The total value of fund transfers among the UAE's banks amounted to AED604.33 billion during January 2018, an increase of AED60.9 billion over December 2017.

According to the UAE Central Bank figures, the transactions of January account for 7 percent of the total money transfer recorded throughout 2017, which stood at AED8.7 trillion, a growth of 14.5 percent over the transfers of 2016.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

Money transfers hit an all-time high of AED 2.5 trillion in the 3rd Q of 2017, representing 28.7 percent of the total value of transactions conducted throughout the year.

In the meantime, monetary deposits in the UAE Central Bank in January amounted to around AED21.5 billion, with money withdrawals hitting AED19.256 billion for the same period.

Banknote deposits reached AED21.49 billion, while coin deposits stood at AED10 million, according to the bank.

The UAEFTS is the Real Time Gross Settlement (RTGS) system of the United Arab Emirates

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