ABU DHABI: The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more than AED3 trillion during January and February, 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

Statistics showed that bank-to-bank transfers and customer-to-customer transfers conducted in the reference period stood at AED1.883 trillion and AED1.078 trillion respectively.

Statistics also noted that January was the busiest month with dirham-denominated transfers standing at AED1.512 trillion, while AED1.449 trillion was transferred in February.

The system, which has been operational since 2001, facilitates fund transfers between banks and other financial institutions in the UAE via their accounts held with the Central Bank. The systems efficiency and governance are ensured by compliance with domestic and international standards, as well as the regulations detailed by CBUAE in the systems Rules document.