The value of transfers executed in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) reached around AED6.12 trillion ($1.66 trillion) in the first four months of 2024.
According to the latest statistics from the Central Bank of the UAE (CBUAE), the banking operations statistics released by the Central Bank showed that the value of transfers executed through the system increased by over 20 percen year-on-year (YoY) compared to transfers totalling about AED5.1 trillion executed from January to April 2023.
The statistics further revealed that the transfers executed during the first four months were distributed with AED3.84 trillion in interbank transfers and AED2.28 trillion between bank customers.
Read more: CBUAE’s foreign assets surge 2.55 percent to $204.27 billion in April 2024
Additionally, the Central Bank’s data showed that the value of cheques cleared using the Image Cheque Clearing System (ICCS) reached AED421.74 billion at a total of 7.32 million cheques. This comprised 1.96 million cheques valued at AED109.47 billion in January, 1.837 million cheques valued at AED106.74 billion in February, 1.855 million cheques valued at AED112.62 billion in March, and 1.66 million cheques valued at AED92.9 billion in April.
Meanwhile, the value of cash deposits in the central bank during January 2024 reached over AED58 billion, while the value of cash withdrawals reached about AED69 billion.
The UAEFTS is the main transfer system developed by the CBUAE since August 2001, facilitating instant money transfers between participating entities in the system.
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