Today's Edition
ABU DHABI (WAM)
The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to approximately Dh15.4 trillion during the first 11 months of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
This represents a year-on-year increase of 34.5 percent, compared to transactions totalling around Dh11.49 trillion carried out during the same period in 2022.
The executed transfers comprised Dh9.907 trillion in interbank transfers and Dh5.543 trillion in transfers between bank clients.
The transfers for January 2023 amounted to Dh1.215 trillion, approximately Dh1.214 trillion in February, and Dh1.46 trillion in March. Additionally, they reached about Dh1.172 trillion in April, Dh1.68 trillion in May, and Dh1.261 trillion in June. The figures for July were Dh1.52 trillion, Dh1.47 trillion in August, and Dh1.38 trillion in September. In October, the transfers amounted to Dh1.51 trillion, and in November, they totalled Dh1.55 trillion.
The UAEFTS is the primary transfer system developed by the CBUAE since August 2001. This system facilitates instant money transfers between entities registered in the system.
