Abu Dhabi – Mubasher: The total value of fund transfers among the UAE's banks increased by 14.5% to around AED 8.7 trillion during 2017, compared to 2016.

The transfers are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers. 

Money transfers hit AED 2.5 trillion in the third quarter of 2017, representing 28.7% of total value.

Fund transfers amounted to AED 2.3 trillion in Q4-17, making up 26.4% of the total value, while they stood at AED 2.2 trillion, representing 25.2% during Q2-17.

Emirati banks' transfers reached AED 1.8 trillion in Q1-17, making up 20.7% of the total value.

Month-on-month, October was the most active in money transfers with AED 636 billion, followed by January with AED 620 billion, August with AED 597.2 trillion, and February with AED 587 billion.