within the framework of development plans. In the second half of the 1980s, the Bank inaugurated interbank money market, foreign exchange money market and started to make use of open market operations. 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 Administration General Assembly The General Assembly of the Bank is composed of the shareholders who are registered in the share book of the Bank. The General Assembly convenes each year on a date specified in the Articles of Association. The governor acts as the chairman of the General Assembly. Governor The governor is appointed for a term of four years by a decree of the President of Turkey. The governor may be reappointed upon the expiration of this term. Board The Board is composed of the governor and six members to be elected by the General Assembly. The term of office of board members is three years. The governor is the chairman of the board. One third of the board members are replaced each year. Members whose terms of office have expired may be reelected. Current members Şahap Kavcıoğlu Nurullah Genç Ömer Duman Derya Yücel Başak Tanınmış Yücememiş Mehmet Aktaş Elif Haykır Hobikoğlu Ertan Aydın Monetary Policy Committee The Monetary Policy Committee is chaired by the governor and composed of the deputy governors, a member to be elected by and from among the board members and a member to be appointed with the