirmek, d\u0131\u015f bor\u00e7 \u00f6demelerini ger\u00e7ekle\u015ftirmek, \u00fclkenin d\u00f6viz ihtiya\u00e7lar\u0131n\u0131n kar\u015f\u0131lanmas\u0131na yard\u0131mc\u0131 olmak, uygulanan kur ve para politikalar\u0131n\u0131 desteklemek ve \u00f6demeler dengesini sa\u011flayabilmek i\u00e7in d\u00f6viz rezervi tutmaktad\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>D\u00f6viz Rezervlerinin Ekonomik Zorluklar Halinde Kullan\u0131labilmesi D\u0131\u015f\u0131ndaki Ama\u00e7lar\u0131 Nelerdir?<\/strong><\/h2>\n\n\n\n<p>2001 y\u0131l\u0131nda T\u00fcrkiye\u2019de dalgal\u0131 kur rejimi politikas\u0131na ge\u00e7i\u015f sa\u011flanmas\u0131 sonras\u0131nda d\u00f6viz piyasalar\u0131ndaki volatilite art\u0131\u015f g\u00f6stermi\u015ftir. <strong><a href=\"https:\/\/ekonomi101.net\/merkez-bankasinin-gorevleri-nedir\/\" target=\"_blank\" rel=\"noreferrer noopener\">Merkez bankas\u0131<\/a><\/strong> gerekli durumlarda volatilite sebebi ile olu\u015fabilecek ani fiyat de\u011fi\u015fimlerini kontrol edebilmek i\u00e7in d\u00f6viz rezervlerini kullanmaktad\u0131r. Tabii ki bu duruma T.C.M.B.\u2019ye ait iki \u00f6nemli a\u00e7\u0131klaman\u0131n da eklenmesi gerekmektedir;<\/p>\n\n\n\n<p>\u2018\u2019Merkez bankas\u0131n\u0131n bir kur hedefi yoktur.\u2019\u2019<\/p>\n\n\n\n<p>\u2018\u2019Kur hedefi olmamas\u0131na ra\u011fmen merkez bankas\u0131n\u0131n gereklilik durumu mevcuttur.\u2019\u2019<\/p>\n\n\n\n<p>Merkez bankas\u0131 genellikle bu durumu \u015fu \u015fekilde a\u00e7\u0131klamaktad\u0131r;<\/p>\n\n\n\n<p>\u201cT.C.M.B., d\u00f6viz piyasas\u0131n\u0131n sa\u011fl\u0131kl\u0131 \u00e7al\u0131\u015fmas\u0131 ve d\u00f6viz likiditesinin desteklenmesi amac\u0131yla, d\u00f6viz arz ve talep geli\u015fmelerini yak\u0131ndan takip ederek gerekli \u00f6nlemleri almaya devam etmekte, piyasa derinli\u011finin kaybolmas\u0131na ba\u011fl\u0131 olarak spek\u00fclatif davran\u0131\u015flar sonucunda kurlarda sa\u011fl\u0131ks\u0131z fiyat olu\u015fumlar\u0131 g\u00f6zlenmesi ve a\u015f\u0131r\u0131 oynakl\u0131k durumlar\u0131nda piyasaya esnek ihaleler yoluyla veya do\u011frudan m\u00fcdahale edilebilmektedir.\u201d Bir di\u011fer tan\u0131mlama ile merkez bankas\u0131n\u0131n her ne kadar herhangi bir kur hedefi bulunmuyor olsa da kur \u00fczerinde olu\u015fabilecek herhangi bir sert dalgalanma veya fiyat de\u011fi\u015fimlerine kontroll\u00fc \u015fekilde m\u00fcdahale ger\u00e7ekle\u015ftirebilmektedir. Ayr\u0131ca, bu durum sadece T.C.M.B. i\u00e7in ge\u00e7erli de\u011fil, t\u00fcm d\u00fcnya \u00fclkesi merkez bankalar\u0131 taraf\u0131ndan kullan\u0131lmaktad\u0131r.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"650\" height=\"325\" src=\"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/do\u0308viz-rezervleri.jpg?resize=650%2C325&#038;ssl=1\" alt=\"d\u00f6viz rezervi neden \u00f6nemlidir\" class=\"wp-image-1592\" title=\"\" data-recalc-dims=\"1\"><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Br\u00fct Rezervler ve Net Rezervler Nas\u0131l Hesaplan\u0131r?<\/strong><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/ekonomi101.net\/zorunlu-karsilik-orani-nedir\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zorunlu kar\u015f\u0131l\u0131k<\/a><\/strong> \u015fartlar\u0131 do\u011frultusunda ticari olarak faaliyet g\u00f6steren bankalar TL veya d\u00f6viz baz\u0131nda mevduatlar\u0131n\u0131n bir k\u0131sm\u0131n\u0131 merkez bankas\u0131nda tutmak zorundad\u0131r. Ayr\u0131ca, merkez bankas\u0131 swap y\u00f6ntemi ile de bu bankalardan bor\u00e7 almaktad\u0131r. Bu sebeple T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 hesaplar\u0131nda yer alan t\u00fcm d\u00f6viz hesaplar\u0131 br\u00fct olarak hesaplanmaktad\u0131r ve bu hesaplar i\u00e7erisinden bankalar\u0131n zorunlu kar\u015f\u0131l\u0131klar\u0131 ile swaplar \u00e7\u0131kart\u0131ld\u0131\u011f\u0131 zaman da net rezerv miktar\u0131 elde edilmektedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2020\u2019de T.C.M.B. Rezervleri<\/strong><\/h2>\n\n\n\n<p>2020 y\u0131l\u0131n\u0131n \u015eubat ay\u0131nda 107.8 milyar USD olan toplam d\u00f6viz rezervleri May\u0131s ay\u0131nda 84.4 milyar USD\u2019ye ve Kas\u0131m ay\u0131nda da 82.3 milyar USD\u2019ye gerilemi\u015ftir. Ula\u015f\u0131lan bu seviye son y\u0131llar\u0131n en d\u00fc\u015f\u00fck seviyesi olma \u00f6zelli\u011fine de sahiptir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Toplam Rezervlerdeki G\u00fcncel Miktar Nedir?<\/strong><\/h2>\n\n\n\n<p>2020 y\u0131l\u0131n\u0131n Kas\u0131m ay\u0131n\u0131n sonras\u0131nda y\u00fckseli\u015fe ge\u00e7en toplam rezerv miktar\u0131 26 \u015eubat 2021 tarihi itibari ile 95.2 milyar USD olmu\u015ftur. Rezervlerin kendi i\u00e7erisinde 40.7 milyar USD alt\u0131n ve 54.5 milyar USD\u2019de de br\u00fct rezervler olarak s\u0131n\u0131fland\u0131r\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6rebiliriz. Ayr\u0131ca, net uluslararas\u0131 rezerv de 13.9 milyar USD olmu\u015ftur.<\/p>\n\n\n\n<p>2020 y\u0131l\u0131 i\u00e7erisinde baz\u0131 ekonomist ve siyasi parti yetkililerinin iddialar\u0131na g\u00f6re swap haricinde rezervlerdeki kay\u0131p 50 milyar USD kadar eksi seviyelere ula\u015fm\u0131\u015ft\u0131r. Fakat bu veriler T.C.M.B. verilerinde g\u00f6sterilmemi\u015f ve resmi olarak a\u00e7\u0131klanmam\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131, enflasyon hedefinin %2 a\u015f\u0131lmas\u0131 durumunda h\u00fck\u00fcmete a\u00e7\u0131k mektup g\u00f6ndermektedir. \u015eubat ay\u0131 ba\u015flang\u0131c\u0131nda g\u00f6nderilen mektupta 2020 y\u0131l\u0131n\u0131n rezervlerine dair a\u00e7\u0131klama yer almaktayd\u0131 ve bu mektup i\u00e7eri\u011finde rezervlerin azalm\u0131\u015f oldu\u011fu vurgulanm\u0131\u015ft\u0131. Yap\u0131lan a\u00e7\u0131klama ise \u015fu \u015fekildeydi;<\/p>\n\n\n\n<p>\u201cK\u00fcresel belirsizliklere ek olarak yurt i\u00e7inde enflasyon beklentilerinin bozulmas\u0131 dolarizasyon e\u011filiminin g\u00fc\u00e7 kazanmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r. Sermaye \u00e7\u0131k\u0131\u015flar\u0131 ve d\u0131\u015f finansman ihtiyac\u0131ndaki art\u0131\u015fla birlikte rezervler gerilemi\u015ftir. Bu d\u00f6nemde yurt i\u00e7i yerle\u015fiklerin d\u00f6viz ve alt\u0131n talebi artm\u0131\u015f; alt\u0131n ithalat\u0131n\u0131n tarihsel ortalamalar\u0131n\u0131n olduk\u00e7a \u00fczerine \u00e7\u0131kmas\u0131 d\u0131\u015f dengeyi olumsuz etkilemi\u015ftir. <strong><a href=\"https:\/\/www.netinbag.com\/tr\/finance\/what-is-a-macro-risk.html\" target=\"_blank\" rel=\"noreferrer noopener\">Makrofinansal risk<\/a><\/strong>lerin artmas\u0131 ve bekleyi\u015flerin bozulmas\u0131yla portf\u00f6y ve swap piyasalar\u0131ndan y\u00fcksek hacimli yabanc\u0131 sermaye \u00e7\u0131k\u0131\u015flar\u0131 g\u00f6zlenmi\u015ftir. E\u015f anl\u0131 olarak yurt i\u00e7inde mevduat <strong><a href=\"https:\/\/ekonomi101.net\/dolarizasyon-nedir-nedenleri-ve-sonuclari-nedir\/\" target=\"_blank\" rel=\"noreferrer noopener\">dolarizasyon<\/a><\/strong>unun kuvvetlenmesi ve reel kesimin yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fcklerini azaltma e\u011filiminin h\u0131zlanmas\u0131 da d\u0131\u015f finansman ihtiyac\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. B\u00f6ylelikle, yurt i\u00e7i talep kaynakl\u0131 h\u0131zl\u0131 b\u00fcy\u00fcmenin yol a\u00e7t\u0131\u011f\u0131 d\u0131\u015f dengesizlikler, \u00fclke risk primlerini y\u00fckseltmi\u015f, d\u00f6viz kurlar\u0131 ve rezervler \u00fczerinde bask\u0131 olu\u015fturmu\u015ftur.\u201d<\/p>\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/mb-rezer.jpg?resize=640%2C360&#038;ssl=1\" alt=\"d\u00f6viz rezervi neden kullan\u0131l\u0131r\" class=\"wp-image-1595\" title=\"\" data-recalc-dims=\"1\"><\/figure><\/div>\n\n\n\n<p>Cumhurba\u015fkan\u0131 Erdo\u011fan taraf\u0131ndan yap\u0131lan a\u00e7\u0131klamalara g\u00f6re bu rezervlerde olu\u015fan eksilmenin kur hareketi ba\u015fta olmak \u00fczere fiyat kontrol\u00fc amac\u0131 ile kullan\u0131ld\u0131\u011f\u0131 ve bu harcamalar\u0131n hukuki dayanaklara ba\u011fl\u0131 olarak yap\u0131ld\u0131\u011f\u0131 vurgulanm\u0131\u015ft\u0131. Ayr\u0131ca, bu a\u00e7\u0131klama i\u00e7erisinde Erdo\u011fan, rezervlerde olu\u015fan azalman\u0131n iddia edildi\u011fi gibi 130 milyar USD olmad\u0131\u011f\u0131n\u0131 da \u00f6zellikle belirtmi\u015fti.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>D\u00f6viz rezervi, d\u0131\u015f \u00f6deme zorluklar\u0131n\u0131n ya\u015fanmas\u0131 halinde parasal yetkiler taraf\u0131ndan kontrol\u00fc sa\u011flanan ve her daim kullan\u0131ma haz\u0131r olarak bekletilen d\u0131\u015f varl\u0131klar olarak tan\u0131mlanmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":1592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[432,43,54],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/do\u0308viz-rezervleri.jpg?fit=650%2C325&ssl=1","_links":{"self":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1589"}],"collection":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/comments?post=1589"}],"version-history":[{"count":2,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1589\/revisions"}],"predecessor-version":[{"id":2311,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1589\/revisions\/2311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/media\/1592"}],"wp:attachment":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/media?parent=1589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/categories?post=1589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/tags?post=1589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}