Dear Stakeholders,
We went through an unprecedented year full of changes. As we enter a new decade this year, digitalization, data security, macroeconomic balances and sustainability were the hottest topics on the agenda and the COVID-19 pandemic was no doubt the most discussed issue. The vaccination efforts in our country reminded us of hope during the tough struggles given throughout the pandemic.
In days of both optimism and uncertainty, the World Bank assessed the 2020 macroeconomic data and revised its global contraction forecast from -5.2% to -4.3%. This revision signals an upward growth for 2021. On the other hand, the IMF World Economic Outlook Report announced a growth expectation of 6% for Turkey in 2021. This was another indicator of the positive impact of the policies implemented in the Turkish economy.
During the pandemic the Central Bank preferred to use quantitative easing to minimize the negative effects on the economy. The government also realized a TRY 562 billion Stability Shield Package that includes direct payments, credit guarantee fund, tax reliefs and tax deferrals. Approximately TRY 45.5 billion aid was provided to employees and households as part of the social protection shield from the first case until the end of the year. As our healthcare workers were struggling at the forefront during these extraordinary times caused by the virus, per our understanding of responsible banking, we continued to fulfill our duty as a complement of all the economic practices implemented. We utilized digital and alternative distribution channels which are the outputs of our digital transformation journey to provide our products and services uninterruptedly to our customers. In this context, we tried to respond to all requests and expectations from digital and mobile channels dedicated particularly to SMEs. Having set off on our journey as the People’s Bank since our foundation, we continued to take firm steps also during the pandemic.
Per our mission, we consider it a priority to carry out works that contribute to the progress and development of our country and to create value for all our stakeholders. We believe that we will overcome these difficult times together, with the support of our qualified employees and our customers’ confidence in us. I would like to express my gratitude to all our employees who struggled bravely during these times and to our stakeholders who provided support.
Best regards,
Süleyman ÖZDİL
