Central Bank of the Republic of Turkey
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The Central Bank of the Republic of Turkey (CBRT) (Turkish: Türkiye Cumhuriyeti Merkez Bankası TCMB) is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey. CBRT’s current powers and duties are defined by a specific law (CBRT law) accepted on January 14, 1970.
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[edit] History
The Imperial Period
In the Ottoman Empire, the treasury operations, fund transactions and trade in gold and FX were executed by the Treasury, the Mint, private corporate or individual lenders, and jewelers. In 1847 the Ottoman Government allowed Galata Bankers to found the "Bank of Dersaadet", a bank in charge of the external payments of the Empire. Nine years later the "Ottoman Bank" was established jointly with French and English capital and in 1863 partly assumed the functions of contemporary central banking after becoming a state bank under the name of "Imperial Ottoman Bank". The capital consisted of 135,000 shares of which 80,000 were bought by the English partners, 50,000 by the French partners, and the remaining 5,000 were allocated to Ottomans. The Imperial Ottoman Bank, not only had the exclusive right to issue banknotes, but also acted as the Treasurer of the State (it collected state revenue, made the necessary public payments and even discounted T-Bills).
The Republican Period
Ottoman Bank’s privileged status had been extended by the Republican government until 1935. Meanwhile preparations to establish a central bank had also started. The Bank opened officially on January 1, 1932 equipped with a right to issue banknotes for a period of 30 years. This privilege was extended indefinitely in 1994. With the introduction of economic development plans in Turkey in 1960s, several changes were made in the Central Bank Law. For this reason, a new Central Bank Law that was enacted in 1970, redefined the duties and responsibilities of CBRT so as to implement the money and credit policy within the framework of development plans. In the second half of 1980s, CBRT opened interbank money market, FX money market and started to perform open market operations.
[edit] Duties and Powers
"The primary objective of the Bank shall be to achieve and maintain price stability. The Bank shall determine on its own discretion the monetary policy that it shall implement and the monetary policy instruments that it is going to use in order to achieve and maintain price stability.”
Fundamental duties of the Bank are as follows:
- to carry out open market operations
- to protect the value of Turkish Lira and to establish the exchange rate policy
- to determine the reserve requirements and liquidity requirement
- to manage the gold and FX reserves of the country
- to regulate the volume and circulation of Turkish Lira
- to ensure stability in the financial system and monitor the financial markets
Fundamental powers of the Bank shall be:
- The exclusive right to issue banknotes in Turkey
- The right to determine of the inflation target together and implementation of monetary policy
- The privilege to grant advance to the Savings Deposits Insurance Fund
- The role of the lender of last resort
- The power to request necessary information from financial institutions
[edit] Board of directors
The Board of Directors is composed of the Governor, who is the chairman of the Board, and six members elected by the general assembly.
Governor
Durmuş Yılmaz
Board Members
M.Vehbi Çıtak, Dr. Lokman Gündüz, Prof. Dr. M. İlker Parasız, Necati Şahin, Dr. M. İbrahim Turhan
[edit] Representative Offices
New York
Phone: 1 212/682 8717 Fax: 1 212/867 1958
London
Phone: 44 20/7379 0548 Fax: 44 20/7379 5024
Frankfurt
Phone: 49 69/298 010 Fax: 49 69/298 801 200
Tokyo
Phone: 81 3/5293 8765 Fax: 81 3/5293 8766
Berlin
Phone: 49 30/261 1193 Fax: 49 30/265 1596
[edit] See also
[edit] External link
- (Turkish) (English) Central Bank of the Republic of Turkey
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| General Directors (1931-1970) | ||
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Çam | Sunel | Bekter | Gover | Gidel | Aytur | Mostar | Kayla | Talu |
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| Governors (1970-present) | ||
| Talu | Güpgüpoğlu | Sadıklar | Aydınoğlu | Şıklar | Canevi | Saracoğlu | Gültekin | Törüner | Erçel | Serdengeçti | Yılmaz | ||
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