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Transfers amounting to 1.51 trillion dirhams made between banks and individuals in the Emirates in January 2024


Apr 3, 2024

The value of transfers conducted in the banking sector of the UAE through the UAE Financial Transfer System (UAEFTS) in January 2024 reached 1.512 trillion dirhams, according to recent statistics from the Central Bank. The transfers in January 2024 were split between 973.69 billion dirhams in transfers between banks and 538.94 billion dirhams in transfers between bank customers.

On a yearly basis, the value of transfers saw a 24.43% increase from 1.215 trillion dirhams in January 2023. The UAEFTS is the primary transfer system developed by the Central Bank since August 2001, facilitating the immediate transfer of funds between entities.

Additionally, Central Bank statistics indicated that the value of clearing checks using their images amounted to 109.47 billion dirhams in January 2024. The number of checks settled through the check clearing system during that month was 1.96 million cheques.

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