Gedik Yat\u0131r\u0131m'\u0131n de\u011ferlendirmesinde,\u00a0hazinenin, kas\u0131m ay\u0131 sonunda Aral\u0131k-\u015eubat d\u00f6nemi finansman program\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 belirtildi. Buna g\u00f6re, Hazine kas\u0131m ay\u0131nda yakla\u015f\u0131k 110 milyar TL i\u00e7 bor\u00e7 ve 14,6 milyar TL kar\u015f\u0131l\u0131\u011f\u0131 d\u0131\u015f bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirilece\u011fi aktar\u0131l\u0131rken \u015fu bilgiler verildi:<\/p>\n
“Buna kar\u015f\u0131l\u0131k, toplam 5 ihale ile 124 milyar TL \u00fczerinde i\u00e7 bor\u00e7lanma hedeflenirken, \u00f6ng\u00f6r\u00fclen bor\u00e7 \u00e7evirme oran\u0131 y\u00fczde 113,3\u2019e tekab\u00fcl ediyor.<\/p>\n
Hazine Aral\u0131k-\u015eubat d\u00f6nemi toplam\u0131nda ise 663 milyar TL\u2019si anapara ve 674 milyar TL\u2019si faiz olmak \u00fczere 1,34 trilyon TL\u2019ye yak\u0131n i\u00e7 bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirecek. D\u0131\u015f bor\u00e7 geri \u00f6demelerinin TL kar\u015f\u0131l\u0131\u011f\u0131n\u0131n ise yakla\u015f\u0131k 267 milyar TL olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor. Hazine toplamda 1,25 trilyon TL i\u00e7 bor\u00e7lanma planlarken, bu yakla\u015f\u0131k y\u00fczde 99\u2019luk bir i\u00e7 bor\u00e7 \u00e7evirme rasyosuna denk geliyor. Bu rakamlara g\u00f6re, bu d\u00f6nemde, Hazine\u2019nin net i\u00e7 bor\u00e7lanma tutar\u0131n\u0131n (yeni tahvil ihrac\u0131n\u0131n) ise yakla\u015f\u0131k 587 milyar TL olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n
Takvimde Ocak ve \u015eubat 2026 d\u00f6neminde i\u00e7 bor\u00e7 \u00f6demelerinin ayl\u0131k bazda 600 milyar TL \u00fczerinde seyretmesi dikkat \u00e7ekiyor; bunun arkas\u0131nda hem y\u00fcksek faiz y\u00fck\u00fc (toplamda 564 milyar TL) hem de yo\u011fun anapara geri \u00f6demeleri (toplamda 663 milyar TL) bulunuyor. Kas\u0131m ve Aral\u0131k aylar\u0131na k\u0131yasla bu art\u0131\u015f, Hazine\u2019nin y\u0131l ba\u015f\u0131nda y\u00fckl\u00fc i\u00e7 bor\u00e7 itfalar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu g\u00f6steriyor. Bu d\u00f6nemde piyasa bor\u00e7lanmalar\u0131ndaki planlama da sert \u015fekilde artarak y\u0131l\u0131n ilk 2 ay\u0131nda toplam 1,12 milyar TL \u00fczerinde belirtilmi\u015ftir; i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131n ise y\u00fczde 91,7 seviyesinde ger\u00e7ekle\u015fmesi \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n
Y\u0131l\u0131n ilk 11 ayl\u0131k d\u00f6neminde ise Hazine yakla\u015f\u0131k 2,4 trilyon TL\u2019lik i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k 3,3 trilyon TL\u2019ye yak\u0131n i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015ftirdi (planlanan\u0131n yakla\u015f\u0131k 136 milyar TL \u00fczerinde). B\u00f6ylece Ocak-Kas\u0131m d\u00f6nemi i\u00e7 bor\u00e7 \u00e7evirme oran\u0131, y\u00fczde 136,7 seviyesinde ger\u00e7ekle\u015fmi\u015f oldu. Nakit b\u00fct\u00e7enin ekim ay\u0131 itibar\u0131yla 196 milyar TL\u2019ye yak\u0131n a\u00e7\u0131k vermesi Hazine\u2019nin i\u00e7 bor\u00e7lanma ihtiyac\u0131n\u0131 bu ay i\u00e7in art\u0131ran \u00f6nemli bir unsur olarak \u00f6ne \u00e7\u0131k\u0131yor. \u015e\u00f6yle ki, Ocak-Ekim d\u00f6neminde nakit b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 1,8 trilyon TL \u00fczerinde, nakit bazl\u0131 faiz d\u0131\u015f\u0131 b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 ise yakla\u015f\u0131k 112 milyar TL seviyelerinde seyretmektedir.<\/p>\n
Hazine ilk 11 ayda 20 milyar $\u2019a yak\u0131n d\u0131\u015f bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k kabaca 13 milyar $\u2019l\u0131k d\u0131\u015f bor\u00e7lanma ger\u00e7ekle\u015ftirdi (8,75 milyar USD + 1,50 milyar EUR + 2,5 milyar USD kira sertifikas\u0131). Buna g\u00f6re, Hazine\u2019nin d\u00f6viz nakit pozisyonundaki de\u011fi\u015fimlere de bak\u0131ld\u0131\u011f\u0131nda, i\u00e7 bor\u00e7lanman\u0131n bir k\u0131sm\u0131n\u0131n d\u0131\u015f bor\u00e7 geri \u00f6demelerine kayd\u0131r\u0131ld\u0131\u011f\u0131n\u0131 da s\u00f6yleyebiliriz.<\/p>\n
Hazine\u2019nin Ekim 2026 sonuna kadar a\u00e7\u0131klad\u0131\u011f\u0131 bor\u00e7 geri \u00f6deme projeksiyonlar\u0131na g\u00f6re Kas\u0131m 2025 ile Ekim 2026 aras\u0131nda yakla\u015f\u0131k 4,4 trilyon TL\u2019ye yak\u0131n i\u00e7 bor\u00e7 geri \u00f6demesi g\u00f6r\u00fcn\u00fcyor. K\u0131sa vadeli tahvil ihra\u00e7lar\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda bu tutar\u0131n da a\u015f\u0131lma ihtimali bulunuyor. Bu d\u00f6nemde \u00f6ng\u00f6r\u00fclen d\u0131\u015f bor\u00e7 geri \u00f6demesi ise 22,5 milyar $\u2019\u0131 a\u015f\u0131yor, ki bu da i\u00e7 bor\u00e7lanman\u0131n bir b\u00f6l\u00fcm\u00fcn\u00fcn d\u0131\u015f bor\u00e7 geri \u00f6demelerine aktar\u0131lmas\u0131n\u0131n gerekece\u011fine i\u015faret ediyor. Hazine\u2019nin Ekim sonunda yay\u0131nlad\u0131\u011f\u0131 2026 y\u0131l\u0131 finansman program\u0131na g\u00f6re de, toplamda 5,0 trilyon TL i\u00e7 bor\u00e7lanma \u00f6ng\u00f6r\u00fcl\u00fcyor, ki bu da ayl\u0131k ortalama 400-420 milyar TL\u2019lik bir miktara tekab\u00fcl ediyor. Hazine, 2026 y\u0131l\u0131 genelinde 5,3 trilyon TL\u2019nin biraz \u00fczerinde i\u00e7 bor\u00e7lanma planlarken, bu i\u00e7 bor\u00e7 \u00e7evirme rasyosunun y\u00fczde 106 olarak \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Bu oranda belli bir sapma (y\u00fczde 110-115) ihtimali olabilece\u011fini d\u00fc\u015f\u00fcnmekle beraber, 2025 y\u0131l\u0131ndaki y\u00fczde 136\u2019l\u0131k ger\u00e7ekle\u015fmeye g\u00f6re \u00f6nemli bir iyile\u015fmeden bahsedebiliriz.\u201d<\/p>\n
<\/strong> \u0130stanbul, 1 Aral\u0131k (Hibya) – Gedik Yat\u0131r\u0131m, hazinenin Aral\u0131k-\u015eubat d\u00f6neminde 1,34 trilyon TL i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k, 1,25 trilyon TL\u2019ye yak\u0131n i\u00e7 bor\u00e7lanma \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc bildirdi.<\/p>\n","protected":false},"author":1,"featured_media":13883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4,1],"tags":[],"class_list":["post-13882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya","category-ekonomi"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/13882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=13882"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/13882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/13883"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=13882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=13882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=13882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nSANAY\u0130 HABER AJANSI <\/p>\n","protected":false},"excerpt":{"rendered":"