2.10. Research and Development Activities

In 2014, the Working Papers and CBRT Research Notes on Economics prepared by the CBRT staff were posted on the CBRT website as a reflection of the importance that the CBRT attaches to academic studies. Accordingly, 40 new publications were added to the CBRT Working Papers series that are composed of refereed research papers. In addition, 21 new notes were added to the CBRT Research Notes on Economics to disseminate the results from research in 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 published in three issues in 2014.

Concurrently, 20 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 2014, 31 seminars were organized by the Research and Monetary Policy Department for participants from the Bank. In these seminars, presentations were given by lecturers from domestic and international universities, international organizations and fellow central banks.

The İMB staff published 15 research papers in 2014; 2 of the papers were published in the journals listed in the Social Sciences Citation Index, 7 of the studies were published in the CBRT Working Paper Series, 3 of them were published in the Central Bank Review and 3 of the papers were published in other national and international research publications.

In order to contribute to the Bank’s knowledge, communication and bilateral cooperation by conducting joint studies and organizing research programs with central banks’ economists, academics and expert researchers, the İMB hosted 24 research seminars, a session in the 13th Eurasian Business and Economics Society Conference, the 6th CBRT Internal Research Conference and an international workshop titled “Macro Workshop 2014”. Moreover, in 2014, 21 economists participated in the İMB’s visiting economist program, in which the İMB hosts researchers and central bankers. Economists from 16 different institutions joined the program designed to enhance studies on central banking and to contribute to academic studies prepared at the CBRT.

Some of the Research and Development Projects which have been conducted since 2012 at the Banknote Printing Plant were completed in 2014. These projects can be summarized as follows:

• A process has been developed to refine and recycle 90% of the wiping solution, a waste product of the production process, which has been used in the Intaglio and Orlof printing machines. A system was designed, produced, installed at our Printing Plant and commissioned.
• A system was improved to perform the quality control of the UV ink printing during production, and was integrated into three simultan printing machines.
• The entire electronic control unit, the main motor, 90% of the sensors (check points) and some mechanical parts of one of the simultan printing machines were innovated and updated. The electronic control unit of the printing machine was designed from scratch, and the software of PLCs on the electronic control unit was improved.
• Feasibility studies were realized for research, development and performance of some projects planned for 2015.