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UAE interbank transfers hit Dh948B in Jan

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Cash withdrawals at UAE banks reached Dh17.946 billion in January.
Cash withdrawals at UAE banks reached Dh17.946 billion in January.

Abu Dhabi - Total foreign currency assets held by central bank up at Dh381 billion at end-2019

By Wam

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Published: Fri 21 Feb 2020, 8:39 PM

Last updated: Fri 21 Feb 2020, 10:41 PM

The total value of fund transfers among UAE banks through the Funds Transfer System rose to Dh948 billion during January 2020, according to figures from the Central Bank of the UAE.
The apex bank noted that transfers in the month saw an increase of 4.6 per cent compared to the corresponding month in 2019.
Transfers made by individuals, meanwhile, amounted to Dh312.6 billion.
Cheques cleared through the Image Cheque Clearing System were 2.066 million for a total value of Dh101.35 billion.
Cash withdrawals reached Dh17.946 billion in January, of which Dh17.940 were notes and the remaining were coins.
Foreign currency assets
Meanwhile, total foreign currency assets held by the central bank increased to Dh381 billion by the end of 2019, a year-on-year growth of 5 per cent from Dh363.27 billion, accounting for 29 per cent of total deposits held by Emirati banks, which stood at Dh1.303 trillion by the end of December.
The growth is reflective of the increased investor trust in UAE-based banks by virtue of the country's strong financial system.
Foreign currency deposits of various terms valued at about Dh245.24 billion by the end of 2019, a year-on-year growth of 6.8 per cent.
Foreign demand deposits hit Dh115.9 billion by end of December, a 10 per cent growth, while savings deposits picked up 18 per cent to Dh19.77 billion over the same period.


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