Strengthening Reserves of The Central Bank of The Republic of Turkey (CBRT): An Examination for Transferring Treasury’s Share in Profit to Reserves and Increasing Treasury’s Share in CBRT

Year 2020, Volume: 2 Issue: 1, 15 - 29, 25.04.2020

Mustafa Tevfik Kartal

https://doi.org/10.38009/ekimad.656244

Cited By: 4

Abstract

The study is prepared to strengthen reserves of CBRT. For this purpose, a set of proposals, consisting of transferring Treasury’s share in profit to reserves and increasing Treasury’s share in CBRT, is developed. Effects of the proposals are analyzed by using data, which are gathered from electronic data distribution system and web site of CBRT, for the period of 2000-2018. According to analysis results, total additional reserves of USD 29.7 billion would be accumulated by applying the first proposal for the period. When taking into consideration that CBRT's net reserves is USD 30.2 billion as of 2019 March end, it turns out how effective this recommendation is. In addition to the first proposal, much more reserves would be accumulated faster by adopting the proposal with the increasing Treasury’s share in CBRT which is equal 55% currently. With the implementation of this proposal, the accumulation of reserves would reach to USD 45.8 billion for the period of 2000-2018. While CBRT reserves show a significant decline nowadays, the implementation of the proposals recommended in the study will contribute significantly to increase in CBRT reserves.

Keywords

CBRT, Net Profit, Reserves, Treasury Share, Turkey

Türkiye Cumhuriyet Merkez Bankası (TCMB) Rezervlerinin Güçlendirilmesi: Kardaki Hazine Payının Rezervlere Aktarılması ve TCMB’deki Hazine Payının Artırılmasına Yönelik Bir İnceleme

Abstract

Bu çalışma, TCMB rezervlerinin güçlendirilmesine yönelik hazırlanmıştır. Bu amaca yönelik olarak, kardaki Hazine payının rezervlere aktarılması ve TCMB’deki Hazine’ye ait ortaklık payının artırılmasından oluşan bir öneri seti geliştirilmiştir. Söz konusu önerilerin etkileri TCMB’nin elektronik veri dağıtım sisteminden ve web sitesinden alınan 2000-2018 dönemine ilişkin veriler kullanılarak analiz edilmiştir. Analiz sonuçlarına göre, ilk önerinin uygulanması ile birlikte söz konusu dönemde 29,7 milyar ABD Doları rezerv birikimi sağlanabilirdi. 2019 Mart sonu itibariyle TCMB net rezervlerinin 30,2 milyar ABD Doları olduğu dikkate alındığında, geliştirilen önerinin ne kadar etkili olduğu görülmektedir. Birinci öneriye ek olarak mevcut durumda %55 olan TCMB’deki Hazine ortaklık payının artırılması şeklindeki ikinci önerinin uygulanmasıyla daha hızlı rezerv birikimi sağlanabilecektir. Bu önerinin uygulanmasıyla birlikte 2000-2018 dönemi için biriktirilebilecek rezerv tutarı 45,8 milyar ABD Doları olarak hesaplanmaktadır. Günümüzde TCMB rezervleri önemli miktarda düşüş gösterirken, bu çalışmada sunulan önerilerin uygulanması TCMB rezervlerinin artırılmasına önemli miktarda katkı sağlayacaktır.

Keywords

TCMB, Net Kar, Rezervler, Hazine Payı, Türkiye

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