The Board is composed of the Governor and six members to be elected by the General Assembly.
The term of office of Board members is three years. The Governor is the Chairman of the Board. One third of the Board members are replaced each year. The members who are to leave the Board at the end of the first and second years are determined by drawing names. Members whose terms of office have expired may be reelected.
Duties and Powers
- To make decisions concerning the monetary policy to be implemented and monetary policy instruments to be utilized in compliance with the monetary policy strategy and inflation target,
- To set forth regulations and to make decisions on the replacement of banknotes in circulation, as well as their withdrawal from circulation and their destruction,
- To establish procedures and conditions and to enact the necessary regulations regarding open market operations, foreign exchange operations, rediscount and advance operations as well as rediscount and advance interest rates, reserve requirements and liquidity requirements, other monetary policy operations and instruments, the management of gold and foreign exchange reserves of the country,
- To make decisions pertaining to the issues stipulated in paragraphs (I) and (III) of Article 40,
- To make decisions regarding the establishment of payment, securities transfer and settlement systems on conditions that shall promote their soundness and effectiveness; to determine the procedures and conditions of payment methods and instruments; to draw up regulations regarding the surveillance and supervision of clearing houses,
- To determine the procedures and conditions for requesting information and collecting statistics,
- To enact regulations and to render decisions pertaining to the establishment of branches, representative offices, liaison offices and the appointment of correspondents; and the Banknote Printing House,
- To decide on issues concerning provisions and reserves and to determine the procedures and conditions regarding the transfer of the balance remaining after the allocation of profit to the Treasury,
- To prepare the budget, annual report, balance sheet, income statements and the agenda of the General Assembly of the Bank,
- To submit proposals to the General Assembly for amending the Articles of Association of the Bank and increasing the capital,
- To approve the regulations on the administration, organization, services and personnel of the Bank,
- To take decisions on the purchase or acquisition of real property needed by the Bank, as well as on the sale, donation and barter and other transactions when necessary, of real property owned by the Bank,
- To decide on donation, amicable settlement, release, waiver and cancellation of the amounts and values, which are not within the scope of powers that it shall delegate to other governing bodies of the Bank,
- To approve the annual cadres of the Bank’s personnel,
- To take decisions and set forth regulations on issues submitted by the Office of the Governor for examination and approval, apart from the ones subject to the approval of the Monetary Policy Committee pursuant to this Law.