ABU DHABI, 25th October / WAM / The value of money transfers in the country’s banking sector through the Emirates Financial Transfer System (UAEFTS) has touched 11 trillion dirhams in the first 8 months of this year. Figures from Emirates Central Bank.

Banking activity statistics released today by the Central Bank showed that the value of remittances through the Emirates money transfer system stood at 10.997 trillion dirhams in the period from January to last August, an increase of 35.6% on a year-on-year basis. Transfers worth about 8.1 trillion dirhams during the same period last year 2022.

According to the statistics, remittances made in the first eight months of this year were distributed as 7.019 trillion dirhams in inter-bank transfers and 3.977 trillion dirhams in transfers between bank customers.

Exchanges last January were 1.215 trillion dirhams, about 1.214 trillion dirhams in February, 1.46 trillion dirhams in March, about 1.172 trillion dirhams in April, 1.68 trillion dirhams in May, 1.261 trillion dirhams in June, 1.261 trillion dirhams in July, and 1.261 trillion dirhams in August. 1.47 trillion dirhams.

The Emirates Financial Transfer System (UAEFTS) is a major transfer system developed by the Emirates Central Bank since August 2001, as the system facilitates instant transfer of funds between participating institutions.

In another context, more than 14.63 million checks were distributed in the first eight months of this year, with a value of more than 826 billion dirhams for clearing checks in circulation using their images, central bank figures show.

97.9 billion dirhams for 1.82 million checks in January, 96.7 billion dirhams for 1.75 million checks in February, 111.7 billion dirhams for 1.98 million checks in March, and 91.7 billion dirhams for 91.7 billion cheques. Checks in April, 116.1 billion dirhams for 2.01 million checks in May, 98.9 billion dirhams for 1.59 million checks in June, 107.9 billion dirhams for 1.96 million checks in July, and 1.85 million checks in August.

On the other hand, the value of cash deposits at the central bank reached 115.762 billion dirhams in the first eight months of this year, and included 115.755 billion dirhams in paper currencies and 6.776 million dirhams in coins, the statistics showed.

In the first eight months of this year, the value of money received from the central bank reached about Dh120.05 billion, with Dh120 billion withdrawn in paper currency and Dh42.3 million in coins.