“In view of the needs related to the organizational structure, the Central Bank of the Republic of Turkey (CBRT) has decided to establish:

‘Food and Agricultural Product Markets Analysis Division’ under the Structural Economic Research Department,

‘Participation Banking Division’ under the Banking and Financial Institutions Department, and

‘Financial Control Division’ under the Budget and Financial Reporting Department,” the statement said.

According to the statement, the functions of the new divisions will be as follows:

Food and Agricultural Product Markets Analysis Division: To perform an early warning function by carrying out a detailed and timely analysis of data regarding the prices of food and agricultural products that are critical to price stability, to report the research and analysis results in a way to contribute to the monetary policy process, and to fulfill secretarial duties for the Food and Agricultural Product Markets Monitoring and Evaluation Committee.

Participation Banking Division: To increase efficiency in the CBRT’s relations and work with participation banks, to contribute to the sector’s development and financial stability, and to carry out relations with international institutions that work in this field in a more effective way.

Financial Control Division: To reinforce the internal financial control system, to increase the reliability of financial reporting, and to control whether expenditures under the budget are in line with the Bank’s priorities and comply with the efficiency and saving principles.

These divisions will start operating on 8 February 2021. (ILKHA)