History of Turkey newly formed "Republic of Turkey" as the successor state of the Ottoman Empire, and the republic was officially proclaimed on October 29, 1923, in the new capital of Ankara. Mustafa Kemal became the republic's first President of Turkey and subsequently introduced many radical reforms with the aim of founding a new secular republic from the remnants of its Ottoman past. The Ottoman fez was abolished, full rights for women politically were established, and new writing system for Turkish based upon the Latin alphabet was created. According to the Law on Family Names, the Turkish parliament presented Mustafa Kemal with the
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