Abu Dhabi, UAE – The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more than AED 3.89 trillion ($1.06 trillion) in the first quarter of 2023, a YoY increase of 35.2 percent over the corresponding period in 2022, according to statistics released by the Central Bank of the United Arab Emirates (CBUAE).
Statistics showed that bank transfers and customer transfers conducted in the period under review stood at AED 2.47 trillion ($674.32 billion) and AED 1.21 trillion ($329.90 billion) respectively.
Statistics also noted that March was the busiest month with dirham-denominated transfers standing at AED 1.46 trillion ($397.82 billion).
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.