UAE News Today : Business

UAE banks witness 35.6% increase in fund transfers, reaching over AED 10 trillion in eight months

The total value of fund transfers between UAE banks amounted to AED 10.997 trillion in the first eight months of the year, up 35.6% from the same period last year, according to statistics released by the Bank Central United Arab Emirates.

Transactions are carried out through the UAE Funds Transfer System (UAEFTS), which allows lenders to carry out all local interbank fund transfers.

Meanwhile, a total of 14.63 million checks worth AED 826 billion were circulated during the reporting period.

Deposits reached AED 115,762 million, of which AED 115,755 million are in banknotes and the rest in coins, according to figures from the financial regulator.

FTS is a fund transfer mechanism in the UAE in which the transfer of money is made from one bank to another through the UAE Central Bank system. In accordance with regulatory requirements, all UAE banks are mandated to use the UAEFTS for all AED transfers.

News source: Emirates News Agency

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