One-party period of the Republic of Turkey the Liberal Republican Party was established but dissolved by its founder. The Progressive Republican Party had also been established in 1924 by Kazım Karabekir, but was banned after its members' involvement in the 1925 Sheikh Said rebellion. Despite Atatürk's efforts in establishing a self-propagating multi-party system during his presidency, this was only established after his death in 1938. With the establishment of the Republic of Turkey, efforts to modernize the country began. The institutions and constitutions of Western states such as France, Sweden, Italy, and Switzerland were analyzed and adapted according to the needs and characteristics of the Turkish nation.
Central Bank of the Republic of Turkey second stage of the reform was launched by removing the prefix “New” used on the “New Turkish lira” and “New kuruş”, and Turkish lira banknotes and coins were put into circulation with new designs and sizes. As of today, the Central Bank of the Republic of Turkey, as a credible institution, pursues its policy implementations with its qualified staff members and modern infrastructure within an ever-dynamic framework by keeping a close watch on global and domestic developments. As the country’s monetary authority, the CBRT is responsible for conducting monetary and exchange rate policies in Turkey, with the primary objective of