The interbank fund transfers through the UAE Fund Transfer System posted a 35.2 percent jump in the first quarter of this year to reach AED3.89 trillion.
Bank transfers and customer transfers conducted during the January-March quarter were to the tune of AED2.47 trillion and AED1.21 trillion respectively, according to statistics released by the Central Bank of the United Arab Emirates (CBUAE).
The apex bank data also revealed that March was the busiest month with dirham-denominated transfers standing at AED1.46 trillion.
The country’s fund transfer system, which has been operational since 2001, facilitates fund transfers between banks and other financial institutions in the UAE via their accounts held with the central bank.
The system’s efficiency and governance are ensured by compliance with domestic and international standards, as well as the regulations detailed by CBUAE in the system’s rules document.
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