The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) reached to AED3.96 trillion in the first four months of 2022, an increase of 26.2 percent over the corresponding period in 2021, according to statistics released by the Central Bank of the United Arab Emirates (CBUAE) today.

 

Statistics noted that March was the busiest month with dirham-denominated transfers standing at AED1.1 trillion, while February was the least active month with transfers at AED861.8 billion, said a Wam news agency report.

 

Meanwhile, cheques worth AED389.54 billion were handled by the Image-based Cheque Clearing System (ICCS) in the first four months of the current year, a growth of 12 percent compared with the same period in 2021, UAECB said.

 

The statistics showed that the number of cheques processed by the ICCS increased by 2.7 percent in the January-April period to 7.24 million from 7.049 million in the same period last year.

 

The figures noted that March registered the highest value of cheques processed through the clearing system at AED108.03 billion, followed by April at AED98.79 billion, January at AED92.02 billion, and February at AED90.69 billion.