2.12 Research and Development Activities

2.12.1 Academic Research and Development Activities

In line with the importance it attaches to academic studies, the CBRT published on its website the Working Papers and Research Notes in Economics prepared by its staff. The number of peer-reviewed CBRT Working Papers based on research carried out by the CBRT staff increased by 18. Moreover, with a view to making a timely contribution to discussions on economic developments and sharing the results of the CBRT’s studies on the Turkish economy and monetary policy, 23 Research Notes in Economics were issued.

In addition, several articles co-authored by CBRT employees were published in journals listed in the Social Sciences Citation Index (SSCI).

A series of “Research and Monetary Policy Department Seminars” were organized for the CBRT staff. At these seminars, experts from international organizations as well as domestic and foreign universities made presentations on their research.

2.12.2 Research and Development Activities on Structural Economic Developments

In 2025, the CBRT continued to conduct research and monitoring designed to analyze structural developments in the Turkish economy and identify structural factors limiting the effectiveness of monetary policy, make data-driven analyses and on-site observations on the effects of monetary policy on real sector activities, and develop policy recommendations based on inter-agency cooperation.

These activities can be grouped under the following key headlines:

Analyzing structural economic factors shaping the Turkish economy, conducting joint studies with related institutions and agencies to detect and address structural factors pertaining to price stability,
Conducting impact analyses based on comprehensive micro and macro data to gain insight into the effect of monetary policy on real sector firms,
Monitoring and analyzing economic developments in real-time on a regional and sectoral basis as part of the Economic Lens to the Real Sector (RESIM) studies, and producing reports to contribute to the monetary policy processes,
Conducting studies on the internal credit assessment system (ICAS) for the real sector firms, monitoring its riskiness using high-frequency data, and reporting on it regularly,
Contributing to Türkiye’s “Green Development Vision” and “2053 Net Zero Emission Target”, within the CBRT’s mandate,
Contributing to the planning of the Bank’s research agenda and increasing the institutional research capacity in the framework of the research agenda.

In this context, research and field observations were supported by up-to-date data, and the results of the studies were shared with the senior management.

In order to analyze structural developments and their interaction with monetary policy, empirical and theoretical methods were applied to study various topics such as pricing behavior, firm dynamics, labor markets, foreign trade developments, financial markets, competition, productivity and household behavior. The findings were regularly presented to policymakers during MPC processes and at meetings with stakeholder institutions.

In 2025, five articles prepared with the contributions of the Structural Economic Research Department staff were included in the Working Papers series, while two articles were published as research notes in economics and six articles were published as blog posts on the CBRT Blog. Some of these studies were presented to academics and policymakers at national and international seminars and conferences.

Within the scope of the Financial Support for Academic Studies Program (FSASP), financial support was provided for 15 academic conferences after an evaluation process. In 2025, 240 articles were submitted to the Central Bank Review, whose editorial and refereeing processes are carried out by the CBRT, and 22 articles were accepted and published.

The CBRT continued to closely monitor real sector developments as an insightful source of information for the monetary policy decision making process in 2025. In this regard, interviews were conducted with senior executives of firms in different sectors and representatives of NGOs to obtain comprehensive data regarding the current state and the future outlook of the economy. The trajectory of the economy and the real sector sentiment were monitored in a timely manner through interviews in monthly frequency, which provided insights for a sounder assessment of economic activity on a sectoral basis. These interviews served to exchange views with real sector representatives on the monetary policy framework and its impact, thus increasing the effectiveness of the CBRT’s communication policy. Accordingly, a total of 2,702 interviews were made in 2025: 2,421 in the scope of cyclical studies, and 281 in the scope of various thematic and agricultural issues.

Reports on different sectors prepared based on these interviews were presented to policymakers. Accordingly, findings on cyclical developments obtained from the field continued to be shared with the public through the “Findings from Interviews with Firms” boxes and the “Zoom-In” sections in the Inflation Reports in 2025.

Real sector’s riskiness was analyzed via econometric and machine learning models, using high-frequency and micro data. Findings from these analyses were presented to the senior management during the MPC processes and to policy makers during regular and thematic meetings held with relevant units and stakeholder institutions. In this context, a stress testing application for the real sector was developed to analyze the economic implications of potential sectoral and regional risks that may arise under different economic scenarios. In the scope of the collaboration with public institutions, the CBRT conducted model development studies as well as analyses for policies and incentives, and shared the results with the relevant institutions. Moreover, to enhance cooperation and improve rating analyses, the CBRT participated in the meetings of the Working Group on Risk Assessment (WGRA) under the European Committee of Central Balance-Sheet Data Offices (ECCBSO) of the European central banks, of which the CBRT is a member.

2.12.3 Research and Development Activities in Data Governance and Statistics

New servers procured for the Big Data Platform (BDP) were installed, platform resources were expanded in line with requirements, the up-to-date and stable version of the platform was successfully set up, and all data were migrated from the legacy BDP environment to the new one.
For the migration of BDP services to a containerized architecture, new servers were procured, a Kubernetes cluster was set up on these servers, the installations in the test environment were completed, and the production environment installations were initiated.
In order to enhance data quality in the analytical database and to enable the timely detection of potential errors and/or inaccuracies, the open-source library Great Expectations was installed and integrated with the existing systems, thereby enabling the automated operation and reporting of the process.
By developing various models trained on CBRT data, an artificial intelligence application that facilitates coding in Virtual Data Rooms has been integrated into statistical business processes.
Apache Iceberg was installed to enable more efficient use of existing resources in the BDP environment, and this technology began to be used in the relevant tables.
The pilot application for the new version of the Electronic Data Delivery System (EVDS) was launched following software updates, infrastructure improvements, and user-friendly design carried out using CBRT’s internal resources.
As part of the “Market Open Data Platform” project led by TÜBİTAK (the Scientific and Technological Research Council of Türkiye), data on prices collected from chain stores is now transmitted daily to the CBRT, and added to the BDP.
The “Data Research Center (VERİM)” project, aiming to provide researchers not affiliated with the CBRT with secure and controlled access to microdata, was announced on July 28, 2025.
The CBRT conducted a “Statistics User Survey” between October 13 and 24, 2025, to assess the quality of CBRT statistics and monitor user needs.
With the publication of the Financial Accounts Statistics for the second quarter of 2025, improvements in methodology and scope were incorporated into the statistics as part of a major revision.
The Weekly Monetary and Banking Statistics were updated in their content, coverage and presentation, and their publication in their new format began on February 13, 2025.
The coverage of Foreign Exchange Assets and Liabilities of Non-Financial Companies statistics was expanded with the addition of derivative assets and liabilities upon publication on March 21, 2025.
“Participation Banks‘ Profit Rates on Loans and Participation Accounts,” “Financing Companies’ Monthly Interest Rates on Stock Loans,” “Banks’ Monthly Interest Rates on Stock Loans,” “Banks’ Interest Rates on Savings Accounts and Commercial Deposit Accounts,” and “Banks’ Effective Maximum Interest Rate on Business Loans” series were introduced on April 17, 2025, under Interest and Profit Rate Statistics.
As part of the third phase of the G20 Data Gaps Initiative, national commitments under Recommendation 4 on Climate Finance were fulfilled. Accordingly, data on debt securities began to be reported to the BIS on December 12, 2025.
Data coverage and analytical capabilities of the CBRT Big Data Platform were enhanced in 2025 by integrating new data sources from institutions such as the Revenue Administration (GİB), the Central Registry Agency (MKK), the Credit Guarantee Fund (KGF), the Interbank Card Center (BKM), and the İstanbul Settlement and Custody Bank (TAKASBANK).Data coverage and analytical capabilities of the CBRT Big Data Platform were enhanced in 2025 by integrating new data sources from institutions such as the Revenue Administration (GİB), the Central Registry Agency (MKK), the Credit Guarantee Fund (KGF), the Interbank Card Center (BKM), and the İstanbul Settlement and Custody Bank (TAKASBANK).

2.12.4 Research and Development Activities on Banknote Printing

Signatures on E9 series, version VI banknotes in denomination of TRY 100 and version VII banknotes in denominations of TRY 10 and TRY 20 have been changed.

Between 20 and 22 October, 2025, the Banknote Printing Plant underwent an audit by the Turkish Standards Institution to verify compliance of the Banknote Printing Plant’s Quality Management System with the ISO 9001 Standards, the Occupational Health and Safety Management System with ISO 45001 Standards, and the Environmental Management System with ISO 14001 Standards. As a result of the audit, the Banknote Printing Plant’s ISO 9001 Quality Management System, ISO 14001 Environmental Management System, and ISO 45001 Occupational Health and Safety Management System documents were certified as valid.

2.12.5 Research and Development Activities on Information Technologies

In the field of Information Technologies (IT), establishment of technological solutions and systems in line with the Bank’s objectives continued in addition to efforts to ensure the security and continuity of these systems. Below are the most significant of many improvements carried out throughout the year:

The Architectural Transformation work, designed to equip the CBRT’s technology for future readiness by opening up data and modernizing the infrastructure, was completed, transforming the architecture into a structure that is open to innovation, independent, and flexible.
All technological infrastructure installations of the CBRT İstanbul Finance Center, Türkiye’s tallest building, were completed on schedule, and CBRT employees were able to move from their old office to the new building overnight without missing a second of work.
The EVDS, developed to support data-driven decision-making, was comprehensively updated using CBRT’s resources. Upgraded version EVDS3 introduced new features and enhanced the user experience.
The Swift ISO 20022 migration was successfully completed simultaneously with the rest of the world, ensuring continued compliance with global payment standards.
In order to enhance cybersecurity maturity, initiatives were undertaken in the areas of data security, application security, incident response management, and information security risk management.
As part of the support payments made to promote foreign exchange earning transactions in line with the Support and Price Stabilization Fund (DFIF), an Integrated DFIF Payment and Settlement Application was launched with the aim of ensuring the real-time and accurate collection of public receivables, shortening the time it takes to benefit from the support, reducing the need for obtaining and submitting physical documents, and streamlining the CBRT payment process. The application is fully integrated with the systems of the Ministry of Trade of the Republic of Türkiye, the Revenue Administration (GİB), the Social Security Institution (SSI), and Ziraat Bank A.Ş.
Efforts to renew the Automation of Reserve Management is ongoing, and foreign exchange (FX), risk management, and accounting processes were successfully put into use after enhancement with new technologies to provide a better user experience.
As part of the financial agency and public treasury functions of the CBRT, the Digital Document and Data Transfer Project was initiated to facilitate the electronic receipt of foreign payment orders, which were formerly collected in person from public institutions, and to enable the digital viewing of the generated receipts and account statements.
The Internet Banking System used by institutions and organizations with accounts at the CBRT was completely renewed to ensure a smoother and faster experience.
The Internet Banking System of the Treasury was comprehensively updated to offer enhanced automation capabilities and a superior user experience.
A data literacy program was initiated to improve the data analysis skills of the employees, reduce the dependence on Information Technologies Department for report generation, and lead the way in establishing a uniform language for data across the Bank.
The communication infrastructure linking CBRT offices is now smarter, more energy-efficient, and more resilient.
The Electronic Document Management System of the CBRT now includes artificial intelligence capabilities for real-time translation into multiple languages and for summary generation.
The account-name matching processes for fund transfers to institutional accounts at the CBRT were automated using agentic AI, eliminating any human intervention and ensuring increased speed and efficiency.
An infrastructure was set up to develop, monitor, and rapidly deploy artificial intelligence models, and orchestration tools were put into use to integrate various artificial intelligence systems.
The efficiency of software development processes was improved through the use of AI-powered coding assistants.
Efforts to digitize accounting and branch operations began. As part of this initiative, end-of-day cash operations were redesigned to provide a better user experience, and a new structure was implemented.
Efforts to strengthen business continuity at the CBRT continued.

The CBRT ensured the automated accounting of the messages generated by the CBRT in response to EFT participants’ POS and EFT balance increase request messages.

2.12.6 Research and Development Activities in the Field of Payments

The second phase of the Digital Turkish Lira Project involved efforts to bring the Digital Turkish Lira System to a minimum viable product level. Research, development, and testing were carried out on all developed systems and applications to make digital Turkish lira transactions ready for real-world use. Pilot tests of programmable payment scenarios were conducted. Prototype tools designed for offline payments were tested.

Regarding digital currency and tokenization, improvements were made to the simulations related to deposit tokens, carbon credits, green bonds, offline payments, programmable payments, the integration of financial intermediaries, securities settlement transactions using digital currencies, the evaluation of cloud computing environments, and the impact analysis of digital currency. In addition, research and development activities were carried out on the detection of unusual transaction patterns in payment data using AI techniques, the use of AI and large language models in document generation, AI-powered fintech assistants, and the prediction of economic variables using payment system data.

Pre-Payment Verification Method examples from other countries were studied and analyzed. This method includes innovative solutions such as presenting the recipient’s information in a specific format to the sender prior to sending the payment and confirming that the recipient’s account is eligible to receive the payment in order to eliminate errors before payment messages are sent and ensure payments are made on time.

Efforts were made to develop a new easy addressing method that, unlike existing ones, does not contain any personal data and serves no purpose beyond enabling payment collection. The most suitable options for the relevant easy addressing structure were determined by identifying needs and then evaluated. The analysis process to design the new easy addressing method called “Rumuz Kolay Adres (Pseudo/Nickname Easy Addressing)” in a way that reaches out to users with data sensitivity, civil society organizations serving the public interest, and businesses pursuing branding goals, thereby offering innovative services while also increasing the use of Easy Addressing and thus contributing to the widespread adoption of FAST.