1.1 Governing Bodies

1.1.1 The Board

Murat Çetinkaya
Mehmet Vehbi Çıtak
Prof. Sabri Orman
Fatih Güldamlasıoğlu
Ömer Duman
Prof. Nurullah Genç
Derya Yücel

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 members is required for a meeting to be held, and decisions are made by a majority of participants.

The duties and powers of the Board include deciding on the monetary policies and monetary policy instruments in line with monetary policy strategies and inflation targets; setting rules and making decisions on matters pertaining to the 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 the 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 staff.

The Board met 21 times and passed 139 resolutions in 2018.

At the annual meeting of the CBRT General Assembly held on 12 April 2018, Nurullah Genç, whose term of office was due to expire at the end of the day on 30 April 2018, was re-elected and Derya Yücel was elected to replace Necdet Şensoy’s position to serve a three-year period beginning on 1 May 2018 and ending at the end of the day on 30 April 2021.

As of 31 December 2018, the Board consisted of the Governor Murat Çetinkaya and members Mehmet Vehbi Çıtak, Sabri Orman, Fatih Güldamlasıoğlu, Nurullah Genç, Ömer Duman and Derya Yücel.

1.1.2 Monetary Policy Committee

Murat Çetinkaya
Murat Uysal
Dr. Emrah Şener
Dr. Uğur Namık Küçük
Ömer Duman
Prof. Abdullah Yavaş

The CBRT Monetary Policy Committee (MPC) consists of the Governor (serving as the chairman), the deputy governors, one member elected from and by the Board, and a member recommended by the Governor.

The duties and powers of the MPC consist of determining monetary policy principles and strategies aimed at ensuring price stability; collaborating with the government to set inflation targets according to monetary policy strategies; preparing periodical reports on the monetary policy objectives and practices, informing the public in line with the principles set by the government, taking measures to safeguard the domestic and international value of the Turkish lira and setting the exchange rate regime that defines the value of the lira against gold and foreign currencies in cooperation with the government.

The MPC held 9 meetings in 2018, the decisions of which were published on the CBRT’s main website.

As of 31 December 2018, the MPC consisted of the Governor Murat Çetinkaya and deputy governors Murat Uysal, Emrah Şener, Uğur Namık Küçük, the Board member Ömer Duman and the appointed member Abdullah Yavaş.

1.1.3 Auditing Committee

Assoc. Prof. Mehmet Babacan
Mehmet Kaya
Zekeriya Kaya
Mehmet Murat Özdil

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

The Auditing Committee is charged with overseeing all the CBRT operations and accounts. The Committee submits the findings to the Board and also sends one copy to the President’s Office. Upon the completion of each year, the Committee prepares a report of the respective year’s operations and accounts to be submitted to the CBRT General Assembly.

At the annual meeting of the General Assembly held on 12 April 2018, Mehmet Murat Özdil was elected as an Auditing Committee Member to replace the seat to be vacated by Mehmet Ziya Gökalp at the end of the day on 30 April 2018 to serve for two years from 1 May 2018 to 30 April 2020 (included).

By 31 December 2018, the Auditing Committee’s membership consisted of Mehmet Babacan, Mehmet Kaya, Zekeriya Kaya and Mehmet Murat Özdil.

1.1.4 Executive Committee

Murat Çetinkaya
Murat Uysal
Dr. Emrah Şener
Dr. Uğur Namık Küçük

The CBRT Executive Committee consists of the Governor and deputy governors. The Governor and deputy governors are appointed by the President and serve for a four-year term of Office. Executive Committee decisions require a majority of all members.

When deemed necessary, the Executive Committee pre-examines issues that require a CBRT Board resolution, and prepares proposals for the Board and also draws up regulations pertaining to the CBRT’s administration, organization, and services. Other tasks and powers of the Executive Committee include ensuring coordination in the conduct of the CBRT’s affairs and making decisions on the appointment, remuneration, dismissal, and retirement of officers and employees other than those staff appointed by the Board.

Uğur Namık Küçük was appointed as the Deputy Governor on 14 August 2018. The Deputy Governor Erkan Kilimci resigned from his position on 28 August 2018.

As of 31 December 2018, the Executive Committee consists of Governor Murat Çetinkaya and Deputy Governors Murat Uysal, Emrah Şener and Uğur Namık Küçük.

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 President has the authority to determine the monthly salaries and representation allowances that are paid to the CBRT governors and deputy governors, the monthly salaries and duty compensations that are paid to the CBRT Board as well as the 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 TRY 7,903,396 in 2018.

1.1.6 Head Office Departments

By 31.12.2018
Audit Executive Director Mehmet Düzgün
Banking and Financial Institutions Executive Director Yavuz Yeter
Banknote Printing Plant Executive Director -
Branch Coordinator Branch Coordinator Ayhan Aydın
Budget and Financial Reporting Executive Director İrfan Yanar
Communications and Foreign Relations Executive Director Hakan Atasoy
Corporate Risk Management Executive Director Mustafa Begün
Corporate Transformation Coordinator Corporate Transformation Coordinator Zafer Orhan
Human Resources Executive Director Dr. Sinan Binbir
Information Technologies Executive Director Ayşe Gül Sayın
Issue Executive Director Nurettin Tüysüz
Istanbul School of Central Banking Executive Director Ergün Meriç
Legal Executive Director Sıtkı Eroğlu
Markets Executive Director Orhan Kandar
Operations Executive Director Dr. Ali Çufadar
Operations and Support Services Coordinator Operations and Support Services Coordinator Erol Göncü
Payment Systems Executive Director Mustafa Ömer Okay
Research and Monetary Policy Executive Director Dr. Pınar Özlü
Statistics Executive Director Gülbin Şahinbeyoğlu
Strategy and Corporate Governance Executive Director Dr. İbrahim Ethem Güney
Structural Economic Research Executive Director Dr. Cevriye Aysoy
Support Services Executive Director Mehmet Taşkın

1.1.7 Branches

By 31.12.2018
Adana Branch Director Emel Aksoy
Ankara Branch Director Dr. Yusuf Bora Enhoş
Antalya Branch Director Sibel Nilüfer Erim
Bursa Branch Director Lütfi Soylu
Denizli Branch Director Mustafa Alpar
Diyarbakır Branch Director Cihat Yücel
Edirne Branch Director Ayşen İşcan
Erzurum Branch Director Mustafa Okan Ergin
Eskişehir Branch Director Nilüfer Aydemir
Gaziantep Branch Director Oğuzhan Saçkan
İskenderun Branch Director Mehmet Yıldırım
İstanbul Branch Director İsmail Fehmi Ergüder
İzmir Branch Director Halil Yeşilbursa
İzmit Branch Director Aysel Beycar
Kayseri Branch Director Vasviye Kahramanlar
Konya Branch Director Nezihe Filiz Baysal
Malatya Branch Director Emel Altay
Mersin Branch Director Sevim Sağlamyaşar
Samsun Branch Director Mehmet Ünal Kekevi
Trabzon Branch Director Özgür Aydin
Van Branch Director İzzettin Uluat

1.1.8 Organization Chart

Click the image to enlarge.

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