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        <div id="content-top1">Page 13 - 2008GR</div>
        <div id="content-top2">P. 13</div>
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    <pre style="white-space:pre-line"><code>Bireysel Emeklilik Sistemi 2008 GeliÅŸim Raporu
BÄ°R YILI GERÄ°DE BIRAKIRKEN

dÄ±ÅŸ ticaret dengesi, bir Ã¶nceki yÄ±lÄ±n aynÄ± dÃ¶nemine gÃ¶re %13,3                             Merkez BankasÄ±, kÃ¼resel mali krizin etkilerini azaltmak iÃ§in aldÄ±ÄŸÄ±

oranÄ±nda artarak 52,9 milyar ABD dolarÄ± tutarÄ±nda aÃ§Ä±k vermiÅŸtir. Bu                       Ã¶nlemler ile bankalarÄ±n zorunlu karÅŸÄ±lÄ±k oranlarÄ±nÄ± TÃ¼rk parasÄ±

dÃ¶nemde ithalat %18,7 oranÄ±nda artarak 201,8 milyar ABD dolarÄ±na,                          yÃ¼kÃ¼mlÃ¼lÃ¼klerde deÄŸiÅŸtirmeyerek %6â€™da bÄ±rakÄ±rken, yabancÄ± para

ihracat %23,1 oranÄ±nda artarak 132 milyar ABD dolarÄ±na, bavul                              yÃ¼kÃ¼mlÃ¼lÃ¼klerinde %11â€™den %9â€™a Ã§ekmiÅŸtir. AyrÄ±ca yaÅŸanan kÃ¼resel

12 ticareti ise %3,3 oranÄ±nda artÄ±ÅŸla 6,2 milyar ABD dolarÄ±na ulaÅŸmÄ±ÅŸtÄ±r.                  krizin reel sektÃ¶r Ã¼zerindeki olumsuz etkilerini azaltmak amacÄ±yla,

Bu geliÅŸmeler sonucunda 2008 yÄ±lÄ±nÄ±n Ocak-AralÄ±k dÃ¶neminde cari                            ihracat reeskont kredisi limiti 500 milyon ABD dolarÄ± artÄ±rÄ±larak

aÃ§Ä±k, bir Ã¶nceki yÄ±lÄ±n aynÄ± dÃ¶nemiyle karÅŸÄ±laÅŸtÄ±rÄ±ldÄ±ÄŸÄ±nda %8,4 oranÄ±nda                   1 milyar ABD dolarÄ±na yÃ¼kseltilmiÅŸtir. (TCMB BasÄ±n DuyurularÄ± 2008-

artarak 38,2 milyar ABD dolarÄ±ndan 41,4 milyar ABD dolarÄ±na                                63, 2008-64)

yÃ¼kselmiÅŸtir. (TCMB, 2008 YÄ±lÄ± Ã–demeler Dengesi GeliÅŸmeleri)

                                                                                           Ekonomideki yavaÅŸlamanÄ±n giderek derinleÅŸmesi yÃ¶nÃ¼nde aÃ§Ä±klanan

Ä°Ã§ borÃ§ stoÄŸu 2008 yÄ±lÄ± sonunda %7,64 artarak, 260,8 milyar                                veriler, uluslararasÄ± kredi piyasalarÄ±ndaki ve kÃ¼resel ekonomideki

TLâ€™si tahvil, 14 milyar TLâ€™si bono olmak Ã¼zere 274,8 milyar TLâ€™ye                          sorunlarÄ±n tahminlere gÃ¶re daha uzun sÃ¼re etkili olacaÄŸÄ±na iliÅŸkin

yÃ¼kselmiÅŸtir. Ä°Ã§ borÃ§lanmanÄ±n 2007 sonunda ortalama vadesi 33,3 ay                         gÃ¶rÃ¼ÅŸleri gÃ¼Ã§lendirmektedir. Talepteki azalmanÄ±n enflasyon Ã¼zerinde

iken 2008 yÄ±lÄ± sonunda 31,9 ay olmuÅŸtur. Hazine iskontolu ihalelerinde                     aÅŸaÄŸÄ± yÃ¶nlÃ¼ baskÄ± yaratacaÄŸÄ±nÄ±, petrol ve emtia fiyatlarÄ±ndaki

oluÅŸan ortalama yÄ±llÄ±k bileÅŸik faiz %19,06â€™dÄ±r. (Hazine MÃ¼steÅŸarlÄ±ÄŸÄ±,                      dÃ¼ÅŸÃ¼ÅŸlerin de etkisi ile enflasyonun yÄ±lsonu hedefine uyumlu

2008 YÄ±lÄ± Ä°Ã§ BorÃ§ Ä°statistikleri )                                                         gerÃ§ekleÅŸeceÄŸini Ã¶ngÃ¶ren Merkez BankasÄ± Para PolitikasÄ± Kurulu,

                                                                                           2008 yÄ±lÄ± sonunda %15 olan borÃ§lanma faiz oranÄ±nÄ± 2009 yÄ±lÄ±ndaki

Bir Ã¶nceki yÄ±la gÃ¶re dÃ¼ÅŸÃ¼ÅŸ gÃ¶steren yabancÄ± sermaye giriÅŸi, 2008                           indirimler ile birlikte Mart ayÄ±nda %10,5â€™e dÃ¼ÅŸÃ¼rmÃ¼ÅŸtÃ¼r. (TCMB Para

yÄ±lÄ±nda, Ã¶nceki yÄ±la gÃ¶re %19,6 azalarak 14,8 milyar ABD dolarÄ±                            PolitikasÄ± Kurulu KararÄ± 2009-16)

doÄŸrudan sermaye giriÅŸi olmak Ã¼zere toplam 17,7 milyar ABD

dolarÄ±dÄ±r. Bu yatÄ±rÄ±mlarÄ±n, baÅŸta mali aracÄ± kuruluÅŸlarÄ±n faaliyetleri,                    BankacÄ±lÄ±k sektÃ¶rÃ¼ 2008 yÄ±lÄ±nda, 2007 yÄ±lÄ±na gÃ¶re hem mevduat hem

imalat sanayi, toptan ve perakende ticaret ile inÅŸaat ve gayrimenkul                       de kredilerde artÄ±ÅŸ gÃ¶stermiÅŸtir. Bankalar arasÄ± hariÃ§ toplam mevduat

kiralama sektÃ¶rlerinde gerÃ§ekleÅŸtiÄŸi gÃ¶rÃ¼lmektedir. (Hazine                                2008 yÄ±lÄ± sonu itibarÄ± ile %27 oranÄ±nda bÃ¼yÃ¼yerek 405,6 milyar TLâ€™ye

MÃ¼steÅŸarlÄ±ÄŸÄ±, DoÄŸrudan YabancÄ± YatÄ±rÄ±m Verileri BÃ¼lteni Åubat 2009)                        yÃ¼kselmiÅŸtir. Mevduat bankalarÄ± yurtiÃ§i kredileri, 2008 sonu itibarÄ± ile

                                                                                           %24,6 oranÄ±nda bÃ¼yÃ¼yerek 267,7 milyar TLâ€™ye ulaÅŸmÄ±ÅŸtÄ±r. (DPT, Mali

2008 yÄ±lÄ± sonu itibarÄ± ile yurtiÃ§i yerleÅŸiklerin portfÃ¶y toplamÄ± 2007 yÄ±lÄ±                 Piyasalardaki GeliÅŸmeler Åubat 2009)

sonuna gÃ¶re %17,5 oranÄ±nda artarak 534,7 milyar TLâ€™ye yÃ¼kselmiÅŸtir.

YurtiÃ§i yerleÅŸiklerin portfÃ¶y toplamÄ±nda en bÃ¼yÃ¼k pay %50,3 ile TL                         2008 yÄ±lÄ±nda sermaye piyasalarÄ± ve yatÄ±rÄ±m araÃ§larÄ±ndaki getiriler

mevduatlarda bulunmaktadÄ±r. 2007 yÄ±lÄ± sonunda 106,8 milyar ABD                             aÅŸaÄŸÄ±daki grafikteki gibi gerÃ§ekleÅŸmiÅŸtir.

dolarÄ± olan yurtdÄ±ÅŸÄ± yerleÅŸiklerin portfÃ¶y toplamÄ± 2008 sonu itibarÄ± ile

%52,9 oranÄ±nda azalarak 50,3 milyar ABD dolarÄ±na dÃ¼ÅŸmÃ¼ÅŸtÃ¼r. (DPT,

Mali Piyasalardaki GeliÅŸmeler Åubat 2009)

2008 YÄ±lÄ±nda Sermaye PiyasalarÄ± ve YatÄ±rÄ±m AraÃ§larÄ± Getirileri

Ä°MKB 100                                        -51,63
KYD TL Bono Endeksleri 182 GÃ¼n
KYD Fon Endeksleri A Tipi                                     -31,25                                                    19,32
KYD TL Bono Endeksleri 91 GÃ¼n
KYD O/N Repo Endeksleri Net                                                                                          18,41
KYD Fon Endeksleri B Tipi                                                                                          15,28
KYD Eurobond Endeksleri USD                                                                                   12,54
KYD Eurobond Endeksleri EUR                                                                                 0,88
AVRO                                                                                                        0,45
DOLAR
                                                                                                                              25,04
                                                                                                                                      31,27

Oran (%) -60,00 -50,00 -40,00 -30,00 -20,00 -10,00                                                       0  10,00 20,00 30,00 40,00

Kaynak: TÃ¼rkiye Kurumsal YatÄ±rÄ±mcÄ± YÃ¶neticileri DerneÄŸi (TKYD), Ä°MKB, Hazine MÃ¼steÅŸarlÄ±ÄŸÄ±</code></pre>
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