“The UAE Financial Transfer System Sees Surge in Transfers, Reaching 2.43 Trillion Dirhams in January and February 2023: Central Bank Reports”

ABU DHABI, 17th May, 2020 (WAM) — The value of transfers carried out in the banking sector in the country through the UAE Financial Transfer System (UAEFTS) increased to more than 2.43 trillion dirhams during the past January and February, according to the latest statistics of the UAE Central Bank.

Statistics of banking operations, issued by the Central Bank today, showed that the value of transfers executed through the Emirates Remittances System increased on an annual basis by 40.7% during the past January and February, compared to transfers amounting to about 1.72 trillion dirhams executed during January and February 2022.

According to the statistics, the transfers carried out during the past January and February were distributed, at a rate of 1.563 trillion dirhams, transfers between banks, and 867.3 billion dirhams, transfers between bank customers.

Transfers in January amounted to 1.215 trillion dirhams, including 778.4 billion dirhams for banks and 437.2 billion dirhams for customers, and about 1.214 trillion dirhams in February, including 784.7 billion dirhams for banks and 430 billion dirhams for customers.

It is noteworthy that the Emirates Money Transfer System /UAEFTS/ is the main transfer system that has been developed in the UAE Central Bank since August 2001, as this system facilitates the transfer of funds between the entities participating in the system in an instant.

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. .

On the other hand, the statistics showed that the value of cash deposits in the Central Bank during the past January and February amounted to 27.401 billion dirhams, and included 27.4 billion dirhams in paper currencies and 43.5 million dirhams in coins.

The value of cash withdrawals from the Central Bank amounted to about 30.99 billion dirhams during the past January and February, and included 30.98 billion dirhams in paper currencies and 10.9 million dirhams in coins.