The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to approximately AED15.4 trillion during the first 11 months of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).

This represents a year-on-year increase of 34.5 percent, compared to transactions totalling around AED11.49 trillion carried out during the same period in 2022.

The executed transfers comprised AED9.907 trillion in interbank transfers and AED5.543 trillion in transfers between bank clients.

The transfers for January 2023 amounted to AED1.215 trillion, approximately AED1.214 trillion in February, and AED1.46 trillion in March. Additionally, they reached about AED1.172 trillion in April, AED1.68 trillion in May, and AED1.261 trillion in June. The figures for July were AED1.52 trillion, AED1.47 trillion in August, and AED1.38 trillion in September. In October, the transfers amounted to AED1.51 trillion, and in November, they totalled AED1.55 trillion.

The UAEFTS is the primary transfer system developed by the CBUAE since August 2001. This system facilitates instant money transfers between entities registered in the system.

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