1.1 Governing Bodies

1.1.1 The Board

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

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

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

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.