{"id":11004,"date":"2013-05-17T09:39:42","date_gmt":"2013-05-17T06:39:42","guid":{"rendered":"https:\/\/www.enerjigazetesi.ist\/?p=11004"},"modified":"2013-05-17T09:39:42","modified_gmt":"2013-05-17T06:39:42","slug":"moodys-hukumetin-enerji-politikasi-cari-acigi-azaltacak","status":"publish","type":"post","link":"https:\/\/www.enerjigazetesi.ist\/en\/moodys-hukumetin-enerji-politikasi-cari-acigi-azaltacak\/","title":{"rendered":"(Turkish) Moody\u2019s: H\u00fck\u00fcmetin Enerji politikas\u0131, Cari A\u00e7\u0131\u011f\u0131 Azaltacak…"},"content":{"rendered":"

Sorry, this entry is only available in Turkish<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p>

Kredi derecelendirme kurulu\u015fu Moodys, T\u00fcrkiye\u2019nin kredi notunu Ba1\u2032den Baa3\u2032e art\u0131rd\u0131. Moodys\u2019in bu karar\u0131 ile T\u00fcrkiye yat\u0131r\u0131m yap\u0131labilir not seviyesine y\u00fckseltilmi\u015f oldu. Moodys\u2019in, T\u00fcrkiye\u2019nin kredi notunu Baa3\u2032e y\u00fckseltme karar\u0131n\u0131n ard\u0131ndaki en \u00f6nemli gerek\u00e7e, T\u00fcrkiye\u2019nin ekonomik ve finansal g\u00f6stergelerindeki iyile\u015fmeler oldu. Kurulu\u015f T\u00fcrk ekonomisi yak\u0131ndan etkileyecek olan not art\u0131r\u0131m karar\u0131n\u0131 \u015fu noktalar\u0131n alt\u0131 \u00e7izildi:<\/strong><\/p>\n

T\u00fcrkiye\u2019nin bor\u00e7 y\u00fck\u00fc 2009 ba\u015f\u0131ndan bu yana 10 puan gerileyerek GSYH\u2019nin y\u00fczde 36\u2032s\u0131na geriledi. Bor\u00e7 y\u00fck\u00fcndeki bu gerilemenin gelecek y\u0131llarda da s\u00fcrmesini bekliyor. Buna ek olarak T\u00fcrkiye\u2019nin y\u00fcksek miktardaki bor\u00e7 y\u00fck\u00fcn\u00fc finanse etme yetkinli\u011fi d\u00f6viz cinsinden olan borcun azalmas\u0131 ile de k\u0131smen destekleniyor. (2003\u2032te y\u00fczde 46.3 olan d\u00f6viz cinsinden bor\u00e7 2012\u2032de y\u00fczde 27.4\u2032e geriledi). H\u00fck\u00fcmetin bor\u00e7 stokunun vadesi de kayda de\u011fer bir art\u0131\u015fla 4.6 y\u0131la uzad\u0131 ki (d\u0131\u015f borcun vadesi ise 9 y\u0131l\u0131 a\u015fm\u0131\u015f durumda) bu da faiz oranlar\u0131ndaki art\u0131\u015flara kar\u015f\u0131 olan k\u0131r\u0131lganl\u0131\u011f\u0131 azalt\u0131yor. Dahas\u0131, h\u00fck\u00fcmetin gelir ak\u0131\u015f\u0131 da son y\u0131llarda dayan\u0131kl\u0131l\u0131k g\u00f6steriyor. \u00d6rnek vermek gerekirse; 2009 y\u0131l\u0131nda reel GSYH b\u00fcy\u00fcmesi y\u00fczde 4.8 azalsa dahi ayn\u0131 y\u0131l h\u00fck\u00fcmetin gelir ak\u0131\u015f\u0131 y\u00fczde 2\u2032den fazla artt\u0131 ve o tarihten bu yana y\u00fckselme e\u011filimini s\u00fcrd\u00fcr\u00fcyor. Bu iyile\u015fmeler, yerel ekonominin b\u00fcy\u00fckl\u00fc\u011f\u00fc, refah\u0131 ve \u00e7e\u015fitlili\u011fi ile beraber de\u011ferlendirildi\u011finde \u00fclkenin, k\u0131sa ve orta vadede \u00f6demeler dengesine ili\u015fkin risklere kar\u015f\u0131 koyma yetkinli\u011fini art\u0131r\u0131yor.<\/p>\n

\"\"<\/a>Bug\u00fcnk\u00fc karar\u0131n arkas\u0131ndaki ikinci neden ise Moody\u2019s \u2018in, h\u00fck\u00fcmetin geni\u015f bir \u00f6l\u00e7ekte ger\u00e7ekle\u015ftirdi\u011fi kurumsal reformlar\u0131n \u00fclkenin uzun vadede d\u0131\u015f fakt\u00f6rlere olan k\u0131r\u0131lganl\u0131\u011f\u0131n\u0131 azaltaca\u011f\u0131na inanmas\u0131. H\u00fck\u00fcmetin att\u0131\u011f\u0131 politika ad\u0131mlar\u0131, enerjinin cari a\u00e7\u0131\u011f\u0131n y\u00fckselmesindeki rol\u00fcn\u00fc, tasarruf oran\u0131ndaki ve \u00fclkenin rekabet g\u00fcc\u00fcndeki zay\u0131fl\u0131\u011f\u0131 hedef al\u0131yor. At\u0131lan t\u00fcm ad\u0131mlar birlikte de\u011ferlendirildi\u011finde reform planlar\u0131n\u0131n h\u00fck\u00fcmetin k\u0131r\u0131lganl\u0131klarla m\u00fccadele etti\u011finin kan\u0131t\u0131 olarak de\u011ferlendirmek m\u00fcmk\u00fcn. \u00d6rne\u011fin 1 Ocak 2013\u2032te bireysel emeklilik yat\u0131r\u0131mlar\u0131n\u0131 art\u0131rmak i\u00e7in yeni bir te\u015fvik paketi geli\u015ftirildi.<\/p>\n

Bu sayede ilk d\u00f6rt ayda kat\u0131l\u0131mc\u0131 say\u0131s\u0131nda ve katk\u0131 miktarlar\u0131nda s\u0131ras\u0131yla y\u00fczde 13.5 ve y\u00fczde 12.1 art\u0131\u015f kaydedildi. H\u00fck\u00fcmet ayr\u0131ca, 2012\u2032de kurumsal y\u00f6netimin standard\u0131n\u0131 ve genel rekabet g\u00fcc\u00fcn\u00fc art\u0131racak yeni bir ticaret kanunu uygulamas\u0131 getirdi. Dahas\u0131 h\u00fck\u00fcmet, T\u00fcrkiye\u2019nin d\u0131\u015f kaynakl\u0131 k\u0131r\u0131lganl\u0131klar\u0131n\u0131 destekleyecek \u015fekilde enerji etkinli\u011fini ve n\u00fckleer g\u00fc\u00e7 format\u0131nda ithal edilen hidrokarbonlara olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 azaltacak, yerel ve yenilenebilir enerji kaynaklar\u0131na odaklanan stratejiler geli\u015ftirdi. Cari a\u00e7\u0131\u011f\u0131 y\u00fckselten etkenlerden biri de enerji ithalatlar\u0131.(2012 y\u0131l\u0131nda enerji haricinde de\u011ferlendirildi\u011finde d\u00fc\u015f\u00fck miktarda fazla verilmi\u015fti) Moody\u2019s, h\u00fck\u00fcmetin enerji politikas\u0131n\u0131n, s\u00f6z konusu bask\u0131lar\u0131 zaman i\u00e7inde azaltmas\u0131n\u0131 bekliyor.<\/p>\n

T\u00fcrkiye\u2019nin ekonomi ve kamu finansman\u0131 g\u00f6stergelerinin Baa3 notuna sahip di\u011fer \u00fclkelere k\u0131yasla daha g\u00fc\u00e7l\u00fc olmas\u0131 da not art\u0131\u015f\u0131nda rol oynad\u0131. T\u00fcrkiye\u2019nin ekonomik a\u00e7\u0131dan g\u00fc\u00e7l\u00fc y\u00f6nleri, \u2013 b\u00fcy\u00fckl\u00fc\u011f\u00fc, refah\u0131, ekonomik \u00e7e\u015fitlili\u011fi ve gelece\u011fe ili\u015fkin b\u00fcy\u00fcme beklentileri Baa3 kategorisindeki bir\u00e7ok \u00fclkeden daha iyi. Ancak T\u00fcrkiye\u2019nin d\u0131\u015f kaynakl\u0131 k\u0131r\u0131lganl\u0131klar\u0131 olduk\u00e7a y\u00fcksek. \u2013bir ekonominin d\u0131\u015f bor\u00e7 y\u00fck\u00fcn\u00fcn, d\u00f6viz rezervleri i\u00e7indeki pay\u0131 a\u00e7\u0131s\u0131ndan de\u011ferlendirildi\u011finde-. \u00dclkenin bu \u00f6zellikleri, kredi notu \u00fczerinde bask\u0131 yaratmay\u0131 s\u00fcrd\u00fcr\u00fcyor ve gelecekte de s\u00fcrd\u00fcrmesi muhtemel. T\u00fcrkiye\u2019nin temel g\u00f6stergelerinin g\u00fc\u00e7l\u00fc seyri ile k\u0131r\u0131lganl\u0131klar\u0131 aras\u0131ndaki denge, rekabet g\u00fcc\u00fcn\u00fc artmas\u0131, yap\u0131sal ekonomik reformlar ve artan finansal g\u00fc\u00e7 sayesinde daha g\u00fc\u00e7l\u00fc bir hale geldi.<\/p>\n

Kredi notunun y\u00fckseltilmesine\/azalt\u0131lmas\u0131na neler sebep olabilir?<\/h2>\n

\u00d6demeler dengesine ili\u015fkin fakt\u00f6rler, T\u00fcrkiye\u2019nin notunun y\u00fckseltilmesini engelleyebilir. Yap\u0131sal k\u0131r\u0131lganl\u0131klar\u0131n azalt\u0131lmas\u0131 ya da kurumsal yakla\u015f\u0131m ile rekabet g\u00fcc\u00fcn\u00fcn daha da iyile\u015ftirilmesi halinde kredi notu y\u00fckseltilebilir. K\u00fcrtlerle y\u00fcr\u00fct\u00fclen bar\u0131\u015f s\u00fcrecinde ilerleme kaydedilmesi siyasi riski azaltmas\u0131 bak\u0131m\u0131ndan olumlu olsa da di\u011fer alanlarda da iyile\u015fme sa\u011flanmad\u0131\u011f\u0131 s\u00fcrece kredi notunun y\u00fckseltilmesini sa\u011flayamayabilir.<\/p>\n

Moody\u2019s, kamu finansman\u0131ndaki iyile\u015fmelerin tersine d\u00f6nmesi halinde ise kredi notunu d\u00fc\u015f\u00fcrebilir. Yabanc\u0131 sermaye ak\u0131\u015f\u0131n\u0131n aniden ve daimi olarak kesilmesi de kredi notu \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 yaratabilir.<\/p>\n

Kaynak: Enerji Enstit\u00fcs\u00fc<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Sorry, this entry is only available in Turkish. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.Kredi derecelendirme kurulu\u015fu Moodys, T\u00fcrkiye\u2019nin kredi notunu Ba1\u2032den Baa3\u2032e art\u0131rd\u0131. Moodys\u2019in bu karar\u0131 ile T\u00fcrkiye yat\u0131r\u0131m yap\u0131labilir not seviyesine y\u00fckseltilmi\u015f oldu. Moodys\u2019in, T\u00fcrkiye\u2019nin […]<\/p>\n","protected":false},"author":1,"featured_media":11005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53],"tags":[63,67,477,5367,5366,5365,846],"views":480,"_links":{"self":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/11004"}],"collection":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/comments?post=11004"}],"version-history":[{"count":1,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/11004\/revisions"}],"predecessor-version":[{"id":11006,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/11004\/revisions\/11006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media\/11005"}],"wp:attachment":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media?parent=11004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/categories?post=11004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/tags?post=11004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}