1.1. Governing Bodies

1.1.1 Board

Murat Çetinkaya
Governor

Mehmet Vehbi Çıtak
Member

Prof. Necdet Şensoy
Member

Prof. Sabri Orman
Member

Fatih Güldamlasıoğlu
Member

Ömer Duman
Member

Prof. Nurullah Genç
Member

The CBRT Board consists of the Governor and six members elected by the Bank’s General Assembly. Board members serve three-year terms, with one-third of them being replaced every year. The Governor is also chairman of the Board, which must convene at least once a month upon the Governor’s call for a meeting. A quorum of at least two-thirds of the membership is required for a meeting to take place, and decisions are made by a majority of those present and voting.

The duties and authorities of the Board include making decisions concerning what monetary policies are to be implemented and what monetary policy instruments are to be utilized in line with monetary policy strategies and inflation targets; setting rules and making decisions on matters pertaining to banknotes in circulation; determining principles and procedures and setting rules pertaining to open market operations and foreign exchange and foreign currency transactions, to rediscount and advance transactions and respective interest rates, and to reserve requirements and the management of national gold and foreign currency reserves; preparing CBRT’s budgets, annual reports, balance sheets, profit & loss statements, and General Assembly agendas; and approving staffing decisions and actions involving the Bank’s administration, organization, services, and personnel.

The Board met 24 times and passed 172 resolutions in 2017.

At the annual meeting of the CBRT General Assembly held on 24 April 2017: Mehmet Vehbi Çıtak, whose term of office was due to expire at the end of the day on 30 April 2017, was re-elected to serve a three-year period beginning on 1 May 2017 and concluding at the end of the day on 30 April 2020; Ömer Duman was similarly elected to replace Lokman Gündüz, whose seat would be vacated by the end of the day on 30 April 2017, to serve a three-year period.

Fatih Güldamlasıoğlu was elected to fill a Board seat that had been vacated by the departure of Ahmet Faruk Aysan; he will hold that seat for the remainder of the former member’s term of office, which expires at the end of the day on 30 April 2019.

As of 31 December 2017, the Board’s membership consisted of Governor Murat Çetinkaya and of Mehmet Vehbi Çıtak, Necdet Şensoy, Sabri Orman, Fatih Güldamlasıoğlu, Nurullah Genç, and Ömer Duman.

1.1.2 Monetary Policy Committee

Murat Çetinkaya
Governor

Erkan Kilimci
Member

Murat Uysal
Member

Dr. Emrah Şener
Member

Ömer Duman
Member

Prof. Abdullah Yavaş
Member

The CBRT Monetary Policy Committee (MPC) consists of the Governor (who serves as its chairman), the deputy governors, one person chosen by the Board from among its own membership, and one person who is recommended by the Governor and appointed by a joint decision. The Treasury Undersecretary or a Deputy Undersecretary designated by him/her may attend MPC meetings but may not take part in voting.

The MPC’s duties and authorities consist of determining monetary policy principles and strategies aimed at ensuring price stability; working together with the government to set inflation targets within the framework of monetary policy strategies; preparing reports at regular intervals concerning monetary policy objectives and practices, submitting these to the government, and in line with principles that it may determine, publishing them as well; and working together with the government in order to take such measures as may be needed to protect the domestic and international value of the Turkish lira and to define the exchange rate regime according to which the value of the lira against gold and foreign currencies is determined.

The MPC met 8 times in 2017. All of its decisions were published on the CBRT’s main website.

At a meeting of the Board held on 25 July 2017, Board member Ömer Duman was elected to a seat on the MPC.

As of 31 December 2017, the MPC’s membership consisted of Governor Murat Çetinkaya, of Board member Ömer Duman, of deputy governors Erkan Kilimci, Murat Uysal, and Emrah Şener, and of jointly-appointed Abdullah Yavaş.

1.1.3 Auditing Committee

Mehmet Ziya Gökalp
Member

Assoc. Prof. Mehmet Babacan
Member

Mehmet Kaya
Member

Zekeriya Kaya
Member

The CBRT Auditing Committee consists of four members elected by the General Assembly. They serve two-year terms of office.

The Auditing Committee is charged with overseeing all CBRT operations and accounts. The Committee submits its findings to the Board and also sends one copy of them to the Prime Ministry. Upon the conclusion of each year, the Committee prepares a report concerning the year’s operations and accounts that it submits to the CBRT General Assembly.

At the annual meeting of the General Assembly held on 24 April 2017, the following elections were held for the seats that would be vacated at the end of the day on 30 April 2017: Mehmet Babacan was re-elected to serve for another two-year period beginning on 1 May 2017 and concluding at the end of the day on 30 April 2019; Mehmet Kaya and Zekeriya Kaya were similarly elected to replace Osman Çelik and Ömer Duman.

As of 31 December 2017, the Auditing Committee’s membership consisted of Mehmet Ziya Gökalp, Mehmet Babacan, Mehmet Kaya, and Zekeriya Kaya.

1.1.4 Executive Committee

Murat Çetinkaya
Governor

Erkan Kilimci
Member

Murat Uysal
Member

Dr. Emrah Şener
Member

The CBRT Executive Committee consists of the Governor and deputy governors. The Governor is appointed by a Council of Ministers resolution and serves for a five-year term of office. Deputy governors, who are recommended by the Governor, are appointed by joint decision to serve for five-year terms. Executive Committee decisions require a majority of all members.

In situations where it is deemed necessary, the Executive Committee examines issues that require a CBRT Board resolution, and prepares proposals for action that are submitted to the Board. The Committee also draws up regulations pertaining to the CBRT’s administration, organization, and services. The Executive Committee’s other duties and authorities include ensuring coordination in the conduct of the Bank’s affairs and making decisions on such matters as the appointment, remuneration, dismissal, and retirement of officers and employees other than those personnel who are appointed by the Board itself.

As of 31 December 2017, the Executive Committee’s membership consisted of Governor Murat Çetinkaya and deputy governors Erkan Kilimci, Murat Uysal, and Emrah Şener.

1.1.5 Financial Benefits Provided to Senior Management

Pursuant to articles 19, 22/A, 24, and 33 of the CBRT Law No. 1211, the Council of Ministers has the authority to determine the monthly salaries and representation allowances that are paid to CBRT governors and deputy governors, the monthly salaries and duty compensations that are paid to CBRT Board and Monetary Policy Committee members, and the salaries that are paid to Auditing Committee members. The gross amount paid to all these members of CBRT’s senior management amounted to TL 6,158,298 in 2017.

1.1.6 Head Office Departments

*Acting

1.1.7 Branches

* Acting

1.1.8 Organization Chart

Click the image to enlarge.