Fund transfers among the UAE banks amounted to Dhs6.307tr

Fund transfers among the UAE banks amounted to Dhs6.307tr

Fund transfers among the UAE banks amounted to Dhs6.307tr

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Deposits reached Dhs149.88 billion, Dhs149.852 of which are in banknotes and the rest in coins. WAM

The total value of fund transfers among the UAE's banks amounted to Dhs6.307 trillion during the first eight months of 2020, according to the statistics released by the Central Bank of the United Arab Emirates.

The bank fund transfers during the reference period hit Dhs4.051 trillion, while individual transfers stood at Dhs2.255 trillion.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

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