The Central Bank of the United Arab Emirates (CBUAE) has released statistics revealing a significant rise in the gross value of interbank fund transfers through the UAE Fund Transfer System (UAEFTS). In the first quarter of 2023, the value reached over AED 3.89 trillion, marking a year-on-year increase of 35.2 percent compared to the same period in 2022.
This data showcases the continued growth and vibrancy of the UAE’s financial sector, highlighting the substantial volume of interbank transactions taking place within the country. The statistics underline the robustness of the UAEFTS as a secure and efficient platform for fund transfers, reflecting the ongoing development and innovation in the UAE’s banking industry.
Statistics showed that bank transfers and customer transfers conducted in the period under review stood at AED 2.47 trillion and AED 1.21 trillion respectively.
Statistics also noted that March was the busiest month with dirham-denominated transfers standing at AED1.46 trillion.
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 system’s efficiency and governance are ensured by compliance with domestic and international standards, as well as the regulations detailed by CBUAE in the system’s Rules document.
