Multi-party period of the Republic of Turkey Multi-party period of the Republic of Turkey The multi-party period of the Republic of Turkey started with the establishment of the opposition Liberal Republican Party ("Serbest Cumhuriyet Fırkası") by Ali Fethi Okyar in 1930 after President Mustafa Kemal Atatürk asked Okyar to establish the party as part of an attempted transition to multi-party democracy in Turkey. It was soon closed by the Republican People's Party government, however, when Atatürk found the party to be too influenced by Islamist-rooted reactionary elements. In 1945, the National Development Party ("Milli Kalkınma Partisi") was founded by Nuri Demirağ. The next year, the Democratic Party
Central Bank of the Republic of Turkey fulfill this aim, the Bank was given the following duties: 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 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