Fund transfers between UAE’s banks amount to Dhs5.054tr

Fund transfers between UAE’s banks amount to Dhs5.054tr

Fund transfers between UAE's banks amount to Dhs5.054tr

42 minutes ago

The bank fund transfers during 6 months period hit Dhs3.24 trillion, while individual transfers stood at Dhs1.814 trillion. WAM / File

The total value of fund transfers among the UAE's banks amounted to Dhs5.054 trillion during the first six 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 Dhs3.24 trillion, while individual transfers stood at Dhs1.814 trillion.

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, March saw the total transfers by individuals and banks altogether cross the one trillion dirham mark, with January recording Dhs948 billion, and February Dhs847