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 necessary to ensure stability of the Turkish currency. Following these developments, the Government took the initiative to draft the necessary legal framework for the establishment of a central bank, and a draft was prepared for the Central Bank with the contributions of Prof. Leon Morf from the University of Lausanne. The law was enacted by the Grand National Assembly of Turkey on 11 June 1930, and published in the Official Gazette of 30 June 1930 under the name “The Law on the Central Bank of the Republic of Turkey No. 1715”. Following the centralization of duties carried out by various