{"id":4782,"date":"2026-04-12T15:54:42","date_gmt":"2026-04-12T12:54:42","guid":{"rendered":"https:\/\/tr.sektorturk.com\/?p=4782"},"modified":"2026-04-12T15:54:42","modified_gmt":"2026-04-12T12:54:42","slug":"tcmbnin-2025-yili-zarari","status":"publish","type":"post","link":"https:\/\/tr.sektorturk.com\/?p=4782","title":{"rendered":"TCMB\u2019N\u0130N 2025 YILI ZARARI"},"content":{"rendered":"\n<p><strong>TCMB\u2019N\u0130N 2025 YILI ZARARI<\/strong><\/p>\n\n\n\n<p>T\u00fcrkiye ekonomisinin son y\u0131llardaki en tart\u0131\u015fmal\u0131 ba\u015fl\u0131klar\u0131ndan biri, T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 bilan\u00e7osunda ortaya \u00e7\u0131kan b\u00fcy\u00fck zarar kalemleri oldu. 2023 ve 2024 y\u0131llar\u0131nda rekor seviyelere ula\u015fan zararlar\u0131n ard\u0131ndan 2025 y\u0131l\u0131, ilk bak\u0131\u015fta bir \u201ctoparlanma y\u0131l\u0131\u201d gibi g\u00f6r\u00fcnse de detaylara inildi\u011finde \u00e7ok daha karma\u015f\u0131k bir tabloyla kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fumuz g\u00f6r\u00fcl\u00fcyor. Bu tablo, yaln\u0131zca bir muhasebe meselesi de\u011fil; ayn\u0131 zamanda para politikas\u0131n\u0131n tercihleri, finansal sistemin y\u00fck da\u011f\u0131l\u0131m\u0131 ve kamu maliyesinin gelece\u011fi a\u00e7\u0131s\u0131ndan kritik ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131yor.<\/p>\n\n\n\n<p><strong>ZARARDAN K\u00c2RA: G\u00d6R\u00dcNEN VE G\u00d6R\u00dcNMEYEN GER\u00c7EKLER<\/strong><\/p>\n\n\n\n<p>2025 y\u0131l\u0131na ili\u015fkin de\u011ferlendirmelerde dikkat \u00e7eken en \u00f6nemli unsur, Merkez Bankas\u0131\u2019n\u0131n ayn\u0131 anda hem \u201czarar\u201d hem de \u201ck\u00e2r\u201d ile an\u0131lmas\u0131d\u0131r. Ekonomistlerin hesaplamalar\u0131na g\u00f6re, TCMB\u2019nin bilan\u00e7o i\u00e7i (realize edilmi\u015f) zarar\u0131 artmaya devam etmi\u015f, toplam birikmi\u015f zarar 2,6 trilyon TL seviyelerine kadar y\u00fckselmi\u015ftir.<\/p>\n\n\n\n<p>Buna kar\u015f\u0131l\u0131k, d\u00f6viz ve alt\u0131n fiyatlar\u0131ndaki art\u0131\u015ftan kaynaklanan de\u011ferleme kazan\u00e7lar\u0131 sayesinde, 2025 y\u0131l\u0131 genelinde yakla\u015f\u0131k 500 milyar TL civar\u0131nda \u201ctoplam k\u00e2r\u201d olu\u015ftu\u011fu hesaplanmaktad\u0131r.<\/p>\n\n\n\n<p>Bu durum ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnse de asl\u0131nda teknik bir ayr\u0131mdan kaynaklanmaktad\u0131r:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bilan\u00e7o i\u00e7i zarar:<\/strong> Ger\u00e7ekle\u015fmi\u015f i\u015flemlerden do\u011fan ve nakit etkisi olan zarar<\/li>\n\n\n\n<li><strong>De\u011ferleme kazanc\u0131:<\/strong> Kur ve alt\u0131n fiyatlar\u0131ndaki art\u0131\u015ftan do\u011fan, hen\u00fcz realize edilmemi\u015f kazan\u00e7<\/li>\n<\/ul>\n\n\n\n<p>Dolay\u0131s\u0131yla 2025 y\u0131l\u0131, Merkez Bankas\u0131\u2019n\u0131n \u201cka\u011f\u0131t \u00fczerinde toparland\u0131\u011f\u0131\u201d ancak ge\u00e7mi\u015f zararlar\u0131n y\u00fck\u00fcn\u00fc ta\u015f\u0131maya devam etti\u011fi bir d\u00f6nem olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n\n\n\n<p><strong>K\u00d6KEN: KKM VE POL\u0130T\u0130KA TERC\u0130HLER\u0130<\/strong><\/p>\n\n\n\n<p>TCMB\u2019nin son y\u0131llardaki zararlar\u0131n\u0131n temel kayna\u011f\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Kur Korumal\u0131 Mevduat (KKM) uygulamas\u0131 olmu\u015ftur. 2023 y\u0131l\u0131nda yakla\u015f\u0131k 800 milyar TL\u2019yi a\u015fan zararlar\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fc bu sistemden kaynaklanm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>KKM\u2019nin mant\u0131\u011f\u0131, d\u00f6viz talebini azaltmak ve TL\u2019yi cazip hale getirmekti. Ancak kur art\u0131\u015flar\u0131n\u0131n h\u0131zlanmas\u0131 durumunda ortaya \u00e7\u0131kan fark \u00f6demeleri, ciddi bir mali y\u00fck olu\u015fturdu. Ba\u015flang\u0131\u00e7ta bu y\u00fck\u00fcn bir k\u0131sm\u0131 Hazine taraf\u0131ndan \u00fcstlenilirken, sonraki d\u00f6nemde daha b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fc Merkez Bankas\u0131 bilan\u00e7osuna ta\u015f\u0131nd\u0131.<\/p>\n\n\n\n<p>Bu tercih, k\u0131sa vadede finansal istikrar\u0131 korumaya yard\u0131mc\u0131 olmu\u015f olabilir; ancak uzun vadede Merkez Bankas\u0131\u2019n\u0131n bilan\u00e7osunu zay\u0131flatan temel unsur haline gelmi\u015ftir.<\/p>\n\n\n\n<p><strong>FA\u0130Z POL\u0130T\u0130KASI VE MENKUL KIYMET ZARARLARI<\/strong><\/p>\n\n\n\n<p>Zarar\u0131n bir di\u011fer \u00f6nemli kayna\u011f\u0131 ise faiz politikas\u0131d\u0131r. D\u00fc\u015f\u00fck faiz d\u00f6neminde al\u0131nan uzun vadeli d\u00fc\u015f\u00fck getirili menkul k\u0131ymetler, faizlerin y\u00fckseldi\u011fi ortamda ciddi de\u011fer kay\u0131plar\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>Bu durum, sadece T\u00fcrkiye\u2019ye \u00f6zg\u00fc de\u011fildir. ABD ve Avrupa\u2019daki bir\u00e7ok merkez bankas\u0131 da benzer \u015fekilde bilan\u00e7o zararlar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r. Ancak T\u00fcrkiye\u2019deki fark, bu s\u00fcrecin KKM gibi ilave maliyetli bir politika ile birle\u015fmi\u015f olmas\u0131d\u0131r.<\/p>\n\n\n\n<p><strong>2025: DENGE ARAYI\u015eI YILI<\/strong><\/p>\n\n\n\n<p>2025 y\u0131l\u0131na gelindi\u011finde ise politika setinde \u00f6nemli de\u011fi\u015fiklikler dikkat \u00e7ekmektedir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net d\u00f6viz pozisyonunun pozitife d\u00f6nmesi<\/li>\n\n\n\n<li>KKM\u2019den \u00e7\u0131k\u0131\u015f s\u00fcrecinin h\u0131zlanmas\u0131<\/li>\n\n\n\n<li>Alt\u0131n rezervlerinin de\u011fer kazanmas\u0131<\/li>\n<\/ul>\n\n\n\n<p>Bu geli\u015fmeler, Merkez Bankas\u0131\u2019n\u0131n bilan\u00e7osunda \u201cde\u011ferleme taraf\u0131n\u0131\u201d g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n\n\n\n<p>Ancak burada kritik nokta \u015fudur: Bu iyile\u015fme kal\u0131c\u0131 m\u0131, yoksa k\u00fcresel fiyat hareketlerine ba\u011fl\u0131 ge\u00e7ici bir rahatlama m\u0131?<\/p>\n\n\n\n<p>E\u011fer kur ve alt\u0131n fiyatlar\u0131nda ters y\u00f6nl\u00fc bir hareket ya\u015fan\u0131rsa, bu \u201cka\u011f\u0131t \u00fczerindeki k\u00e2r\u201d h\u0131zla eriyebilir.<\/p>\n\n\n\n<p><strong>HAZ\u0130NE\u2019YE ETK\u0130: K\u00c2R TRANSFER\u0130 NEDEN YOK?<\/strong><\/p>\n\n\n\n<p>Merkez Bankas\u0131\u2019n\u0131n zarar yazmas\u0131n\u0131n en somut etkilerinden biri, Hazine\u2019ye k\u00e2r transferinin durmas\u0131d\u0131r. Normal \u015fartlarda TCMB, elde etti\u011fi k\u00e2r\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 b\u00fct\u00e7eye aktar\u0131r. Ancak mevcut durumda, birikmi\u015f zararlar kapanmadan bu m\u00fcmk\u00fcn de\u011fildir.<\/p>\n\n\n\n<p>Nitekim 2025 y\u0131l\u0131nda olu\u015fan yakla\u015f\u0131k 500 milyar TL\u2019lik toplam k\u00e2ra ra\u011fmen, ge\u00e7mi\u015ften gelen trilyonluk zararlar nedeniyle Hazine\u2019ye herhangi bir kaynak aktar\u0131m\u0131 yap\u0131lamamaktad\u0131r.<\/p>\n\n\n\n<p>Bu durum, kamu maliyesi a\u00e7\u0131s\u0131ndan dolayl\u0131 bir y\u00fck anlam\u0131na gelmektedir. \u00c7\u00fcnk\u00fc b\u00fct\u00e7e, Merkez Bankas\u0131\u2019ndan gelen bu kayna\u011f\u0131 art\u0131k kullanamamaktad\u0131r.<\/p>\n\n\n\n<p><strong>EKONOM\u0130K VE TOPLUMSAL YANSIMALAR<\/strong><\/p>\n\n\n\n<p>Merkez Bankas\u0131 zararlar\u0131 do\u011frudan vatanda\u015f\u0131n cebinden \u00e7\u0131k\u0131yor gibi g\u00f6r\u00fcnmese de dolayl\u0131 etkileri olduk\u00e7a g\u00fc\u00e7l\u00fcd\u00fcr:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Enflasyon bask\u0131s\u0131:<\/strong> Para politikas\u0131 \u00fczerindeki g\u00fcvenin zay\u0131flamas\u0131 fiyatlama davran\u0131\u015flar\u0131n\u0131 etkiler<\/li>\n\n\n\n<li><strong>B\u00fct\u00e7e dengesi:<\/strong> Hazine gelirlerinin azalmas\u0131, vergi veya bor\u00e7lanma ihtiyac\u0131n\u0131 art\u0131rabilir<\/li>\n\n\n\n<li><strong>G\u00fcven sorunu:<\/strong> Yat\u0131r\u0131mc\u0131lar\u0131n T\u00fcrkiye risk alg\u0131s\u0131n\u0131 etkileyebilir<\/li>\n<\/ol>\n\n\n\n<p>Bu nedenle TCMB bilan\u00e7osu, sadece teknik bir konu de\u011fil; geni\u015f anlamda ekonomik istikrar\u0131n bir g\u00f6stergesidir.<\/p>\n\n\n\n<p><strong>ULUSLARARASI KAR\u015eILA\u015eTIRMA: NORMAL M\u0130, ANORMAL M\u0130?<\/strong><\/p>\n\n\n\n<p>Son y\u0131llarda bir\u00e7ok merkez bankas\u0131 zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bunun temel nedeni, pandemi sonras\u0131 geni\u015fleyici para politikalar\u0131 ve ard\u0131ndan gelen h\u0131zl\u0131 faiz art\u0131\u015flar\u0131d\u0131r.<\/p>\n\n\n\n<p>Ancak T\u00fcrkiye \u00f6rne\u011finde iki fark \u00f6ne \u00e7\u0131kmaktad\u0131r:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Zarar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn milli gelire oranla y\u00fcksek olmas\u0131<\/li>\n\n\n\n<li>Politika kaynakl\u0131 (KKM gibi) maliyetlerin belirleyici rol oynamas\u0131<\/li>\n<\/ul>\n\n\n\n<p>Bu durum, T\u00fcrkiye\u2019deki zarar\u0131n sadece k\u00fcresel e\u011filimlerle a\u00e7\u0131klanamayaca\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n\n\n\n<p><strong>GELECEK PERSPEKT\u0130F\u0130: NE BEKLENMEL\u0130?<\/strong><\/p>\n\n\n\n<p>2025 y\u0131l\u0131 verileri, Merkez Bankas\u0131\u2019n\u0131n bilan\u00e7osunda bir \u201cd\u00f6n\u00fcm noktas\u0131\u201d olabilece\u011fine i\u015faret ediyor. Ancak bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn kal\u0131c\u0131 olabilmesi i\u00e7in birka\u00e7 kritik ko\u015fulun sa\u011flanmas\u0131 gerekiyor:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>KKM benzeri maliyetli uygulamalardan tamamen \u00e7\u0131k\u0131lmas\u0131<\/li>\n\n\n\n<li>Para politikas\u0131nda \u00f6ng\u00f6r\u00fclebilirli\u011fin art\u0131r\u0131lmas\u0131<\/li>\n\n\n\n<li>Rezerv birikiminin s\u00fcrd\u00fcr\u00fclebilir hale gelmesi<\/li>\n<\/ul>\n\n\n\n<p>Aksi halde, ge\u00e7ici iyile\u015fmelerin ard\u0131ndan yeni zarar dalgalar\u0131yla kar\u015f\u0131la\u015f\u0131lmas\u0131 ihtimali g\u00f6z ard\u0131 edilmemelidir.<\/p>\n\n\n\n<p><strong>SONU\u00c7: B\u0130R MUHASEBE H\u0130K\u00c2YES\u0130NDEN DAHA FAZLASI<\/strong><\/p>\n\n\n\n<p>TCMB\u2019nin 2025 y\u0131l\u0131 performans\u0131, y\u00fczeyde bir toparlanma hik\u00e2yesi sunarken, derinlerde h\u00e2l\u00e2 \u00e7\u00f6z\u00fclmemi\u015f yap\u0131sal sorunlar\u0131n varl\u0131\u011f\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n\n\n\n<p>Yakla\u015f\u0131k 500 milyar TL\u2019lik k\u00e2r, asl\u0131nda ge\u00e7mi\u015ften gelen trilyonluk zararlar\u0131n g\u00f6lgesinde kalmaktad\u0131r. Bu nedenle 2025 y\u0131l\u0131, \u201czarar\u0131n bitti\u011fi y\u0131l\u201d de\u011fil; daha \u00e7ok \u201czarar\u0131n y\u00f6netilmeye ba\u015fland\u0131\u011f\u0131 y\u0131l\u201d olarak tan\u0131mlanabilir.<\/p>\n\n\n\n<p>Sonu\u00e7 olarak, Merkez Bankas\u0131 bilan\u00e7osu bize sadece say\u0131lar\u0131 de\u011fil, ayn\u0131 zamanda ekonomi y\u00f6netiminin tercihlerini ve bu tercihlerin uzun vadeli maliyetlerini de anlatmaktad\u0131r. T\u00fcrkiye ekonomisinin \u00f6n\u00fcm\u00fczdeki d\u00f6nemdeki ba\u015far\u0131s\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bu bilan\u00e7o \u00fczerindeki y\u00fck\u00fcn ne kadar h\u0131zl\u0131 ve sa\u011fl\u0131kl\u0131 \u015fekilde azalt\u0131laca\u011f\u0131na ba\u011fl\u0131 olacakt\u0131r.<\/p>\n\n\n\n<p>ZAFER \u00d6ZC\u0130VAN<\/p>\n\n\n\n<p>Ekonomist-Yazar<\/p>\n\n\n\n<p><a href=\"mailto:Zaferozcivan59@gmail.com\">Zaferozcivan59@gmail.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TCMB\u2019N\u0130N 2025 YILI ZARARI T\u00fcrkiye ekonomisinin son y\u0131llardaki en tart\u0131\u015fmal\u0131 ba\u015fl\u0131klar\u0131ndan biri, T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 bilan\u00e7osunda ortaya \u00e7\u0131kan b\u00fcy\u00fck zarar kalemleri oldu. 2023 ve 2024 y\u0131llar\u0131nda rekor seviyelere ula\u015fan zararlar\u0131n ard\u0131ndan 2025 y\u0131l\u0131, ilk bak\u0131\u015fta bir \u201ctoparlanma y\u0131l\u0131\u201d gibi g\u00f6r\u00fcnse de detaylara inildi\u011finde \u00e7ok daha karma\u015f\u0131k bir tabloyla kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fumuz g\u00f6r\u00fcl\u00fcyor. Bu tablo, yaln\u0131zca bir muhasebe meselesi de\u011fil; ayn\u0131 zamanda para politikas\u0131n\u0131n tercihleri, finansal sistemin y\u00fck da\u011f\u0131l\u0131m\u0131 ve kamu maliyesinin gelece\u011fi a\u00e7\u0131s\u0131ndan kritik ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131yor. ZARARDAN K\u00c2RA: G\u00d6R\u00dcNEN VE G\u00d6R\u00dcNMEYEN GER\u00c7EKLER 2025 y\u0131l\u0131na ili\u015fkin de\u011ferlendirmelerde dikkat \u00e7eken en \u00f6nemli unsur, Merkez Bankas\u0131\u2019n\u0131n ayn\u0131 anda hem \u201czarar\u201d hem de \u201ck\u00e2r\u201d ile an\u0131lmas\u0131d\u0131r. Ekonomistlerin hesaplamalar\u0131na g\u00f6re, TCMB\u2019nin bilan\u00e7o i\u00e7i (realize edilmi\u015f) zarar\u0131 artmaya devam etmi\u015f, toplam birikmi\u015f zarar 2,6 trilyon TL seviyelerine kadar y\u00fckselmi\u015ftir. Buna kar\u015f\u0131l\u0131k, d\u00f6viz ve alt\u0131n fiyatlar\u0131ndaki art\u0131\u015ftan kaynaklanan de\u011ferleme kazan\u00e7lar\u0131 sayesinde, 2025 y\u0131l\u0131 genelinde yakla\u015f\u0131k 500 milyar TL civar\u0131nda \u201ctoplam k\u00e2r\u201d olu\u015ftu\u011fu hesaplanmaktad\u0131r. Bu durum ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnse de asl\u0131nda teknik bir ayr\u0131mdan kaynaklanmaktad\u0131r: Dolay\u0131s\u0131yla 2025 y\u0131l\u0131, Merkez Bankas\u0131\u2019n\u0131n \u201cka\u011f\u0131t \u00fczerinde toparland\u0131\u011f\u0131\u201d ancak ge\u00e7mi\u015f zararlar\u0131n y\u00fck\u00fcn\u00fc ta\u015f\u0131maya devam etti\u011fi bir d\u00f6nem olarak \u00f6ne \u00e7\u0131kmaktad\u0131r. K\u00d6KEN: KKM VE POL\u0130T\u0130KA TERC\u0130HLER\u0130 TCMB\u2019nin son y\u0131llardaki zararlar\u0131n\u0131n temel kayna\u011f\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Kur Korumal\u0131 Mevduat (KKM) uygulamas\u0131 olmu\u015ftur. 2023 y\u0131l\u0131nda yakla\u015f\u0131k 800 milyar TL\u2019yi a\u015fan zararlar\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fc bu sistemden kaynaklanm\u0131\u015ft\u0131r. KKM\u2019nin mant\u0131\u011f\u0131, d\u00f6viz talebini azaltmak ve TL\u2019yi cazip hale getirmekti. Ancak kur art\u0131\u015flar\u0131n\u0131n h\u0131zlanmas\u0131 durumunda ortaya \u00e7\u0131kan fark \u00f6demeleri, ciddi bir mali y\u00fck olu\u015fturdu. Ba\u015flang\u0131\u00e7ta bu y\u00fck\u00fcn bir k\u0131sm\u0131 Hazine taraf\u0131ndan \u00fcstlenilirken, sonraki d\u00f6nemde daha b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fc Merkez Bankas\u0131 bilan\u00e7osuna ta\u015f\u0131nd\u0131. Bu tercih, k\u0131sa vadede finansal istikrar\u0131 korumaya yard\u0131mc\u0131 olmu\u015f olabilir; ancak uzun vadede Merkez Bankas\u0131\u2019n\u0131n bilan\u00e7osunu zay\u0131flatan temel unsur haline gelmi\u015ftir. FA\u0130Z POL\u0130T\u0130KASI VE MENKUL KIYMET ZARARLARI Zarar\u0131n bir di\u011fer \u00f6nemli kayna\u011f\u0131 ise faiz politikas\u0131d\u0131r. D\u00fc\u015f\u00fck faiz d\u00f6neminde al\u0131nan uzun vadeli d\u00fc\u015f\u00fck getirili menkul k\u0131ymetler, faizlerin y\u00fckseldi\u011fi ortamda ciddi de\u011fer kay\u0131plar\u0131na yol a\u00e7m\u0131\u015ft\u0131r. Bu durum, sadece T\u00fcrkiye\u2019ye \u00f6zg\u00fc de\u011fildir. ABD ve Avrupa\u2019daki bir\u00e7ok merkez bankas\u0131 da benzer \u015fekilde bilan\u00e7o zararlar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r. Ancak T\u00fcrkiye\u2019deki fark, bu s\u00fcrecin KKM gibi ilave maliyetli bir politika ile birle\u015fmi\u015f olmas\u0131d\u0131r. 2025: DENGE ARAYI\u015eI YILI 2025 y\u0131l\u0131na gelindi\u011finde ise politika setinde \u00f6nemli de\u011fi\u015fiklikler dikkat \u00e7ekmektedir: Bu geli\u015fmeler, Merkez Bankas\u0131\u2019n\u0131n bilan\u00e7osunda \u201cde\u011ferleme taraf\u0131n\u0131\u201d g\u00fc\u00e7lendirmi\u015ftir. Ancak burada kritik nokta \u015fudur: Bu iyile\u015fme kal\u0131c\u0131 m\u0131, yoksa k\u00fcresel fiyat hareketlerine ba\u011fl\u0131 ge\u00e7ici bir rahatlama m\u0131? E\u011fer kur ve alt\u0131n fiyatlar\u0131nda ters y\u00f6nl\u00fc bir hareket ya\u015fan\u0131rsa, bu \u201cka\u011f\u0131t \u00fczerindeki k\u00e2r\u201d h\u0131zla eriyebilir. HAZ\u0130NE\u2019YE ETK\u0130: K\u00c2R TRANSFER\u0130 NEDEN YOK? Merkez Bankas\u0131\u2019n\u0131n zarar yazmas\u0131n\u0131n en somut etkilerinden biri, Hazine\u2019ye k\u00e2r transferinin durmas\u0131d\u0131r. Normal \u015fartlarda TCMB, elde etti\u011fi k\u00e2r\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 b\u00fct\u00e7eye aktar\u0131r. Ancak mevcut durumda, birikmi\u015f zararlar kapanmadan bu m\u00fcmk\u00fcn de\u011fildir. Nitekim 2025 y\u0131l\u0131nda olu\u015fan yakla\u015f\u0131k 500 milyar TL\u2019lik toplam k\u00e2ra ra\u011fmen, ge\u00e7mi\u015ften gelen trilyonluk zararlar nedeniyle Hazine\u2019ye herhangi bir kaynak aktar\u0131m\u0131 yap\u0131lamamaktad\u0131r. Bu durum, kamu maliyesi a\u00e7\u0131s\u0131ndan dolayl\u0131 bir y\u00fck anlam\u0131na gelmektedir. \u00c7\u00fcnk\u00fc b\u00fct\u00e7e, Merkez Bankas\u0131\u2019ndan gelen bu kayna\u011f\u0131 art\u0131k kullanamamaktad\u0131r. EKONOM\u0130K VE TOPLUMSAL YANSIMALAR Merkez Bankas\u0131 zararlar\u0131 do\u011frudan vatanda\u015f\u0131n cebinden \u00e7\u0131k\u0131yor gibi g\u00f6r\u00fcnmese de dolayl\u0131 etkileri olduk\u00e7a g\u00fc\u00e7l\u00fcd\u00fcr: Bu nedenle TCMB bilan\u00e7osu, sadece teknik bir konu de\u011fil; geni\u015f anlamda ekonomik istikrar\u0131n bir g\u00f6stergesidir. ULUSLARARASI KAR\u015eILA\u015eTIRMA: NORMAL M\u0130, ANORMAL M\u0130? Son y\u0131llarda bir\u00e7ok merkez bankas\u0131 zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bunun temel nedeni, pandemi sonras\u0131 geni\u015fleyici para politikalar\u0131 ve ard\u0131ndan&hellip;<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,267],"tags":[],"class_list":["post-4782","post","type-post","status-publish","format-standard","hentry","category-kose-yazarlari","category-zafer-ozcivan"],"_links":{"self":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/4782","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4782"}],"version-history":[{"count":1,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/4782\/revisions"}],"predecessor-version":[{"id":4783,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=\/wp\/v2\/posts\/4782\/revisions\/4783"}],"wp:attachment":[{"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tr.sektorturk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}