2.8 2019-2021 Strategic Plan Activities

Preparatory work on the new strategic plan for 2019-2021 was initiated in March 2018. In addition to a detailed survey of literature, studies and research were conducted with a large number of central banks.

When drafting the new strategic plan, the CBRT got in touch with many internal and external stakeholders. Accordingly, CBRT employees at all levels were contacted and their opinions and experiences contributed to the content of the plan. Through external stakeholder analyses, recent developments particularly in modern central banking were closely examined, which provided a good vision for the future needs of central banking.

The new strategic plan prepared based on this background work opens with the foreword of the Governor. The first section of the plan presents the mission and the vision of the CBRT. This section also includes a situation assessment that emphasizes the necessity of transformation and accordingly lists the priorities of the CBRT on the way to establishing the Central Bank of the Future.

The mission of the CBRT is to contribute to social welfare by achieving price stability and supporting financial stability. The vision of the CBRT is to become one of the leading central banks of the world with its insight of independence, credibility, effective organization, qualified human resource, innovative approach, effective communication and advanced technological infrastructure.

In the new strategic plan, the priorities are categorized under focus areas in light of CBRT’s mission and vision. Focus areas are used to increase research and analysis competencies, and are aimed at developing a communication and cooperation structure that will reinforce the effect of decisions. On the other hand, the operational structure has been redesigned so that it can meet the contemporary requirements of global central banking. In this strategic plan period, the ultimate plan is to ensure that innovative technologies are employed at the CBRT and the infrastructure is improved in line with a new vision, and to continue attracting qualified human resources to the CBRT, offer personal development opportunities to employees, and develop a transparent and measurable performance system. Finally, the CBRT aims to strengthen the culture of corporate identity and collaboration through common values.

In a period where global developments and innovations make transformation inevitable, the 2019-2021 Strategic Plan, which was completed by the end of 2018, serves as a vision document defining the transformation process that the CBRT has initiated to meet this inevitable need.