CBUAE records over AED 17 trillion in transactions through UAEFTS in 2023
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The value of transactions executed in the UAE banking sector through the UAE Fund Transfer System (UAEFTS) exceeded AED 17 trillion during 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
Statistics of banking operations, issued by the central bank today, showed that the value of transactions executed through the system reached AED 17.159 trillion during the January-December period last year, a 35 percent year-on-year increase compared to transactions worth AED 12.708 trillion executed during the same period in 2022.
According to statistics, transactions executed during 2023 were distributed as follows: AED 11.018 billion for interbank transfers and AED 6.14 billion for transfers between bank clients.
Transactions were distributed over the months of 2023 as follows: AED 1.215 billion in January, AED 1.214 billion in February, AED 1.46 billion in March, AED 1.172 billion in April, AED 1.68 billion in May, AED 1.261 billion. AED billion in June, AED 1.52 billion in July, AED 1.47 billion in August, AED 1.38 billion in September, AED 1.51 billion in October, AED 1.55 billion in November and AED 1.7 billion in December.
It is noteworthy that the CBUAE developed UAE Fund Transfer System (UAEFTS) is the main transfer system and has been operational since August 2001, where this system facilitates the transfer of funds between the parties participating in the system instantly.
He of the central bank Statistics showed that the value of checks cleared through Image Check Clearing System (ICCS) reached AED 1.263 trillion, spread across 22.1 million checks during 2023.
Furthermore, statistics showed that the value of cash deposits at central bank over the past year it reached AED 170.14 billion, including AED 170.1 billion in paper currency deposits and AED 16.06 million in coin deposits.
The value of cash withdrawals from Central bank reached AED 183.6 billion over the past year, including AED 183.59 billion in paper currency withdrawals and AED 60 million in coin withdrawals.
News source: Emirates News Agency
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