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 composed of 250,000 shares.

Pursuant to the CBRT Law No. 1211, these shares are divided into four classes as (A), (B), (C) and (D):

• Class (A) shares belong to the Turkish Treasury and by law cannot fall below 51% of the Bank’s total capital,
• Class (B) shares are allocated to national banks operating in Türkiye,
• Class (C) shares are allocated to non-national banks and privileged companies, and the number of these shares cannot exceed 15,000, and
• Class (D) shares are allocated to Turkish commercial enterprises and by real and legal persons of Turkish nationality.

At end-2021, these shares corresponded to 55.12% (A), 23.25% (B), 2.51% (C), and 19.12% (D) of the CBRT’s capital, and there is no privileged company among the shareholders.

The Grand National Assembly of Türkiye (GNAT) has delegated its constitutionally-mandated authority to print banknotes to the CBRT indefinitely. Thus, the CBRT is the sole entity in Türkiye 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.” Accordingly, the CBRT has 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. Additionally, the Bank has also other duties such as introducing regulatory measures concerning money and FX markets that will ensure stability in the financial system, and supporting the government’s growth and employment policies insofar as they do not conflict with its primary objective of price stability.

By end-2021, the CBRT had 18 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 3,623 people, the CBRT implements its policies within a dynamically changing structure by closely monitoring the developments in Türkiye and abroad, and conducts its operations in accordance with the duties and powers vested to it by the CBRT Law No. 1211.