The Central Bank of the United Arab Emirates (CBUAE) has recently released statistics revealing that the Image Cheques Clearing System (ICCS) processed a significant volume of 5.56 million cheques, amounting to a total value of AED 306.4 billion, during the first quarter of 2023.
This data highlights the continued reliance on cheques as a prominent payment method in the UAE’s financial landscape and emphasizes the robustness of the country’s clearing system.
The figures demonstrate the substantial financial transactions being carried out and provide insights into the overall economic activity within the UAE.
Statistics noted that March was the busiest month with a total value of cleared cheques standing at AED111.7 billion.
Cash deposits at the Central Bank of the UAE reached AED 39.392 billion, including AED 39.39 billion in notes, against cash withdrawals of AED 46.325 billion, including AED 46.3 billion in notes.
ICCS was introduced by UAE Central Bank to improve clearing cycles of cheques and streamline the local clearing. In order to participate in the UAE ICCS banks should have a safe, secure, efficient, and robust payment application.