Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 68

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 68
---
 financial
stability in Türkiye could deteriorate. In addition, financing the current account deficit could be difficult in the event of a future
global liquidity crisis and/or declining interest or confidence of foreign investors in Türkiye. Increased uncertainty in the global
financial markets and/or failure to reduce the current account deficit could have a negative impact on Türkiye’s sovereign
credit ratings and could lead to increased volatility in the Turkish economy, any of which could have a material adverse effect on our
business and results of operations.

The Turkish economy has experienced significant
inflationary pressures in the past. In 2022, the annual consumer price index (“ CPI”) increased by 64.3% and domestic producer
price index (“ PPI”) increased by 97.2% reflecting supply shocks led by prospects for global energy, food, agricultural commodity
and housing prices amid geopolitical developments. In 2023, CPI increased by 64.8% and PPI increased by 44.2% driven by increases in food,
energy, and service sectors due to increased labor costs (including depreciation of the Turkish Lira). In 2024, CPI increased by 44.4%
and PPI increased by 28.5% reflecting an increase in housing prices and education costs. On April 7, 2025, the Central Bank published
its first inflation report of 2025, indicating an inflation forecast for 2025 and 2026 of 24% and 12%, respectively.

Any significant global price increases in major
commodities such as oil, cotton, corn, and wheat would likely increase inflation in Türkiye. Such inflation, particularly if combined
with further depreciation of the Turkish Lira, could result in Türkiye’s inflation exceeding the Central Bank’s inflation
target, which could prompt the Central Bank to modify its monetary policy. Inflation-related measures taken by the Central Bank and/or
other Turkish authorities could have an adverse effect on the Turkish economy and a material adverse effect on our business, financial
condition, and/or results of operations.

Risks arising from events affecting Türkiye’s
relationship with the United States.

The relationship between the United States and
Türkiye has been strained by recent developments in the region, and also by Türkiye’s agreement to acquire an air and
missile defense system from Russia in December 2017. In response to these events, the United States Congress has considered potential
sanctions on Türkiye and limited Türkiye’s ability to acquire fighter jets from