1.1 Governing Bodies

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 chair 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 to be used 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 regulations involving the Bank’s administration, organization, services, and staff.

In 2023, the Board convened 14 times and passed 204 resolutions.

At the Ordinary General Assembly Meeting of the CBRT on 28 March 2023, an election was held for positions vacated by Elif Haykır Hobikoğlu and Ertan Aydın whose terms of office at the Board ended. The General Assembly elected Elif Haykır Hobikoğlu and Ertan Aydın again to serve until the end of 30 April 2026.

At the same meeting, Muhsin Kar was also elected to replace Mevlüt Tatlıyer, who was dismissed, to complete his term of office.

As of 31 December 2023, the Board consisted of Governor Hafize Gaye Erkan and members Nurullah Genç, Derya Yücel, Başak Tanınmış Yücememiş, Elif Haykır Hobikoğlu, Ertan Aydın, and Muhsin Kar.

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 achieving price stability, collaborating with the government to set inflation targets under the monetary policy strategy, 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 foreign currencies and gold in cooperation with the government.

The MPC held 12 meetings in 2023, the decisions of which were published on the CBRT’s website.

Fatma Özkul was appointed as a Member of the MPC on 23 December 2023.

As of 31 December 2023, the MPC consisted of Governor Hafize Gaye Erkan, Deputy Governors Osman Cevdet Akçay, Yaşar Fatih Karahan, and Hatice Karahan, Board member Elif Haykır Hobikoğlu, and the appointed member Fatma Özkul.

The Auditing Committee consists of four members elected by the General Assembly. Members serve two-year terms of office.

Charged with auditing 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.

At the Ordinary General Assembly Meeting of the CBRT on 28 March 2023, an election was held for the positions vacated by Mehmet Babacan, Hayrettin Kurt, and Mehmet Kaya whose terms of office at the Auditing Committee ended. The General Assembly elected Mehmet Babacan again and Ramazan Güngör and Bekir Bayrakdar for their first terms, to serve until the end of 30 April 2025.

As of 31 December 2023, the Auditing Committee’s membership consisted of Mehmet Babacan, Suat Sarıgül, Ramazan Güngör, and Bekir Bayrakdar.

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, 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 operations and making decisions on the appointment, remuneration, dismissal, and retirement of officers and employees other than those staff appointed by the Board.

Hafize Gaye Erkan was appointed as the Governor of the CBRT on 9 June 2023.

Osman Cevdet Akçay, Yaşar Fatih Karahan, and Hatice Karahan were appointed as Deputy Governors of the CBRT on 28 July 2023.

As of 31 December 2023, the Executive Committee consisted of Governor Hafize Gaye Erkan and Deputy Governors Osman Cevdet Akçay, Yaşar Fatih Karahan, and Hatice Karahan.

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 members, 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 36,755,832.57 in 2023.

* Acting