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Abstract

The objective of this paper is to demonstrate how foreign trade firms faced with open foreign currency position due to the foreign trade operations with maturity can effectively manage foreign exchange rate risk. Firstly, some facts related to foreign exchange rate risk are defined, and then the procedures which risk-averse foreign trade firms can follow to eliminate foreign exchange rate risk are discussed. Accordingly, the theoretical information on foreign exchange rate risk and its management are presented, and then the recent fluctuations in some major foreign exchange rates in Turkey are illustrated. Finally, some techniques that a representative Turkish foreign trade firm with net open foreign currency position can apply to hedge against foreign exchange rate risk are introduced.

Keywords

• Floating Foreign Exchange Rate Regime, Open Foreign Currency Position, Import, Foreign Exchange Rate Risk, Hedging.

DIŞ TİCARETTE KUR RİSKİ YÖNETİMİ: TEMSİLİ BİR TÜRK DIŞ TİCARET FİRMASI İÇİN UYGULAMA ÖRNEKLERİ

Öz

Bu çalışmada vadeli dış ticaret işlemleri neticesinde açık döviz pozisyonu ile karşı karşıya kalan dış ticaret firmaları bakımından kur riskinin nasıl daha etkin olarak yönetilebileceği konusuna odaklanılmaktadır. Çalışmada öncelikli olarak kur riski ile ilgili bazı olgular tanımlanmakta ve ardından riskten kaçınan dış ticaret firmalarının kur riskini bertaraf etmeye yönelik olarak izleyebilecekleri yöntemler tartışılmaktadır. Bu çerçevede çalışmada kur riski ve yönetimi hakkında kuramsal bilgiler verilmekte ve bunun ardından Türkiye’de başlıca döviz kurlarında son yıllarda yaşanan dalgalanmalar ortaya konulmaktadır. Son olarak da net açık döviz pozisyonu ile karşı karşıya olan temsili bir Türk dış ticaret firmasının kur riskine karşı korunmak amacıyla uygulayabileceği birtakım tekniklere yer verilmektedir.

Anahtar Kelimeler

• Dalgalı Döviz Kuru Rejimi, Açık Döviz Pozisyonu, İthalat, Kur Riski, Hedging

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