problems arising from high denomination. In the first stage, six zeros were removed from the Turkish lira, and banknotes of the New Turkish lira (YTL) and coins of the New kuruş (YKr) were put into circulation from 1 January 2005 onwards. On 1 January 2009, the second stage of the reform was launched by removing the prefix “New” used on the “New Turkish lira” and “New kuruş”, and Turkish lira banknotes and coins were put into circulation with new designs and sizes. As of today, the Central Bank of the Republic of Turkey, as a credible institution, pursues its policy implementations with its qualified staff members and modern infrastructure within an ever-dynamic framework by keeping a close watch on global and domestic developments. Ownership The CBRT is a joint stock company. Its capital of 25.000 Turkish liras are divided into 250.000 shares. Per the Central Bank Law of Turkey, these shares are divided into four classes: Class A shares are allocated solely to the Turkish Ministry of Finance and Treasury. Class B shares are allocated to national banks operating in Turkey. Class C shares are allocated to banks other than national banks and privileged companies. Class D shares are allocated to Turkish commercial institutions and to real and legal persons of Turkish nationality. As of the end of 2018, class A shares constituted 55.12% of CBRT's capital, whereas class B, C and D shares constituted 25.74%, 0.02% and 19.12%, respectively. The CBRT Law CBRT's current powers and duties are defined by a specific law (CBRT law) accepted on 14 January 1970. The Law on the Central Bank of the Republic of Turkey, No. 1715 was enacted on 11 June 1930. According to the Law No. 1715, the basic aim of the Bank was to support economic development of the country. In order to fulfill this aim, the Bank was given the following duties: To set rediscount ratios and to regulate money markets, To execute Treasury operations, To take, jointly with the Government, all measures to protect the value of Turkish currency. With the introduction of economic development plans in Turkey in the 1960s, several changes were made in the Central Bank Law. For the same purpose, the Law No. 1211, which was enacted on 26 January 1970, redefined the duties and responsibilities of the Central Bank of the Republic of Turkey, so as to implement the money and credit policy