History of the Republic of Turkey of modern Turkey begins with the foundation of the republic on October 29, 1923, with Kemal as its first president. The government was formed from the Ankara-based revolutionary group, led by Mustafa Kemal Atatürk and his colleagues. The second constitution was ratified by the Grand National Assembly on April 20, 1924. For about the next 10 years, the country saw a steady process of secular Westernization through Atatürk's Reforms, which included the unification of education; the discontinuation of religious and other titles; the closure of Islamic courts and the replacement of Islamic canon law with a secular civil code modeled
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