The Agricultural Credit Cooperatives of Turkey Serbia which was Ottoman territory at the time), with the establishment of “Homeland Funds” (“Memleket Sandıkları”) in 1863 and it gained pace with the foundation of the Republic of Turkey as new laws on cooperatives were enacted. The ACC with its modern nomenclature and structure was established based on law number 2836 which was passed in 1935. The ACC’s foundation was supported by the first president of the Republic of Turkey Kemal Atatürk who was also the first member of the cooperative in Silifke – Tekir Çiftliği. Due to the enforcement of law number 1581 on Agricultural Credit Cooperatives and
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