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 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 transactions, 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 staff structure and regulations on the administration, organization, services and personnel of the Bank. In 2014, the Board held 18 meetings and made a total of 151 decisions.

At the CBRT Shareholders’ Ordinary General Meeting held on 17 April 2014, Mehmet Vehbi Çıtak and Lokman Gündüz whose terms of office were to expire at the end of 30 April 2014, were re-elected as members of the Board for a term of 3 years from 1 May 2014 to the end of 30 April 2017.

As of 31 December 2014, the Chairman of the Board is Governor Erdem Başçı and the Board members are Mehmet Vehbi Çıtak, Lokman Gündüz, Necdet Şensoy, Sabri Orman, Ahmet Faruk Aysan and Abdullah Yalçın.