General Information
The CBRT, which is vested with the exclusive privilege of issuing banknotes in Turkey, was founded on 30 June 1930 as a joint stock company to manifest its independence and its difference from other public institutions. The Bank started its operations on 3 October 1931 in Ankara.
The CBRT has a capital of 25,000 Turkish liras and its shares are 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 end-2014, the shares that belong 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 and maintaining 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 it would use. Thus, the Bank is vested with instrument independence. In addition, the Bank takes precautions to achieve 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, provided that it shall not be in conflict with the objective of achieving and maintaining price stability.
By the end of 2014, the CBRT had 4,753 employees working in 16 Departments and 21 Branches in Turkey, as well as representatives of the Bank working in Turkish Representations in Frankfurt, Kuala Lumpur, London, Moscow, New York, Beijing, Sydney, Tokyo, Washington DC and Permanent Delegation to the OECD in Paris. With this organizational structure, CBRT implements its policies in a dynamic structure by closely monitoring the developments in both the domestic and international arenas and executing its functions in line with powers and duties granted by its Law.