One-party period of the Republic of Turkey One-party period of the Republic of Turkey The single-party period of the Republic of Turkey began with the formal establishment of the country in 1923. The Republican People's Party (CHP) was the only party between 1923 and 1945, when the National Development Party was established. After winning the first multiparty elections in 1946 by a landslide, the Republican People's Party lost the majority to the Democratic Party in the 1950 elections. During the single-party period, President Mustafa Kemal Atatürk repeatedly requested that opposition parties be established against the Republican People's Party in order to transition into multi-party democracy; in 1930,
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