Durmus Yilmaz
Encyclopedia
Durmuş Yılmaz is a Turkish
economist
and was the Governor of the Central Bank of the Republic of Turkey
between 2006 and 2011.
n city of Uşak
in 1947, Yılmaz obtained a B.A.
degree at Cass Business School in London
, UK
and received his M.A.
degree from the University College
, London
.
Yılmaz joined the Central Bank of Turkey
in 1980 and started to work in the Foreign Debt Rescheduling Division. Then he served in the area of Exchange Rates and Reserve Management. He was promoted to the post of Deputy Director of Foreign Exchange Transactions Division in 1993, Director of Interbank Money Market Division in 1995, and Director of Balance of Payments Division in 1996. Yılmaz became Deputy Executive Director at Markets Department in 1996 and was responsible for the Foreign Exchange Risk Management, Credits, Foreign Exchange and FX Banknotes Markets and Open Market Operations. He was appointed Executive Director of the Workers’ Remittances (Non-Resident FX Deposits) Department in 2002. Yılmaz became Member of the Board on May 1, 2003, and re-elected to this position by April 2006.
Durmuş Yılmaz was appointed Governor of the Central Bank of the Republic of Turkey on April 18, 2006 following the approval of President Ahmet Necdet Sezer
. One month before, Sezer rejected the government's first candidate for the post, Adnan Buyukdeniz, chief executive of AlBaraka Turk
, an interest-free financial institution founded with Arab capital. The post of governorship was held by Erdem Başçı, an interim governor since March 14, 2006 when the widely respected Süreyya Serdengeçti
retired at the end of a five-year term that saw chronic inflation drop from double- to single-digit figures for the first time in three decades under a tight program backed by the International Monetary Fund
.
Turkish people
Turkish people, also known as the "Turks" , are an ethnic group primarily living in Turkey and in the former lands of the Ottoman Empire where Turkish minorities had been established in Bulgaria, Cyprus, Bosnia and Herzegovina, Georgia, Greece, Kosovo, Macedonia, and Romania...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and was the Governor of the Central Bank of the Republic of Turkey
Central Bank of the Republic of Turkey
The Central Bank of the Republic of Turkey is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey. The preparations to establish a central bank began in 1926, but organization was established on 3 October 1931 and opened...
between 2006 and 2011.
Biography
Born in the western AnatoliaAnatolia
Anatolia is a geographic and historical term denoting the westernmost protrusion of Asia, comprising the majority of the Republic of Turkey...
n city of Uşak
Usak
Uşak is a city in the interior part of the Aegean Region of Turkey. The city has a population of 180,414 and is the capital of Uşak Province. The mayor is Ali Erdoğan ....
in 1947, Yılmaz obtained a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree at Cass Business School in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and received his M.A.
Master of Arts (postgraduate)
A Master of Arts from the Latin Magister Artium, is a type of Master's degree awarded by universities in many countries. The M.A. is usually contrasted with the M.S. or M.Sc. degrees...
degree from the University College
University College London
University College London is a public research university located in London, United Kingdom and the oldest and largest constituent college of the federal University of London...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
Yılmaz joined the Central Bank of Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
in 1980 and started to work in the Foreign Debt Rescheduling Division. Then he served in the area of Exchange Rates and Reserve Management. He was promoted to the post of Deputy Director of Foreign Exchange Transactions Division in 1993, Director of Interbank Money Market Division in 1995, and Director of Balance of Payments Division in 1996. Yılmaz became Deputy Executive Director at Markets Department in 1996 and was responsible for the Foreign Exchange Risk Management, Credits, Foreign Exchange and FX Banknotes Markets and Open Market Operations. He was appointed Executive Director of the Workers’ Remittances (Non-Resident FX Deposits) Department in 2002. Yılmaz became Member of the Board on May 1, 2003, and re-elected to this position by April 2006.
Durmuş Yılmaz was appointed Governor of the Central Bank of the Republic of Turkey on April 18, 2006 following the approval of President Ahmet Necdet Sezer
Ahmet Necdet Sezer
- External links :* , Presidency of the Republic of Turkey...
. One month before, Sezer rejected the government's first candidate for the post, Adnan Buyukdeniz, chief executive of AlBaraka Turk
Albaraka Türk
Albaraka Türk Katılım Bankası A.Ş. was founded in 1984 in Istanbul, Turkey by the Bahraini Al Baraka Banking Group and commenced its commercial activities in 1985 as Albaraka Türk Özel Finans Kurumu. It is known as the first Participation Bank in Turkey...
, an interest-free financial institution founded with Arab capital. The post of governorship was held by Erdem Başçı, an interim governor since March 14, 2006 when the widely respected Süreyya Serdengeçti
Süreyya Serdengeçti
Süreyya Serdengeçti is a Turkish economist and former Governor of the Central Bank of Turkey. He is currently working as an instructor in Turkish and world economics at the TOBB University of Economics and Technology in Ankara, Turkey....
retired at the end of a five-year term that saw chronic inflation drop from double- to single-digit figures for the first time in three decades under a tight program backed by the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.