AED745.27 bn in fund transfers between UAE banks in January

ABU DHABI, The total value of fund transfers among the UAE’s banks amounted to AED745.27 billion in January 2021, according to the statistics released by the Central Bank of the United Arab Emirates today.

Reflecting a rebound in economic activities that generate momentum across all business units, the bank fund transfers during the reference period hit around AED468.461 bn, while individual transfers stood at around AED276.816 bn.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

In the meantime, a total of 1.771 million cheques were circulated worth AED82.22 in January, which accounts for around 8.3 percent of the total handled in 2020. Bank withdrawals during the reference period valued around AED 13.99 bn.

Deposits reached AED13.915 bn, AED13.911 bn of which are in banknotes and the rest in coins, according to the financial regulator’s figures.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE’s Central Bank system. In compliance with regulatory requirements, all banks in UAE have been mandated to use the UAE FTS for all AED transfers.

 

Source: Emirates News Agency

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