PASHA BANK ENG 20

Overview of 2020 and Expectations for 2021 The US Presidential election in November 2020 was considered as yet another agenda creating uncertainty for the global economy. The US bond returns had historical low levels in 2020. The oil prices dropped sharply due to concerns for economic activity and price wars. On the other hand, the demand for assets perceived as safe haven hiked rapidly and gold prices were at their peak in eight years. The uncertainty created by the pandemic caused all of the central banks to loosen their monetary policies. The year 2020 started on a positive note with the first phase of the US- China trade agreement being finalized and signed in January. However, a new kind of coronavirus emerging in China in January resulted in an anguish becoming the primary agenda of the global economy and deeply shook the markets. The virus spread rapidly to the whole world within two months and the pandemic COVID-19 had impact all year long thus bringing the economic activity to a standstill and caused the global economy to shrink. The global pandemic, COVID-19 which first emerged in China in January, had its impact all year long thus bringing the economic activity to a standstill. 18 Annual Report 2020 PASHA Bank General Information