Gedik Yat\u0131r\u0131m\u2019\u0131n raporunda hazinenin, Ocak 2026\u2019da yo\u011fun geri \u00f6demeleri y\u00f6netmek \u00fczere g\u00fc\u00e7l\u00fc bir bor\u00e7lanma plan\u0131 hedefledi\u011fi belirtildi.<\/p>\n
Hazinenin, Kas\u0131m-Ocak d\u00f6neminde 785 milyar TL i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k, 848 milyar TL\u2019nin \u00fczerinde i\u00e7 bor\u00e7lanma \u00f6ng\u00f6rd\u00fc\u011f\u00fc aktar\u0131lan raporda \u015fu de\u011ferlendirmelere yer verildi:<\/p>\n
\u201cHazine ekim ay\u0131 sonunda Kas\u0131m-Ocak d\u00f6nemi finansman program\u0131n\u0131 a\u00e7\u0131klad\u0131. Buna g\u00f6re, Hazine ekim ay\u0131nda 95 milyar TL i\u00e7 bor\u00e7 ve 138 milyar TL kar\u015f\u0131l\u0131\u011f\u0131 d\u0131\u015f bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirecek. Buna kar\u015f\u0131l\u0131k, toplam 6 ihale ile 128 milyar TL\u2019lik bor\u00e7lanma hedeflenirken, \u00f6ng\u00f6r\u00fclen bor\u00e7 \u00e7evirme oran\u0131 y\u00fczde 135\u2019e tekab\u00fcl ediyor.<\/p>\n
Hazine Kas\u0131m-Ocak d\u00f6nemi toplam\u0131nda ise 175 milyar TL\u2019si anapara ve 610 milyar TL\u2019si faiz olmak \u00fczere 785 milyar TL 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 848 milyar TL \u00fczerinde i\u00e7 bor\u00e7lanma planlarken, bu yakla\u015f\u0131k y\u00fczde 120,4\u2019l\u00fck 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 673 milyar TL olmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n
Takvimde Ocak 2026 d\u00f6neminde i\u00e7 bor\u00e7 \u00f6demelerinin yakla\u015f\u0131k 582 milyar TL\u2019ye y\u00fckselmesi dikkat \u00e7ekiyor; bunun arkas\u0131nda hem y\u00fcksek faiz y\u00fck\u00fc (406,7 milyar TL) hem de yo\u011fun anapara geri \u00f6demeleri (174,9 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 584 milyar TL olarak belirtilmi\u015ftir; i\u00e7 bor\u00e7 \u00e7evirme oran\u0131n\u0131n ise y\u00fczde 100,4 seviyesinde ger\u00e7ekle\u015fmesi \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n
Y\u0131l\u0131n ilk 10 ayl\u0131k d\u00f6nemde ise Hazine\u2019nin yakla\u015f\u0131k 2,3 trilyon TL\u2019lik i\u00e7 bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k 2,9 trilyon TL \u00fczerinde i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015ftirdi\u011fi (planlanan\u0131n yakla\u015f\u0131k 165 milyar TL \u00fczerinde) ve Ocak-Eyl\u00fcl d\u00f6nemi itibar\u0131yla y\u00fczde 131,9 seviyesinde ger\u00e7ekle\u015fen i\u00e7 bor\u00e7 \u00e7evirme oran\u0131, Ocak-Ekim d\u00f6neminde Ekim ay\u0131nda planlanandan yakla\u015f\u0131k 90 milyar TL daha d\u00fc\u015f\u00fck ger\u00e7ekle\u015fen i\u00e7 bor\u00e7lanma nedeniyle gerileyerek y\u00fczde 125,5 seviyesine inmi\u015ftir. Nakit b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 eyl\u00fcl ay\u0131 itibar\u0131yla 359 milyar TL \u00fczerinde 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-Eyl\u00fcl d\u00f6neminde nakit b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 1,6 trilyon TL \u00fczerinde, nakit bazl\u0131 faiz d\u0131\u015f\u0131 b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 ise yakla\u015f\u0131k 76 milyar TL seviyelerinde seyretmektedir.<\/p>\n
Hazine\u2019nin ilk 10 ayda 17 milyar $\u2019a yak\u0131n d\u0131\u015f bor\u00e7 geri \u00f6demesine kar\u015f\u0131l\u0131k 8,75 milyar USD\u2019lik Eurobond (Ekim ay\u0131nda 2,25 milyar USD), 1,50 milyar EUR\u2019luk Eurobond ve 2,5 milyar USD\u2019lik kira sertifikas\u0131 ihrac\u0131nda bulundu\u011fu dikkate al\u0131nd\u0131\u011f\u0131nda, ve 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 Eyl\u00fcl 2026 sonuna kadar a\u00e7\u0131klad\u0131\u011f\u0131 bor\u00e7 geri \u00f6deme projeksiyonlar\u0131na g\u00f6re Ekim 2025 ile Eyl\u00fcl 2026 aras\u0131nda 4,2 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\u0131laca\u011f\u0131n\u0131 s\u00f6yleyebiliriz. Bu d\u00f6nemde \u00f6ng\u00f6r\u00fclen d\u0131\u015f bor\u00e7 geri \u00f6demesi ise 21,5 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. Bu d\u00f6nemde \u00f6ng\u00f6rd\u00fc\u011f\u00fcm\u00fcz nakit bazl\u0131 faiz-d\u0131\u015f\u0131 a\u00e7\u0131k da dikkate al\u0131nd\u0131\u011f\u0131nda, Eyl\u00fcl 2026 sonuna kadar olan d\u00f6nemde Hazine\u2019nin i\u00e7 bor\u00e7lanma ihtiyac\u0131n\u0131n 4,5 trilyon TL\u2019ye ula\u015fabilece\u011fini (hatta a\u015fabilece\u011fini) d\u00fc\u015f\u00fcn\u00fcyoruz. Bu da ayl\u0131k ortalama 370-380 milyar TL\u2019lik bir miktara tekab\u00fcl ediyor. Buna g\u00f6re, i\u00e7 bor\u00e7 \u00e7evirme rasyosu da y\u00fczde 120\u2019nin \u00fczerinde ger\u00e7ekle\u015febilir.\u201d<\/p>\n
<\/strong> \u0130stanbul, 3 Kas\u0131m (Hibya) \u2013 Gedik Yat\u0131r\u0131m, hazinenin, Ocak 2026\u2019da yo\u011fun geri \u00f6demeleri y\u00f6netmek \u00fczere g\u00fc\u00e7l\u00fc bir bor\u00e7lanma plan\u0131 hedefledi\u011fini bildirdi. <\/p>\n","protected":false},"author":1,"featured_media":4612,"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-4611","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\/4611","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=4611"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/4611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/4612"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=4611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=4611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=4611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nSANAY\u0130 HABER AJANSI <\/p>\n","protected":false},"excerpt":{"rendered":"