Gedik Yat\u0131r\u0131m\u2019\u0131n raporunda hazinenin, Aral\u0131k ay\u0131 sonunda Ocak-Mart d\u00f6nemi finansman program\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 ifade edildi.<\/p>\n
Buna g\u00f6re, hazinenin Ocak ay\u0131nda 613 milyar TL i\u00e7 bor\u00e7 ve 132 milyar TL kar\u015f\u0131l\u0131\u011f\u0131 d\u0131\u015f bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirece\u011fi aktar\u0131lan raporda \u015funlar belirtildi:<\/p>\n
\u201cBuna kar\u015f\u0131l\u0131k, toplam 10 ihale, do\u011frudan sat\u0131\u015flar ve kamuya sat\u0131\u015flar ile 488 milyar TL\u2019ye yak\u0131n i\u00e7 bor\u00e7lanma hedeflenirken, \u00f6ng\u00f6r\u00fclen bor\u00e7 \u00e7evirme oran\u0131 y\u00fczde 79,5\u2019e tekab\u00fcl ediyor.<\/p>\n
Hazine Ocak-Mart d\u00f6nemi toplam\u0131nda ise 863 milyar TL\u2019si anapara ve 763 milyar TL\u2019si faiz olmak \u00fczere 1,63 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 286 milyar TL olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor. Hazine toplamda 1,32 trilyon TL i\u00e7 bor\u00e7lanma planlarken, bu yakla\u015f\u0131k y\u00fczde 81,5\u2019lik 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 458 milyar TL olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n
Takvimde Ocak ve \u015eubat 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 686 milyar TL) bulunuyor. \u00d6rnek olarak son 10 y\u0131lda ihra\u00e7 edilen T\u00dcFE\u2019ye endeksli tahvillerin yakla\u015fan itfalar\u0131nda ge\u00e7mi\u015f y\u0131llara ait enflasyon farklar\u0131n\u0131n \u00f6denmesi ciddi bir faiz y\u00fck\u00fc yaratmakta. Nitekim Ocak 2026 i\u00e7in \u00f6ng\u00f6r\u00fclen yakla\u015f\u0131k 410 milyar TL\u2019lik i\u00e7 bor\u00e7 faiz \u00f6demesinin yakla\u015f\u0131k yar\u0131s\u0131, ilk kez 2016 y\u0131l\u0131nda ihra\u00e7 edilen 14\/01\/2026 vadeli T\u00dcFE\u2019ye endeksli tahvilin itfas\u0131ndan kaynaklan\u0131yor.<\/p>\n
0cak-Aral\u0131k (2025) d\u00f6neminde yeniden bor\u00e7lanma oran\u0131 y\u00fczde 136 \u00fczerinde ger\u00e7ekle\u015fti.<\/p>\n
2025 y\u0131l\u0131nda Hazine yakla\u015f\u0131k 2,5 trilyon TL\u2019lik i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k 3,4 trilyon TL i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015ftirdi (planlanan\u0131n yakla\u015f\u0131k 550 milyar TL \u00fczerinde). B\u00f6ylece OcakAral\u0131k d\u00f6nemi i\u00e7 bor\u00e7 \u00e7evirme oran\u0131, y\u00fczde 136,3 seviyesinde ger\u00e7ekle\u015fmi\u015f oldu. Nakit b\u00fct\u00e7enin kas\u0131m ay\u0131 itibar\u0131yla 56 milyar TL \u00fczerinde fazla vermesi Hazine\u2019nin i\u00e7 bor\u00e7lanma ihtiyac\u0131n\u0131 bu ay i\u00e7in nispeten azaltan bir unsur olarak \u00f6ne \u00e7\u0131k\u0131yor. \u015e\u00f6yle ki, Ocak\u2013Kas\u0131m d\u00f6neminde nakit b\u00fct\u00e7e dengesi 1,75 trilyon TL\u2019nin \u00fczerinde a\u00e7\u0131k verirken, nakit bazl\u0131 faiz d\u0131\u015f\u0131 denge yakla\u015f\u0131k 68 milyar TL fazla (Kas\u0131m ay\u0131 +174 milyar TL) vermektedir.<\/p>\n
Hazine 2025\u2019te 20 milyar $\u2019a yak\u0131n d\u0131\u015f bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k 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 i\u00e7 bor\u00e7lanma ihtiyac\u0131 y\u00fcksek kalmaya devam edecek.<\/p>\n
Hazine\u2019nin Kas\u0131m 2026 sonuna kadar a\u00e7\u0131klad\u0131\u011f\u0131 bor\u00e7 geri \u00f6deme projeksiyonlar\u0131na g\u00f6re Aral\u0131k 2025 ile Kas\u0131m 2026 aras\u0131nda yakla\u015f\u0131k 4,6 trilyon TL\u2019ye yak\u0131n i\u00e7 bor\u00e7 geri \u00f6demesi g\u00f6r\u00fcn\u00fcyor. K\u0131sa vadeli bor\u00e7 finansman\u0131 ve alt\u0131na dayal\u0131 senetlere ili\u015fkin \u00f6demelerin \u00f6ng\u00f6r\u00fclerin \u00fczerine \u00e7\u0131kmas\u0131 nedeniyle bu tutar\u0131n a\u015f\u0131labilece\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz. Bu d\u00f6nemde \u00f6ng\u00f6r\u00fclen d\u0131\u015f bor\u00e7 geri \u00f6demesi ise 20 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.<\/p>\n
2026 y\u0131l\u0131n\u0131n tamam\u0131 i\u00e7in toplam i\u00e7 bor\u00e7 servisinin 5,5\u20136,0 trilyon TL seviyelerine, faiz \u00f6demelerinin de 2,5-2,6 trilyon TL\u2019ye kadar \u00e7\u0131kabilece\u011fini \u00f6ng\u00f6r\u00fcyoruz. 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, 2 Ocak (Hibya) – Gedik Yat\u0131r\u0131m, hazinenin ocak-mart d\u00f6neminde 1,63 trilyon TL i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k, 1,32 trilyon TL i\u00e7 bor\u00e7lanma \u00f6ng\u00f6rd\u00fc\u011f\u00fcn\u00fc bildirdi. <\/p>\n","protected":false},"author":1,"featured_media":28578,"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-28577","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\/28577","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=28577"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/28577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/28578"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=28577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=28577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=28577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"