UAE banks processed Dh6.74 trillion in remittances during first five months of 2023
Cash deposits with the Central Bank amounted to Dh69.52 billion
Image Credit: WAM
Dubai: UAE banks processed approximately Dh6.74 trillion in remittances through the UAE Funds Transfer System (UAEFTS) during the initial five months of 2023, the Central Bank of the UAE’s latest statistics showed.
The transfers witnessed a notable surge of 39.20 per cent compared to the same period in 2022, with the total value reaching Dh6.74 trillion in contrast to Dh4.84 trillion in the corresponding period last year. The transactions comprised Dh4.27 trillion transferred between banks and Dh2.47 trillion between bank customers.
Cash deposits with the Central Bank amounted to Dh69.52 billion, while cash withdrawals totalled Dh76.98 billion during the same period.