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 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