IMPOSING RESERVE TAX TO TURKISH FINANCIAL INSTITUTIONS FOR STRENGTHENING RESERVES OF THE CENTRAL BANK OF THE REPUBLIC OF TURKEY / Türkiye Cumhuriyet Merkez Bankası Rezervlerinin Güçlendirilmesi İçin Türk Finansal Kurumlarına Rezerv Vergisi Uygulanması

Döviz kurları ve enflasyon, 2002-2013 arasında yavaş artmasına karşın 2013 sonrasında hızlı artış göstermiş ve 2006 sonrasında yıllık bazda en yüksek seviyeye 2018 yılında ulaşmışlardır. Döviz kurları gibi değişkenlerde görülen olumsuz gelişmeler belirsizlikler ve zorluklara yol açarak ekonomik aktörler üzerinde negatif etkiler oluşturmaktadır. Dış borç yükü ve faiz ödemeleri gibi birçok makroekonomik gösterge üzerinde de olumsuz etkilere neden olmaktadır. Bu nedenle, döviz kurlarında artışın nedenlerinin belirlenmesi ve döviz kurlarının kontrol altında tutulması için önlemler alınması ülkeler açısından önem taşımaktadır. Bu amaçla, sıkı para politikası, sıkı maliye politikası, uyumlu politikaların uygulanması ve sermaye kontrolleri gibi birçok geleneksel araç bulunmaktadır. Bu kapsamda, TCMB rezervleri önemli bir araçtır. Ancak, döviz kurlarının kontrol altında tutulmasında kullanılması için yeterli rezervlere sahip olmak bir gerekliliktir. Bu gerçeği göz önünde tutarak, TCMB rezervlerinin artırılması için finansal kuruluşlara rezerv vergisi yükümlülüğü getirilmesi önerilmektedir.

Anahtar Kelimeler:

TCMB, Finansal Araçlar, Rezerv Vergisi Uygulaması, Türkiye, Rezervler

IMPOSING RESERVE TAX TO TURKISH FINANCIAL INSTITUTIONS FOR STRENGTHENING RESERVES OF THE CENTRAL BANK OF THE REPUBLIC OF TURKEY / Türkiye Cumhuriyet Merkez Bankası Rezervlerinin Güçlendirilmesi İçin Türk Finansal Kurumlarına Rezerv Vergisi Uygulanması

Although foreign exchange rates (FER) and inflation increased slowly between from 2002 and 2013, they increased rapidly after that time and they have reached the highest level in 2018 on annual base since 2006. Adverse developments in indicators like FER make negative effects on economic actors by causing uncertainty and uneasiness. They also cause adverse effects on a variety of macroeconomic indicators such as foreign debt burden and interest payments. For this reason, it is important for countries to determine causes of increasing in FER and take measures to keep them under control. For this purpose, there are a lot of conventional tools like tight monetary policy, tight fiscal policy, implementation of harmonious policies and capital controls. In this context, reserves of CBRT are an important tool. However, it is necessary to have adequate reserves in order to use reserves to keep FER under control. Taking into consideration this fact, it is recommended to impose reserve tax liability to financial institutions so that reserves of CBRT could be increased.

Keywords:

CBRT, Financial Intermediaries, Reserve Tax, Reserves, Turkey,

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