The Monetary Policy Committee is chaired by the Governor and composed of the Deputy Governors, a member to be elected by and from among the Board members and a member to be appointed by a joint decree on the recommendation of the Governor. The Undersecretary of the Treasury or Deputy Undersecretary to be designated by him/her may participate in the meetings without having the right to vote. When the term of office of the Governor, Deputy Governor or a Board member comes to an end, his/her membership in the Monetary Policy Committee expires as well.
The member to be appointed by a joint decree is required to have studied monetary policy matters and hold an academic degree in one of the fields of economics, business administration, banking and finance; to have worked in his/her field for at least ten years and to have adequate experience and knowledge. The term of office of this member is five years.
Duties and Powers
- To determine the principles and strategy of monetary policy in order to achieve and maintain price stability,
- To determine the inflation target together with the Government within the framework of the monetary policy strategy,
- To provide information to the public in line with the principles set forth, and provide information to the Government within specified periods by preparing reports regarding monetary policy targets and its implementations,
- To take necessary measures in order to protect the domestic and international value of Turkish Lira and to establish the exchange rate policy in determining the parity of Turkish Lira against gold and foreign currencies jointly with the Government.
The Monetary Policy Committee sets forth, which decisions will be published, together with the procedure of publishing. The issues to be announced by the Monetary Policy Committee are published immediately in the Official Gazette.
Monetary Policy Committee decisions are executed by the Governor and are provided to the Board.