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 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