PART 1 GENERAL INFORMATION

Established as a joint stock company on 30 June 1930, the CBRT commenced operations on 3 October 1931 in Ankara.

The CBRT’s capital amounts to TRY 25,000 and is divided into four classes of shares designated as (A), (B), (C), and (D). Class A shares belong to the Turkish Treasury and by law cannot amount to less than 51% of the Bank’s total capital. Class B shares are held by nationally-owned banks operating in Turkey. Class C shares are held by non-national banks and by privileged companies. Class D shares are held by Turkish commercial enterprises and by real persons and legal entities qualified as Turkish citizens. At end-2019, these shares corresponded to 55.12% (A), 25.74% (B), 0.02% (C), and 19.12% (D) of the CBRT’s capital.

The Grand National Assembly of Turkey (GNAT) has delegated its constitutionally-mandated authority to print banknotes to the CBRT indefinitely. Thus, the CBRT is the sole entity in Turkey that is exclusively allowed to print and issue banknotes.

With the amendment to Law No. 1211 made on 25 April 2001, the Bank’s primary objective was defined as “to achieve and maintain price stability.” The CBRT has also been granted the authority to determine, at its own discretion, the monetary policy it will implement as well as the tools it will use to serve this objective. In this regard, the CBRT has instrument independence. In addition, the Bank introduces regulatory measures concerning money and FX markets that will ensure stability in the financial system. The CBRT is also charged with supporting the government’s growth and employment policies insofar as they do not conflict with its primary objective of price stability.

By end-2019, the CBRT had 17 departments, and 21 branches located in various provinces as well as economic consultants and attaches assigned to the Turkish Ministry of Foreign Affairs representative offices in Frankfurt, London, New York, Washington, Beijing, Tokyo, Doha, and Kuala Lumpur. Employing a total of 3,874 people, the CBRT implements its policies within a dynamically changing structure by closely monitoring the developments in Turkey and abroad, and conducts its operations in accordance with the duties and powers vested to it by the CBRT Law No. 1211.