Mustafa Kemal Atatürk system. The one-party regime was established "de facto" in 1925 after the adoption of the 1924 constitution. The only political party of the GNA was the "Peoples Party", founded by Mustafa Kemal on 9 September 1923. (But according to the party culture the foundation date was the opening day of Sivas Congress on 4 September 1919). On 10 November 1924 it was renamed "Cumhuriyet Halk Fırkası" or Republican People's Party (the word "fırka" was replaced by the word "parti" in 1935). Abolition of the Caliphate was an important dimension in Mustafa Kemal's drive to reform the political system and to
Turkey annual current account deficit was $47.3 billion at the end of December 2017, compared to the previous year's figure of $33.1 billion. In the early decades of the Turkish Republic, the government (or banks established and owned by the government, such as Türkiye İş Bankası (1924), Sanayi ve Maadin Bankası (1925), Emlak ve Eytam Bankası (1926), Central Bank of Turkey (1930), Sümerbank (1933), İller Bankası (1933), Etibank (1935), Denizbank (1937), Halk Bankası (1938), etc.) had to subsidise most of the industrial projects, due to the lack of a strong private sector. However, in the period between the 1920s and 1950s,