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 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