ceased to be implemented and free floating exchange rate regime was adopted on 22 February 2001. Following the crisis, the Turkish economy underwent a structural transformation. During this process, significant amendments were made to the CBRT Law on 25 April 2001; above all, it was explicitly described in the Law that the primary objective of the Central Bank was to achieve and maintain price stability. Within this scope, it was stipulated that the Bank would determine at its own discretion the monetary policy that it would implement and the monetary policy instruments that it was going to use; thus, the Bank was vested with “instrument independence”. Moreover, the Law also stipulated that the Bank would support the growth and employment policies of the Government without conflicting with the objective of achieving and maintaining price stability. Besides, achieving financial stability was described as the supportive objective of the Bank. Furthermore, the Law prohibited the Bank from granting advances and extending credit to the Treasury and to public establishments and institutions, and from being a purchaser, in the primary market, of the debt instruments issued by the Treasury and public establishments and institutions. Thus, the utilization of Central Bank funds for the purpose of public finance was prevented. Within the scope of the amendment to the Law, the Monetary Policy Committee was established so as to institutionalize monetary policy strategies and decision-making mechanisms. Inflation Targeting Regime In 2002, the Central Bank adopted a modern monetary policy strategy, namely the “inflation targeting regime”. During the implementation of the implicit inflation targeting regime of the 2002–2005 period, the Bank tried to lay the basis for the regime by ensuring the necessary pre-conditions, strengthened its technical and institutional infrastructure, developed estimation models and expanded its data set. During this process, the Research Department was restructured as the Research and Monetary Policy Department and the Communications Department was set up to ensure effectiveness of communications policies. From 2005 onwards, the Monetary Policy Committee started to announce, in advance, its meeting dates as a yearly calendar, to increase predictability of policy decisions. The outcome of this entire process was the explicit inflation targeting regime that started to be implemented in 2006. Upon achieving some progress in the disinflation process, a two-stage monetary reform was launched in order to emphasize the Bank's determination in its efforts, to enhance the credibility of the Turkish currency, and to eliminate various