Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 61

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 61
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, financial condition and/or results of operations.

Following the parliamentary and presidential elections
in May 2023, Mehmet Simsek was appointed as the new Minister of Treasury and Finance on June 4, 2023 and on June 9, 2023, Hafize Gaye
Erkan assumed the position of governor of the Central Bank. The Central Bank increased interest rates by 650 basis points on June 22,
2023, 250 basis points on July 20, 2023, 750 basis points on August 24, 2023, 500 basis points each on September 21, 2023, October 26,
2023, and November 23, 2023, 250 basis points each on December 21, 2023 and January 25, 2024, 500 basis points on March 21, 2024. On February
2, 2024, President Erdoğan appointed Fatih Karahan as the Turkish Central Bank governor following Mrs. Erkan resignation from her
tenure. Fatih Karahan continued tight monetary policy throughout 2024. After keeping the interest rates constant at 50%, the Central Bank
decreased interest rates by 250 basis points each on December 26, 2024, January 23, 2025, and March 6, 2025.

In the second and third quarters of 2024, Türkiye’s
economic landscape experienced notable developments. In the second quarter, the annualized budget deficit eased to 4.7% of GDP, down from
5.2% in 2023, reflecting the government’s efforts to improve fiscal discipline. Public debt remained manageable at 26.1% of GDP as of
Q2 2024. However, in the third quarter, the economy grew by 2.1% year-on-year, falling short of the anticipated 2.6% growth. This slowdown
was attributed to diminished demand, particularly in the services sector, amid high interest rates resulting from a monetary tightening
campaign initiated in June 2023. Consequently, the GDP contracted by 0.2% quarter-on-quarter on a seasonally adjusted basis, marking the
second consecutive quarterly decline and indicating a technical recession. Despite these challenges, inflation showed signs of moderation.
In September 2024, the annual inflation rate decreased to 49%, down from 52% in August, marking the most moderate rate since July 2023.
This decline