Which institution became the first central bank of Turkey when it opened in 1931?

The Central Bank of the Republic of Turkey became Turkey’s central bank when it opened in 1931. The bank was established by a law enacted on 11 June 1930 and began operating on 3 October 1931.

Its creation followed years in which the Ottoman Bank, a foreign-owned institution, performed important note-issuing and banking functions. The new republic sought a national institution that could manage monetary policy and issue currency under Turkish sovereignty.

The central bank is headquartered in Ankara. It has the exclusive privilege of issuing banknotes in Turkey and is responsible for monetary policy and price stability. The Ottoman Bank remains a historical predecessor and should not be confused with the republic’s modern central bank.