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UAE interbank fund transfers hit AED 3trn in 5M

UAE interbank fund transfers hit AED 3trn in 5M
Total cash deposits at the central bank stood at AED 84.75 billion in 5M

UAE – Mubasher: Total transfers implemented at the national banks through the UAE funds transfer system (UAEFTS) increased by 7.6% year-on-year to AED 3.04 trillion during the first five months of 2019, compared to AED 2.82 trillion, data by the Central Bank of the UAE (CBUAE) showed.

Total cash deposits at the central bank stood at AED 84.75 billion in the five-month period ended 31 May 2019, including AED 84.73 billion in banknotes and AED 12 million in coins, Al Bayan newspaper reported, citing the bank’s monthly statistics.

Meanwhile, total withdrawal from the CBUAE amounted to AED 96.56 billion, including cash withdrawal worth AED 96.53 billion and AED 30.9 million as coin withdrawals.

Cheques made during the January-May period of 2019 in the UAE valued at AED 517.5 billion for about 11 million cheques.

It is worth noting that March has seen the highest value of cheques made with around 2.28 million cheques worth AED 105.9 billion.

Moreover, the CBUAE quarterly review showed that the country’s total liquidity has hit an unprecedented level at the end of the first quarter of 2019.

Total liquidity stood at AED 1.63 trillion at the end of Q1-19, up 6.9% or AED 105 billion from AED 1.52 trillion in Q1-18.