Duties and Powers
"The primary objective of the Bank shall be to achieve and maintain price stability. The Bank shall determine on its own discretion the monetary policy that it shall implement and the monetary policy instruments that it is going to use in order to achieve and maintain price stability.”
Fundamental duties of the Bank are as follows:
- to carry out open market operations
- to protect the value of Turkish Lira and to establish the exchange rate policy
- to determine the reserve requirements and liquidity requirement
- to manage the gold and FX reserves of the country
- to regulate the volume and circulation of Turkish Lira
- to ensure stability in the financial system and monitor the financial markets
Fundamental powers of the Bank shall be:
- The exclusive right to issue banknotes in Turkey
- The right to determine of the inflation target together and implementation of monetary policy
- The privilege to grant advance to the Savings Deposits Insurance Fund
- The role of the lender of last resort
- The power to request necessary information from financial institutions
Read more about this topic: Central Bank Of The Turkey
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