12.7 trillion dirhams of financial transfers through UAE banks during 2022

ABU DHABI, February 28 / The value of transfers carried out in the banking sector in the country through the UAE Financial Transfer System (UAEFTS) increased to about 12.7 trillion dirhams during the past year 2022, according to the latest statistics of the UAE Central Bank.
The statistics of banking operations, issued by the Central Bank today, showed that the value of transfers executed through the Emirates Remittances System increased on an annual basis by 32.5%, compared to transfers amounting to about 9.59 trillion dirhams executed during the year 2021.
According to the statistics, transfers carried out during the past year 2022 were distributed, with 7.79 trillion dirhams, transfers between banks, and 4.91 trillion dirhams, transfers between bank customers.
December accounted for the largest share of the total transfers executed during 2022 at 1.218 trillion dirhams, then November 1.186 trillion dirhams, then June 1.162 trillion dirhams, March 1.154 trillion dirhams, October 1.08 trillion dirhams, September 1.1 trillion dirhams, August 1.06 trillion dirhams and July 1.033. One trillion dirhams, 1.08 trillion dirhams in April, 884.5 billion dirhams in May, 861.8 billion dirhams in February, and 864.7 billion dirhams in January 2022.
The Emirates Money Transfer System /UAEFTS/ is the main transfer system that has been developed in the UAE Central Bank since August 2001, as this system facilitates the transfer of funds between the entities participating in the system in real time.
In another context, Central Bank statistics showed that the value of clearing circulating checks using their copies amounted to 1.225 trillion dirhams, distributed over 21.8 million checks during the past year 2022, an increase of 11.8% in terms of value and an increase of 2.52% in terms of the number compared to 2021.
June won the largest share of the value of clearing checks traded during 2022, at 116.6 billion dirhams, then March 108.03 billion dirhams, about 105.8 billion dirhams in November, 103.8 billion dirhams in October, 105.9 billion in September and 103.6 billion. Dirhams in August, 101.68 billion dirhams in December, 97.04 billion dirhams in July, 92.02 billion dirhams in January, 90.6 billion dirhams in February, 98.79 billion dirhams in April and 100.9 billion dirhams last May.
On the other hand, the statistics showed that the value of cash deposits in the Central Bank during 2022 amounted to 193.68 billion dirhams, and included 193.6 billion dirhams in paper currencies and 21.4 million dirhams in coins. While the value of cash withdrawals from the Central Bank amounted to about 201.8 billion dirhams last year, and included 201.8 billion dirhams in paper currencies and 50.18 million dirhams in coins.