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Fund Transfers Between UAE’s Banks Grow 8 pc To AED7.13 bn In Eight Months

The total value of fund transfers among the UAE's banks grew eight percent to AED7.13 trillion during the first eight months of 2019, from AED6.61 trillion in the comparable period in 2018.

According to the CBUAE's figures, fund transfers from January through August hit AED4.864 trillion, in yet a new sign reflective of the ongoing economic upswing.

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, August saw the transfers of around AED504 bn among banks, with July recording AED620 bn and June AED595 bn.

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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