Multi-party period of the Republic of Turkey Multi-party period of the Republic of Turkey The multi-party period of the Republic of Turkey started with the establishment of the opposition Liberal Republican Party ("Serbest Cumhuriyet Fırkası") by Ali Fethi Okyar in 1930 after President Mustafa Kemal Atatürk asked Okyar to establish the party as part of an attempted transition to multi-party democracy in Turkey. It was soon closed by the Republican People's Party government, however, when Atatürk found the party to be too influenced by Islamist-rooted reactionary elements. In 1945, the National Development Party ("Milli Kalkınma Partisi") was founded by Nuri Demirağ. The next year, the Democratic Party
Central Bank of the Republic of Turkey second stage of the reform was launched by removing the prefix “New” used on the “New Turkish lira” and “New kuruş”, and Turkish lira banknotes and coins were put into circulation with new designs and sizes. As of today, the Central Bank of the Republic of Turkey, as a credible institution, pursues its policy implementations with its qualified staff members and modern infrastructure within an ever-dynamic framework by keeping a close watch on global and domestic developments. As the country’s monetary authority, the CBRT is responsible for conducting monetary and exchange rate policies in Turkey, with the primary objective of