Banking sector financial transfers exceed Dhs9.5 trillion in 5 months

The value of transfers executed in the country’s banking sector through the UAE Funds Transfer System (UAEFTS) reached Dhs9.528 trillion during the first five months of this year.

According to Banking Operations Statistics issued today by the Central Bank of the UAE (CBUAE), the value of transfers carried out by banks amounted to Dhs5.963 trillion, distributed as follows: Dhs1.1 trillion in January, Dhs983.99 billion in February, Dhs1.238 trillion in March, Dhs1.273 trillion in April, and Dhs1.089 trillion in May.

The value of transfers executed by customers exceeded Dhs3.834 trillion, including Dhs677.65 billion in January, Dhs649.48 billion in February, Dhs791.313 billion in March, Dhs879.94 billion in April, and Dhs836.157 billion in May.

As for cheques, banking operations statistics for May showed that the value of cheques cleared using their images exceeded Dhs603.161 billion during the first five months of the year, while the number of cleared cheques reached around 9.6 million.

The value of cheques cleared in May alone stood at Dhs131.49 billion, covering more than 2 million cheques.

According to Central Bank data, the value of cash withdrawals from the Central Bank during the first five months of this year reached Dhs99.791 billion, while cash deposits amounted to Dhs83.9 billion.

Banking indicators issued on Tuesday by the Central Bank also showed a 1.8 percent monthly increase and a 7.2 per cent increase during the first five months in the value of banks’ investments, reaching Dhs788 billion by the end of May compared to Dhs774.3 billion at the end of April and Dhs734.8 billion at the end of last year.

WAM