Latest news with #ImageChequeClearingSystem
Hi Dubai
09-05-2025
- Business
- Hi Dubai
UAE Banking Sector Sees AED3.4 Trillion in Fund Transfers as Activity Surges
The UAE's banking sector recorded a sharp rise in domestic fund transfers in the first two months of 2025, with total transaction values reaching AED3.4 trillion, marking a 15.5 percent increase compared to the same period last year, according to data released by the Central Bank of the UAE (CBUAE). Bank-driven transfers led the surge, amounting to AED2.093 trillion in January and February combined. January accounted for AED1.1 trillion, while February saw AED983.99 billion in transactions. Transfers by customers and institutions also showed strong momentum, totaling AED1.327 trillion over the two-month period. Cheque usage remained robust, with 3.875 million cheques processed via the Image Cheque Clearing System (ICCS) at a combined value of AED234.64 billion—up from AED216.218 billion during the same period in 2024. In February alone, 1.828 million cheques worth AED116.165 billion were circulated. Cash activity through the Central Bank also reflected ongoing liquidity movement. Withdrawals hit AED41.131 billion, while deposits stood at AED31.115 billion over the two-month span. Bank investments continued to grow, increasing 2.1 percent in February alone and 3.1 percent since the start of the year. Total investments climbed to AED758.5 billion by the end of February, compared to AED742.9 billion in January and AED735.6 billion at the close of 2024. The latest figures underscore the UAE's strong financial momentum in early 2025, reflecting active institutional and consumer participation in the banking ecosystem and steady investment growth across the sector. News Source: Emirates News Agency
ARN News Center
13-03-2025
- Business
- ARN News Center
UAEFTS processes AED 19.89 trillion in transactions in 2024
The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to AED 19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE). The figures are a year-on-year increase of 15.9 per cent, compared to transactions totalling AED 17.159 trillion carried out during the same period in 2023. According to the Monthly Banking Operations Statistics (2019- 2024), issued by the CBUAE on Thursday, bank transfers increased by approximately 13.3 per cent to AED 12.491 trillion in 2024, compared to AED 11.018 trillion in 2023. Meanwhile, customer transfers rose by about 20 per cent, surpassing AED 7.4 trillion in 2024, compared to approximately AED 6.14 trillion in 2023. On a monthly basis, the value of transfers increased in December 2024 to approximately AED 1.878 trillion, compared to around AED 1.707 trillion in December 2023. Regarding circulated checks, banking transaction statistics showed a 5.66 per cent increase in the value of checks processed using the Image Cheque Clearing System (ICCS), surpassing AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023. The total circulated checks reached 22.59 million in 2024, compared to 22.12 million in 2023.
Dubai Eye
13-03-2025
- Business
- Dubai Eye
UAEFTS processes AED 19.89 trillion in transactions in 2024
The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to AED 19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE). The figures are a year-on-year increase of 15.9 per cent, compared to transactions totalling AED 17.159 trillion carried out during the same period in 2023. According to the Monthly Banking Operations Statistics (2019- 2024), issued by the CBUAE on Thursday, bank transfers increased by approximately 13.3 per cent to AED 12.491 trillion in 2024, compared to AED 11.018 trillion in 2023. Meanwhile, customer transfers rose by about 20 per cent, surpassing AED 7.4 trillion in 2024, compared to approximately AED 6.14 trillion in 2023. On a monthly basis, the value of transfers increased in December 2024 to approximately AED 1.878 trillion, compared to around AED 1.707 trillion in December 2023. Regarding circulated checks, banking transaction statistics showed a 5.66 per cent increase in the value of checks processed using the Image Cheque Clearing System (ICCS), surpassing AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023. The total circulated checks reached 22.59 million in 2024, compared to 22.12 million in 2023.
