Central Bank of the Republic of Turkey

Central Bank Of The Republic Of Turkey

Central Bank
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Central Bank of the Republic of Turkey

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The Central Bank of the Republic of Turkey (CBRT) () is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey. The preparations to establish a central bank began in 1926, but organization was established on 3 October 1931 and opened officially on 1 January 1932. The Bank had, originally, a privilege of issuing banknotes for a period of 30 years. In 1955, this privilege was extended until 1999. Finally it was prolonged indefinitely in 1994.

History of Central Banking in Turkey

Ottoman Empire

Until the 1856 Ottoman Empire, the Treasury operations, money and credit transactions and the trade in gold and foreign currencies were executed in varying degrees by the Treasury, the Mint, jewelers, money lenders, foundations and guilds. In 1847 the Ottoman Government allowed Galata Bankers to set up the Bank of Dersaadet as a bank which assumed the external payments of the Ottoman Empire for the first time.In 1856, the Ottoman Bank was established jointly with French and English capital. The bank functions as a clearing house for Ottoman Public Debt Administration, which The interest and principal payments regarding domestic and foreign debts would be made by the Ottoman Bank only. In 1863 partly assumed the functions of contemporary central banking after becoming a state bank under the name of "Imperial Ottoman Bank". The Imperial Ottoman Bank enjoyed the right and monopoly of issuing banknotes. The...
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