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

Year 2020, Volume: 4 Issue: 1, 101 - 116, 30.04.2020

Mustafa Tevfik Kartal , Ömer Faruk Tan

https://doi.org/10.29216/ueip.667050

Cited By: 2

Abstract

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

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

Abstract

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. 

Keywords

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

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