Republic of Turkey is a parliamentary republic, located in Southeastern Europe and Southwestern Asia. Turkey currently has a unicameral parliamentary system of government, with parliament elected for a four-year term. However, since 2016, the power has been increasingly concentrated in the hands of the president. The prime minister position has been abolished and a presidential system of government will come into effect. Turkey’s economy is 14th largest in the world (by GDP PPP), but is ranked only 76th by GDP per capita. European Union is Turkey’s key trading partner – it buys 48% of Turkish goods and accounts for 39% of total imports. A customs union with the EU took effect in 1996. Overall, around 58% of Turkish merchandise exports are directed to just three markets (European Union, Iraq and United States). Total external trade volume is 24% of GDP. The central bank, Central Bank of the Republic of Turkey (TCMB), pursues an inflation-targeting approach to monetary policy and maintains a floating exchange rate regime. Persistently large current account deficits, exchange rate vulnerability to domestic and external shocks and deep political divisions inside the country are usually named among key weaknesses of Turkish economy.