The value of transfers carried out in the country’s banking sector through the UAE Financial Transfer System (UAEFTS) reached 1.512 trillion dirhams during January 2024, according to the latest Central Bank statistics. According to statistics, the transfers carried out during January 2024 were distributed at 973.69 billion dirhams in transfers between banks and 538.94 billion dirhams in transfers between bank customers.
On an annual basis, the value of transfers increased by 24.43%, compared to 1.215 trillion dirhams in January 2023. The UAE Financial Transfer System (UAEFTS) is the main transfer system that was developed at the Central Bank of the Emirates since August 2001, as this system facilitates the transfer of funds between entities. Shared in the system immediately.
In another context, Central Bank statistics showed that the value of clearing checks in circulation using their images amounted to 109.47 billion dirhams during January 2024. The number of checks that were settled through the check clearing system during January 2024 reached 1.96 million cheques.