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 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