6 trillion dirhams of money transfers through UAE banks within 6 months
The Central Bank aims to employ 7,500 Emirati cadres in the sector as part of its Emiratisation plans by the end of 2022. Archive
The value of remittances executed in the banking sector in the country through the Emirates System for Money Transfers (UAEFTS) increased to more than 6 trillion dirhams during the first six months of this year, according to the latest statistics of the Central Bank of the Emirates.
The statistics of banking operations, issued by the Central Bank today, showed that the value of remittances executed through the Emirates system for remittances increased on an annual basis by 26.5% during the first six months of this year, compared to remittances amounting to about 4.748 trillion dirhams executed during the first six months of 2021. .
According to the statistics, the transfers executed during the first six months of 2022 were distributed at 3.627 trillion dirhams transfers between banks and 2.383 trillion dirhams transfers between bank customers.
The month of June accounted for the largest share of the total transfers executed during the first half with 1.162 trillion dirhams, then the month of March with 1.154 trillion dirhams, while transfers in May reached 884.54 billion dirhams, about 1.082 trillion dirhams in April, 861.8 billion dirhams in February and 864. 7 billion dirhams for January 2022 transfers.
The UAE Funds Transfer System (UAEFTS) is the main transfer system that has been developed at the Central Bank of the Emirates since August 2001. This system facilitates the transfer of funds between the parties participating in the system immediately.
In another context, Central Bank statistics showed that the value of clearing checks traded using their images amounted to 607.12 billion dirhams during the first six months of this year, an increase of 13.2% compared to 536.05 billion dirhams during the first six months of 2021.
The number of checks settled through the system increased Clearing checks during the first six months of this year increased by 2.1% to reach 10.886 million checks, compared to 10.659 million checks in the first six months of 2021.
June accounted for the largest share of the value of check clearing traded in the first six months of this year at 116.6 billion, then March with 108.03 billion dirhams, about 92.02 billion dirhams in January, about 90.69 billion dirhams in February, about 98.79 billion dirhams in April and 100 .96 billion dirhams last May.
On the other hand, statistics showed that the value of cash deposits in the Central Bank during the first six months of this year amounted to 97.351 billion dirhams, and it included 97.348 billion dirhams in paper currency deposits and 3.257 million dirhams in coins.
While the value of cash withdrawals from the Central Bank amounted to about 103.63 billion dirhams during the first six months of this year, it included 103.6 billion dirhams withdrawals in paper currencies and 27.19 million dirhams in coins.
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