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11.5 trillion dirhams of financial transfers through UAE banks within 11 months

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The value of transfers carried out in the banking sector in the country through the UAE Financial Transfer System (UAEFTS) increased to nearly 11.5 trillion dirhams during the first 11 months of last year 2022, according to the latest statistics of the UAE Central Bank.

The statistics of banking operations, issued by the Central Bank today, showed that the value of transfers executed through the Emirates Remittances System increased on an annual basis by 33% during the first 11 months of last year, compared to transfers amounting to about 8.65 trillion dirhams executed during the first 11 months of the year. 2021.

According to the statistics, the transfers carried out during the first 11 months of 2022 were distributed, with 7.04 trillion dirhams, transfers between banks, and 4.45 trillion dirhams, transfers between bank customers.

The month of November accounted for the largest share of the total transfers executed during the first 11 months, by 1.186 trillion dirhams, then June 1.162 trillion dirhams, and March by 1.154 trillion dirhams, while October transfers reached 1.08 trillion dirhams, September to 1.1 trillion dirhams, and August to 1.06 trillion dirhams. July to 1.033 trillion dirhams, 1.08 trillion dirhams in April, 884.5 billion dirhams in May, 861.8 billion dirhams in February, and 864.7 billion dirhams in January 2022.

The Emirates Money Transfer System /UAEFTS/ is the main transfer system that has been developed in the UAE Central Bank since August 2001, as this system facilitates the transfer of funds between the entities participating in the system in real time.

In another context, Central Bank statistics showed that the value of clearing circulating checks using their copies amounted to 1.12 trillion dirhams, distributed over 19.96 million checks, during the first 11 months of last year.

June won the largest share of the value of clearing checks traded during the first 11 months of 2022, at 116.6 billion dirhams, then March 108.03 billion dirhams, about 105.8 billion dirhams in November, 103.8 billion dirhams in October, 105.9 billion in September and 103. 6 billion dirhams in August, 97.04 billion dirhams in July, 92.02 billion dirhams in January, 90.6 billion dirhams in February, 98.79 billion dirhams in April and 100.9 billion dirhams last May.

On the other hand, the statistics showed that the value of cash deposits in the Central Bank during the first 11 months of 2022 amounted to 177.14 billion dirhams, and included 177.1 billion dirhams in paper currencies and 21.4 million dirhams in coins.
While the value of cash withdrawals from the Central Bank amounted to about 186.5 billion dirhams during the first 11 months of 2022, and included 186.4 billion dirhams in paper currencies and 46.23 million dirhams in coins.