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The value of transfers carried out in the banking sector via the Emirates Remittances System jumped, recording record levels, as it increased by 66%, to reach 4.8 trillion dirhams during the first quarter of 2023, compared to 2.88 trillion dirhams during the corresponding period of 2022, according to Central Bank data.
The value of bank transfers in the first quarter amounted to about 2.47 trillion dirhams, while the value of individual transfers amounted to about 1.417 trillion dirhams.
The value of bank transfers during March amounted to 914.9 billion dirhams, which is a record level, and individual transfers recorded 550.59 billion dirhams. These are record levels, according to the data available from the Central Bank.
Statistics of banking operations, issued by the Central Bank today, showed that the value of transfers executed through the UAE system for financial transfers increased on an annual basis by 35.2% during the first quarter of this year, compared to transfers amounting to about 2.88 trillion dirhams executed during the first quarter of 2022.
According to the statistics, transfers carried out during the first quarter of this year were distributed, with 2.478 trillion dirhams, transfers between banks, and 1.417 trillion dirhams, transfers between bank customers.
Transfers in January reached 1.215 trillion dirhams, including 778.4 billion dirhams for banks and 437.2 billion dirhams for customers, and about 1.214 trillion dirhams in February, including 784.7 billion dirhams for banks and 430 billion dirhams for customers, in addition to 1.46 trillion dirhams in March, which includes 914.9 billion dirhams. for banks and 550.5 billion dirhams for customers.
It is noteworthy that the Emirates Remittances System is the main remittance system that has been developed in the Central Bank of the Emirates since August 2001, as this system facilitates the transfer of funds between the entities participating in the system in an instant.
On the other hand, the statistics showed that the value of cash deposits in the Central Bank during the first quarter of this year amounted to 39.392 billion dirhams, and it included 39.39 billion dirhams in paper currencies and 58 million dirhams in coins. The value of cash withdrawals from the Central Bank amounted to about 46.325 billion dirhams during The first quarter, which included 46.3 billion dirhams in banknotes and 18.2 million dirhams in coins.
