Fund transfers between UAE’s banks hit AED6.3tn

SourceEmirates Business
SectorFinancial Services
CountryUnited Arab Emirates

Fund transfers between UAE’s banks hit AED6.3tn Admin 34 mins ago Local NewsAbu Dhabi / WAMThe total value of fund transfers among the UAE’s banks amounted to AED6.307 trillion during the first eight months of this year, according to the statistics released by the central bank of the UAE. The bank fund transfers during the reference period hit AED4.051 trillion, while individual transfers stood at AED2.255 trillion. The transactions are made via 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 banks in UAE have been mandated to use more...