In 2023, foreign commercial transactions through banks witnessed a decline across state-owned, private, and foreign banks, while specialized banks experienced an increase. Factors such as strict import regulations, reduced foreign investment, and decreased company loans contributed to this trend.
State-owned banks saw a 15.2% decrease in foreign commercial transactions, with exports, imports, and remittances declining by 24.2%, 13.3%, and 12% respectively compared to 2022. Private sector banks also experienced a 1.4% decline in foreign commercial transactions, although remittance transactions increased. Exports decreased by 5.2%, imports by 2%, while remittances grew by 8.9%.
Foreign banks witnessed a 9.31% decrease in transactions, with exports, imports, and remittances declining by 12.64%, 1.28%, and 4.47% respectively. Specialized banks, however, showed significant growth, with a 115.72% increase in foreign transactions compared to the previous year. Export transactions increased by 14.9%, and remittances surged by 129.6%.
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