2.10. Research and Development Activities

In 2012, the Working Papers and CBRT Research Notes on Economics prepared by the Central Bank staff were posted on the CBRT Website as a reflection of the importance that the CBRT attaches to academic studies. Accordingly, 33 new publications were added to the Working Papers series that are composed of refereed research papers on studies conducted by the Research and Monetary Policy Department. In addition, 36 new notes were added to the CBRT Research Notes on Economics prepared by the CBRT to disseminate results from research on the Turkish economy with a particular emphasis on macroeconomic developments and issues relevant to monetary policy, and thereby contributing to discussions on economic issues in a timely fashion.

The CBRT's bi-annual refereed journal, the "Central Bank Review" covering topics such as macroeconomic stability, financial stability, liquidity management, payment, clearing and settlement systems and reserve management was issued in 2012 as well.

Concurrently, 28 of the articles prepared by the contributions of the Research and Monetary Policy Department staff were published in journals listed in the Social Sciences Citation Index. In 2012, 27 seminars were organized by the Research and Monetary Policy Department for participants from within the Bank. In these seminars, presentations were given by lecturers from domestic and international universities, international organizations and fellow central banks.

In accordance with the CBRT's Strategic Plan for 2011-2015, the CBRT has taken the first steps towards the establishment of International Research and Training Center (IRTC2)  in 2011. The Center is established to enhance research and training activities with the aim of contributing to the accumulation of knowledge in our region, to provide training and technical support on the regional level, to become a regional brand in the short run and a global brand in the long run, and eventually to become a reputable research and training center. The organizational structure and terms of reference of the Center were completed in the first half of 2012.

The IRTC aspires to become a reputable, internationally-recognized, and innovative center for research, training, and technical cooperation and contribute to the CBRT's vision of "becoming one of the leading central banks of the World".

The IRTC completed physical infrastructure and human resources organization to function in Istanbul within 2012. The IRTC has also started planning its research and training activities and carried out the very first examples of these activities with central banks toward its goal of mutual cooperation.

To attain its objectives, the IRTC will conduct innovative research on central banking, economics, finance and public policy; cooperate with experts and institutions/agencies; collaborate with peer central banks and international institutions to organize training programs primarily in those fields that are of interest to central banks; facilitate effective functioning of  technical support projects; provide technical assistance to the countries that demand such assistance and send experts/ trainers abroad within the same scope; organize and conduct conferences, workshops, panels, seminars and similar programs in collaboration with peer central banks and international institutions.

In addition to the research and development  activities toward academic studies, the CBRT has established a Research-Development Laboratory within the Banknote Printing Plant to attain technological superiority in banknote printing processes. The necessary equipment to be used in the laboratory has been procured, staff to work at the laboratory has been employed and some universities, national research centers and technology companies have been consulted during the process. Moreover, research on new technologies about banknote printing systems and high-quality raw material to be used in banknote printing continued throughout 2012.