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 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