According to Article 87 of the Constitution of the Republic of Turkey, the privilege of issuing banknotes belongs to Grand National Assembly. It is then granted to The Central Bank of the Republic of Turkey with the enactment of the Central Bank Law on June 11, 1930 No.1715. According to Article 1 of the Law, the privilege was given to the Central Bank for a period of 30 years which could be extended in 5 years to the end of the period. With the Law dated April 27, 1955 No.6544, 30-year-period was prolong until 1999.

As it is known, the Central Bank Law dated June 11, 1930 No.1715 was impowered by enactment of the Law dated January 14, 1970 No.1211 by which the privelege of issue has been preserved.

Consequently, the privelege of issue was prolonged for unlimited time by Law No.3985 of April 21, 1994, amending Law No.1211.