{"status":true,"post":{"id":18930,"user_id":23,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 13:18:39","created_at":"2018-09-09T21:00:00.000000Z","updated_at":"2022-10-24T10:18:39.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":18930,"is_featured":0,"title":"Reel kesim kura kar\u015f\u0131 ne tedbir alm\u0131\u015f?","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p><span class=\"large\">TCMB, ayl\u0131k bazda reel sekt\u00f6r\u00fcn d\u00f6viz pozisyonlar\u0131n\u0131 a\u00e7\u0131kl\u0131yor. Bu veriler bizlere k\u0131sa ve uzun vadede kur de\u011fi\u015fikliklerinden reel sekt\u00f6r\u00fcn nas\u0131l etkilenece\u011fi hakk\u0131nda \u00f6nemli ipu\u00e7lar\u0131 veriyor. <\/span><br><span class=\"large\"> En son a\u00e7\u0131klanan veri, May\u0131s 2018\u2019e ait. Bu verilere g\u00f6re; reel sekt\u00f6r May\u0131s 2018\u2019de 119.407 milyon dolar varl\u0131\u011fa, 336.662 milyon dolar da y\u00fck\u00fcml\u00fcl\u00fc\u011fe sahip durumda. <\/span><br><span class=\"large\"> Yani varl\u0131klar\u0131n\u0131n neredeyse \u00fc\u00e7 kat\u0131 kadar d\u00f6viz y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcne ula\u015fm\u0131\u015f durumda. Net a\u00e7\u0131k olan k\u0131s\u0131m 217.255 milyon dolar. <\/span><\/p>  <p><span class=\"large\">Bu \u015fekilde bir bilan\u00e7oya sahip \u015firketler her d\u00f6viz y\u00fckseldi\u011finde zarar yazarlar.<\/span><\/p>  <p><span class=\"large\"><strong>NASIL ZARAR YAZILIYOR?<\/strong><\/span><\/p>  <p><span class=\"large\">\u015eu \u015fekilde \u00f6zetleyelim: Dolar 1 TL artt\u0131\u011f\u0131nda d\u00f6viz varl\u0131klar\u0131 da T\u00fcrk Liras\u0131 baz\u0131nda 1 TL artar. <\/span><br><span class=\"large\"> Yani 100 bin dolar\u0131 olan firman\u0131n dolar\u0131 5 TL iken 500 bin TL kar\u015f\u0131l\u0131\u011f\u0131ndayken, dolar 6 TL oldu\u011funda 600 bin TL de\u011fere ula\u015f\u0131r. B\u00f6ylece varl\u0131klar\u0131 TL baz\u0131nda de\u011fer kazanm\u0131\u015f olur. <\/span><\/p>  <p><span class=\"large\">Gelelim y\u00fck\u00fcml\u00fcl\u00fcklere\u2026 Bunun benzeri aynen y\u00fck\u00fcml\u00fcl\u00fcklerde de olur. Yani 100 bin dolar borcu olan\u0131n borcu dolar 5 TL iken 500 bin TL, dolar 6 TL oldu\u011funda da 600 bin TL de\u011fere ula\u015f\u0131r. Yani bor\u00e7 artar.<\/span><\/p>  <p><span class=\"large\">S\u00f6z konusu her iki hareket de asl\u0131nda fiktiftir. Bu paralar \u00f6denir veya kullan\u0131l\u0131rsa ger\u00e7ek k\u00e2r veya zarara d\u00f6ner. Buna ra\u011fmen, hi\u00e7 hareket olmasa da de\u011ferleme nedeniyle kur fark\u0131 zarar\u0131 veya k\u00e2r\u0131 \u00e7\u0131kabilir. <\/span><\/p>  <p><span class=\"large\">Mevcut verilere bakt\u0131\u011f\u0131m\u0131zda; varl\u0131klarda 1 lira art\u0131\u015f oldu\u011funda y\u00fck\u00fcml\u00fcl\u00fcklerde 3 lira art\u0131\u015f ger\u00e7ekle\u015fiyor. Bir yandan ciddi <\/span><span class=\"large\">bir y\u00fck\u00fcml\u00fcl\u00fck art\u0131\u015f\u0131 oluyor, bir yandan da \u00f6zellikle al\u0131nan kredilerde teminat tamamlama sorunlar\u0131 ile kar\u015f\u0131la\u015f\u0131l\u0131yor. \u015eimdilik yap\u0131lan d\u00fczenlemelerle bu risk ge\u00e7ici olarak kald\u0131r\u0131ld\u0131ysa da riski bankac\u0131l\u0131k sekt\u00f6r\u00fc almak zorunda kal\u0131yor. <\/span><\/p>  <p><span class=\"large\"><strong>D\u00d6V\u0130Z VARLI\u011eI Y\u00dcK\u00dcML\u00dcL\u00dcKLER\u0130NDEN FAZLA<\/strong><\/span><\/p>  <p><span class=\"large\">K\u0131sa vadeli pozisyonlar\u0131na bakt\u0131\u011f\u0131m\u0131zda \u00e7ok ilgin\u00e7 bir durumla kar\u015f\u0131la\u015f\u0131yoruz. K\u0131sa vadeli varl\u0131klar 96.882 milyon dolar, y\u00fck\u00fcml\u00fcl\u00fckler ise 90.389 milyon dolar. K\u0131sa vadede reel sekt\u00f6r\u00fcn kar\u015f\u0131lamak zorunda oldu\u011fu y\u00fck\u00fcml\u00fcl\u00fcklerinden 6.493 milyon dolar daha fazla d\u00f6viz varl\u0131\u011f\u0131 bulunuyor. K\u0131sacas\u0131 kur y\u00fckseli\u015flerine kar\u015f\u0131, yap\u0131lacak d\u00f6viz \u00f6demeleri i\u00e7in gereken d\u00f6viz fazlas\u0131yla al\u0131nm\u0131\u015f durumda.<\/span><\/p>  <p><span class=\"large\">Uzun vadeli farka gelince; uzun vadeli ve daha \u00e7ok yat\u0131r\u0131m tarz\u0131 krediler olmas\u0131 nedeniyle bu durum, yat\u0131r\u0131m kar\u015f\u0131l\u0131\u011f\u0131 elde edilecek gelirler hen\u00fcz kayda girmedi\u011finden \u00e7arp\u0131kl\u0131k varm\u0131\u015f gibi bir g\u00f6r\u00fcn\u00fcme yol a\u00e7\u0131yor. K\u0131sacas\u0131, uzun vadeli bor\u00e7 uzun vadede daha fazla gelir sa\u011flamak amac\u0131yla al\u0131nm\u0131\u015f ve gelir projeksiyonu verilere girmemi\u015ftir. <\/span><\/p>  <p><span class=\"large\"><strong>F\u0130NANSAL ARA\u00c7LARLA R\u0130SKLER DENGELENMEL\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Reel sekt\u00f6r k\u0131sa vade tedbirini fazlas\u0131yla alm\u0131\u015f, uzun vadeli fonlamayla da yat\u0131r\u0131m\u0131n\u0131n finansman\u0131n\u0131 garantilemi\u015ftir. K\u0131sa vadeli hareketlerin bilan\u00e7o bozulmalar\u0131na yol a\u00e7mamas\u0131 i\u00e7in finansal ara\u00e7larla riskler dengelenmeli.<\/span><\/p>  \t\t\t\t","slug":"reel-kesim-kura-karsi-ne-tedbir-almis","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"Reel kesim kura kar\u015f\u0131 ne tedbir alm\u0131\u015f?","meta_description":"Hikmet Baydar","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":120,"cropped_1200x675":null,"user":{"id":23,"name":"H\u0130KMET","surname":"BAYDAR","email":"hikmet-baydar@gmail.com","slug":"hikmet-baydar","avatar":"\/front\/uploads\/avatar\/1733691600m8IdzrjJsMVvSMC.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-10-19T14:42:06.000000Z","updated_at":"2024-12-18T09:49:02.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":19029,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":18930,"locale":"tr","category_id":73,"title":"Reel kesim kura kar\u015f\u0131 ne tedbir alm\u0131\u015f?","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p><span class=\"large\">TCMB, ayl\u0131k bazda reel sekt\u00f6r\u00fcn d\u00f6viz pozisyonlar\u0131n\u0131 a\u00e7\u0131kl\u0131yor. Bu veriler bizlere k\u0131sa ve uzun vadede kur de\u011fi\u015fikliklerinden reel sekt\u00f6r\u00fcn nas\u0131l etkilenece\u011fi hakk\u0131nda \u00f6nemli ipu\u00e7lar\u0131 veriyor. <\/span><br><span class=\"large\"> En son a\u00e7\u0131klanan veri, May\u0131s 2018\u2019e ait. Bu verilere g\u00f6re; reel sekt\u00f6r May\u0131s 2018\u2019de 119.407 milyon dolar varl\u0131\u011fa, 336.662 milyon dolar da y\u00fck\u00fcml\u00fcl\u00fc\u011fe sahip durumda. <\/span><br><span class=\"large\"> Yani varl\u0131klar\u0131n\u0131n neredeyse \u00fc\u00e7 kat\u0131 kadar d\u00f6viz y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcne ula\u015fm\u0131\u015f durumda. Net a\u00e7\u0131k olan k\u0131s\u0131m 217.255 milyon dolar. <\/span><\/p>  <p><span class=\"large\">Bu \u015fekilde bir bilan\u00e7oya sahip \u015firketler her d\u00f6viz y\u00fckseldi\u011finde zarar yazarlar.<\/span><\/p>  <p><span class=\"large\"><strong>NASIL ZARAR YAZILIYOR?<\/strong><\/span><\/p>  <p><span class=\"large\">\u015eu \u015fekilde \u00f6zetleyelim: Dolar 1 TL artt\u0131\u011f\u0131nda d\u00f6viz varl\u0131klar\u0131 da T\u00fcrk Liras\u0131 baz\u0131nda 1 TL artar. <\/span><br><span class=\"large\"> Yani 100 bin dolar\u0131 olan firman\u0131n dolar\u0131 5 TL iken 500 bin TL kar\u015f\u0131l\u0131\u011f\u0131ndayken, dolar 6 TL oldu\u011funda 600 bin TL de\u011fere ula\u015f\u0131r. B\u00f6ylece varl\u0131klar\u0131 TL baz\u0131nda de\u011fer kazanm\u0131\u015f olur. <\/span><\/p>  <p><span class=\"large\">Gelelim y\u00fck\u00fcml\u00fcl\u00fcklere\u2026 Bunun benzeri aynen y\u00fck\u00fcml\u00fcl\u00fcklerde de olur. Yani 100 bin dolar borcu olan\u0131n borcu dolar 5 TL iken 500 bin TL, dolar 6 TL oldu\u011funda da 600 bin TL de\u011fere ula\u015f\u0131r. Yani bor\u00e7 artar.<\/span><\/p>  <p><span class=\"large\">S\u00f6z konusu her iki hareket de asl\u0131nda fiktiftir. Bu paralar \u00f6denir veya kullan\u0131l\u0131rsa ger\u00e7ek k\u00e2r veya zarara d\u00f6ner. Buna ra\u011fmen, hi\u00e7 hareket olmasa da de\u011ferleme nedeniyle kur fark\u0131 zarar\u0131 veya k\u00e2r\u0131 \u00e7\u0131kabilir. <\/span><\/p>  <p><span class=\"large\">Mevcut verilere bakt\u0131\u011f\u0131m\u0131zda; varl\u0131klarda 1 lira art\u0131\u015f oldu\u011funda y\u00fck\u00fcml\u00fcl\u00fcklerde 3 lira art\u0131\u015f ger\u00e7ekle\u015fiyor. Bir yandan ciddi <\/span><span class=\"large\">bir y\u00fck\u00fcml\u00fcl\u00fck art\u0131\u015f\u0131 oluyor, bir yandan da \u00f6zellikle al\u0131nan kredilerde teminat tamamlama sorunlar\u0131 ile kar\u015f\u0131la\u015f\u0131l\u0131yor. \u015eimdilik yap\u0131lan d\u00fczenlemelerle bu risk ge\u00e7ici olarak kald\u0131r\u0131ld\u0131ysa da riski bankac\u0131l\u0131k sekt\u00f6r\u00fc almak zorunda kal\u0131yor. <\/span><\/p>  <p><span class=\"large\"><strong>D\u00d6V\u0130Z VARLI\u011eI Y\u00dcK\u00dcML\u00dcL\u00dcKLER\u0130NDEN FAZLA<\/strong><\/span><\/p>  <p><span class=\"large\">K\u0131sa vadeli pozisyonlar\u0131na bakt\u0131\u011f\u0131m\u0131zda \u00e7ok ilgin\u00e7 bir durumla kar\u015f\u0131la\u015f\u0131yoruz. K\u0131sa vadeli varl\u0131klar 96.882 milyon dolar, y\u00fck\u00fcml\u00fcl\u00fckler ise 90.389 milyon dolar. K\u0131sa vadede reel sekt\u00f6r\u00fcn kar\u015f\u0131lamak zorunda oldu\u011fu y\u00fck\u00fcml\u00fcl\u00fcklerinden 6.493 milyon dolar daha fazla d\u00f6viz varl\u0131\u011f\u0131 bulunuyor. K\u0131sacas\u0131 kur y\u00fckseli\u015flerine kar\u015f\u0131, yap\u0131lacak d\u00f6viz \u00f6demeleri i\u00e7in gereken d\u00f6viz fazlas\u0131yla al\u0131nm\u0131\u015f durumda.<\/span><\/p>  <p><span class=\"large\">Uzun vadeli farka gelince; uzun vadeli ve daha \u00e7ok yat\u0131r\u0131m tarz\u0131 krediler olmas\u0131 nedeniyle bu durum, yat\u0131r\u0131m kar\u015f\u0131l\u0131\u011f\u0131 elde edilecek gelirler hen\u00fcz kayda girmedi\u011finden \u00e7arp\u0131kl\u0131k varm\u0131\u015f gibi bir g\u00f6r\u00fcn\u00fcme yol a\u00e7\u0131yor. K\u0131sacas\u0131, uzun vadeli bor\u00e7 uzun vadede daha fazla gelir sa\u011flamak amac\u0131yla al\u0131nm\u0131\u015f ve gelir projeksiyonu verilere girmemi\u015ftir. <\/span><\/p>  <p><span class=\"large\"><strong>F\u0130NANSAL ARA\u00c7LARLA R\u0130SKLER DENGELENMEL\u0130<\/strong><\/span><\/p>  <p><span class=\"large\">Reel sekt\u00f6r k\u0131sa vade tedbirini fazlas\u0131yla alm\u0131\u015f, uzun vadeli fonlamayla da yat\u0131r\u0131m\u0131n\u0131n finansman\u0131n\u0131 garantilemi\u015ftir. K\u0131sa vadeli hareketlerin bilan\u00e7o bozulmalar\u0131na yol a\u00e7mamas\u0131 i\u00e7in finansal ara\u00e7larla riskler dengelenmeli.<\/span><\/p>  \t\t\t\t","slug":"reel-kesim-kura-karsi-ne-tedbir-almis","orjinalimage":null,"news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"Reel kesim kura kar\u015f\u0131 ne tedbir alm\u0131\u015f?","meta_description":"Hikmet Baydar","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":120,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}