UAE interbank fund transfers hit AED1.684 trillion in January, February

Photo: WAM

The total value of fund transfers among the UAE's banks grew to AED1.684 trillion during January and February 2019, from AED1.6 trillion during the corresponding period in 2018.

According to the UAE Central Bank figures, AED1.163 trillion of the two months' transactions were transferred to banks and circa AED520.7 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.

On a monthly basis, January saw the transfers of AED632.716 bn to banks and AED273.727 bn to individuals, while AED531.126 bn were via banks and AED246.976 involved individuals in the next month.

In the meantime, withdrawals from CBUAE during the two months hit AED34.26 bn and deposits hit AED32.6 bn, AED17.921 bn of which in January which saw withdrawals of AED17.852 bn, indicating a noticeable propensity toward saving.

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.

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