«Central»: 80 billion dirhams of cash deposits from the beginning of 2022 until the end of May

4.84 trillion dirhams of financial transfers through UAE banks within 5 months

Central Bank: Mars acquired the largest share of the total executed transfers.

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The value of remittances carried out in the banking sector in the country through the Emirates system for remittances, during the first five months of this year, increased to about 4.848 trillion dirhams, an increase of 25.15% compared to the same period in 2021, where the value of remittances amounted to about 3.873 trillion dirhams.

And statistics issued by the Central Bank, yesterday, indicated that the executed transfers were distributed, with 2.913 trillion dirhams transfers between banks, and 1.935 trillion dirhams transfers between bank customers.

According to statistics, March accounted for the largest share of the total remittances executed from the beginning of January until the end of May 2022, at 1.154 trillion dirhams, while remittances in May reached 884.54 billion dirhams, about 1.082 trillion dirhams for the month of April, 861.8 billion dirhams for the month of February, and 864.7 billion dirhams. One billion dirhams for January 2022 transfers.

In addition, statistics showed that the value of cash deposits in the Central Bank during the first five months of this year amounted to 80.01 billion dirhams, which included 80 billion dirhams deposits in paper currencies, and 1.331 million dirhams in coins.

She explained that the value of cash withdrawals from the Central Bank amounted to about 84.322 billion dirhams during the period from last January to the end of May, noting that it included 84.29 billion dirhams withdrawals in paper currencies and 23.69 million dirhams in coins.

In a related development, Central Bank statistics showed that the value of clearing checks circulated using their images amounted to 490.49 billion dirhams during the first five months of this year, an increase of 12.2% compared to 436.99 billion dirhams during the same period last year.

The number of checks settled through the check clearing system during the first five months of 2022 increased by 1.8 percent to 9.010 million checks, compared to 8.852 million checks in the first five months of 2021.

March won the largest share of the value of check clearing traded in the first five months of 2022, at 108.03 billion dirhams distributed over 1.991 million checks, while May acquired 100.96 billion dirhams distributed over 1.77 million checks, while January’s share was 92.02 billion dirhams distributed over 1.797 million checks.

UAE Remittance System

The Emirates Money Transfer System (UAEFTS) is the main transfer system that has been developed in the Central Bank of the Emirates since August 2001. This system facilitates the transfer of funds between the parties participating in the system immediately.

490.49

billion dirhams

The clearing value of checks circulating using their images in the first five months of 2022. 

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