Inter bank transfers reached AED948 bn in January 2020: CBUAE

ABU DHABI The total value of fund transfers among UAE's banks through the Funds Transfer System, UAEFTS, rose to AED948 billion during January 2020, according to the UAE Central Bank, CBUAE, figures.

The apex bank noted that the inter bank transfers in the reference month saw an increase of 4.6 percent as compared with the corresponding month in 2019.

The figures showed that transfer made by individuals amounted to AED312.6 billion.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one bank to another through the UAE's Central Bank system.

Cheques cleared through the Image Cheque Clearing System totalled 2.066 million at a total value of AED101.35 billion.

Cash withdrawal reached AED 17.946 billion in January 2020, of which AED17.940 were notes and the remaining were coins.

Source: WAM Emirates News Agency