April 14, 2024 2:04 pm
Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

The UAE banking sector reported a total of 1.512 trillion dirhams in transfers carried out through the UAE Financial Transfer System (UAEFTS) in January 2024. Of this amount, 973.69 billion dirhams were transfers between banks, while 538.94 billion dirhams were transfers between bank customers.

Central Bank statistics indicate that the value of transfers in January 2024 increased by 24.43% compared to January 2023, reaching a total of 1.215 trillion dirhams. The UAEFTS, developed by the Central Bank in August 2001, is the main transfer system in the country that enables the immediate transfer of funds between entities.

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