1.1 Governing Bodies

1.1.1 Board

Prof. Şahap Kavcıoğlu
Governor

Prof. Nurullah Genç
Member

Derya Yücel
Member

Prof. Başak Tanınmış Yücememiş
Member

Mehmet Aktaş
Member

Prof. Elif Haykır Hobikoğlu
Member

Ertan Aydın
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 2021, the Board convened 12 times and passed 174 resolutions.

At the Ordinary General Assembly Meeting of the CBRT on 30 Mart 2021, Ertan Aydın was elected to replace Ömer Duman, who had been dismissed, to complete his term, and his membership was approved according to Article 363 of the Turkish Commercial Code.

As of 31 December 2021, the Board consisted of Governor Şahap Kavcıoğlu and members Nurullah Genç, Derya Yücel, Başak Tanınmış Yücememiş, Mehmet Aktaş, Elif Haykır Hobikoğlu and Ertan Aydın.

1.1.2 Monetary Policy Committee

Prof. Şahap Kavcıoğlu
Governor

Dr. Emrah Şener
Member

Mustafa Duman
Member

Taha Çakmak
Member

Prof. Elif Haykır Hobikoğlu
Member

Prof. Yusuf Tuna
Member

Chaired by the Governor, the Monetary Policy Committee (MPC) consists of 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 2021, the decisions of which were published on the CBRT’s website.

As of 31 December 2021, the MPC consisted of Governor Şahap Kavcıoğlu and deputy governors Emrah Şener, Mustafa Duman, Taha Çakmak and Board member Elif Haykır Hobikoğlu and the appointed member Yusuf Tuna.

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.

Charged with overseeing all 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, and submits it to the CBRT General Assembly.

As of 31 December 2021, the Auditing Committee’s membership consisted of Mehmet Babacan, Mehmet Kaya, Hayrettin Kurt and Suat Sarıgül.

1.1.4 Executive Committee

Prof. Şahap Kavcıoğlu
Governor

Dr. Emrah Şener
Member

Mustafa Duman
Member

Taha Çakmak
Member

The Executive Committee consists of the Governor and Deputy Governors. The Governor and Deputy Governors are appointed by the President and serve four-year terms 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.

Şahap Kavcıoğlu was appointed as the CBRT Governor on 19 March 2021.

Mustafa Duman was appointed as Deputy Governor on 30 March 2021 to replace Murat Çetinkaya.

Semih Tümen was appointed as Deputy Governor on 24 May 2021 to replace Oğuzhan Özbaş.

Uğur Namık Küçük and Semih Tümen were dismissed on 14 October 2021. On the same day, Taha Çakmak was appointed as Deputy Governor.

As of 31 December 2021, the Executive Committee consisted of Governor Şahap Kavcıoğlu and Deputy Governors Emrah Şener, Mustafa Duman and Taha Çakmak.

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 15,243,015.77 in 2021.

1.1.6 Head Office Departments

*Acting

1.1.7 Branches

1.1.8 Organization Chart