{"id":7426,"date":"2026-01-31T04:21:07","date_gmt":"2026-01-31T04:21:07","guid":{"rendered":"https:\/\/bihavadis.com\/?p=7426"},"modified":"2026-01-31T04:21:07","modified_gmt":"2026-01-31T04:21:07","slug":"dolarin-kuresel-rezervlerdeki-payinin-dusus-nedenleri","status":"publish","type":"post","link":"https:\/\/bihavadis.com\/index.php\/2026\/01\/31\/dolarin-kuresel-rezervlerdeki-payinin-dusus-nedenleri\/","title":{"rendered":"Dolar\u0131n k\u00fcresel rezervlerdeki pay\u0131n\u0131n d\u00fc\u015f\u00fc\u015f nedenleri"},"content":{"rendered":"

D\u00fcnyan\u0131n birincil rezerv para birimi konumundaki dolar\u0131n k\u00fcresel rezervlerdeki pay\u0131, politika belirsizlikleri ve \u00fclkelerin rezerv \u00e7e\u015fitlendirme e\u011filimlerinin etkisiyle geriliyor.<\/p>\n

Uluslararas\u0131 Para Fonu’nun (IMF) Resmi D\u00f6viz Rezervlerinin Para Birimi Da\u011f\u0131l\u0131m\u0131 (COFER) verilerinden derledi\u011fi bilgilere g\u00f6re, 2025’in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fi itibar\u0131yla toplam k\u00fcresel rezervler 13 trilyon dolara y\u00fckseldi.<\/p>\n

Bu d\u00f6nemde dolar\u0131n k\u00fcresel d\u00f6viz rezervlerindeki pay\u0131 y\u00fczde 56,92 olarak kay\u0131tlara ge\u00e7ti. Dolar\u0131n rezervlerdeki pay\u0131, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde y\u00fczde 58,51, ikinci \u00e7eyre\u011finde ise y\u00fczde 57,08 seviyelerindeydi.<\/p>\n

Veriler, dolar\u0131n 1999’un ba\u015f\u0131nda y\u00fczde 71,19 seviyesinde olan k\u00fcresel d\u00f6viz rezervlerindeki pay\u0131n\u0131n y\u0131llar i\u00e7inde belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6sterdi\u011fini ortaya koydu.<\/p>\n

EURONUN REZERVLERDEK\u0130 PAYI GE\u00c7EN YIL ARTTI<\/strong><\/p>\n

K\u00fcresel rezervlerde euronun pay\u0131nda ise ge\u00e7en y\u0131l y\u00fckseli\u015f g\u00f6r\u00fcld\u00fc. Ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde y\u00fczde 19,12 olan euronun pay\u0131, ikinci \u00e7eyrekte y\u00fczde 20,24, \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte ise y\u00fczde 20,33 oldu.<\/p>\n

Japon yeninin k\u00fcresel rezervlerdeki pay\u0131, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011findeki y\u00fczde 5,73 seviyesinden ikinci \u00e7eyrekte y\u00fczde 5,65’e gerilese de \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte y\u00fczde 5,82’ye t\u0131rmand\u0131.<\/p>\n

\u00c7in yuan\u0131n\u0131n pay\u0131 ise ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde y\u00fczde 1,96’dan ikinci \u00e7eyrekte y\u00fczde 1,99’a y\u00fckselmesinin ard\u0131ndan \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte y\u00fczde 1,93’e indi.<\/p>\n

<\/p>\n

AMER\u0130KAN DOLARI K\u00dcRESEL \u00d6DEMELERDEK\u0130 L\u0130DERL\u0130\u011e\u0130N\u0130 KORUYOR<\/strong><\/p>\n

Dolar\u0131n rezervlerdeki pay\u0131nda g\u00f6r\u00fclen d\u00fc\u015f\u00fc\u015f, dolar\u0131n rezerv para birimi stat\u00fcs\u00fc ve k\u00fcresel para sistemindeki merkezi konumunu koruyup koruyamayaca\u011f\u0131na ili\u015fkin tart\u0131\u015fmalar\u0131 g\u00fcndeme getiriyor. Ancak k\u00fcresel finansal i\u015flemlerde dolar\u0131n hakimiyetinin s\u00fcrd\u00fc\u011f\u00fc g\u00f6r\u00fcl\u00fcyor.<\/p>\n

ABD’nin k\u00fcresel ticaretin yakla\u015f\u0131k y\u00fczde 10’unu ger\u00e7ekle\u015ftirmesine ra\u011fmen, k\u00fcresel ticaretin yar\u0131s\u0131ndan fazlas\u0131 dolar \u00fczerinden faturaland\u0131r\u0131l\u0131yor. Enerji \u00f6demelerinin bir k\u0131sm\u0131n\u0131n dolar d\u0131\u015f\u0131 para birimlerine kaymas\u0131na ra\u011fmen k\u00fcresel ticarete konu olan \u00e7o\u011fu emtia dolar \u00fczerinden fiyatland\u0131r\u0131l\u0131yor.<\/p>\n

\u00d6demelere ili\u015fkin veriler, dolar\u0131n k\u00fcresel \u00f6demelerde en \u00e7ok kullan\u0131lan para birimi oldu\u011funu ortaya koyuyor. SWIFT verilerine g\u00f6re, dolar\u0131n k\u00fcresel \u00f6demelerdeki pay\u0131 ge\u00e7en y\u0131l aral\u0131kta y\u00fczde 50,49 olarak kaydedildi.<\/p>\n

Ayn\u0131 d\u00f6nemde euronun pay\u0131 y\u00fczde 21,9, \u0130ngiliz sterlinin pay\u0131 y\u00fczde 6,73, Kanada dolar\u0131n\u0131n pay\u0131 y\u00fczde 3,44, Japon yeninin pay\u0131 y\u00fczde 3,42 ve \u00c7in yuan\u0131n\u0131n pay\u0131 y\u00fczde 2,73 oldu.<\/p>\n

<\/p>\n

D\u00dc\u015e\u00dc\u015e\u00dcN B\u00dcY\u00dcK KISMI, REZERV Y\u00d6NET\u0130C\u0130LER\u0130N\u0130N \u00c7E\u015e\u0130TLEND\u0130RME ARAYI\u015eINDAN KAYNAKLANIYOR<\/strong><\/p>\n

Daha \u00f6nce ABD Merkez Bankas\u0131 (Fed) b\u00fcnyesinde g\u00f6rev yapan American Enterprise Institute (AEI) K\u0131demli Uzman\u0131 Steven Kamin, AA muhabirine, dolar\u0131n rezervlerdeki pay\u0131 azalsa da k\u00fcresel piyasalarda hala bask\u0131n para birimi olmaya devam etti\u011fini s\u00f6yledi.<\/p>\n

Bu d\u00fc\u015f\u00fc\u015f\u00fcn b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n rezerv y\u00f6neticilerinin \u00e7e\u015fitlendirme aray\u0131\u015f\u0131ndan ve Kanada veya Avustralya dolar\u0131 gibi geleneksel olmayan para birimlerini rezervlerine eklemelerinden kaynakland\u0131\u011f\u0131n\u0131 belirten Kamin, ayr\u0131ca rezervlerini art\u0131ran \u0130svi\u00e7re gibi \u00fclkelerin rezervlerindeki dolar pay\u0131n\u0131n di\u011fer para birimlerine k\u0131yasla daha d\u00fc\u015f\u00fck olmas\u0131 nedeniyle dolar\u0131n toplam pay\u0131n\u0131n azald\u0131\u011f\u0131n\u0131 aktard\u0131.<\/p>\n

Kamin, rezervlerdeki payda d\u00fc\u015f\u00fc\u015f\u00fcn dolar\u0131n de\u011fer kaybetmesinin bir sonucu olabilece\u011fine de i\u015faret etti.<\/p>\n

Euro, yuan veya di\u011fer para birimlerinin k\u00fcresel olarak hakim para birimi olarak dolar\u0131n yerini alaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnmedi\u011fini belirten Kamin, “Beklentim, dolar\u0131n \u00f6ng\u00f6r\u00fclebilir gelecekte hakim konumda kalmaya devam edece\u011fi, ancak bu hakimiyetin boyutunun azalaca\u011f\u0131 y\u00f6n\u00fcnde. Ba\u015fka bir deyi\u015fle, k\u00fcresel para sistemi daha dengeli, \u00e7ok kutuplu bir d\u00fcnyaya do\u011fru ilerleyecek, ancak dolar en \u00f6nemli para birimi olarak kalmaya devam edecektir.”<\/em><\/b> dedi.<\/p>\n

<\/p>\n

YA\u015eANAN POL\u0130T\u0130KA BEL\u0130RS\u0130ZL\u0130KLER\u0130 EN \u00d6NEML\u0130 ETKENLERDEN<\/strong><\/p>\n

Fitch Ratings ABD Ekonomik Ara\u015ft\u0131rmalar Ba\u015fkan\u0131 Olu Sonola da son y\u0131llarda k\u00fcresel rezervlerde dolar\u0131n pay\u0131n\u0131n azalmas\u0131n\u0131n birka\u00e7 fakt\u00f6r\u00fcn birle\u015fimiyle ilgili oldu\u011funu s\u00f6yledi.<\/p>\n

Ancak en \u00f6nemli etkenin ge\u00e7en y\u0131l i\u00e7indeki politika belirsizlikleri oldu\u011funa i\u015faret eden Sonola, “Bu kapsamda, tarifelerden kaynaklanan belirsizlikler, Gr\u00f6nland ile ilgili belirsizlikler ve \u015fimdi de Japonya’n\u0131n mali sorunlar\u0131 ve ABD’nin bu sorunlar\u0131n istikrara kavu\u015fturulmas\u0131nda rol oynama potansiyeliyle ilgili belirsizlikler yer al\u0131yor.” <\/em><\/b>dedi.<\/p>\n

Sonola, dolara g\u00fcvenin kayboldu\u011funun s\u00f6ylenebilece\u011fi bir noktaya gelinmedi\u011fini, bu durumdan hala \u00e7ok uzak olundu\u011funu vurgulad\u0131.<\/p>\n

Daha uzun vadeli bir bak\u0131\u015f a\u00e7\u0131s\u0131yla, 10 y\u0131ll\u0131k, hatta 50 y\u0131ll\u0131k bir perspektiften bak\u0131ld\u0131\u011f\u0131nda, dolar\u0131n nominal de\u011ferinin bu iki zaman dilimi i\u00e7in uzun vadeli ortalaman\u0131n hala yak\u0131n\u0131nda seyretti\u011fine i\u015faret eden Sonola, “Bununla birlikte, marjlarda bir miktar \u00e7e\u015fitlilik oldu\u011fu a\u00e7\u0131kt\u0131r ve politika belirsizlikleri devam ederse bu e\u011filim muhtemelen s\u00fcrecektir.” <\/em><\/b>diye konu\u015ftu.<\/p>\n

Sonola, ileriki d\u00f6nemde hi\u00e7bir para biriminin dolar\u0131n yerini alaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnmedi\u011fini vurgulayarak, ABD’deki derin hisse senedi, kredi ve tahvil piyasalar\u0131n\u0131n, benzer derinlik ve kapsamda bir alternatifin yoklu\u011funda dolara \u00f6nemli destek sa\u011flad\u0131\u011f\u0131n\u0131 kaydetti.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF verilerine g\u00f6re, dolar\u0131n k\u00fcresel rezervlerdeki pay\u0131 2025’in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fi itibar\u0131yla y\u00fczde 56,92’ye gerileyerek son y\u0131llar\u0131n en d\u00fc\u015f\u00fck seviyesine indi.<\/p>\n","protected":false},"author":1,"featured_media":7427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[797,1770,1735,1462,1771],"class_list":["post-7426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-dolar","tag-dolarin","tag-gecen-yil","tag-kuresel","tag-rezerv"],"_links":{"self":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/7426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/comments?post=7426"}],"version-history":[{"count":1,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/7426\/revisions"}],"predecessor-version":[{"id":7431,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/7426\/revisions\/7431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/media\/7427"}],"wp:attachment":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/media?parent=7426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/categories?post=7426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/tags?post=7426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}