UAEFTS sees transactions top AED17 trillion in 2023

UAEFTS

The value of transactions executed in the UAE banking sector through the UAE Fund Transfer System (UAEFTS) exceeded AED17 trillion during 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The banking operations statistics, issued by the Central Bank today, showed that the value of transactions executed through the system reached AED17.159 trillion during the period from January to December last year, an annual increase of 35 percent compared to transactions worth AED12.708 trillion executed during the same period of 2022.

According to the statistics, the transactions executed during 2023 were distributed as follows: AED11.018 trillion for interbank transfers and AED6.14 trillion for transfers between bank customers.

The transactions were distributed over the months of 2023 as follows: AED1.215 trillion in January, AED1.214 trillion in February, AED1.46 trillion in March, AED1.172 trillion in April, AED1.68 trillion in May, AED1.261 trillion in June, AED1.52 trillion in July, AED1.47 trillion in August, AED1.38 trillion in September, AED1.51 trillion in October, AED1.55 trillion in November, and AED1.7 trillion in December.

It is noteworthy that the CBUAE-developed UAE Fund Transfer System (UAEFTS) is the main transfer system and has been operational since August 2001, where this system facilitates the transfer of funds between the parties participating in the system instantly.

The Central Bank's statistics showed that the value of cheques cleared using Image Cheque Clearing System (ICCS) reached AED1.263 trillion, distributed over 22.1 million cheques during 2023.

On the other hand, the statistics showed that the value of cash deposits at the Central Bank during the past year reached AED170.14 billion, including AED170.1 billion in paper currency deposits and AED16.06 million in coin deposits.

The value of cash withdrawals from the Central Bank reached AED183.6 billion during the past year, including AED183.59 billion in paper currency withdrawals and AED60 million in coin withdrawals.