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UAE banks fund transfers grow by 7.8%

The total value of fund transfers among the UAE’s banks amounted to AED906.4 billion during January 2019, a growth of 7.8 percent from AED840.6 bn over January 2018.

According to the UAE Central Bank figures, AED632.7 of the January transactions were transferred to banks and circa AED273.3 bn to individuals.

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

In the meantime, a total of 2.3 million cheques worth AED105.4 bn were handled by the UAE Clearing Cheque System during January 2019, according to CBUAE, with withdrawals valued at AED17.85 bn during the same month.

The figures released by the CBUAE indicated noticeable propensity to saving, with the first month of the year witnessing AED18 bn in monetary deposits, AED17.91 bn of which banknotes and AED90 million in coins. Withdrawals hit AED17.85 in the same period.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE’s Central Bank system. In compliance with regulatory requirements, all Banks in UAE have been mandated to use the UAE FTS for all AED transfers.

Source: WAM

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