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
Famous quotes containing the words duties and, duties and/or powers:
“The power confided in me will be used to hold, occupy and possess the property and places belonging to the government, and to collect the duties and imposts.”
—Abraham Lincoln (1809–1865)
“Ethics and religion differ herein; that the one is the system of human duties commencing from man; the other, from God. Religion includes the personality of God; Ethics does not.”
—Ralph Waldo Emerson (1803–1882)
“Strange and predatory and truly dangerous, car thieves and muggers—they seem to jeopardize all our cherished concepts, even our self-esteem, our property rights, our powers of love, our laws and pleasures. The only relationship we seem to have with them is scorn or bewilderment, but they belong somewhere on the dark prairies of a country that is in the throes of self-discovery.”
—John Cheever (1912–1982)