Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 62

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 62
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 was seen as a positive outcome of the government’s economic policies aimed at stabilizing the economy. In the fourth quarter
of 2024, the monthly inflation continued to decrease with 48.58%, 47.09% and 44.38% in October, November, and December, respectively.
Although Türkiye faced 5.03% monthly interest rate in January after increasing minimum wage by 30% at the beginning of the year,
annual inflation decreased to 42.12%, 39.05%, and 38.10% in January, February, and March 2025. These developments underscored the ongoing
challenges in Türkiye’s economic environment, characterized by efforts to balance fiscal discipline, control inflation, and stimulate
growth amid high interest rates and external economic pressures.

In addition to domestic developments, there has
been recent political tension between Türkiye and the EU, certain members of the EU, and the United States. With respect to the United
States, various events during recent years have impacted the relationship. For example, on October 8, 2017, the United States suspended
all non-immigrant visa services for Turkish citizens in Türkiye following the arrest of an employee of the United States consulate
in İstanbul. On the same date, Türkiye responded by issuing a statement that restricted the visa application process for United
States citizens.

On August 1, 2018, the Office of Foreign
Assets Control of the U. S. Department of Treasury (“ OFAC”) took action targeting Türkiye’s Minister of
Justice and Minister of Interior, indicating that these Ministers played leading roles in the organizations responsible for the
arrest and detention of American pastor Andrew Brunson. Following such action, Türkiye imposed reciprocal sanctions against two
American officials. On August 10, 2018, the former President of the United States stated that he had authorized higher tariffs on
steel and aluminum imports from Türkiye. On August 15, 2018, Türkiye retaliated by increasing tariffs on certain imports
from the United States.

On November 5, 2018, in an effort to constrain
Iran’s nuclear program, the United States reinstated U. S. sanctions on Iran that had been removed in 2015 as part of the Joint Comprehensive
Plan of Action, a multilateral treaty signed with Iran on July 14, 2015 regarding the Iranian nuclear program, including Türkiye’s
import of Iranian oil. The impact of this action, including any