The UAE banking sector’s value of transactions through the UAE Funds Transfer System (UAEFTS) rose to AED7.9 trillion ($2.15 trillion) during the first five months of 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE). This represents a year-on-year increase of 17 percent compared to AED6.748 trillion during the same period in 2023.
According to the central bank’s Monthly Statistical Bulletin – Banking & Monetary Statistics for May 2024, transactions during the first five months of the year included AED4.968 trillion for interbank transfers and AED2.93 trillion for transfers between bank customers.
The UAE’s central bank reported AED1.512 trillion in transactions in January, AED1.449 trillion in February, AED1.565 trillion in March, AED1.592 trillion in April, and AED1.78 trillion in May.
The central bank’s report also reveals that the value of cheques cleared using the Image Cheque Clearing System (ICCS) reached AED544.4 billion, distributed over 9.33 million cheques during the first five months of 2024.
The value of cheques cleared in January stood at AED109.4 billion for 1.965 million cheques. In February, the ICCS cleared 1.837 million cheques worth AED106.7 billion.
Read: UAE gross bank assets surge over 10.8 percent to $1.16 trillion in May 2024
March saw 1.855 million cheques worth AED112.6 billion while April saw 1.66 million cheques worth AED92.9 billion. In May, the UAE’s ICCS cleared 2.01 million cheques worth AED112.7 billion.
In addition, the report reveals that the value of cash deposits at the Central Bank during the first five months of the year reached AED75.1 billion. Meanwhile, cash withdrawals stood at AED88.17 billion, including AED88.1 billion in banknote withdrawals and AED29.8 million in coin withdrawals.
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