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OYAK interest rate announced as 77.1 percent

The 64th Ordinary General Assembly of the Army Assistance Corporation (OYAK) was completed. OYAK announced that its total assets increased by 77 percent compared to the previous year and reached 847 billion liras. OYAK General Manager Süleyman Savaş Erdem, who spoke at the meeting, underlined that their target for the iron and steel sector is green transformation.

OYAK interest rate announced as 77.1 percent

Türkiye's complementary occupational pension fund OYAK's interest rate was announced as 77.1 percent at the general assembly held at the headquarters in Ankara.

With an interest rate of 77.1 percent, OYAK provided its members with more return than all investment instruments. OYAK's interest rate surpassed the return of gold, the most profitable investment instrument of last year with 74.8 percent, and doubled the return of the BIST index of 36.4 percent. The dollar yielded 57.4 percent and the euro 63.4 percent, well below OYAK's interest rate.

OYAK General Manager Süleyman Savaş Erdem said that OYAK achieved its targets despite the difficulties in 2023, which started with the great earthquake disaster in Türkiye, and added: "As we step into the second century of our glorious Republic, which we inherited and carried to the present day with important achievements, we should remember the words of Gazi Mustafa Kemal Atatürk: 'We do not need anything. The only thing we need is to work." will always be our guide on the road to the future. OYAK, founded in 1961, has worked, produced and shared for 62 years as Türkiye's most successful supplementary occupational pension fund. Today, with the agility, flexibility, scale and strength offered by the resilient structure it has built, OYAK has successfully managed the challenges of domestic and international markets, accurately anticipated risks, and skillfully used opportunities to reinforce value-added production." He continued.

"Our short-term goal is to reduce carbon emissions by at least 25 percent"

He pointed out that Erdemir and İsdemir, two of the pioneers of the iron and steel sector, announced the road map that guides the sector by saying "For a better future, our goal is green transformation" and said: "Our short-term goal is to reduce carbon emissions by at least 25 percent per crude steel produced. In this regard, we aim to realize a transformation investment of 3.2 billion dollars in Erdemir and İsdemir by the end of 2030. Within the scope of this plan, the installation of a solar power plant with an annual electricity generation capacity of 1.7 million MWh is also included."

"At the essence of our work is the sense of responsibility we feel towards our more than 470 thousand members"

Highlighting that with an interest rate of 77.1 percent, OYAK members' savings were protected in real terms and the goal of providing high returns was achieved, Erdem said: "This result was achieved with the valuable contributions of more than 38 thousand employees who perform their duties with high loyalty, passion and dedication in OYAK and OYAK Group companies, as well as our management teams who play a role in the realization of our strategic breakthroughs. In the exceptional market conditions of 2023, I wish this rate to be beneficial to all our members and to be sustainably repeated. In 2023, we continued to work continuously to improve the services we offer to our members and strengthen the benefits we provide, always aiming to do more. In brief, we worked with confidence and determination as a global group operating on 6 continents and with equity of more than USD 10 billion. At the core of our work, as always, is our sense of responsibility towards our more than 470,000 members."

Plan to produce four new models by 2027

Emphasizing that OYAK Group companies are actors that shape the world markets, Erdem said: "The partnership between OYAK and Renault has turned into one of the ambitious and leading participants of our country's automotive industry. The Bursa plant of this partnership is planned to produce four new models until 2027. The realization of such a large investment indicates the long-term trust that our partner, the representative of foreign capital, has in OYAK and our country."

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