The Banking Executive Magazine - July 2024 Issue

UAE Banking Sector UAE Banking Sector Transfers EXCEED $1.63TRLN JAN-APR 2024 The value of transfers executed in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) hit around AED6.12 trillion in the first four months of 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE). The banking operations statistics re- leased by the Central Bank showed that the value of transfers executed through the system increased by over 20 percent year-on-year (YoY) com- pared to transfers totalling about AED5.1 trillion executed from Janu- ary to April 2023. According to the statistics, transfers executed during the first four months were distributed with AED3.84 tril- lion in interbank transfers and AED2.28 trillion between bank cus- tomers. The Central Bank's statistics showed that the value of cheques cleared using the Image Cheque Clearing System (ICCS) reached AED421.74 billion at a total of 7.32 million cheques, comprising 1.96 million cheques valued at AED109.47 bil- lion in January, 1.837 million cheques valued at AED106.74 bil- lion in February, 1.855 million cheques valued at AED112.62 billion in March, and 1.66 million cheques valued at AED92.9 billion in April. Meanwhile, the value of cash de- posits in the central bank during Jan- uary 2024 reached over AED58 billion, while the value of cash with- drawals reached about AED69 bil- lion. The UAEFTS is the main transfer sys- tem developed by the CBUAE since August 2001, facilitating instant money transfers between participat- ing entities in the system. the BANKING EXECUTIVE 32 ISSUE 187 JULY 2024