UAE – Mubasher: The total value of fund transfers through the UAE banks via the Funds Transfer System (UAEFTS) increased by 7.7% year-on-year (YoY) during the first quarter of 2020, according to the Emirates News Agency (WAM).

The value of fund transfers totalled around AED 2.8 trillion during the first three months of 2020, compared to AED 2.6 trillion in the same period of 2019, as shown by the latest data by the Central Bank of the UAE (CBUAE).

The fund transfers among individuals amounted to nearly AED 938 billion in Q1-20, while the UAE interbank fund transfers reached AED 1.86 trillion.

On a monthly basis, the money transfers recorded around AED 1 trillion in March, compared to AED 848 billion in February and AED 948 billion in January.

Meanwhile, the CBUAE witnessed deposits valued at around AED 57.2 billion during the January-March period, while the cash withdrawal from the central bank amounted to AED 68.67 billion.