Today's Edition
ABU DHABI (WAM)
Transactions executed in the UAE banking sector through the UAE Fund Transfer System (UAEFTS) exceeded Dh17 trillion during 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
The banking operations statistics, issued by the Central Bank on Wednesday, showed that the value of transactions executed through the system reached Dh17.159 trillion between January and December of last year.
This marks an annual increase of 35 percent compared to transactions worth Dh12.708 trillion recorded during the same period the previous year.
The transactions executed during 2023 were distributed as follows: Dh11.018 trillion for interbank transfers and Dh6.14 trillion for transfers between bank customers, according to official figures.
The transactions were distributed over the months of 2023 as follows: Dh1.215 trillion in January, Dh1.214 trillion in February, Dh1.46 trillion in March, Dh1.172 trillion in April, Dh1.68 trillion in May, Dh1.261 trillion in June, Dh1.52 trillion in July, Dh1.47 trillion in August, Dh1.38 trillion in September, Dh1.51 trillion in October, Dh1.55 trillion in November, and Dh1.7 trillion in December.
Notably, the CBUAE-developed UAE Fund Transfer System (UAEFTS) is the main transfer system and has been operational since August 2001.This system facilitates the transfer of funds between the parties participating in the system instantly.
CBUAE's statistics showed that the value of cheques cleared using Image Cheque Clearing System (ICCS) reached Dh1.263 trillion, distributed over 22.1 million cheques during 2023.
Additionally, statistics showed that the value of cash deposits at the CBUAE during the past year reached Dh170.14 billion, including Dh170.1 billion in paper currency deposits and Dh16.06 million in coin deposits.
As for the value of cash withdrawals from the Central Bank, the figure reached Dh183.6 billion during the past year, including Dh183.59 billion in paper currency withdrawals and Dh60 million in coin withdrawals.
