The Central Bank of the Republic of Turkey (Turkiye Cumhuriyet Merkez Bankasi in Turkish) is the central bank of Turkey. The bank began its operations in January 1, 1932. The bank has been founded as a joint stock company and has exclusive powers to issue banknotes in Turkey. The bank’s powers and duties have been defined through the CBRT Law accepted on January 14, 1970.
The primary objective of the bank is to achieve and maintain price stability in the country. The bank is also required to determine the monetary policy that it is required to implement as well as the monetary policy instruments that it is going to use in order to achieve that goal i.e., achieving and maintaining price stability. In the pursuance of its objective the bank performs following functions:
The administration of the bank is in the hands of a Board of Directors. The Board consists of a Governor, who is also the chairman of the Board and six other members who are elected by the general assembly.