Central Bank of the Republic of Turkey

Turkish Lira

Http://www.tcmb.gov.tr

Ottoman Bank

The Turkish Central Bank ( Turkish: Türkiye Cumhuriyet Merkez Bankası; German: Central Bank of the Republic of Turkey ) is the Central Bank of Turkey. They are from the country's currency, the Turkish Lira and monitors the Turkish banks (banking supervision ).

History

Ottoman era

In the Ottoman Empire money transactions of all kinds of gold and foreign exchange in different compilation by the Treasury, the Mint, jewelers, pawnshops and foundations were left.

In 1847 the government allowed the establishment of the Bank of Dersaadet as a bank, which was the first time able to receive payments from abroad.

In 1856, the Ottoman Bank was founded with English and French owners of capital, and in 1863 took over this part, the functions of a central bank, was nationalized and renamed the Imperial Ottoman Bank.

This bank issued the first Turkish bank notes and also received the right to issue the first government bonds. Armed with this authority, the Bank acted as a state bank and thus possessed a monopoly in the payment processing.

Of the 135,000 shares of the Ottoman bank held 80,000 by the British, French, and 50,000 by 5000 were in Turkish hands.

Republican period

After the founding of the Republic of the privilege of the Ottoman bank was initially extended to 1935, though were the establishment of its own central bank under way since 1926. The Central Bank Law No. 1715 was adopted on 11 June 1930. The central bank was established on 3 October 1931 Türkiye Cumhuriyet Merkez Bankası the name and began its operations on 1 January 1932. She was granted the right of note issue for 30 years, it was extended in 1955 to 1999 and awarded in 1994 without limit.

According to the Central Bank Law, the Turkish Central Bank to support the economic development of the country. To this end, they shall:

• Regulation of discount rates and the money market
• Execution of treasury operations
• Support of the Turkish currency together with the government

With the introduction of economic development plans in the 60s also changes in the central bank law was made. After the 2nd Central Bank Law No 1211 of 26 January 1970, the Turkish Central Bank must conduct their business policy in the context of this economic plans.

In the 80s, an interbank money market and foreign exchange market was introduced, and the bank also took part in the open market.