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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 its shares are divided into four classes as (A), (B), (C) and (D) pursuant to the CBRT Law No. 1211. Class (A) shares belong exclusively 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 to real and legal persons of Turkish nationality. At end-2022, 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 CBRT has the exclusive authority to print and issue banknotes in Türkiye. The Grand National Assembly of Türkiye (GNAT) has delegated its authority to print banknotes to the CBRT indefinitely.
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 achieving price stability.
By end-2022, the CBRT had 18 departments and 21 branches located in various provinces. In addition, the CBRT has 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 as well as an economic consultant at the OECD Permanent Representative Office. With its 3,775 employees, the CBRT closely monitors the developments in Türkiye and abroad, continuously renews its structures to adjust to trends in the world, and conducts its operations with a sense of profound responsibility in accordance with the duties and powers vested to it by the Law.
