Merkez Bankas\u0131 Kas\u0131m ay\u0131 Finansal \u0130stikrar Raporu\u2019nda d\u00f6viz kurlar\u0131nda oynakl\u0131klar\u0131n azald\u0131\u011f\u0131 belirtilerek faiz oranlar\u0131ndaki d\u00fc\u015f\u00fc\u015f, likidite ko\u015fullar\u0131ndaki iyile\u015fme ve belirsizliklerdeki azalmayla birlikte kredi b\u00fcy\u00fcme oranlar\u0131nda da canlanma g\u00f6zlendi\u011fi bildirildi.<\/p>\n
T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 (TCMB), 2019 y\u0131l\u0131 Kas\u0131m ay\u0131 \u2018Finansal \u0130stikrar Raporu\u2019nu a\u00e7\u0131klad\u0131. Buna g\u00f6re, raporda \u00f6zetle; \u201cKredi arz ve talep ko\u015fullar\u0131ndaki iyile\u015fme, enflasyondaki d\u00fc\u015f\u00fc\u015f e\u011filimi ve enflasyon beklentilerindeki gerileme iktisadi faaliyeti desteklemektedir. Hanehalk\u0131 bor\u00e7lulu\u011fu geli\u015fmekte olan \u00fclkeler ortalamas\u0131n\u0131n alt\u0131nda seyretmekte, reel sekt\u00f6r yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fckleri ve a\u00e7\u0131k pozisyonu gerilemeye devam etmektedir. D\u00f6viz kurunun g\u00f6rece istikrarl\u0131 seyri, enflasyondaki d\u00fc\u015f\u00fc\u015f ve makroekonomik beklentilerdeki iyile\u015fmeyle yurt i\u00e7i yerle\u015fiklerin TL tasarruf tercihi g\u00fc\u00e7lenmi\u015ftir. Faiz oranlar\u0131ndaki d\u00fc\u015f\u00fc\u015f, likidite ko\u015fullar\u0131ndaki iyile\u015fme ve belirsizliklerdeki azalmayla birlikte kredi b\u00fcy\u00fcme oranlar\u0131nda canlanma g\u00f6zlenmi\u015ftir. Bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn k\u0131sa ve uzun vadeli likidite g\u00f6stergeleri kredi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc desteklemektedir.<\/p>\n
Bankac\u0131l\u0131k sekt\u00f6r\u00fc, g\u00fc\u00e7l\u00fc sermaye yap\u0131s\u0131 ve likidite tamponlar\u0131 sayesinde risklere kar\u015f\u0131 dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korumaktad\u0131r. Kredilerdeki art\u0131\u015f\u0131n ve iktisadi faaliyetteki toparlanman\u0131n \u00f6n\u00fcm\u00fczdeki d\u00f6nemde sekt\u00f6r\u00fcn aktif kalitesine olumlu yans\u0131yaca\u011f\u0131 de\u011ferlendirilmektedir. K\u00fcresel b\u00fcy\u00fcme g\u00f6r\u00fcn\u00fcm\u00fcne y\u00f6nelik endi\u015feler, ticarette korumac\u0131l\u0131k e\u011filimleri ve k\u00fcresel iktisadi politika belirsizlikleri, finansal istikrar \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc risk unsurlar\u0131d\u0131r. TCMB, elindeki t\u00fcm politika ara\u00e7lar\u0131n\u0131 fiyat istikrar\u0131n\u0131 sa\u011flama ve finansal istikrar\u0131 destekleme hedefleri do\u011frultusunda etkin bi\u00e7imde kullanmaya devam edecektir\u201d denildi.<\/p>\n
Raporun ayr\u0131nt\u0131lar\u0131nda ise \u015fu ifadeler yer ald\u0131: \u201cFinansal \u0130stikrar Raporu\u2019nun son say\u0131s\u0131ndan bu yana, k\u00fcresel b\u00fcy\u00fcmeye dair beklentiler a\u015fa\u011f\u0131 y\u00f6nl\u00fc g\u00fcncellenmi\u015f ve risk unsurlar\u0131 belirginle\u015fmi\u015ftir. Yurt i\u00e7inde enflasyon oran\u0131ndaki d\u00fc\u015f\u00fc\u015f ve enflasyon beklentilerindeki iyile\u015fme \u00f6n plana \u00e7\u0131km\u0131\u015f; d\u00f6viz kuru oynakl\u0131klar\u0131 azal\u0131rken, faiz oranlar\u0131 belirgin olarak gerilemi\u015ftir. Bu \u00e7er\u00e7evede, kredi arz ve talep ko\u015fullar\u0131nda kaydedilen iyile\u015fmeyle kredi b\u00fcy\u00fcmesi canlanarak iktisadi faaliyetteki \u0131l\u0131ml\u0131 toparlanmay\u0131 desteklemeye ba\u015flam\u0131\u015ft\u0131r. Bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn g\u00fc\u00e7l\u00fc sermaye ve likidite yap\u0131s\u0131, sekt\u00f6r\u00fcn risklere kar\u015f\u0131 dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 desteklemektedir. T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 elindeki b\u00fct\u00fcn politika ara\u00e7lar\u0131n\u0131 fiyat istikrar\u0131n\u0131 sa\u011flama ve finansal istikrar\u0131 destekleme hedefleri do\u011frultusunda etkin bi\u00e7imde kullanmaya devam etmektedir.<\/p>\n
Kredi b\u00fcy\u00fcmesindeki canlanma genele yay\u0131larak s\u00fcrmektedir<\/p>\n
Makrofinansal g\u00f6r\u00fcn\u00fcm 2019 y\u0131l\u0131 ba\u015f\u0131ndan itibaren iyile\u015fmeye ba\u015flam\u0131\u015f, s\u00f6z konusu e\u011filim Haziran ay\u0131ndan itibaren belirginle\u015fmi\u015ftir. Finansal \u0130stikrar Raporunun alt b\u00f6l\u00fcmlerinde yer alan temel g\u00f6stergeler kullan\u0131larak olu\u015fturulan \u00f6zet g\u00f6sterime g\u00f6re, makrofinansal g\u00f6r\u00fcn\u00fcm 2019 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde kayda de\u011fer iyile\u015fme sergilemi\u015f; hesaplanan endeks tarihsel ortalaman\u0131n \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131r. Bu geli\u015fmede, k\u00fcresel ko\u015fullar\u0131n \u0131l\u0131ml\u0131 deste\u011fi, yurt i\u00e7i makroekonomik dengelenme s\u00fcreci, finansal olmayan kesimin bor\u00e7lulu\u011fundaki azalma e\u011filimi ve banka finansallar\u0131ndaki olumlu gidi\u015fat etkili olmu\u015ftur. Banka kredilerine dair g\u00f6stergeler ise, 2019 y\u0131l\u0131 Eyl\u00fcl ay\u0131na kadar tarihsel ortalamalar\u0131na g\u00f6re bir miktar olumsuz seyretmeye devam etmi\u015ftir. Ancak, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde kredi b\u00fcy\u00fcmesindeki canlanman\u0131n ve iktisadi faaliyetteki \u0131l\u0131ml\u0131 toparlanman\u0131n bankac\u0131l\u0131k sekt\u00f6r\u00fc aktif kalitesine olumlu katk\u0131 yapmas\u0131 beklenmektedir. Nitekim, y\u00fcksek frekansl\u0131 g\u00fcncel verilere g\u00f6re, Eyl\u00fcl ay\u0131nda ba\u015flayan kredi b\u00fcy\u00fcmesindeki canlanma banka gruplar\u0131 ve kredi t\u00fcrleri baz\u0131nda genele yay\u0131larak s\u00fcrmektedir.<\/p>\n
Bir \u00f6nceki Rapor d\u00f6neminden bu yana, geli\u015fmi\u015f \u00fclke ve geli\u015fmekte olan \u00fclke (GO\u00dc) b\u00fcy\u00fcme beklentileri a\u015fa\u011f\u0131 y\u00f6nl\u00fc g\u00fcncellenmi\u015ftir. Geli\u015fmi\u015f \u00fclke merkez bankalar\u0131, b\u00fcy\u00fcme ve enflasyon g\u00f6r\u00fcn\u00fcm\u00fcndeki de\u011fi\u015fimin etkisiyle geni\u015fleyici para politikalar\u0131na y\u00f6nelmi\u015ftir. K\u00fcresel b\u00fcy\u00fcmeye ili\u015fkin endi\u015feler, k\u00fcresel ticaret politikalar\u0131ndaki korumac\u0131l\u0131k e\u011filimleri ve jeopolitik geli\u015fmeler, k\u00fcresel iktisadi politika belirsizli\u011fini art\u0131rmaktad\u0131r. K\u00fcresel bor\u00e7luluk, \u00f6zellikle artan reel sekt\u00f6r ve kamu sekt\u00f6r\u00fc bor\u00e7lulu\u011fu nedeniyle geli\u015fmi\u015f \u00fclke ve GO\u00dc\u2019lerde \u00f6nemli bir k\u0131r\u0131lganl\u0131k unsuru olmaya devam etmektedir. Bankac\u0131l\u0131k sekt\u00f6r\u00fc sermaye k\u00e2rl\u0131l\u0131klar\u0131n\u0131n k\u00fcresel finansal kriz \u00f6ncesi d\u00f6neme k\u0131yasla genel olarak d\u00fc\u015f\u00fck seyretmesi bir di\u011fer k\u0131r\u0131lganl\u0131k unsurudur. Geli\u015fmi\u015f \u00fclke merkez bankalar\u0131 taraf\u0131ndan uygulanan geni\u015fleyici para politikalar\u0131n\u0131n etkisiyle yatayla\u015fan getiri e\u011frileri, k\u00fcresel iktisadi faaliyetteki zay\u0131fl\u0131k ile aktif kalitesi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fcn bozulmas\u0131 gibi \u00fclke ve bankalara \u00f6zg\u00fc ko\u015fullar karl\u0131l\u0131k oranlar\u0131ndaki bu durum \u00fczerinde etkili olmu\u015ftur. 2019 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde, k\u00fcresel finansal ko\u015fullar\u0131n \u0131l\u0131ml\u0131 seyri ile yurt i\u00e7i enflasyon ve enflasyon beklentilerindeki d\u00fc\u015f\u00fc\u015f sonucunda T\u00fcrkiye\u2019nin risk primi ve kur oynakl\u0131\u011f\u0131 gerilemi\u015ftir.<\/p>\n
Yurt i\u00e7i iktisadi faaliyette y\u0131l\u0131n ilk yar\u0131s\u0131nda temelde net ihracat kaynakl\u0131 toparlanma g\u00f6zlenirken, y\u0131l\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde toparlanman\u0131n as\u0131l s\u00fcr\u00fckleyicisi t\u00fcketim harcamalar\u0131 olmu\u015ftur. Enflasyondaki d\u00fc\u015f\u00fc\u015f e\u011filimi ve enflasyon beklentilerindeki iyile\u015fme sonucu faiz oranlar\u0131ndaki gerileme ve finansal ko\u015fullardaki olumlu seyir iktisadi faaliyeti desteklemektedir. T\u00fcrkiye, k\u00fcresel b\u00fcy\u00fcme g\u00f6r\u00fcn\u00fcm\u00fcndeki zay\u0131flamaya kar\u015f\u0131n, firmalar\u0131n ihracat pazarlar\u0131n\u0131 \u00e7e\u015fitlendirme esnekli\u011fi ile d\u0131\u015f ticarette rekabet g\u00fcc\u00fcn\u00fc korumaktad\u0131r. \u0130ktisadi faaliyetteki toparlanma ve kredi faizlerindeki gerileme ile birlikte son aylarda kredi talebinde art\u0131\u015f g\u00f6zlenmi\u015ftir. Banka Kredileri E\u011filim Anketi\u2019nden (BKEA) derlenen kredilere ili\u015fkin g\u00f6stergeler de, 2019 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde kredi arz ve talep ko\u015fullar\u0131nda belirgin iyile\u015fme oldu\u011funa i\u015faret etmektedir. Kredi ko\u015fullar\u0131ndaki iyile\u015fmenin i\u00e7 talebe yans\u0131malar\u0131n\u0131n 2019 y\u0131l\u0131 d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011finden itibaren g\u00fc\u00e7lenmesi beklenmektedir.<\/p>\n
TL kredi faiz fark\u0131, tarihsel ortalamas\u0131na geri d\u00f6nm\u00fc\u015ft\u00fcr<\/p>\n
Haftal\u0131k frekanstaki verilere g\u00f6re, toplam krediler 2019 y\u0131l\u0131 Eyl\u00fcl ay\u0131ndan itibaren tarihsel ortalamalarla uyumlu ve bireysel krediler \u00f6nc\u00fcl\u00fc\u011f\u00fcnde art\u0131\u015f sergilemektedir. \u0130htiya\u00e7 kredileri; ertelenmi\u015f talebin ger\u00e7ekle\u015fmesi, artan bankalararas\u0131 rekabet ve d\u00fc\u015fen faiz oranlar\u0131 kaynakl\u0131 olarak bireysel tarafta en g\u00fc\u00e7l\u00fc art\u0131\u015f e\u011filimine sahip kalem olmu\u015ftur. Son d\u00f6nemde kamu bankalar\u0131 \u00f6nc\u00fcl\u00fc\u011f\u00fcnde ba\u015flayan rekabet\u00e7i fiyatlamalar\u0131n etkisiyle konut kredilerinde kaydedilen canlanma da bireysel kredi art\u0131\u015f\u0131nda etkilidir. Firma kredilerinde b\u00fcy\u00fck firmalar ba\u015fta olmak \u00fczere firma \u00f6l\u00e7eklerinde genele yay\u0131lan \u0131l\u0131ml\u0131 kredi b\u00fcy\u00fcmesi g\u00f6zlenmektedir. Bu geli\u015fmede b\u00fcy\u00fck firma kredilerinde daha belirgin olmak \u00fczere TL kredi faiz oranlar\u0131ndaki gerileme etkili olmu\u015ftur. Bir \u00f6nceki Rapor d\u00f6neminde te\u015fvikli kredilerin etkisiyle k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli firmalar lehine daralan \u00f6l\u00e7ek bazl\u0131 TL kredi faiz fark\u0131, tarihsel ortalamas\u0131na geri d\u00f6nm\u00fc\u015ft\u00fcr.<\/p>\n
2019 y\u0131l\u0131 A\u011fustos ay\u0131 \u00f6ncesinde, \u00f6zel bankalar\u0131n temkinli duru\u015funun kredi stoku \u00fczerindeki etkisi kamu bankalar\u0131n\u0131n kredi piyasas\u0131ndaki proaktif davran\u0131\u015f\u0131 ve fiyatlamalar\u0131yla dengelenmi\u015ftir. TCMB\u2019nin 19 A\u011fustos 2019\u2019da ilan etti\u011fi, kredi b\u00fcy\u00fcmesi ile ili\u015fkilendirilen yeni TL Zorunlu Kar\u015f\u0131l\u0131k (ZK) uygulamas\u0131, bankac\u0131l\u0131k sisteminde genele yay\u0131lan ve birbirine yak\u0131nsayan bir kredi b\u00fcy\u00fcmesini te\u015fvik eder \u00f6zelliklere sahiptir. Nitekim, Eyl\u00fcl 2019\u2019dan itibaren \u00f6zel bankalar da kredi piyasas\u0131nda rekabet\u00e7i davranmaya ve kredi stokunu art\u0131rmaya ba\u015flam\u0131\u015ft\u0131r. TL likiditedeki art\u0131\u015f, fonlama maliyetlerindeki d\u00fc\u015f\u00fc\u015f ve makroekonomik verilerdeki olumlu geli\u015fmelerle iyile\u015fen beklentilere ilave olarak, yeni ZK \u00e7er\u00e7evesinin de etkisiyle \u00f6n\u00fcm\u00fczdeki d\u00f6nemde bankac\u0131l\u0131k sisteminde genele yay\u0131lan ve ekonomik b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fcleriyle uyumlu bir kredi b\u00fcy\u00fcmesi g\u00f6zlenebilece\u011fi de\u011ferlendirilmektedir. Hanehalk\u0131 bor\u00e7lulu\u011fu d\u00fc\u015f\u00fck seviyelerini korumaktad\u0131r. 2019 y\u0131l\u0131 ilk yar\u0131s\u0131nda GO\u00dc ortalamas\u0131 y\u00fczde 42 olan hanehalk\u0131 bor\u00e7lulu\u011funun GSY\u0130H\u2019ye oran\u0131, T\u00fcrkiye\u2019de y\u00fczde 14 d\u00fczeyindedir.<\/p>\n
2019 y\u0131l\u0131 Temmuz ay\u0131 itibar\u0131yla reel sekt\u00f6r bor\u00e7luluk oran\u0131 da y\u00fczde 58 d\u00fczeyine gerilemi\u015ftir. Ekonomide ya\u015fanan dengelenme s\u00fcrecinde, cari i\u015flemler a\u00e7\u0131\u011f\u0131n\u0131n kapanmas\u0131 d\u00f6viz cinsinden ilave bor\u00e7lanma ihtiyac\u0131n\u0131 azaltm\u0131\u015ft\u0131r. 2018 y\u0131l\u0131 May\u0131s ay\u0131nda T\u00fcrk Paras\u0131 K\u0131ymetini Koruma Hakk\u0131nda 32 Say\u0131l\u0131 Karar\u2019da yap\u0131lan de\u011fi\u015fikliklerle d\u00f6vize endeksli kredi (DEK) ve YP kredi kullan\u0131m\u0131na getirilen k\u0131s\u0131tlar, azalan yat\u0131r\u0131m talebi ve kur riskinin y\u00f6netimine ili\u015fkin artan fark\u0131ndal\u0131kla YP kredi bakiyesinin daralmas\u0131 sonucu, reel sekt\u00f6r\u00fcn yurt i\u00e7i ve yurt d\u0131\u015f\u0131 YP finansal bor\u00e7lar\u0131n\u0131n GSY\u0130H\u2019ye oran\u0131 azalm\u0131\u015ft\u0131r. Reel sekt\u00f6r\u00fcn TL cinsi bor\u00e7lar\u0131n\u0131n GSY\u0130H\u2019ye oran\u0131 ise, iktisadi dengelenme s\u00fcrecinin azalt\u0131c\u0131 etkisine kar\u015f\u0131n, 2019 y\u0131l\u0131 May\u0131s ay\u0131nda a\u00e7\u0131klanan \u0130VME kredi paketinin ve ZK d\u00fczenlemesinde yap\u0131lan de\u011fi\u015fikliklerin TL bor\u00e7lanmay\u0131 desteklemesiyle yatay seyretmi\u015ftir.<\/p>\n
2019 y\u0131l\u0131 Eyl\u00fcl ay\u0131 itibar\u0131yla tahsili gecikmi\u015f alacak (TGA) oranlar\u0131nda ve ilavelerinde firma kredileri kaynakl\u0131 art\u0131\u015flar izlenmi\u015f; bankac\u0131l\u0131k sekt\u00f6r\u00fc TGA oran\u0131 y\u00fczde 4,9 seviyesine y\u00fckselmi\u015ftir. Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK), yapt\u0131\u011f\u0131 mali b\u00fcnye \u00e7al\u0131\u015fmalar\u0131 kapsam\u0131nda baz\u0131 kredilerin 2019 y\u0131l\u0131 sonuna kadar TGA olarak s\u0131n\u0131fland\u0131r\u0131lmas\u0131na y\u00f6nelik karar alm\u0131\u015f ve bu kapsamda TGA oran\u0131n\u0131n y\u00fczde 6,3 seviyesine \u00e7\u0131kabilece\u011fini a\u00e7\u0131klam\u0131\u015ft\u0131r. Bireysel kredilerde TGA oran\u0131 i\u015fsizlik oran\u0131ndaki y\u00fckseli\u015fe ra\u011fmen ge\u00e7mi\u015f d\u00f6nemde al\u0131nan makroihtiyati \u00f6nlemler sonucunda yatay seyrini s\u00fcrd\u00fcrmektedir. \u0130ktisadi faaliyetteki toparlanman\u0131n belirginle\u015fmesi ve kredi b\u00fcy\u00fcmesinin istikrar kazanmas\u0131yla \u00f6n\u00fcm\u00fczdeki d\u00f6nemde TGA oran\u0131ndaki art\u0131\u015f e\u011filiminin yava\u015flayaca\u011f\u0131 ve aktif kalitesi kaynakl\u0131 risklerin s\u0131n\u0131rl\u0131 kalaca\u011f\u0131 de\u011ferlendirilmektedir.<\/p>\n
K\u0131sa ve uzun vadeli likidite pozisyonu a\u00e7\u0131s\u0131ndan g\u00fc\u00e7l\u00fc yap\u0131s\u0131n\u0131 koruyan bankac\u0131l\u0131k sekt\u00f6r\u00fcnde, mevcut Rapor d\u00f6neminde yurt i\u00e7i fonlama kaynaklar\u0131ndaki art\u0131\u015f \u00f6ne \u00e7\u0131kmaktad\u0131r. Mevduatta g\u00f6zlenen b\u00fcy\u00fcme \u00e7ekirdek y\u00fck\u00fcml\u00fcl\u00fcklerin fonlamadaki pay\u0131n\u0131 art\u0131r\u0131rken, banka bilan\u00e7olar\u0131n\u0131n daha istikrarl\u0131 bir yap\u0131da olmas\u0131na katk\u0131 sa\u011flamaktad\u0131r. Son d\u00f6nemde enflasyon beklentilerindeki iyile\u015fme ve kur oynakl\u0131\u011f\u0131ndaki azalma ile birlikte mevduat b\u00fcy\u00fcmesinin \u00f6zellikle TL tarafta belirginle\u015fmesi de finansal istikrar\u0131 desteklemektedir. Mevduat d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fcklerin yabanc\u0131 kaynaklar i\u00e7erisindeki pay\u0131 s\u0131n\u0131rl\u0131 miktarda azalarak 2019 y\u0131l\u0131 Eyl\u00fcl ay\u0131 itibar\u0131yla y\u00fczde 38 seviyesine gerilemi\u015ftir. Yurt i\u00e7i piyasalarda ger\u00e7ekle\u015ftirilen tahvil ihra\u00e7lar\u0131 ve sermaye benzeri bor\u00e7lanmalarda son d\u00f6nemde g\u00f6zlenen g\u00fc\u00e7l\u00fc art\u0131\u015f sonucu yurt i\u00e7i fonlar\u0131n toplam yabanc\u0131 kaynaklar i\u00e7indeki pay\u0131 artarak yurt d\u0131\u015f\u0131ndan temin edilen fonlar\u0131n yabanc\u0131 kaynaklara oran\u0131n\u0131 a\u015fm\u0131\u015ft\u0131r. Bu geli\u015fme, sekt\u00f6r\u00fcn yurt d\u0131\u015f\u0131 faiz ve kur seviyelerindeki oynakl\u0131klara kar\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131n\u0131 s\u0131n\u0131rlamaktad\u0131r. Bankalar\u0131n menkul k\u0131ymet ihrac\u0131 kanal\u0131yla yurt i\u00e7inden sa\u011flad\u0131klar\u0131 TL fonlamadaki art\u0131\u015f ve \u00fcr\u00fcn \u00e7e\u015fitlili\u011fi, mevcut Rapor d\u00f6neminde devam ederken; bu durum yurt i\u00e7i menkul k\u0131ymet piyasas\u0131nda finansal derinle\u015fmeye katk\u0131 sa\u011flamaktad\u0131r (Grafik I.9, Kutu II.2.I). Yurt d\u0131\u015f\u0131 tarafta ise azalan finansman ihtiyac\u0131n\u0131n bir sonucu olarak yurt d\u0131\u015f\u0131 bor\u00e7 \u00e7evirme oran\u0131ndaki ve bakiyesindeki d\u00fc\u015f\u00fc\u015f s\u00fcrmektedir.<\/p>\n
Bankac\u0131l\u0131k sekt\u00f6r\u00fc k\u00e2rl\u0131l\u0131k g\u00f6stergelerinde bir s\u00fcredir zay\u0131f seyreden kredi b\u00fcy\u00fcmesi ve aktif kalitesi geli\u015fmeleri nedeniyle g\u00f6zlenen d\u00fc\u015f\u00fc\u015f, yerini mevcut Rapor d\u00f6neminde yatayla\u015fan bir seyre b\u0131rakm\u0131\u015ft\u0131r. Sermaye yeterlilik rasyosunda (SYR) son d\u00f6nemde g\u00f6zlenen y\u00fckseli\u015fte ise kredi b\u00fcy\u00fcmesinin zay\u0131f seyri ve bankalar\u0131n \u00f6zkaynak yap\u0131lar\u0131n\u0131 g\u00fc\u00e7lendirmeleri belirleyici olmu\u015ftur. BDDK\u2019n\u0131n mali b\u00fcnye \u00e7al\u0131\u015fmalar\u0131 kapsam\u0131nda baz\u0131 kredilerin y\u0131l sonuna kadar TGA olarak s\u0131n\u0131fland\u0131r\u0131lmas\u0131na y\u00f6nelik karar\u0131n\u0131n sekt\u00f6r SYR\u2019sini s\u0131n\u0131rl\u0131 \u015fekilde etkileyebilece\u011fi, bununla birlikte sekt\u00f6r\u00fcn g\u00fc\u00e7l\u00fc sermaye yap\u0131s\u0131n\u0131n korunaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n
Bankac\u0131l\u0131k sistemi risklere kar\u015f\u0131 dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korumaktad\u0131r<\/p>\n
\u00d6zetle, mevcut Rapor d\u00f6neminde, k\u00fcresel ko\u015fullardaki \u0131l\u0131ml\u0131 seyir, yurt i\u00e7i makroekonomik dengelenme, beklentilerdeki iyile\u015fme, para politikas\u0131ndaki temkinli duru\u015f, finansal olmayan kesimin bor\u00e7lulu\u011fundaki azalma e\u011filimi, TL likiditedeki art\u0131\u015f ve banka finansallar\u0131ndaki olumlu seyir makrofinansal istikrara olumlu katk\u0131 sa\u011flam\u0131\u015ft\u0131r. Yurt i\u00e7i fonlar\u0131n ve \u00e7ekirdek y\u00fck\u00fcml\u00fcl\u00fcklerin banka finansman\u0131ndaki pay\u0131n\u0131n artmas\u0131 yurt d\u0131\u015f\u0131 oynakl\u0131klara kar\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131 azaltmaktad\u0131r. Finansal kesim aktif kalitesinde s\u0131n\u0131rl\u0131 bozulma izlenmi\u015f olup; \u00f6n\u00fcm\u00fczdeki d\u00f6nemde, iktisadi faaliyetteki toparlanman\u0131n belirginle\u015fmesi ve kredi b\u00fcy\u00fcmesinin deste\u011fiyle aktif kalitesi kaynakl\u0131 risklerin s\u0131n\u0131rl\u0131 kalmas\u0131 beklenmektedir. Bankac\u0131l\u0131k sistemi, g\u00fc\u00e7l\u00fc sermaye ve likidite yap\u0131s\u0131 sayesinde risklere kar\u015f\u0131 dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korumaktad\u0131r. \u0130ktisadi faaliyete dair genel g\u00f6r\u00fcn\u00fcm olumlu olmakla birlikte; k\u00fcresel b\u00fcy\u00fcme g\u00f6r\u00fcn\u00fcm\u00fc, risk i\u015ftah\u0131 ve belirsizlik alg\u0131lamalar\u0131nda ortaya \u00e7\u0131kabilecek negatif y\u00f6nl\u00fc ger\u00e7ekle\u015fmeler ile jeopolitik geli\u015fmeler risk fakt\u00f6rleri olarak de\u011ferlendirilmektedir.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
MERKEZ BANKASI KASIM AYI F\u0130NANSAL \u0130ST\u0130KRAR RAPORU\u2019NDA D\u00d6V\u0130Z KURLARINDA OYNAKLIKLARIN AZALDI\u011eI BEL\u0130RT\u0130LEREK FA\u0130Z ORANLARINDAK\u0130 D\u00dc\u015e\u00dc\u015e, L\u0130K\u0130D\u0130TE KO\u015eULLARINDAK\u0130 \u0130Y\u0130LE\u015eME VE BEL\u0130RS\u0130ZL\u0130KLERDEK\u0130 AZALMAYLA B\u0130RL\u0130KTE KRED\u0130 B\u00dcY\u00dcME ORANLARINDA DA CANLANMA G\u00d6ZLEND\u0130\u011e\u0130 B\u0130LD\u0130R\u0130LD\u0130.<\/p>\n","protected":false},"author":1,"featured_media":234493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[19],"tags":[9703,58957,3654,34417,4594,6361,5030,58956,46984],"class_list":["post-234492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-azaldi","tag-belirgin","tag-doviz","tag-faizler","tag-geriledi","tag-kuru","tag-olarak","tag-oynakliklari","tag-tcmb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.tvturk.com\/wp-content\/uploads\/2019\/11\/tcmb-doviz-kuru-oynakliklari-azaldi-faizler-belirgin-olarak-geriledi_20d928d.jpg?fit=1000%2C655","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paKIfm-Z08","_links":{"self":[{"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/posts\/234492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/comments?post=234492"}],"version-history":[{"count":0,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/posts\/234492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/media\/234493"}],"wp:attachment":[{"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/media?parent=234492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/categories?post=234492"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.tvturk.com\/index.php\/wp-json\/wp\/v2\/tags?post=234492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}