Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

Central Bank statistics for January 2024 reveal that transfers carried out through the UAE Financial Transfer System (UAEFTS) totaled 1.512 trillion dirhams. This is an increase of 24.43% compared to January 2023, when the total value of transfers was 1.215 trillion dirhams. The UAEFTS, developed by the Central Bank in August 2001, facilitates the immediate transfer of funds between entities and is the main transfer system in the country.

Central Bank statistics also show that clearing checks using their images in January 2024 totaled 109.47 billion dirhams, with 1.96 million cheques settled through the check clearing system during that month.

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