Turkey No. 1211 was accepted on 14 January 1970. Thus, the Central Bank, turning a new page in its history, was vested with a new structure in line with, albeit partially, novelties in the field of the economy and central banking of the time. This Law brought significant changes to the legal status, organizational structure, duties and powers of the Bank. As per the Central Bank's legal status as a joint stock company, its capital was increased from TL 15 million to TL 25 million. Furthermore, it was stipulated that the Treasury's share should not constitute less than 51 percent of the capital. With Law No. 1211, the “Office of the Governor” was founded to ensure equivalence in terms of international representation, foreign relations and protocol, and Mr. Naim Talu became the first “governor” to assume this title. Moreover, a new decision-making body composed of the governor and the vice governors was established under the name of the executive committee. The top-level decision-making body of the Bank, the Board of Directors, which consisted of eight members, was transformed into the “Board” of the Bank, consisting of six members. Besides, the General Assembly of Shareholders was named the General Assembly; Board of Auditors was named the Auditing Committee; and the General Directorate was named Head Office. This Law also introduced significant changes in terms of enhancing the Bank's duties and powers. First of all, the Central Bank's control over direct and indirect monetary policy instruments was extended and the Bank was authorized to conduct open market operations to regulate money supply and liquidity. Meanwhile, it was decided that the Government would consult the Central Bank while taking measures with respect to money and loans. The Bank was authorized, through rediscount transactions, to lend medium-term loans to support investments and economic development. The upper limit for short-term advances to the Treasury was increased to 15 percent of budget allocations pertaining to the respective year. Post-1980 Period The 1980s saw important developments that might be described as a turning point for both the Turkish economy and the Central Bank. The decisions of 24 January 1980 sparked a structural transformation in the Turkish economy. Price controls were abandoned so that prices would be formed within the framework of market mechanisms, and a policy of free trade was adopted. With the launch of the financial liberalization process, important steps were taken to ensure the necessary