UAE News Today : Business

UAEFTS records notable AED 15.4 billion in banking transactions

The value of transactions carried out in the banking sector within the country through the UAE Fund Transfer System (UAEFTS) increased to approximately AED 15.4 trillion during the first 11 months of 2023, according to the latest statistics from the Central Bank of the United Arab Emirates (CBUAE).

This represents a year-on-year increase of 34.5 percent, compared to transactions totaling around AED 11.49 trillion made during the same period in 2022.

The transfers executed comprised AED 9.907 billion in interbank transfers and AED 5.543 billion in transfers between bank clients.

Transfers for January 2023 amounted to AED 1.215 trillion, approximately AED 1.214 trillion in February and AED 1.46 trillion in March. Furthermore, they reached around AED 1.172 billion in April, AED 1.68 billion in May and AED 1.261 billion in June. The figures for July were AED 1.52 billion, AED 1.47 billion in August and AED 1.38 billion in September. In October, transfers amounted to AED 1.51 trillion and in November to AED 1.55 trillion.

He UAEFTS is the main transfer system developed by the CBUAE since August 2001. This system facilitates instant money transfers between entities registered in the system.

News source: Emirates News Agency

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