Fund transfers between UAE's banks amount to $1.4trln in six months

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ABU DHABI: The total value of fund transfers among the UAE's banks amounted to AED5.054 trillion during the first six months of 2020, according to the statistics released by the Central Bank of the United Arab Emirates today.

The bank fund transfers during the reference period hit AED3.24 trillion, while individual transfers stood at AED1.814 trillion.

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, March saw the total transfers by individuals and banks altogether cross the one trillion dirham mark, with January recording AED948 bn, and February AED847 bn. The rest is divided over the remaining months of the reference 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.

In the meantime, total withdrawals from the CBUAE during the reference period valued around AED116.13 bn, AED116.099 bn of which are banknotes and the remainder in coins.

Deposits reached AED103.715 bn, AED103.711 of which are in banknotes and the rest in coins, according to the financial regulator's figures.