PASHA_BANK ANNUAL REPORT 2021

General Information Financial Information and Risk Management Review Information on Management and Corporate Governance Principles PASHA Bank successfully completed the first year of the three‑year strategic plan covering the period 2021‑2023. Message from the CEO Esteemed Stakeholders, As in the prior year, the agenda of the global economy was impacted by the pandemic and developments in vaccination process in 2021. As the vaccination expanded all over the world and countries fully opened, delayed demand caused prices of energy, transportation and food to increase, leading to rapid price increases of other goods, thus leading to an inflationist pressure all over the world. As a result, all eyes focused on steps to be taken by the central banks and primarily Central Bank of USA, Fed. Maintaining a loose monetary policy during the first three quarters of the year, Fed announced its program to reduce bond purchases in the last quarter, thus renouncing its statement of inflation being temporary in rate hike and gave the signal of the possibility of three rate hikes in 2022. Financial markets of Turkey followed a quite dynamic course under the light of all these developments. sustainable growth