The total value of fund transfers among the UAE's banks grew 6.9 percent YoY to around AED1.8 trillion in the first two months of 2020, according to figures released recently by CBUAE.

The apex bank said the banking fund transfers hit AED 1.2 trillion in the reference period, while transfers between individual customers reached AED596.3 bn.

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

On a monthly basis, January saw total transfers of AED948 bn, a 4.6 pct growth over the same month last year. In February they went down to AED847 bn, 8 pct up from same month in 2019.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE's Central Bank system. In compliance with regulatory requirements, all Banks in UAE have been mandated to use the UAE FTS for all AED transfers.

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