Today's Edition
The total value of fund transfers between the UAE's banks amounted to Dh10.997 trillion in the first eight months of the year, up 35.6 percent from the same period last year, according to statistics released by the Central Bank of the United Arab Emirates.
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 14.63 million cheques were circulated worth Dh826 billion during the reference period.
The deposits reached Dh115.762 billion, Dh115.755 billion of which were 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 the UAE have been mandated to use the UAEFTS for all AED transfers.
