Dubai - Mubasher: The total value of money transfers among banks operating in the UAE grew by AED 61 billion or 11.2% year-on-year to AED 604.4 billion in January. 

Money transfers totaled AED 543.4 billion in the first month of the year, while interbank fund transfers remained below AED 16 billion, compared to AED 620 billion in January 2017, according to the UAE central bank's data.

On monthly basis, bank customers' transfers fell by AED 34 billion to AED 236 billion last month, from AED 270 billion in December 2017.

Meanwhile, customers' money transfers remained down by about AED 3 billion in January 2018, compared to AED 239 billion in the same month a year earlier, the data showed.