"pek iyi" literally means "pretty good" though it is nowadays less common compared to the former decades. its evolved form "peki" has been more common for several decades but it means "alright"
1to be, 2to become, 3to happen,to take place, 4to occur, 5to fit, 6to be suitable, 7TO BE ACCEPTABLE, 8to go well, 9to be completed, to be successfully done |and some more
ol + ur (present simple tense) + - (personal ending)
1it does be (sounds weird in English)
7IT IS OKAY, IT IS ACCEPTABLE
in other Turkic languages such as Kazakh, Kyrgyz, Uzbek, you can hear "olar", it's again the simple present conjugation of the "olmak" verb.
In Turkish of Turkey, "olur" and "tamam" are the synonyms. both mean "okay"
the new generations have also started to use "ok" and "okey" directly loaning from English