The total value of fund transfers between the UAE's banks amounted to AED10.997 trillion in the first eight months of the year, up 35.6 % from the same period last year, according to statistics released by the Central Bank of the United Arab Emirates.
The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.
In the meantime, a total of 14.63 million cheques were circulated worth AED826 bn during the reference period.
The deposits reached AED115.762 bn, AED115.755 bn of which are in banknotes and the rest in coins, according to the financial regulator's figures.
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 the UAE have been mandated to use the UAEFTS for all AED transfers.
News Source: Emirates News Agency
