Value of Transfers in UAE Banking Sector Reaches 8 Trillion Dirhams in First Half of 2023

According to the Central Bank of the UAE, the value of transfers made in the UAE banking sector through the UAEFTS financial transfer system increased to more than 8 trillion dirhams in the first six months of 2023.

Increase in Transfer Value

Banking statistics released today by the Central Bank showed that the value of transfers made through the UAE Financial Transfer System amounted to AED8.01 trillion from January to June last year, up 33.3% year-on-year, compared to about AED 6.01 trillion in transfers made during this period, as was the case last year in 2022.

Distribution of Transfers

According to statistics, in the first six months of this year, transfers were distributed, of which 5.07 trillion dirhams were transfers between banks, and 2.938 trillion dirhams were transfers between bank customers.

The UAEFTS System

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

Cash Withdrawals

The amount of cash withdrawals from the Central Bank for six months amounted to about 94.94 billion dirhams, including 94.91 billion dirhams in fiat currencies and 34.08 million dirhams in coins.

Source: VAM