{"id":1747,"date":"2021-03-29T18:00:00","date_gmt":"2021-03-29T16:00:00","guid":{"rendered":"https:\/\/ekonomi101.net\/?p=1747"},"modified":"2022-03-25T23:51:29","modified_gmt":"2022-03-25T21:51:29","slug":"swap-faizi-nedir-doviz-ile-iliskisi-nedir","status":"publish","type":"post","link":"https:\/\/ekonomi101.net\/swap-faizi-nedir-doviz-ile-iliskisi-nedir\/","title":{"rendered":"SWAP Faizi Nedir? D\u00f6viz ile \u0130li\u015fkisi Nedir?"},"content":{"rendered":"\n

Ge\u00e7ti\u011fimiz hafta T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 Ba\u015fkan\u0131\u2019n\u0131n g\u00f6revden al\u0131nmas\u0131 sonucu T\u00fcrk Liras\u0131 varl\u0131klarda son aylar\u0131n en y\u00fcksek volatiliteli d\u00f6nemi ya\u015fanm\u0131\u015ft\u0131. CDS primleri, kur ve swap faizlerinde y\u00fckseli\u015f olurken borsada ise d\u00fc\u015f\u00fc\u015fler meydana gelmi\u015fti ve bu d\u00fc\u015f\u00fc\u015f en \u00e7ok bankac\u0131l\u0131k sekt\u00f6r\u00fcne etki etmi\u015fti. 2018 y\u0131l\u0131nda ve sonras\u0131nda bir\u00e7ok kez ya\u015fanm\u0131\u015f olan swap faizleri<\/a><\/strong>ndeki art\u0131\u015f ge\u00e7ti\u011fimiz hafta %14 seviyelerinden %1400 seviyelerine kadar y\u00fckselmi\u015fti.<\/p>\n\n

\nankara escort<\/a>\nankara escort<\/a>\n\u00e7ankaya escort<\/a>\neryaman escort<\/a>\netlik escort<\/a>\nankara ucuz escort<\/a>\nbalgat escort<\/a>\nbe\u015fevler escort<\/a>\n\u00e7ankaya escort<\/a>\ncebeci escort<\/a>\n\u00e7ukurambar escort<\/a>\ndemetevler escort<\/a>\ndikmen escort<\/a>\neryaman escort<\/a>\nesat escort<\/a>\netimesgut escort<\/a>\netlik escort<\/a>\ngaziosmanpa\u015fa escort<\/a>\nke\u00e7i\u00f6ren escort<\/a>\nk\u0131z\u0131lay escort<\/a>\nmaltepe escort<\/a>\nmamak escort<\/a>\notele gelen escort<\/a>\nrus escort<\/a>\nsincan escort<\/a>\ntunal\u0131 escort<\/a>\nt\u00fcrbanl\u0131 escort<\/a>\nulus escort<\/a>\nyenimahalle escort<\/a>\n<\/div>\n\n\n\n

SWAP Nedir?<\/strong><\/h2>\n\n\n\n

Kelime kar\u015f\u0131l\u0131\u011f\u0131 olarak takas anlam\u0131na gelmektedir fakat finans piyasalar\u0131nda forward i\u015flemlerinde farkl\u0131 faiz kullan\u0131larak yap\u0131lan bor\u00e7lar\u0131n de\u011fi\u015filmesi olarak tan\u0131mlanmaktad\u0131r. Faiz ve d\u00f6viz a\u011f\u0131rl\u0131kl\u0131 olarak yap\u0131lan swap i\u015flemlerinin temel amac\u0131 risklere kar\u015f\u0131 g\u00fcvence olu\u015fturmakt\u0131r. Bir di\u011fer tan\u0131mlama ile, d\u00f6viz veya faiz taraf\u0131nda olu\u015fabilecek hareketler kar\u015f\u0131s\u0131ndaki kayb\u0131 azaltmak amac\u0131 ile kullan\u0131lmaktad\u0131r.<\/p>\n\n\n\n

\"swap<\/figure><\/div>\n\n\n\n

SWAP Faizleri ve Kur \u0130li\u015fkisi<\/strong><\/h2>\n\n\n\n

Yurt i\u00e7erisinde d\u00f6viz fiyatlar\u0131nda sert bir atak g\u00f6r\u00fcld\u00fc\u011f\u00fc zaman hemen arkas\u0131ndan swap faizlerinin de inan\u0131lmaz h\u0131zl\u0131 \u015fekilde y\u00fckseli\u015fe ge\u00e7ti\u011fi g\u00f6r\u00fclmektedir. Bunun temel sebebi ise yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n da d\u00f6viz alma iste\u011fidir. Bu durumu detayl\u0131 ve ad\u0131m ad\u0131m anlatmak gerekirse;<\/p>\n\n\n\n

TCMB, ticari bankalar i\u00e7in zorunlu kar\u015f\u0131l\u0131k oran\u0131<\/a><\/strong> belirlemektedir ve bu oran hem d\u00f6viz hem de T\u00fcrk Liras\u0131 mevduatlar i\u00e7in ge\u00e7erlidir. Bankalar ise belirlenmi\u015f olan bu orana ba\u011fl\u0131 olarak teminatlar\u0131n\u0131 merkez bankas\u0131na yat\u0131r\u0131r ve kalan mevduatlar kredi a\u011f\u0131rl\u0131kl\u0131 olarak kullan\u0131l\u0131r.<\/p>\n\n\n\n

Genellikle T\u00fcrk Liras\u0131 kredi kullan\u0131m oran\u0131 d\u00f6viz kredisine k\u0131yasla \u00e7ok daha y\u00fcksek olmaktad\u0131r. Bankalar, kasalar\u0131nda bulunan fazla d\u00f6viz tutar\u0131n\u0131 ise BDDK taraf\u0131ndan belirlenen oran \u00fczerinden uluslararas\u0131 piyasalarda kullanmaktad\u0131r. Buraya ek olarak \u015fu bilgilerin de eklenmesinde fayda olacakt\u0131r;<\/p>\n\n\n\n

\u2018\u2019Ticari bankalar\u0131n zorunlu kar\u015f\u0131l\u0131k oran\u0131 teminat\u0131n\u0131 yat\u0131rd\u0131ktan sonra kasas\u0131nda yer alan d\u00f6viz miktar\u0131n\u0131n ne kadar\u0131n\u0131 uluslararas\u0131 piyasalarda kullanabilece\u011fi karar\u0131 BDDK taraf\u0131ndan al\u0131nmaktad\u0131r. 2018 y\u0131l\u0131nda g\u00f6r\u00fclen kur ataklar\u0131 sonras\u0131nda BDDK bu kullan\u0131m oran\u0131n\u0131 %50 olarak s\u0131n\u0131rlam\u0131\u015ft\u0131r ve sonras\u0131nda da bu oran s\u0131ras\u0131 ile %25, %10 ve %1 oranlar\u0131na gerilemi\u015ftir. Kas\u0131m 2020 tarihinde ise farkl\u0131 vadelere g\u00f6re d\u00fczenleme yap\u0131larak %5, %10 ve %30 olarak yeniden oranlarda art\u0131r\u0131m yap\u0131lm\u0131\u015ft\u0131r. Bu oranlar\u0131n de\u011fi\u015fimindeki ama\u00e7 yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n T\u00fcrk Liras\u0131 eri\u015fimini k\u0131s\u0131tlamak ve d\u00f6vizin hareketini yava\u015flatmakt\u0131r.\u2019\u2019<\/p><\/blockquote>\n\n\n\n

\"swap<\/figure><\/div>\n\n\n\n

Ticari bankalar\u0131n uluslararas\u0131 piyasalarda d\u00f6vizi kullanma \u015fekli ise \u015fu \u015fekilde ger\u00e7ekle\u015fmektedir;<\/p>\n\n\n\n

Yabanc\u0131 yat\u0131r\u0131mc\u0131 direkt olarak d\u00f6viz al\u0131m\u0131 ger\u00e7ekle\u015ftiremez, \u00f6ncelikli olarak T\u00fcrk Liras\u0131na sahip olmas\u0131 gerekmektedir. T\u00fcrk Liras\u0131 sahibi olduktan sonra d\u00f6viz al\u0131m\u0131 ger\u00e7ekle\u015febilir. Ger\u00e7ekle\u015fecek bu i\u015flem i\u00e7in ise vade s\u00fcresi g\u00fcnl\u00fck, haftal\u0131k ve ayl\u0131k olarak belirlenir ve faiz oran\u0131 da vade s\u00fcresine ba\u011fl\u0131 olarak de\u011fi\u015fiklik g\u00f6sterir. Bu noktada ise T\u00fcrk liras\u0131 ve d\u00f6viz takas\u0131 ger\u00e7ekle\u015firken ayn\u0131 zamanda faiz de buna ba\u011fl\u0131 olarak takas edilir. E\u011fer ki banka swap i\u015flemi ger\u00e7ekle\u015ftirmek istemez ise yabanc\u0131 yat\u0131r\u0131mc\u0131 da T\u00fcrk Liras\u0131 bulamayaca\u011f\u0131 i\u00e7in o i\u015flemin faizi de y\u00fckselmi\u015f olur.<\/p>\n\n\n\n

Ge\u00e7ti\u011fimiz hafta ya\u015fanan durum da tam olarak bu \u015fekilde ger\u00e7ekle\u015fmi\u015ftir. Yurti\u00e7i bankalar swap i\u015flemlerinde k\u0131s\u0131tlamaya gitti\u011fi i\u00e7in faiz oranlar\u0131nda \u00e7ok ciddi bir s\u0131\u00e7rama meydana geldi. Peki, bankalar bunu neden yapm\u0131\u015ft\u0131? Cevap asl\u0131nda olduk\u00e7a basit, T\u00fcrk liras\u0131 d\u00f6viz kar\u015f\u0131s\u0131nda de\u011fer kaybediyor ve kurlar h\u0131zl\u0131 \u015fekilde y\u00fckseliyordu. T\u00fcrk Liras\u0131ndaki de\u011fer kayb\u0131n\u0131n azalt\u0131lmas\u0131 amac\u0131 ile swap i\u015flemlerine k\u0131s\u0131tlama getirilmi\u015fti ve bu k\u0131s\u0131tlama sebebi ile de az olan paran\u0131n maliyetinde ciddi y\u00fckseli\u015f ger\u00e7ekle\u015fmi\u015fti.<\/p>\n\n\n\n

Do\u011fru Bir Uygulama M\u0131?<\/strong><\/h2>\n\n\n\n

Bu uygulaman\u0131n ger\u00e7ekle\u015ftirilmesi tamamen bankan\u0131n kendi tercihine ba\u011fl\u0131d\u0131r fakat hi\u00e7bir kurum bankalara bu uygulamay\u0131 ger\u00e7ekle\u015ftirdi\u011fi i\u00e7in yasal bir h\u00fck\u00fcml\u00fcl\u00fck y\u00fckleyememektedir. Ayr\u0131ca, bankalar bu karar\u0131 tek ba\u015f\u0131na almamaktad\u0131r. Bu kararlar \u00fczerinde maliye ve para y\u00f6netiminin ciddi etkileri bulunmaktad\u0131r. Bu uygulaman\u0131n ger\u00e7ekle\u015fti\u011fi s\u0131rada dikkat edilmesi gereken iki \u00f6nemli fakt\u00f6r bulunmaktad\u0131r;<\/p>\n\n\n\n

K\u0131sa S\u00fcreli Etki<\/strong><\/h4>\n\n\n\n

D\u00f6viz kurlar\u0131ndaki ciddi fiyat dalgalanmalar\u0131n\u0131 d\u00fc\u015f\u00fcrmek amac\u0131 ile yap\u0131lan bu \u00e7al\u0131\u015fmalar sonras\u0131nda kur taraf\u0131nda d\u00fc\u015f\u00fc\u015f olmas\u0131 ile birlikte faiz oranlar\u0131nda da d\u00fc\u015f\u00fc\u015f ger\u00e7ekle\u015fmektedir. Fakat, bu durum anl\u0131k \u015foku bast\u0131rmak i\u00e7in yeterli oluyor ve uzun vadeli olarak etkilerinden faydalan\u0131lam\u0131yor. D\u00f6viz kurlar\u0131nda meydana gelen y\u00fckseli\u015fler bir sebebe ba\u011fl\u0131 oldu\u011fu i\u00e7in bankalar bu \u015fekilde d\u00f6viz kurlar\u0131n\u0131 uzun s\u00fcre bask\u0131layam\u0131yor. Ayr\u0131ca, bu i\u015flemlerin bankalar i\u00e7in de bir maliyeti bulunmaktad\u0131r ve faizlerde meydana gelen y\u00fckseli\u015f asl\u0131nda T\u00fcrk Liras\u0131 taraf\u0131nda risklerin artmas\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n\n\n\n

\"swap\"<\/figure><\/div>\n\n\n\n

Sebep-Sonu\u00e7<\/strong><\/h4>\n\n\n\n

Normal d\u00f6nemlere k\u0131yasla \u00e7ok ciddi \u015fekilde y\u00fckselen swap faizleri T\u00fcrk Liras\u0131n\u0131n ciddi de\u011fer kaybetti\u011fi zaman ger\u00e7ekle\u015fmektedir. Yabanc\u0131lar\u0131n bu de\u011fer kayb\u0131na ekstra katk\u0131 sa\u011flamamas\u0131 ve d\u00f6viz kurlar\u0131ndaki volatilitenin daha fazla artmamas\u0131 i\u00e7in T\u00fcrk Liras\u0131 likiditesi bankalar taraf\u0131ndan bu \u015fekilde azalt\u0131lm\u0131\u015f oluyor. Durum b\u00f6yle oldu\u011fu zaman da swap faizleri \u00e7ok h\u0131zl\u0131 \u015fekilde y\u00fckseliyor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swap faizi, takas anlam\u0131na gelmektedir fakat finans piyasalar\u0131nda forward i\u015flemlerinde farkl\u0131 faiz kullan\u0131larak yap\u0131lan bor\u00e7lar\u0131n de\u011fi\u015filmesi olarak tan\u0131mlanmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":1749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8,43,54],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ekonomi101.net\/wp-content\/uploads\/2021\/03\/swap-nedir.jpg?fit=806%2C378&ssl=1","_links":{"self":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1747"}],"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=1747"}],"version-history":[{"count":3,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1747\/revisions"}],"predecessor-version":[{"id":2939,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/posts\/1747\/revisions\/2939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/media\/1749"}],"wp:attachment":[{"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/media?parent=1747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/categories?post=1747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomi101.net\/wp-json\/wp\/v2\/tags?post=1747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}