1.1.1. Board

The Board is composed of the Governor and six members elected by the General Assembly. Board members serve a three-year term of office and one third of the members are replaced every year.  The Governor also acts as a Chairman of the Board. Board meetings are held at least once a month at the request of the Governor. The Board convenes with the participation of at least two thirds of its members and renders decisions by the majority of members present.

Duties and powers of the Board include: making decisions concerning the monetary policy to be implemented and monetary policy instruments to be utilized in compliance with the inflation target; setting forth regulations regarding banknotes in circulation; drawing up regulations regarding open market operations and foreign exchange and foreign currency transactions, interest rates related to rediscount and advance operations, reserve requirements and the management of gold and foreign exchange reserves of the country; preparing the budget, annual report, balance sheet, income statements and the agenda of the General Assembly of the Bank; approving the personnel cadre and regulations on the administration, organization, services and personnel of the Bank. In 2012, the Board held 22 meetings and made 184 decisions.

At the CBRT Shareholders' Ordinary General Meeting held on 16 April 2012, the Board called an election to fill two seats to be vacated by Prof. Dr. Mustafa İlker Parasız and Prof. Dr. Necdet Şensoy, whose terms of office were to expire on 30 April 2012. Accordingly, Prof. Dr. Necdet Şensoy was re-elected and Abdullah Yalçın, then a member of the CBRT Auditing Committee, was elected as members of the Board for a term of 3 years from 1 May 2012 to 30 April 2015.

Due to his appointment to the Board, Mr. Abdullah Yalçın's duty as a member of the Auditing Committee ended.

By 31 December 2012, the Chairman of the Board was Governor Dr. Erdem Başçı. Board members were Mehmet Vehbi Çıtak, Dr. Lokman Gündüz, Prof. Dr. Necdet Şensoy, Prof. Dr. Sabri Orman, Dr. Ahmet Faruk Aysan and Abdullah Yalçın.