Hazine ve Maliye Bakanl\u0131\u011f\u0131, son d\u00f6nemde kamuoyunda Ocak 2026 d\u00f6nemine ili\u015fkin faiz \u00f6demelerine ili\u015fkin yap\u0131lan de\u011ferlendirmeler dolay\u0131s\u0131yla a\u00e7\u0131klama yapt\u0131.<\/p>\n
Ocak ay\u0131nda ger\u00e7ekle\u015fen y\u00fcksek faiz \u00f6demesinin, bor\u00e7lanma maliyetlerinde ani bir art\u0131\u015ftan veya program d\u00f6nemindeki faiz art\u0131\u015flar\u0131ndan kaynaklanmad\u0131\u011f\u0131 vurgulan\u0131rken “Ocak ay\u0131nda yap\u0131lan faiz \u00f6demesinin y\u00fczde 53\u2019\u00fc 10 y\u0131l \u00f6nce ilk ihrac\u0131 yap\u0131lan T\u00dcFE\u2019ye endeksli Devlet i\u00e7 bor\u00e7lanma senetlerinin (D\u0130BS) vadesinde \u00f6denen enflasyon fark\u0131ndan olu\u015fmaktad\u0131r” denildi.<\/p>\n
T\u00dcFE\u2019ye endeksli senetlerin \u00f6zelli\u011fi kupon oranlar\u0131n\u0131n d\u00fc\u015f\u00fck olmas\u0131n\u0131n, ancak y\u0131llar itibar\u0131yla ger\u00e7ekle\u015fen enflasyon oran\u0131n\u0131n anaparaya eklenmesi oldu\u011fu aktar\u0131l\u0131rken \u015funlar kaydedildi:<\/p>\n
“Biriken enflasyon fark\u0131 ise vade tarihinde toplu olarak \u00f6denmektedir. Bu nedenle enflasyonun y\u00fcksek seyretti\u011fi d\u00f6nemlerde, vadesi gelen bu t\u00fcr senetlere ili\u015fkin \u00f6demelerin ge\u00e7ici olarak y\u00fcksek g\u00f6r\u00fcnmesi do\u011fal bir sonu\u00e7tur. Dolay\u0131s\u0131yla Ocak ay\u0131ndaki art\u0131\u015f, mevcut d\u00f6nemde faiz oranlar\u0131nda ani bir y\u00fckseli\u015fe de\u011fil, ge\u00e7mi\u015f enflasyon dinamiklerinin vade yap\u0131s\u0131 \u00fczerinden b\u00fct\u00e7eye yans\u0131mas\u0131na i\u015faret etmektedir. Son y\u0131llarda ya\u015fanan y\u00fcksek enflasyon ortam\u0131 nedeniyle, T\u00dcFE\u2019ye endeksli bor\u00e7lanma ara\u00e7lar\u0131na ili\u015fkin faiz \u00f6demelerinde ge\u00e7ici bir art\u0131\u015f g\u00f6zlenmi\u015ftir. Ancak bu art\u0131\u015f, yap\u0131sal bir faiz y\u00fck\u00fc de\u011fi\u015fiminden de\u011fil; ge\u00e7mi\u015f d\u00f6nemde biriken enflasyonun teknik ve muhasebesel yans\u0131mas\u0131ndan kaynaklanmaktad\u0131r.”<\/p>\n
A\u00e7\u0131klamada, dezenflasyon s\u00fcrecindeki kazan\u0131mlar\u0131n belirginle\u015fmesiyle birlikte, faiz \u00f6demelerinin daha dengeli ve \u00f6ng\u00f6r\u00fclebilir seviyelere d\u00f6nmesinin beklendi\u011fine dikkat \u00e7ekilirken, g\u00f6stergelerin, faiz y\u00fck\u00fcnde kal\u0131c\u0131 bir bozulmaya i\u015faret etmedi\u011fi belirtildi.<\/p>\n
Faiz giderlerinin milli gelire oran\u0131n\u0131n, 2002-2025 d\u00f6neminde ortalama y\u00fczde 4,4 seviyesinde ger\u00e7ekle\u015fti\u011finin alt\u0131 \u00e7izilirken “Bu oran\u0131n 2026 y\u0131l\u0131nda y\u00fczde 3,5\u2019e gerilemesi, Orta Vadeli Program (OVP) d\u00f6nemi sonunda ise y\u00fczde 3,3\u2019e d\u00fc\u015fmesi \u00f6ng\u00f6r\u00fclmektedir. Faiz harcamalar\u0131n\u0131n vergi gelirlerine oran\u0131, 2002-2025 d\u00f6neminde ortalama y\u00fczde 25,9 iken; 2026 y\u0131l\u0131nda y\u00fczde 19,9\u2019a gerilemesi ve OVP d\u00f6nemi sonunda y\u00fczde 18,3 seviyesine d\u00fc\u015fmesi beklenmektedir. Faiz harcamalar\u0131n\u0131n merkezi y\u00f6netim toplam harcamalar\u0131na oran\u0131 ise 2002-2025 d\u00f6neminde ortalama y\u00fczde 17,7 olarak ger\u00e7ekle\u015fmi\u015f olup, 2026 y\u0131l\u0131nda y\u00fczde 14,5\u2019e, OVP d\u00f6nemi sonunda ise y\u00fczde 13,9\u2019a gerilemesi \u00f6ng\u00f6r\u00fclmektedir” a\u00e7\u0131klamas\u0131 yap\u0131ld\u0131.<\/p>\n
Ayr\u0131ca, kamu bor\u00e7lanma stratejisinin, piyasa ko\u015fullar\u0131, makroekonomik g\u00f6r\u00fcn\u00fcm ve risk unsurlar\u0131 dikkate al\u0131narak ihtiyatl\u0131, \u00f6ng\u00f6r\u00fclebilir ve s\u00fcrd\u00fcr\u00fclebilir bir \u00e7er\u00e7evede y\u00fcr\u00fct\u00fclmeye devam edildi\u011fi ifade edilirken, program d\u00f6neminde 10 y\u0131l vadeli T\u00dcFE\u2019ye endeksli tahvil ihra\u00e7lar\u0131 kademeli olarak azalt\u0131ld\u0131\u011f\u0131 ve 2024 y\u0131l\u0131ndan itibaren s\u00f6z konusu senetlerin ihrac\u0131na son verildi\u011fi hat\u0131rlat\u0131ld\u0131.<\/p>\n
\t\t\t\t\t\t\t\t\t <\/strong> Hazine ve Maliye Bakanl\u0131\u011f\u0131, Ocak ay\u0131nda ger\u00e7ekle\u015fen y\u00fcksek faiz \u00f6demesinin, program d\u00f6nemindeki faiz art\u0131\u015flar\u0131ndan kaynaklanmad\u0131\u011f\u0131, T\u00dcFE\u2019ye endeksli Devlet i\u00e7 bor\u00e7lanma senetlerinin (D\u0130BS) vadesinde \u00f6denen enflasyon fark\u0131ndan olu\u015ftu\u011funu a\u00e7\u0131klad\u0131.<\/p>\n","protected":false},"author":1,"featured_media":48663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4],"tags":[],"class_list":["post-48662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/48662","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=48662"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/48662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/48663"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=48662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=48662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=48662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"