UAE transfers surge to AED6.12t in Q1 ’24

The value of transfers conducted in the UAE banking sector via the UAE Funds Transfer System (UAEFTS) reached approximately AED 6.12 trillion in the first four months of 2024, according to recent Central Bank of the UAE (CBUAE) statistics.

This represents a year-on-year (YoY) increase of over 20 per cent compared to AED 5.1 trillion during the same period in 2023. Of the total transfers, AED 3.84 trillion were interbank transactions, while AED 2.28 trillion involved transfers between bank customers.

Furthermore, the value of cheques processed through the Image Cheque Clearing System (ICCS) reached AED 421.74 billion, comprising 7.32 million cheques. This included 1.96 million cheques valued at AED 109.47 billion in January, 1.837 million cheques totalling AED 106.74 billion in February, 1.855 million cheques worth AED 112.62 billion in March, and 1.66 million cheques valued at AED 92.9 billion in April.

In January 2024, cash deposits in the central bank exceeded AED 58 billion, while cash withdrawals amounted to approximately AED 69 billion.

The UAEFTS, established by the CBUAE in August 2001, facilitates instant money transfers between participating entities in the system.

Attribution: Emirates News Agency (WAM)