1.1 Governing Bodies

1.1.1 Board

Naci Ağbal
Governor

Prof. Nurullah Genç
Member

Ömer Duman
Member

Derya Yücel
Member

Prof. Başak Tanınmış Yücememiş
Member

Mehmet Aktaş
Member

Prof. Elif Haykır Hobikoğlu
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 the 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, to reserve requirements, and to 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.

In 2020, the Board convened 16 times and passed 177 resolutions.

Hayrettin Demircan and Ahmet Keçeci, who were elected as members of the Board at the Ordinary General Assembly Meeting of the CBRT on 15 March 2019 had not taken office. Therefore, Mehmet Aktaş and Başak Tanınmış Yücememiş were elected to the Board to fill the vacancies according to Article 363 of the Turkish Commercial Code to serve until the end of the day on 30 Nisan 2022, and their memberships were approved at the Ordinary General Assembly Meeting of the CBRT held on 18 May 2020.

Additionally, as the terms of office of Mehmet Vehbi Çıtak and Ömer Duman expired, an election was held to fill these two positions at the Board. At the Ordinary General Assembly Meeting of 18 May 2020, Ömer Duman was re-elected and Elif Haykır Hobikoğlu was elected as the new member of the Board to serve until the end of the day on 30 April 2023.

As of 31 December 2020, the Board consisted of the Governor Naci Ağbal and members Nurullah Genç, Ömer Duman, Derya Yücel, Başak Tanınmış Yücememiş, Mehmet Aktaş and Elif Haykır Hobikoğlu.

1.1.2 Monetary Policy Committee

Naci Ağbal
Governor

Dr. Emrah Şener
Member

Dr. Uğur Namık Küçük
Member

Murat Çetinkaya
Member

Dr. Oğuzhan Özbaş
Member

Ömer Duman
Member

Prof. Abdullah Yavaş
Member

The 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 appointed upon the recommendation of 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 under the monetary policy strategies; preparing periodical reports on the monetary policy objectives and practices to inform the government and the public in line with the principles set, 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 12 meetings in 2020, the decisions of which were published on the CBRT’s website.

As of 31 December 2020, the MPC consisted of Governor Naci Ağbal and deputy governors Emrah Şener, Uğur Namık Küçük, Murat Çetinkaya, Oğuzhan Özbaş and Board member Ömer Duman and the appointed member Abdullah Yavaş.

1.1.3 Auditing Committee

Assoc.Prof. Mehmet Babacan
Member

Mehmet Kaya
Member

Hayrettin Kurt
Member

Suat Sarıgül
Member

The 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 in writing and also sends a 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 18 March 2020, Suat Sarıgül was elected as an Auditing Committee Member to serve until 30 April 2022 (included) to replace the seat vacated by Mehmet Murat Özdil whose term of office ended. 

By 31 December 2020, the Auditing Committee’s membership consisted of Mehmet Babacan, Mehmet Kaya, Hayrettin Kurt and Suat Sarıgül.

1.1.4 Executive Committee

Naci Ağbal
Governor

Dr. Emrah Şener
Member

Dr. Uğur Namık Küçük
Member

Murat Çetinkaya
Member

Dr. Oğuzhan Özbaş
Member

The 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 duties 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.

Naci Ağbal was appointed as the CBRT Governor as of 7 November 2020.

Emrah Şener was re-appointed as deputy governor on 2 September 2020.

As of 31 December 2020, the Executive Committee consisted of Governor Naci Ağbal and Deputy Governors Emrah Şener, Uğur Namık Küçük, Murat Çetinkaya and Oğuzhan Özbaş.

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 members as well as the Monetary Policy Committee member and the salaries that are paid to the Auditing Committee members. Accordingly, the gross amount paid to CBRT’s senior management including the Governor, the CBRT Board, the MPC, the Auditing Committee and the Executive Committee members amounted to TRY 13,643,812.20 in 2020.

1.1.6 Head Office Departments

*Acting

1.1.7 Branches

* Acting

1.1.8 Organization Chart

Click the image to enlarge.