Exceeded 7 trillion dirhams in 7 months
Remittances through UAE banks to the highest level in 6 years
Transfers between banks recorded 4.281 trillion dirhams.
The value of remittances carried out in the banking sector in the country, through the Emirates system for remittances, increased to more than seven trillion dirhams during the first seven months of this year, according to the latest statistics of the Central Bank.
According to statistics, this is the largest proceeds of remittances during a seven-month period, which has taken place for nearly six years.
The statistics of banking operations, issued by the Central Bank, yesterday, showed that the value of remittances executed through the Emirates system for remittances increased on an annual basis by 29.4% during the first seven months of this year, compared to transfers amounting to about 5.44 trillion dirhams, executed during the seven months. The first of 2021. According to the statistics, the transfers executed during the first seven months of this year were distributed at 4.281 trillion dirhams transfers between banks, and 2.763 trillion dirhams transfers between bank customers.
June accounted for the largest share of the total transfers executed during the first seven months, at 1.162 trillion dirhams, then March with 1.154 trillion dirhams, while July transfers reached 1.033 trillion dirhams, about 1.082 trillion dirhams in April, and 884.5 billion dirhams in May, 861.8 billion dirhams in February, and 864.7 billion dirhams in January 2022.
The UAE Funds Transfers System (UAEFTS) is the main transfers system, which 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.
In addition, banks operating in the country provided the trade and industry sectors with financing and credit facilities worth approximately 33 billion dirhams during the first seven months of this year.
She explained that the total bank financing for industry and commerce at the end of last July amounted to 806 billion dirhams, compared to 773 billion dirhams at the end of December last year, a growth of 4.3%.
The statistics showed that the total credit provided to all sectors, residents and non-residents during the same period amounted to 63.4 billion dirhams, and thus the trade and industry sector acquired a share equivalent to 52% of bank financing during the first seven months of 2020.
In another context, Central Bank statistics showed that the value of clearing checks circulating using their images amounted to 704.17 billion dirhams during the first seven months of this year, an increase of 13.1%, compared to 622.47 billion dirhams during the first seven months of 2021.
The number of checks that were settled through the check clearing system during the first seven months of this year increased by 1.7%, to reach 12.53 million checks, compared to about 12.3 million checks in the first seven months of 2021.
June accounted for the largest share of the value of check clearing traded in the first seven months of this year, at 116.6 billion, then March with 108.03 billion dirhams, about 97.04 billion dirhams in July, 92.02 billion dirhams in January, and 90.69 billion dirhams in February, 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 seven months of this year amounted to 116.728 billion dirhams, which included 116.723 billion dirhams in paper currency deposits, and 5.088 million dirhams in coins.
While the value of cash withdrawals from the Central Bank amounted to about 119.86 billion dirhams during the first seven months of this year.
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