In an increase that reflects the return of momentum to economic activity

437 billion dirhams, the value of checks circulated in the market within 5 months

The value of the checks in circulation reached 420 billion dirhams by the end of May 2020. Archive

The checks circulated in the market recorded an increase in value during the first five months of this year, compared to the same period in 2020, to reach 437 billion dirhams at the end of last May, compared to 420 billion at the end of May 2020, an increase of 17 billion dirhams.

The rise in the value of checks circulating in the market reflects the return of momentum to economic activity after a period of downturn that accompanied the spread of the Corona virus, according to statistics issued yesterday by the Central Bank.

Statistics showed that the same number of checks decreased during the first five months of this year to eight million and 852 thousand checks, compared to eight million and 867 thousand checks at the end of May 2020, a decrease of 15 thousand checks.

According to the Central Bank, the average number of checks collected daily through the check clearing system using its forms is 97,000 checks, with a value of 3.8 billion dirhams.

The Central Bank started operating the check clearing system using its images in July 2008, and currently provides the ability to collect the check on the same day.

This system is one of the payment systems provided by the Central Bank along with other systems that contribute to supporting the financial and economic sector in the UAE. Payment systems are monitored through a specialized unit in the bank, in order to enhance their effectiveness and reduce their risks.

The list of payment systems supervised by the Central Bank includes the Emirates System for Remittances, which was established in 2001, and is the most widely used of the financial and economic sectors, as the number of daily transfers through it exceeds 8000.

The number of banks participating in this system is 53 commercial banks, 21 federal ministries, in addition to five exchange houses and two non-banking institutions, according to Central Bank statistics.

According to the data, the value of cash withdrawals from the Central Bank during the first five months of this year amounted to 78.5 billion dirhams, compared to deposits of 77.2 billion dirhams.

Bank transfers between each other, as well as customer transfers that take place through the Emirates system for financial transfers, amounted to 3.87 trillion dirhams.

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