The value of transactions executed in the UAE banking sector through the UAE Fund Transfer System (UAEFTS) exceeded Dh17 trillion in 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
The data showed that the value of transactions executed through the system reached Dh17.159 trillion during the period from January to December last year, an annual increase of 35% compared to transactions worth Dh12.708 trillion executed during the same period of 2022.
Out of the total value, Dh11.018 trillion amounted to interbank transfers, while Dh6.14 trillion were identified as transfers between bank customers.
The transactions were distributed over the months of 2023 as follows:
The CBUAE-developed UAE Fund Transfer System (UAEFTS) 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 Dh1.263 trillion, distributed over 22.1 million cheques during 2023.
On the other hand, the value of cash deposits at the CBUAE during the past year reached Dh170.14 billion, including Dh170.1 billion in paper currency deposits and Dh16.06 million in coin deposits.
The value of cash withdrawals reached Dh183.6 billion during 2023, including Dh183.59 billion in paper currency withdrawals and Dh60 million in coin withdrawals.
The CBUAE has recently become a part of the “AFAQ” Payments System, operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks.
