The total value of transfers between UAE banks through the UAE EFTS system increased by 7.7% to reach 2.8 trillion dirhams in the first three months of the year 2020 compared to approximately 2.6 trillion dirhams in the same period in 2019.
According to the Emirates News Agency, the statistics of the Central Bank showed that the value of transfers between banks during the period from January to March of this year amounted to 1.86 trillion dirhams, while the value of transfers between individuals amounted to approximately 938 billion dirhams in the same monitoring period.
The large increase recorded in transfers through banks is an indication of the continuing activity in the banking sector since the beginning of the year 2020.
And in detail on the monthly level, statistics show that the value of remittances through banks in the month of March of this year reached a level of approximately one trillion dirhams, whereas in the previous month of February it reached almost 848 billion dirhams and about 948 billion dirhams in January of the same year.
On the other hand, the value of cash withdrawals from the Central Bank amounted to 68.67 billion dirhams during the first quarter of 2020, of which 68.654 billion dirhams are in paper currency and about 16.6 million dirhams in the coin.
At the level of deposits with the Central Bank, it amounted to about 57.2 billion dirhams, of which 57.193 billion dirhams in paper currency and the rest in metal.
