Which central bank was founded in 1930 to manage Turkey’s monetary policy?

The Central Bank of the Republic of Turkey was founded in 1930 to manage Turkey’s monetary policy.

The bank began operations in 1931, after legislation establishing it had been enacted in 1930. Its creation reflected the early Turkish Republic’s effort to build national financial institutions and replace arrangements inherited from the Ottoman period.

The central bank is headquartered in Ankara. It has responsibility for monetary policy, currency issuance, foreign-exchange reserves, and supporting financial stability. The institution is commonly abbreviated as CBRT, based on its English name, although Turkish sources use the abbreviation TCMB.

A common mix-up is the distinction between the bank’s founding year and its operational start. The legal institution was founded in 1930, while its activities began in 1931. The Turkish lira is Turkey’s national currency and is issued under the authority of the central bank.