Hazine ve Maliye Bakanl\u0131\u011f\u0131, 20 May\u0131s 2025 tarihinde merkezi y\u00f6netim br\u00fct bor\u00e7 stoku verilerini kamuoyuyla payla\u015ft\u0131. Yap\u0131lan a\u00e7\u0131klamaya g\u00f6re, 30 Nisan 2025 itibar\u0131yla merkezi y\u00f6netim br\u00fct bor\u00e7 stoku 10 trilyon 750,5 milyar TL seviyesine ula\u015ft\u0131. Bu rakam, devletin toplam bor\u00e7 y\u00fck\u00fcn\u00fc ve bor\u00e7lanma e\u011filimlerini ortaya koymas\u0131 a\u00e7\u0131s\u0131ndan son derece \u00f6nemli bir g\u00f6sterge niteli\u011fi ta\u015f\u0131yor.<\/p>\n\n\n\n
\u00d6ncelikle, merkezi y\u00f6netim br\u00fct bor\u00e7 stoku kavram\u0131n\u0131n ne anlama geldi\u011fini netle\u015ftirmek gerekir. Bu terim; genel b\u00fct\u00e7e kapsam\u0131ndaki kamu idarelerinin, \u00f6zel b\u00fct\u00e7eli idarelerin ve d\u00fczenleyici-denetleyici kurumlar\u0131n toplam i\u00e7 ve d\u0131\u015f bor\u00e7lar\u0131n\u0131n, nominal (anapara) tutarlar \u00fczerinden hesaplanm\u0131\u015f halini ifade eder. Yani bu stok, devletin i\u00e7 piyasaya ve d\u0131\u015f d\u00fcnyaya olan bor\u00e7lar\u0131n\u0131n toplam\u0131n\u0131, herhangi bir indirim ya da bor\u00e7 silme i\u015flemi yap\u0131lmadan yans\u0131t\u0131r. Hazine garantili bor\u00e7lar, d\u0131\u015f kredi anla\u015fmalar\u0131yla yap\u0131lan bor\u00e7lanmalar ve devletin \u00e7\u0131kard\u0131\u011f\u0131 tahviller bu stok kapsam\u0131nda de\u011ferlendirilir.<\/p>\n\n\n\n
A\u00e7\u0131klanan verilere g\u00f6re, bor\u00e7 stokunun 4 trilyon 892 milyar liral\u0131k k\u0131sm\u0131 T\u00fcrk liras\u0131 cinsinden, 5 trilyon 858,5 milyar liral\u0131k k\u0131sm\u0131 ise d\u00f6viz cinsinden olu\u015fmaktad\u0131r. Bu tablo, d\u00f6viz cinsinden bor\u00e7lar\u0131n toplam bor\u00e7 i\u00e7indeki oran\u0131n\u0131n yakla\u015f\u0131k %54,5 gibi olduk\u00e7a y\u00fcksek bir seviyede oldu\u011funu g\u00f6steriyor. Buna kar\u015f\u0131l\u0131k T\u00fcrk liras\u0131 cinsinden bor\u00e7lar\u0131n oran\u0131 %45,5 civar\u0131ndad\u0131r.<\/p>\n\n\n\n
D\u00f6viz cinsinden bor\u00e7lar\u0131n bu denli y\u00fcksek bir paya sahip olmas\u0131, \u00f6zellikle kur oynakl\u0131klar\u0131n\u0131n yo\u011fun oldu\u011fu d\u00f6nemlerde kamu maliyesi a\u00e7\u0131s\u0131ndan ciddi riskler bar\u0131nd\u0131rmaktad\u0131r. T\u00fcrk liras\u0131n\u0131n de\u011fer kaybetti\u011fi d\u00f6nemlerde, d\u00f6viz bor\u00e7lar\u0131n\u0131n yerel para birimi kar\u015f\u0131l\u0131\u011f\u0131 y\u00fckseldi\u011fi i\u00e7in devletin bor\u00e7 y\u00fck\u00fc de artmakta; bu durum b\u00fct\u00e7e \u00fczerinde ek y\u00fck olu\u015fturmaktad\u0131r. Bu nedenle borcun yaln\u0131zca miktar\u0131 de\u011fil, parasal bile\u015fimi de b\u00fcy\u00fck \u00f6nem arz etmektedir. D\u00f6viz a\u011f\u0131rl\u0131kl\u0131 bir bor\u00e7 yap\u0131s\u0131, d\u0131\u015f \u015foklara kar\u015f\u0131 k\u0131r\u0131lganl\u0131\u011f\u0131 art\u0131r\u0131rken, i\u00e7 bor\u00e7 a\u011f\u0131rl\u0131kl\u0131 yap\u0131 ise genellikle daha kontrol edilebilir riskler bar\u0131nd\u0131r\u0131r.<\/p>\n\n\n\n
Merkezi y\u00f6netim br\u00fct bor\u00e7 stokunun bu seviyeye ula\u015fmas\u0131nda birka\u00e7 temel fakt\u00f6r etkili olmu\u015ftur. \u00d6ncelikle, enflasyonun y\u00fcksek seyretmesi ve buna ba\u011fl\u0131 olarak artan faiz oranlar\u0131, devletin bor\u00e7lanma maliyetini yukar\u0131 \u00e7ekmi\u015ftir. Ayr\u0131ca sosyal harcamalardaki art\u0131\u015f, yat\u0131r\u0131m projelerinin finansman\u0131 ve kur korumal\u0131 mevduat gibi uygulamalar\u0131n b\u00fct\u00e7eye olan yans\u0131mas\u0131 da bor\u00e7lanma ihtiyac\u0131n\u0131 art\u0131ran unsurlar aras\u0131nda yer almaktad\u0131r. \u00d6te yandan, k\u00fcresel ekonomik geli\u015fmeler ve jeopolitik riskler de T\u00fcrkiye’nin d\u0131\u015f bor\u00e7lanma maliyetleri \u00fczerinde bask\u0131 yaratmaktad\u0131r.<\/p>\n\n\n\n
Bu geli\u015fmeler \u0131\u015f\u0131\u011f\u0131nda, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde bor\u00e7 y\u00f6netimi politikalar\u0131n\u0131n etkinli\u011fi daha da fazla \u00f6nem kazanacakt\u0131r. \u00d6zellikle d\u00f6viz cinsinden bor\u00e7lanmalarda risklerin azalt\u0131lmas\u0131, bor\u00e7 vadesinin uzat\u0131lmas\u0131, faiz y\u00fck\u00fcn\u00fcn kontrol alt\u0131nda tutulmas\u0131 ve \u015feffafl\u0131k ilkelerinin korunmas\u0131 b\u00fcy\u00fck \u00f6nem ta\u015f\u0131maktad\u0131r. Hazine’nin bor\u00e7lanma stratejilerinin piyasa ko\u015fullar\u0131na uyumlu, \u00f6ng\u00f6r\u00fclebilir ve mali disiplini koruyan bir \u00e7er\u00e7evede y\u00fcr\u00fct\u00fclmesi gereklidir.<\/p>\n\n\n\n
Sonu\u00e7 olarak, merkezi y\u00f6netim br\u00fct bor\u00e7 stokunun geldi\u011fi seviye, sadece say\u0131sal b\u00fcy\u00fckl\u00fc\u011f\u00fcyle de\u011fil, ayn\u0131 zamanda bile\u015fimi ve ekonomik etkileri a\u00e7\u0131s\u0131ndan da yak\u0131ndan takip edilmesi gereken bir konudur. Bor\u00e7 stokunun yap\u0131s\u0131, mali disiplinin s\u00fcrd\u00fcr\u00fcl\u00fcp s\u00fcrd\u00fcr\u00fclemeyece\u011fine, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n nas\u0131l finanse edilece\u011fine ve T\u00fcrkiye’nin genel ekonomik k\u0131r\u0131lganl\u0131\u011f\u0131na ili\u015fkin \u00f6nemli sinyaller vermektedir. Bu ba\u011flamda, bor\u00e7 y\u00f6netiminde al\u0131nacak her karar, hem i\u00e7 piyasada yat\u0131r\u0131mc\u0131 g\u00fcveni a\u00e7\u0131s\u0131ndan hem de uluslararas\u0131 kredi derecelendirme kurulu\u015flar\u0131n\u0131n de\u011ferlendirmeleri a\u00e7\u0131s\u0131ndan belirleyici olacakt\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hazine ve Maliye Bakanl\u0131\u011f\u0131, 20 May\u0131s 2025 tarihinde merkezi y\u00f6netim br\u00fct bor\u00e7 stoku verilerini kamuoyuyla payla\u015ft\u0131. Yap\u0131lan a\u00e7\u0131klamaya g\u00f6re, 30 Nisan 2025 itibar\u0131yla merkezi y\u00f6netim br\u00fct bor\u00e7 stoku 10 trilyon 750,5 milyar TL seviyesine ula\u015ft\u0131. Bu rakam, devletin toplam bor\u00e7 y\u00fck\u00fcn\u00fc ve bor\u00e7lanma e\u011filimlerini ortaya koymas\u0131 a\u00e7\u0131s\u0131ndan son derece \u00f6nemli bir g\u00f6sterge niteli\u011fi ta\u015f\u0131yor. \u00d6ncelikle, merkezi y\u00f6netim br\u00fct bor\u00e7 stoku kavram\u0131n\u0131n ne anlama geldi\u011fini netle\u015ftirmek gerekir. Bu terim; genel b\u00fct\u00e7e kapsam\u0131ndaki kamu idarelerinin, \u00f6zel b\u00fct\u00e7eli idarelerin ve d\u00fczenleyici-denetleyici kurumlar\u0131n toplam i\u00e7 ve d\u0131\u015f bor\u00e7lar\u0131n\u0131n, nominal (anapara) tutarlar \u00fczerinden hesaplanm\u0131\u015f halini ifade eder. Yani bu stok, devletin i\u00e7 piyasaya ve d\u0131\u015f d\u00fcnyaya olan bor\u00e7lar\u0131n\u0131n toplam\u0131n\u0131, herhangi bir indirim ya da bor\u00e7 silme i\u015flemi yap\u0131lmadan yans\u0131t\u0131r. Hazine garantili bor\u00e7lar, d\u0131\u015f kredi anla\u015fmalar\u0131yla yap\u0131lan bor\u00e7lanmalar ve devletin \u00e7\u0131kard\u0131\u011f\u0131 tahviller bu stok kapsam\u0131nda de\u011ferlendirilir. A\u00e7\u0131klanan verilere g\u00f6re, bor\u00e7 stokunun 4 trilyon 892 milyar liral\u0131k k\u0131sm\u0131 T\u00fcrk liras\u0131 cinsinden, 5 trilyon 858,5 milyar liral\u0131k k\u0131sm\u0131 ise d\u00f6viz cinsinden olu\u015fmaktad\u0131r. Bu tablo, d\u00f6viz cinsinden bor\u00e7lar\u0131n toplam bor\u00e7 i\u00e7indeki oran\u0131n\u0131n yakla\u015f\u0131k %54,5 gibi olduk\u00e7a y\u00fcksek bir seviyede oldu\u011funu g\u00f6steriyor. Buna kar\u015f\u0131l\u0131k T\u00fcrk liras\u0131 cinsinden bor\u00e7lar\u0131n oran\u0131 %45,5 civar\u0131ndad\u0131r. D\u00f6viz cinsinden bor\u00e7lar\u0131n bu denli y\u00fcksek bir paya sahip olmas\u0131, \u00f6zellikle kur oynakl\u0131klar\u0131n\u0131n yo\u011fun oldu\u011fu d\u00f6nemlerde kamu maliyesi a\u00e7\u0131s\u0131ndan ciddi riskler bar\u0131nd\u0131rmaktad\u0131r. T\u00fcrk liras\u0131n\u0131n de\u011fer kaybetti\u011fi d\u00f6nemlerde, d\u00f6viz bor\u00e7lar\u0131n\u0131n yerel para birimi kar\u015f\u0131l\u0131\u011f\u0131 y\u00fckseldi\u011fi i\u00e7in devletin bor\u00e7 y\u00fck\u00fc de artmakta; bu durum b\u00fct\u00e7e \u00fczerinde ek y\u00fck olu\u015fturmaktad\u0131r. Bu nedenle borcun yaln\u0131zca miktar\u0131 de\u011fil, parasal bile\u015fimi de b\u00fcy\u00fck \u00f6nem arz etmektedir. D\u00f6viz a\u011f\u0131rl\u0131kl\u0131 bir bor\u00e7 yap\u0131s\u0131, d\u0131\u015f \u015foklara kar\u015f\u0131 k\u0131r\u0131lganl\u0131\u011f\u0131 art\u0131r\u0131rken, i\u00e7 bor\u00e7 a\u011f\u0131rl\u0131kl\u0131 yap\u0131 ise genellikle daha kontrol edilebilir riskler bar\u0131nd\u0131r\u0131r. Merkezi y\u00f6netim br\u00fct bor\u00e7 stokunun bu seviyeye ula\u015fmas\u0131nda birka\u00e7 temel fakt\u00f6r etkili olmu\u015ftur. \u00d6ncelikle, enflasyonun y\u00fcksek seyretmesi ve buna ba\u011fl\u0131 olarak artan faiz oranlar\u0131, devletin bor\u00e7lanma maliyetini yukar\u0131 \u00e7ekmi\u015ftir. Ayr\u0131ca sosyal harcamalardaki art\u0131\u015f, yat\u0131r\u0131m projelerinin finansman\u0131 ve kur korumal\u0131 mevduat gibi uygulamalar\u0131n b\u00fct\u00e7eye olan yans\u0131mas\u0131 da bor\u00e7lanma ihtiyac\u0131n\u0131 art\u0131ran unsurlar aras\u0131nda yer almaktad\u0131r. \u00d6te yandan, k\u00fcresel ekonomik geli\u015fmeler ve jeopolitik riskler de T\u00fcrkiye’nin d\u0131\u015f bor\u00e7lanma maliyetleri \u00fczerinde bask\u0131 yaratmaktad\u0131r. Bu geli\u015fmeler \u0131\u015f\u0131\u011f\u0131nda, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde bor\u00e7 y\u00f6netimi politikalar\u0131n\u0131n etkinli\u011fi daha da fazla \u00f6nem kazanacakt\u0131r. \u00d6zellikle d\u00f6viz cinsinden bor\u00e7lanmalarda risklerin azalt\u0131lmas\u0131, bor\u00e7 vadesinin uzat\u0131lmas\u0131, faiz y\u00fck\u00fcn\u00fcn kontrol alt\u0131nda tutulmas\u0131 ve \u015feffafl\u0131k ilkelerinin korunmas\u0131 b\u00fcy\u00fck \u00f6nem ta\u015f\u0131maktad\u0131r. Hazine’nin bor\u00e7lanma stratejilerinin piyasa ko\u015fullar\u0131na uyumlu, \u00f6ng\u00f6r\u00fclebilir ve mali disiplini koruyan bir \u00e7er\u00e7evede y\u00fcr\u00fct\u00fclmesi gereklidir. Sonu\u00e7 olarak, merkezi y\u00f6netim br\u00fct bor\u00e7 stokunun geldi\u011fi seviye, sadece say\u0131sal b\u00fcy\u00fckl\u00fc\u011f\u00fcyle de\u011fil, ayn\u0131 zamanda bile\u015fimi ve ekonomik etkileri a\u00e7\u0131s\u0131ndan da yak\u0131ndan takip edilmesi gereken bir konudur. Bor\u00e7 stokunun yap\u0131s\u0131, mali disiplinin s\u00fcrd\u00fcr\u00fcl\u00fcp s\u00fcrd\u00fcr\u00fclemeyece\u011fine, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n nas\u0131l finanse edilece\u011fine ve T\u00fcrkiye’nin genel ekonomik k\u0131r\u0131lganl\u0131\u011f\u0131na ili\u015fkin \u00f6nemli sinyaller vermektedir. Bu ba\u011flamda, bor\u00e7 y\u00f6netiminde al\u0131nacak her karar, hem i\u00e7 piyasada yat\u0131r\u0131mc\u0131 g\u00fcveni a\u00e7\u0131s\u0131ndan hem de uluslararas\u0131 kredi derecelendirme kurulu\u015flar\u0131n\u0131n de\u011ferlendirmeleri a\u00e7\u0131s\u0131ndan belirleyici olacakt\u0131r.<\/p>\n","protected":false},"author":7,"featured_media":2961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,267],"tags":[],"class_list":["post-2960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kose-yazarlari","category-zafer-ozcivan"],"_links":{"self":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/2960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2960"}],"version-history":[{"count":1,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/2960\/revisions"}],"predecessor-version":[{"id":2962,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/2960\/revisions\/2962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/media\/2961"}],"wp:attachment":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}