UAE Funds Transfer System Transactions Up 17 Percent to $2.15 Trillion in First Five Months of 2024

The May 2024 Monthly Statistical Bulletin released by the Central Bank of the United Arab Emirates reveals that there has been significant growth in total banking transactions.

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This report illustrates the strong performance and growth of the United Arab Emirates’ financial sector, showing resiliency and expansion.

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Value of transactions Totaling to around AED7.9 trillion ($2.15 trillion) in the first five months of 2024 through UAE Funds Transfer System (UAEFTS).

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These transactions are categorised into interbank transfers and customer-to-bank transfers. Interbank transfers amounted to AED4.968 trillion

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The Image Cheque Clearing System (ICCS) performance was equally impressive, with a total value of AED544.4 billion cleared over 9.33 million cheques during the first five months of 2024.

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The central bank’s report also details cash management trends and shows that the value of cash deposits at the Central Bank reached AED75.1 billion for the first five months of 2024,

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