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:
- Carrying out open market operations
- To protect the value of the currency and determine the exchange rate
- Estimate the reserve requirement and the liquidity requirement in order to ensure the smooth functioning of the economy
- To hold and manage the gold and foreign exchange reserves of the country
- To regulate the volume and circulation of the Turkish Lira
- To monitor the activities of the financial markets in the country
- To ensure the overall stability of the country’s financial system
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.
The Address and Contact details of the bank is as follows:
Turkiye Cumhuriyet Merkez Bankasi
Address: Istíklâl Caddesi No. 10 TR-06100 Ulus/Ankara TURKEY Phone No.: ++90-312-310 36 46 Fax: ++90-312-310 74 34