1.1.2. Monetary Policy Committee

The Monetary Policy Committee (MPC) is composed of the Governor as its chairman, the Deputy Governors, a member to be elected by and from the Board members and a member to be appointed by a joint decision on the recommendation of the Governor. The Undersecretary of Treasury or the Deputy Undersecretary to be designated by him/her may participate in meetings without voting rights. The MPC’s duties and powers are: to determine the principles and the strategy of monetary policy to achieve and maintain price stability, to determine the inflation target jointly with the Government within the framework of the monetary policy strategy, to provide information to the public in line with the principles set forth and to provide information to the Government within specified periods by preparing reports on monetary policy targets and implementations, to take necessary measures to protect the domestic and international value of the Turkish lira and to set the exchange rate regime to be employed in determining the value of the Turkish lira against gold and foreign currencies jointly with the Government.

The MPC held 12 meetings in 2013.

As of 31 December 2013, members of the MPC chaired by Governor Dr. Erdem Başçı are Deputy Governors Dr. Mehmet Yörükoğlu, Prof. Dr. Turalay Kenç, Necati Şahin, Murat Çetinkaya, Board members Dr. Ahmet Faruk Aysan, and Prof. Dr. Abdullah Yavaş.