Tuesday 26 March 2019

UAE interbank fund transfers top $164bn in January

ABU DHABI, February 15, 2018

The total value of fund transfers among the UAE's banks amounted to Dh604.33 billion ($164.5 billion) during January, an increase of Dh60.9 billion over December 2017, a media report said.

According to the UAE Central Bank figures, the transactions of January account for 7 per cent of the total money transfer recorded throughout 2017, which stood at Dh8.7 trillion, a growth of 14.5 per cent over the transfers of 2016, reported Emirates news agency Wam.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

Money transfers hit an all-time high of Dh 2.5 trillion in the 3rd Q of 2017, representing 28.7 per cent of the total value of transactions conducted throughout the year.

In the meantime, monetary deposits in the UAE Central Bank in January amounted to around Dh21.5 billion, with money withdrawals hitting Dh19.256 billion for the same period.

Banknote deposits reached Dh21.49 billion, while coin deposits stood at Dh10 million, according to the bank.

The UAEFTS is the Real Time Gross Settlement (RTGS) system of the United Arab Emirates.

Tags: UAE | Central Bank |

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