The value of transfers executed in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) reached about AED1.512 trillion in January 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The banking operations statistics released by the Central Bank today showed that the value of transfers executed through the system increased on an annual basis by 24.4 percent compared to transfers totalling about AED1.215 trillion executed during January 2023.

According to the statistics, transfers executed during January 2024 were distributed with AED973.6 billion in interbank transfers and AED538.9 billion between bank customers.

The UAEFTS is the main transfer system developed by the CBUAE since August 2001, facilitating instant money transfers between participating entities in the system.

The Central Bank's statistics showed that the value of cheques cleared using the Image Cheque Clearing System (ICCS) reached AED109.4 billion, distributed over 1.965 million cheques during January 2024, with an annual increase of 11.8 percent in value and a 7.7 percent increase in the number compared to January 2023.

On the other hand, statistics showed that the value of cash deposits in the central bank during January 2024 reached AED15.466 billion, while the value of cash withdrawals reached about AED14.9 billion.