Turkish Grand National Assembly Warning: You Are Viewing Act, The Parliamentary General Assembly Has Already Adopted. If It Does Not Include The Changes Made Later. Central Bank Of The Republic Of Turkey Law Amendments D

Original Language Title: TÜRKİYE BÜYÜK MİLLET MECLİSİ Uyarı: Görüntülemekte olduğunuz Kanun, TBMM Genel Kurulunda kabul edildiği halidir. Varsa daha sonra yapılan değişiklikleri içermemektedir. TÜRKİYE CUMHURİYET MERKEZ BANKASI KANUNUNDA DEĞİŞİKLİK YAPILMASINA D

Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k4651.html

Law No. 4651

Acceptance Date: 25/04/2001

No. 1211 dated 14.01.1970 Article 1 Article 4 of the Republic of Turkey Central Bank Act has been amended as follows.
Article 4.- The main objective is to ensure price stability the Bank. The bank will implement monetary policy to ensure price stability and monetary policy tools will be used directly to determine itself.
Bank, the Government, provided it does not conflict with the aim of ensuring price stability supports growth and employment policies.
basic duties and powers of the Bank are: I.
main tasks of the Bank;
A) open market transactions,
b) take the necessary measures to protect the internal and external value of the Turkish lira with the Government and foreign currencies and to determine the exchange rate regime for the detection of gold across its equivalent, for the determination of foreign currencies against the value of the Turkish Lira exchange and effective the spot and forward purchases and sales of foreign currency rating to the exchange and other derivative transactions with Turkish lira,
c) the Bank and the Bank based on the liabilities of other financial institutions deemed appropriate reserve and to determine the procedures and principles related to general reserves, | || d) Accruals and advance transactions,
e) the country manage the gold and foreign exchange reserves,
f) to regulate the volume and circulation of the Turkish Lira, to establish payment, securities transfer and settlement systems established and the uninterrupted operation of the system will be installed and control to make arrangements to ensure, to determine the methods and tools to be used, including electronic environment for payments,
g) the stability of the financial system and money and take regulatory measures on foreign exchange markets,
h) to monitor the financial markets | || i) to determine the maturity of private financial institutions to participate in the maturity and type of deposit account in the bank.
II, the Bank's core competence:
a) the privilege of issuing banknotes in Turkey are of one hand to the Bank.
B), the Bank determines its inflation target with the Government, determines the monetary policy as it is compatible. The Bank is authorized and responsible for the implementation of the single monetary policy.
C) The Bank, in order to ensure price stability, monetary policy tools to use specified in this Act, to determine other monetary policy tools will be appropriate and has the authority to direct application.
D) The Bank, in case of emergencies and to meet the needs of the resources of the Savings Deposit Insurance Fund, according to the principles and procedures to be determined is authorized to advance to the Fund.
E) The Bank conducts its lending business to the bank as lender of last resort.
F) Bank, the banks money lending and deposit interest rates to be applied in the process of adoption is authorized to request from the banks according to the principles and procedures to be determined.
G) Bank, banks and other financial institutions and to ask them to organize and supervise the necessary information from the authorized institutions and are authorized to collect statistical information in order to monitor the financial markets.
Main advisory duties of the Bank III:
a) Banking, financial and economic adviser to the government, the financial agent and treasurer. The Bank's relations with the Government, is provided by means of Prime Minister.
B) The Bank gives an opinion to the Government on matters related to the financial system as desired.
C) The Bank, with the views of banks and other financial institutions and identified on these institutions and organizations deemed appropriate by the Prime Minister to notify the organization with regulatory and supervisory authority.
Bank, with this Law and the legislation itself to make arrangements with regard to the powers and functions and their application to the institution subject to these regulations and institutions before it whether or not to comply with them and to check whether the correct information sent to him and officials are authorized.
Bank, duties and powers given to him by this Act, shall perform independently under its own responsibility and use.
Bank, his bank transactions through the use of monetary policy instruments, in case of bankruptcy of the person or institution, and the amount that creditors will participate as a privileged creditor in the bankruptcy estate for the interest. Compensation actions of the members fulfill their duties, but
Bank opened against the Bank. The Bank reserves the right to recourse.
Article 2 - Article 13 of Law No. 1211 with the title is amended as follows.

Organs Article 13. - The bodies of the Bank are:
a) General Assembly.
B) The Bank Council.
C) Monetary Policy Committee.
D) Supervisory Board.

E) Presidency (Governors).
F) Governance Committee.
Article 3 - Law No. 1211 (II) Part No. (II) title of the numbered section "Assembly of the Bank and the Monetary Policy Committee" and Article 22 is amended as follows.
Article 22 - Bank Council;
A) Monetary policy strategy and the monetary policy that can be applied in line with the inflation target and can be used to make decisions relating to monetary policy instruments,
b) circulation banknotes modified, modifications to matters relating to the destruction and removal from circulation and the decision taken,
c ) to open market operations, foreign exchange and the effective operation rediscount and advance transactions with accruals and advances the interest rate on required reserves and liquidity requirement, the other monetary policy actions and instruments, country gold and foreign exchange procedures relating to the management of reserves and making the determination of the main arrangements,
d) of Article 40 (II) and (III) to take decisions on issues organized in paragraphs,
e) Payment and securities transfer and decision making regarding the reconciliation system to establish the conditions that will improve the reliability and efficiency of the method of the vehicle with payment methods and determination of the basis swap arrangements have been made for the supervision and control of the room
f) information to request, risk and statistical information to determine the principles and procedures for the collection,
g) branch opening, to provide correspondent bank note with the establishment of representative offices and offices making arrangements on issues related to printing and the decision taken,
h) Provision and subsequent balance the distribution of profits by taking decisions on issues relating to contingency procedures for granting the Treasury and the determination of the rules,
i) the Bank's budget, the annual report, balance sheet, profit and preparation of the loss account and the General Assembly agenda,
j) General Assembly made the proposals regarding the amendments to increase and Articles of Association of the capital,
k) the Bank's management, approval of regulations prepared for the personnel and the organization and services,
l ) the purchase of real estate for the needs of the Bank or the acquisition of property for sale required that maliki is found, to exchange, to take decisions about the made in donation and other transactions,
m) grants for the amounts and securities outside the scope of the powers to be given to other organs of the Bank, settlement, discharge, waiver and the decision of leaving the issue
n) approval of the Bank's personnel,
o) in this Law, except for issues related to the Monetary Policy Committee decision, the Presidency (Governors) Internal review and take decisions on other matters will be submitted for approval and regulation in , and authorized officials with
ARTICLE 4. Law No.1211 below 22 to come after the Article 22 / A material is added.
Monetary Policy Committee
ARTICLE 22 / A.- Monetary Policy Committee, president (governor) s under the chairmanship of the President (Governor) Assistant, Bank Assembly of a member of a member and the President will be elected from among the (Board of Governors) 's proposal of the joint resolution It consists of a member to be assigned. Treasury Secretary or Deputy Secretary may attend without the right to vote in meetings to be determined. Presidency (Governors), president (governor) and Bank Deputy Assembly membership task of those who ended the Monetary Policy Committee membership is also ended. The absence of studies on the monetary policy of member to be assigned to
joint decision and economics, business, banking, and with academic title in one of the financial sector, the task has worked in at least ten areas related, it must have sufficient knowledge and experience. The member's term of office is five years.
Prohibitions in Article 19 also applies to members appointed. However, the tasks to be taken at the university are exempt from this provision. Designated members have the same financial and social rights by members of the Bank Council.
The second and third paragraphs of Article 21 shall also apply to the Monetary Policy Committee meeting.
Monetary Policy Committee;
A) determining the monetary policy principles and strategies in order to ensure price stability,
b) within the framework of the monetary policy strategy of the determination of the government with the inflation target,
c) monetary policy objectives and practices for the Government to prepare reports at certain periods and determined informing the public in accordance with the principles,

D) determination of the Turkish lira with the government taking the necessary measures to protect the internal and external value of foreign currencies and the exchange rate regime for the detection of gold across its equivalent, and authorized officials with
Monetary Policy Committee, the issues will determine the shape and declared them classified. The Monetary Policy Council of the ads will be announced in the Official Gazette without delay matters will be requested.
Monetary Policy Committee decision, the President (Governor) is carried out by Parliament and presented to the Bank.
Article 5 - Article 29 of Law No. 1211 has been amended as follows.
Article 29 - President (governor) assist with a four-President (governor) appointed Assistant. President (Governor) Vice-law, finance, economics, business, one of the banking and financial sector has seen the undergraduate or graduate degree, enough knowledge and experience and having professional regarding worked at least ten years, people from the president (governor) 's proposal of the joint resolution they are appointed for five years. President (Governor) Assistant may be reappointed at the end of this period. President (governor) of the first paragraph of Article 27 shall on Aids and the second paragraph of Article 28 applies.
ARTICLE 6. Article 36 of Law No. 1211 of subparagraph (b) is amended as follows.
B) Bank 45, 52 and Article 53 of the writing process and therefore has the authority to issue banknotes.
ARTICLE 7 Article 40 of Law No. 1211 has been amended as follows.
Article 40. I- a) The Bank, in order to eliminate technical sourced payment issues that may prevent the effective operation of temporary liquidity crunch and the financial markets that could lead to delays in the payment system in his capacity as lender of last resort, the system, intra-day collateral or end of day credit It can provide opportunities.
B) The Bank, 4389 Banking Law of Article 15 (5) of paragraph (b) in accordance with subparagraph is the case in exceptional cases and saving deposits to meet the needs of resource Insurance Fund at the request of the Banking Regulation and Supervision Agency the authority to make advances to the Fund. Given the maturity of the advances, the amount, repayment terms and interest rates to be applied by way of the Banking Regulation and Supervision Agency and other matters determined by taking the opinion of the Bank.
C) The Bank, in case of acceleration of uncertainty and insecurity formation and withdrawal of funds in the banking system, the rights of banks consisting of uncertainty and insecurity, the conditions to be determined by the Bank granted loans in the amount required to meet the withdrawal of funds. In case of bankruptcy of the bank loan granted to him pursuant to these provisions, the Bank will participate as a privileged creditor in the bankruptcy estate for the loan amount and interest rate.
II banks, private financial institutions and electronic payment instruments issuer will be deemed appropriate by the Bank, including on the basis of liabilities of other financial institutions, required reserves ratio to an account to be cash facility to be opened in the bank, the scope of mandatory liabilities subject, facility time all kinds of rules and procedures for implementation, including the steps to take in the extraordinary draws from those obligations required to be paid to the provision established for interest rate and deposit or participation accounts shall be determined by the Bank.
Against the obligations of the above-mentioned institutions will public the nature and extent of liquidity required is determined by the Bank.
Reserve requirements can not be used for any purpose and subject of financing, assignment and be foreclosures.
Bank reserve requirements and general liquid assets that does not include a time or those who are missing facility, penal interest will accrue in accordance with the principles and procedures set out missing parts. Criminal accrued interest receivable, Public Claims No. 6183 are charged in accordance with the provisions of the Law on Procedures for the Collection. The penal interest is charged to the Savings Deposit Insurance Fund income is recorded.
III-a) to carry out basic functions and powers of the Bank for the purpose of legislation, the Bank authorized banks within the framework of money lending transactions and accept deposits, according to the principles determined by the interest rate to be applied shall communicate to the Bank.
B) The Bank will determine the terms of participation in a special account with the financial institution's terms and types of deposits in banks.
Article 8 of Law No. 1211 with the title of Article 42 is amended as follows.
private control and public clarification

Article 42. The Prime Minister, the Bank's transactions and accounts can be audited. Prime Minister any information in this regard may request from the Bank.
Bank's balance sheet, profit and loss accounts can be audited by independent auditing firms.
President (governor) by the bank's activities related to applied each year on monetary policy which will be implemented in April and October report submitted to the Council of Ministers. Bank, as regards its activities, Turkey Grand National Assembly twice a year to inform the Plan and Budget Commission.
Bank monetary policy objectives and prepare periodic reports on the application and notify the public. The report shall be prepared as of which periods of coverage and disclosure procedures determined by the Bank. Bank set goals to arise the possibility of failure is not reached or reached in time announcements, reports and written to the Government to take the necessary measures and publicize the cause.
Article 9 - Article 43 of Law No. 1211 has been amended as follows.
Article 43. All banks operating in Turkey, private financial institutions and the Bank and other financial institutions deemed appropriate, annual balance sheets and profit and loss accounts, administration with the council and the auditor's reports, the date of the meeting of the General Assembly; The independent audit firms to audit reports prepared within one month from the date of issue are obliged to provide the Bank.
Bank, these laws and regulations with him all kinds of information and documents of the institutions mentioned in the first paragraph in order to fulfill the tasks assigned are authorized to request within the framework of the principles and procedures to be determined. institutions and organizations mentioned in the first paragraph, are obliged to supply the information requested from them within the time limit specified by the Bank. The bank needed the information to be given to him and the right institutions and organizations mentioned in the first paragraph that is not timely process could limit the subject to the authority granted by this Act or stop.
Bank institutions as specified in paragraph relating to matters within its competence and mandate and organizations may request information from official institutions and organizations regulation and supervision. The Bank may notify the necessary institutions and organizations mentioned in the first paragraph with views and observations on the Prime Banking Regulation and Supervision Agency and other institutions and organizations with the regulation and oversight of these institutions.
Bank, the collection of statistical information, public institutions and organizations, Treasury, State Institute of Statistics, the collection of statistical information in other countries may cooperate with the authorities and international organizations. Banks, financial system and the economy at all concerned with statistical information and payment will be necessary to monitor the developments in the balance of other statistical information banks, it has direct authority of the person requesting and collecting other financial institutions. the information requested from them are obliged to provide this information correctly according to the procedures and principles established by the Bank. Bank, this information is correct in the eyes of the relevant research and checking is authorized to request additional information and documents.
Bank may publish statistical information it deems necessary. But the bank, which are collected from personal and private nature can not publish statistical information, can not explain, except the Banking Regulation and Supervision Agency can not give any official or private authorities. except for statistical purposes and that information can not be used as evidence.
Article 10 - Article 45 of Law No. 1211 has been amended as follows.
Article 45 - The Bank valid provided they have remained say the least to carry three signatures and run the most one hundred and twenty days and will be given by the banks within the guidelines themselves are determined to accept discounted commercial bills and documents are. Types will be accepted discounted commercial bills and other conditions determined by the Bank. The highest limit and limits depending on the type of credit will be given credit under this Article shall be determined by the principles of monetary policy by the Bank to be considered.
securities acceptable to the Bank accrued in advance can give in return.
Article 11 - Article 52 of Law No. 1211 has been amended as follows.

Article 52 - Bank, the objective of monetary policy, the money supply and the economy's liquidity in order to regulate effectively, securities outright purchases and sales in exchange for Turkish Lira, with the repurchase promise of sale and repurchase promise to purchase transactions, lending of securities Giving taken, such as the Turkish lira deposit receipt and issuance of open market operations can and can mediate this process. The principles and procedures pertaining to these procedures to be applied by the Bank through open market operations, with high liquidity and open market operations will be subject to less risky instruments are determined by the Bank.
Bank within the framework of open market operations on its own behalf maturity not exceeding ninety days, it may issue liquidity instruments bought and sold on the secondary market. However, inhibition of gaining status as a permanent alternative investment vehicle of liquidity instruments, limited to the issue in order to increase the effectiveness of open market operations only issue considered. the Bank's promise of sale and repurchase agreement transactions with the duration of the Turkish lira deposit purchase transactions with the repurchase promise not exceed ninety days, the date of the initial period of operation of valor.
Bank, institutions and organizations of the transactions falling within the scope of this article; The nature of the process set out by the banks and brokerage firms Capital Market Law No. 2499 is authorized to determine, considering.
Open market operations are executed only for monetary policy purposes and the Treasury, in order to be made loans to other institutions and organizations, public institutions and organizations.
Article 12 - Article 53 of the Law No. 1211 has been amended as follows.
Article 53 - a) Within the framework of monetary policy applied in order to determine the foreign currencies against the value of the Turkish lira, can exchange and exchange with the Turkish lira terms of foreign exchange by predetermined by spot and forward purchase and sale of cash and other derivative transactions.
B) The Bank manages the country within the framework of gold and currency reserves of the monetary policy targets and applications. To this end, the Bank respectively safe investment, liquidity and returns in accordance with the principles and procedures to be determined taking into account the priorities of domestic and foreign markets-term or demand gold, foreign exchange, securities and derivatives trading, borrowing and the entire banking including transaction lending It can be found on their activities.
Article 13 - Article 56 of Law No. 1211 has been amended as follows.
Article 56. - The Bank and the Treasury can not advance to the public and credit institutions will not be able debt instruments issued by public institutions and the Treasury can not buy in the primary market.
Bank, it can not advance beyond the powers conferred transaction with the law and credit can not open, give the advance and open the credit can not be unsecured or unpaid, although I can not vouch regardless of shape and can not guarantee than transactions directly related to him.
Article 14 - Article 61 of Law No. 1211 has been amended as follows.
Article 61 - gold in the Bank's assets and liabilities due to changes in the value of the Turkish lira and unrealized resulting from the revaluation of foreign currency gains and losses are monitored in a temporary account. if you happen to these income and expenses, realized the amounts credited to the profit and loss will be subject to distribution from this account.
Article 15 - Article 68 of Law No. 1211 with the title is amended as follows.

Criminal provisions of Article 68. I - of this Act;
A) In the fourth paragraph of Article 4 and in the framework of the powers in Article 52 on the open market operations do not comply with the regulations issued by the Bank; Article 40 (II) reserve in accordance with paragraph and general that do not include in the rate of time determined for liquidity or missing establishing banks, private financial institutions and other financial institutions than a billion pounds on officers and about up to two billion pounds of heavy fines,
b) Article 43 of the first and second paragraphs of the 44th that provide information and documents mentioned in the article or giving false information and documents or Article 4 banks that prevent the controls provided for in the fourth paragraph of private financial institutions and other financial institutions, officials and about a year about two billion pounds up to three years in prison and heavy fines of up to four billion pounds,

Be prosecuted due to offenses referred to in this paragraph, in violation of the law if the Bank determines that the Banking Regulation and Supervision Agency to be notified; in other cases to the Office of the Prosecutor by the Banking Regulation and Supervision Agency on the opinion of the Bank it is subject to a written application. In this case, 4389 the Bank will apply the relevant provisions of Article 24 of the Law.
II - a) of this Law who violate the first and second paragraphs of Article 35 a year for employees of the Bank up to three years of imprisonment and two billion pounds up to four billion pounds shall be subject to heavy fines.
Secrets about explaining for the benefit of employees of the Bank for themselves or others, not less than five billion pounds up to five years imprisonment and three years shall be subject to heavy fines.
B) Tasks thus deposited them owned or maintained by, controls or currency of which the Bank under the responsibility or other assets undergoing employees of the Bank embezzled six to twelve years far as they will be punished with imprisonment sentenced to compensate the damages to which the bank suffered edilirler.b from me in showing crime, Bank heavy fines are given as imprisonment and three times the damages caused by not less than twelve years, the offender has been committed by all kinds of fraudulent activities that will and will ensure the verb disclosure cheated. Furthermore, if the payment of the damages caused by the court shall be subject to the ex officio obliged to recover. Half of the punishment shall be paid fully before the prosecution Loss; The provisions have been carried out before payment is reduced by one third.
Acts during the fulfillment of the tasks specified in crime and the law specified in this paragraph shall therefore be prosecuted Bank Council of Bank staff; assignment and selection is made by the prosecution of other members who work in the Prime Minister's Office of the Prosecutor is dependent on a written application.
III - a) to break the Bank's reputation or fame or causing deliberate on a matter that can damage the wealth one way or hoaxes spread and a year to publish up to four billion pounds in prison and two billion pounds up to two years shall be subject to heavy fines .
B) of this Act on Article 43 of the documents and information in the fourth paragraph of Article determine the procedures and principles of natural persons who do not as accurate in and are responsible for the legal person from five hundred million pounds to one billion pounds shall be subject to heavy fines.
Offenses set forth in this paragraph due to prosecute, the Presidency (Guvernörlüg's) depends on the Office of the Prosecutor to submit a written application.
Article 16 - Law No. 1211 of 46, 47, 48, 49, 50, 51 and repealed by Article 54.
Provisional Article 1 This Law Article 5 amended by Law No. 1211 shall be made regarding the mandate in Article 29, the President on duty on the date of entry into force of this Act (governor) does not apply on Aids.
Provisional Article 2 of this Law and Article 16 of Law No. 1211 abolished the advance amount deposited in the account specified in Article 50, in accordance with guidelines to be established between the Treasury and the Bank; Article 51 is given to public institutions and organizations in accordance loans, paid back with terms they are to be liquidated.
Bank for six months from the date of entry into force of this Act, the Treasury issued debt instruments that may be purchased from the primary market.
Article 17 - This Law shall enter into force on the date of publication.
ARTICLE 18. - This Law shall be enforced by the Council of Ministers.