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 monetary policy strategy and 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 2015, the Board held 15 meetings and made a total of 152 decisions.

At the General Assembly of Shareholders Meeting of the CBRT held on 9 April 2015, Necdet Şensoy, whose term of office was to expire at the end of 30 April 2015, was re-elected and Nurullah Genç was elected as members of the Board for a term of 3 years from 1 May 2015 to the end of 30 April 2018.

As of 31 December 2015, the Board consists of Governor Erdem Başçı and the members: Mehmet Vehbi Çıtak, Lokman Gündüz, Necdet Şensoy, Sabri Orman, Ahmet Faruk Aysan and Nurullah Genç.