Publication: Türkiye’de Türk lirası ve döviz piyasalarının işleyişi
Abstract
Mali piyasalar , mali araçların ihraç edildiği ve alınıp satıldığı ortamlardır. Çok sayıda piyasa türü olmakla birlikte ülkemizde para ve sermaye piyasalarında işlem yapılmaktadır. Para piyasaları kısa vadeli fon arz ve talebinin karşılaştığı piyasalardır. Para piyasalarında genelde vade 1 yılı aşamaz, sermaye piyasaları ise en genel tanımıyla, orta ve uzun vadeli fon arz ve talebinin karşılaştığı piyasadır. Mali piyasaların temel katılımcıları, Türkiye Cumhuriyeti Merkez Bankası (TCMB), Bankalar, Banka-Dışı Finansal Kuruluşlar, Firmalar, Bireyler ve Aracılardır. Piyasa katılımcıları arasında TCMB parasal yetki kurumudur. Türkiye'de 24 Ocak 1980 kararlarının mali sektöre olan etkisi ile 1980'li yılların ortalarında piyasalaşma süreci başladı. Sermaye Piyasası Kurulu sermaye piyasalarının, TCMB ise döviz ve para piyasalarının kuruluşu , düzenlenmesi ve denetlenmesinde önemli rol üstlendi. 1986 yılında TCMB nezdinde Bankalararası Para Piyasası kuruldu. Aynı yıl , İstanbul Menkul Kıymetler Borsası (İMKB) Hisse Senedi Piyasası faaliyetine başladı. 1987 yılında TCMB nezdinde Açık Piyasa İşlemleri başlatıldı. 1988 yılında ise, 3 bankanın öncülüğünde Bankalararası Döviz Piyasası oluşturuldu, TCMB nezdinde Döviz ve Efektif Piyasaları kuruldu. 1989 ve 1990 yıllarında ise sırasıyla , TCMB Altın Piyasası ve İMKB Tahvil-Bono İkinci Piyasası , Repo-Ters Repo Piyasası faaliyete geçti. Döviz piyasaları , döviz arz ve talebinin karşılaştığı piyasalardır. Türkiye'de bankaların kendi aralarında oluşturdukları döviz piyasasının istenen etkinliğe ve derinliğe ulaşamaması nedeniyle TCMB bünyesinde Döviz ve Efektif Piyasaları kurulmuştur. Bu piyasalarda Bankalar, Özel Finans Kurumları ve Yetkili Müesseseler , Türk Lirası karşılığı döviz ve efektif alım-satımı, döviz karşılığı döviz ve efektif, efektif karşılığı efektif alım-satımı, döviz deposu ve Türk Lirası deposu karşılığı döviz deposu, vadeli döviz alım-satımı ve Türk Lirası ithal ve ihraç işlemleri yapabilmektedir. Bankalararası Para Piyasası, bankacılık sistemi içerisindeki likiditenin bankalar arasında dengeli dağılımını sağlamak, rezerv hareketlerini teşvik etmek ve fon fazlası bulunan bankalardan fon açığı veren bankalara Merkez Bankası aracılığı ile likidite aktarımını gerçekleştirmek için TCMB bünyesinde kurulmuştur. Piyasa 1986 yılında kurulmuş olmasına rağmen sistemin ihtiyaçlarına karşılık verebilmesi nedeniyle hızla gelişmiştir. Bu piyasa dışında bankalar kendi aralarında Bankalararası Türk Lirası Piyasasında da , TCMB'nin kendilerine tanıdıkları limitlerin yetersiz gelmesi ve TCMB bünyesinde işlem yapmanın maliyetinin daha yüksek olması gibi nedenlerle işlem yapmaktadırlar. Hazine Bonosu ve Devlet Tahvili piyasaları, ilk ihraçların gerçekleştirildiği birincil piyasalar ile ihraç edilen hazine bonoları ve devlet tahvillerinin itfasına kadar olan sürede alım-satımının yapıldığı piyasalardan oluşmaktadır. Birincil piyasalarda Hazine, daha önceden belirlediği katılımcılara yönelik ihale açarak veya doğrudan halka arz ile bono ihracını gerçekleştirmektedir. İkincil piyasalarda ise işlemler menkul kıymet borsalarının tahvil bono piyasalarında, bankalararasında ve Merkez Bankası açık piyasa işlemlerinde gerçekleşmektedir. Zaman zaman ekonomik konjonktüre uygun olarak piyasalarla ilgili çeşitli düzenlemeler yapılmakta ve uygulanmaktadır. Merkez Bankası'nın 2000-2002 para programına ilişkin düzenlemesi ile Hazine Müsteşarlığı'nın piyasa yapıcılığı sistemi yeni düzenlemeler arasındadır.
Operations of Turkish Lira and Foreign Currency Markets in Turkey Fiscal markets are the markets where securities are exported and traded. Although there are many kinds of markets in Turkey, activities on money and capital markets are done. Money market is the market for the short-term funds. The market usually deals in short-term (maturity less than one year). Capital market is the market for long term funds. A financial system is made of financial institutions. Examples of financial institutions are The Central Bank of Turkey, Banks, Other Financial Institutions, firms, financial intermediaries and households. In Turkey, the Central Bank is the monetary authority. In Turkey, with the effect of 25th January 1980 decisions on the fiscal policy, the liberalization program started. The Central Bank of Turkey and the Capital Market Board have taken the role of establishing, organizing and controlling money market and capital market respectively. At 1986, Interbank Money Market and the İstanbul Stock Exchange started their operations. Then at 1987, the Central Bank started Open Market Operations. One year later, firstly with the organization of three private banks Foreign Exchange Market established. Then Foreign Exchange and Banknotes Markets operated by the Central Bank started. After all, at 1989 and 1990, Gold Market, Repo-Reverse Repo Markets and Treasury bonds and bills secondary market established. Foreign Exchange Markets are the markets where transactions on foreign currencies made. In Turkey, because of the volume and effectiveness of the Foreign Exchange Market organized by private banks has not reached the desired level, Foreign Exchange and Banknotes Markets operated by the Central Bank started their operations. The following institutions can participate into markets; banks, special finance houses, and institutions that are authorized by the Central Bank. These participants trade in domestic currency against foreign exchange and banknotes market, foreign exchange against foreign exchange and banknotes market, foreign banknotes against foreign banknotes market, foreign exchange deposit market, domestic currency against swap market and domestic currency deposit against foreign exchange deposit market. Interbank Money Market was established for the purpose of regulating and allocating the liquidity in the banking sector by the Central Bank. In the Interbank Money Market banks borrow or loan funds to each other anonymously with the intermediation of the Central Bank. Following its establishment at 1986, the Interbank Money Market showed a very rapid growth. In addition to this market, also transactions carried out among banks because of the higher operational costs and the lower borrowing limit on the Interbank Money Market. Treasury bills and bonds markets divided mainly in two parts, primary market and secondary market. In the primary market, the Treasury sells the securities. Securities are generally sold at auctions or directly sold to households. In the secondary market, operations done in the Stock Exchange Market, between the banks and Open Market Operations carried out by the Central Bank. With the effect of fiscal policies, time to time some arrangements on markets are done by the authorities. In Turkey, latest arrangements are related with the 2000-2002 years monetary policy and auctions carried out by the Treasury.
Operations of Turkish Lira and Foreign Currency Markets in Turkey Fiscal markets are the markets where securities are exported and traded. Although there are many kinds of markets in Turkey, activities on money and capital markets are done. Money market is the market for the short-term funds. The market usually deals in short-term (maturity less than one year). Capital market is the market for long term funds. A financial system is made of financial institutions. Examples of financial institutions are The Central Bank of Turkey, Banks, Other Financial Institutions, firms, financial intermediaries and households. In Turkey, the Central Bank is the monetary authority. In Turkey, with the effect of 25th January 1980 decisions on the fiscal policy, the liberalization program started. The Central Bank of Turkey and the Capital Market Board have taken the role of establishing, organizing and controlling money market and capital market respectively. At 1986, Interbank Money Market and the İstanbul Stock Exchange started their operations. Then at 1987, the Central Bank started Open Market Operations. One year later, firstly with the organization of three private banks Foreign Exchange Market established. Then Foreign Exchange and Banknotes Markets operated by the Central Bank started. After all, at 1989 and 1990, Gold Market, Repo-Reverse Repo Markets and Treasury bonds and bills secondary market established. Foreign Exchange Markets are the markets where transactions on foreign currencies made. In Turkey, because of the volume and effectiveness of the Foreign Exchange Market organized by private banks has not reached the desired level, Foreign Exchange and Banknotes Markets operated by the Central Bank started their operations. The following institutions can participate into markets; banks, special finance houses, and institutions that are authorized by the Central Bank. These participants trade in domestic currency against foreign exchange and banknotes market, foreign exchange against foreign exchange and banknotes market, foreign banknotes against foreign banknotes market, foreign exchange deposit market, domestic currency against swap market and domestic currency deposit against foreign exchange deposit market. Interbank Money Market was established for the purpose of regulating and allocating the liquidity in the banking sector by the Central Bank. In the Interbank Money Market banks borrow or loan funds to each other anonymously with the intermediation of the Central Bank. Following its establishment at 1986, the Interbank Money Market showed a very rapid growth. In addition to this market, also transactions carried out among banks because of the higher operational costs and the lower borrowing limit on the Interbank Money Market. Treasury bills and bonds markets divided mainly in two parts, primary market and secondary market. In the primary market, the Treasury sells the securities. Securities are generally sold at auctions or directly sold to households. In the secondary market, operations done in the Stock Exchange Market, between the banks and Open Market Operations carried out by the Central Bank. With the effect of fiscal policies, time to time some arrangements on markets are done by the authorities. In Turkey, latest arrangements are related with the 2000-2002 years monetary policy and auctions carried out by the Treasury.