General Information

The CBRT, which was vested with the exclusive privilege of issuing banknotes in Turkey, was founded on 30 June 1930 as a joint stock company in order to manifest its difference from other public institutions and its independence. The Bank started its operations on 3 October 1931.

The CBRT has a capital of 25,000 Turkish liras. The Bank shares were divided into (A), (B), (C) and (D) classes. The Class (A) shares belong solely to the Treasury and cannot constitute less than fifty one percent of the capital. Class (B) shares are allocated to national banks operating in Turkey. Class (C) shares belong to banks other than the national banks and privileged companies. Class (D) shares are allocated to Turkish commercial institutions and to legal and real persons of Turkish nationality. As of the end of 2012 the shares belonging to (A), (B), (C) and (D) classes were 55.12 percent, 25.74 percent, 0.02 percent and 19.12 percent, respectively.

With an amendment to the CBRT Law No: 1211 on 25 April 2001, the primary objective of the CBRT was explicitly described as achieving price stability. Moreover, the amendment stipulated that the Bank would determine at its own discretion the monetary policy that it would implement and the monetary policy instruments that it was going to use; thus, the Bank was vested with instrument independence. Besides, the Bank takes precautions for enhancing the stability in the financial system and regulatory measures with respect to money and foreign exchange markets. Finally, the Law also stipulated that the Bank would support the growth and employment policies of the government without conflicting with the objective of achieving and maintaining price stability.

As of the end of 2012, the CBRT has pursued its policy implementations in line with the powers and duties granted by its Law. With its 4,584 employees working in 15 General Directorates, 21 Branches and four representative offices abroad, the Bank closely monitors the developments in both domestic and international sphere and functions in a constantly changing dynamic environment.