The value of transactions carried out in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) surged to AED19.898 trillion ($5.4 trillion) during 2024, according to the most recent statistics from the Central Bank of the UAE (CBUAE).
This marks a year-on-year rise of 15.9 percent, in contrast to transactions amounting to AED17.159 trillion ($4.67 trillion) executed during the same timeframe in 2023.
According to the Monthly Banking Operations Statistics (2019-2024), released by the CBUAE on Thursday, bank transfers saw an approximate increase of 13.3 percent, totaling AED12.491 trillion ($3.4 trillion) in 2024, up from AED11.018 trillion in 2023. In parallel, customer transfers experienced a notable rise of about 20 percent, exceeding AED7.4 trillion in 2024, compared to nearly AED6.14 trillion in 2023.
On a monthly basis, the value of transfers escalated in December 2024 to around AED1.878 trillion, compared to roughly AED1.707 trillion in December 2023.
Read more: CBUAE: Gross banks’ assets rise 2.4 percent to $1.24 billion at end of December 2024
Circulated checks
Concerning circulated checks, banking transaction statistics indicated a 5.66 percent rise in the value of checks processed through the Image Cheque Clearing System (ICCS), surpassing AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023.
The overall number of circulated checks reached 22.59 million in 2024, in contrast to 22.12 million in 2023.
