UAE Central Bank reports record transfers reaching AED2.43 trn

A 40.7% annual growth
UAE Central Bank reports record transfers reaching AED2.43 trn
CBAUE (Photo from WAM)

According to the latest statistics from the Central Bank of the UAE (CBUAE), the value of transactions conducted through the UAE Financial Transfer System (UAEFTS) in the banking sector exceeded AED 2.43 trillion ($659.8 billion) during the months of January and February of this year.

The banking operations statistics released by the central bank showed that the value of transactions carried out through the UAEFTS increased by 40.7% annually during January and February compared to transactions worth approximately AED 1.72 trillion conducted during the same period in 2022.

According to the statistics published by the Emirates News Agency (WAM), the transactions carried out during January and February were distributed with AED 1.563 trillion in transfers between banks and AED 867.3 billion in transfers between bank customers.

In January, transfers amounted to AED 1.215 trillion, of which AED 778.4 billion went to banks and AED 437.2 billion went to customers. In February, transfers amounted to approximately AED 1.214 trillion, including AED 784.7 billion to banks and AED 430 billion to customers.

It is noteworthy that the UAEFTS is the main transfer system developed by the CBUAE since August 2001, facilitating the immediate transfer of funds between the parties involved in the system.

Read more: UAE Central Bank’s general budget hits record high of AED 560 bn

In another context, Central Bank statistics showed that the value of clearing circulating checks using their copies amounted to 194.6 billion dirhams, distributed over 3.57 million checks during the first two months of the year, at 97.9 million dirhams for about 1.825 million checks in January and 96.7 million dirhams for about 1.752 million checks in February.

The findings also showed that the value of cash deposits in the central bank during January and February of this year amounted to AED 27.401 billion, including AED 27.4 billion in paper currency deposits and AED 43.5 million in coin deposits.

Moreover, the value of cash withdrawals from the central bank amounted to approximately AED 30.99 billion during January and February, including AED 30.98 billion in paper currency withdrawals and AED 10.9 million in coin withdrawals.

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