The UAE banking sector witnessed a substantial increase in transfer activities during January 2024, with the value of transfers executed through the UAE Funds Transfer System (UAEFTS) soaring to approximately AED1.512 trillion ($411.7 billion). Data from the Central Bank of the UAE (CBUAE) highlights a remarkable 24.4 percent annual growth in the value of transfers executed through the system, up from AED1.215 trillion in the year-ago period, reflecting the robustness of the country’s financial infrastructure.
Key insights
Transfers in January 2024 included interbank transfers totaling AED973.6 billion and transfers between bank customers amounting to AED538.9 billion. The UAEFTS, established by the CBUAE in August 2001, serves as the primary transfer system facilitating instant money transfers among participating entities.
In addition to transfers, the value of cheques cleared using the Image Cheque Clearing System (ICCS) surged to AED109.4 billion in January 2024. This figure represents a notable 11.8 percent increase in value and a 7.7 percent increase in number compared to the previous year, with a total of 1.965 million cheques processed during the month.
Source: The middle East Economy
