12.7 trillion dirhams in financial transfers in the UAE in 8 months

The value of financial transfers that took place through the Central Bank system during the first eight months of this year amounted to 12.7 trillion dirhams, of which 8.039 trillion were transfers between banks, and 4.808 trillion were transfers between customers. Individuals also deposited financial surpluses in local banks worth 74 billion dirhams during the same period, bringing their total balance at the end of last August to 727 billion dirhams, compared to 653 billion at the end of last year, a growth of 11.3%, according to data issued yesterday by the Central Bank. The data also showed that the share of individual deposits out of total bank deposits reached 26.5% at the end of the monitoring period. Since 2020, local banks have been attracting large amounts of deposits from individuals, whether they reside inside the country or from outside it, supported by the stability of the dirham and the high interest rates that have witnessed record levels over the past four years. According to Central Bank data, savings deposits in banks also increased during the first eight months of this year, reaching 303.7 billion dirhams at the end of August, compared to 272.8 billion at the end of last December, an increase of 30.9 billion dirhams, with a growth of 11.3%. In addition, the Central Bank’s gold balance at the end of August exceeded 22 billion dirhams, compared to 18 billion at the end of last December, an increase of four billion dirhams, and a growth of 22.2%.

The number of checks that were cleared using their optical images through the Central Bank’s clearing system, by the end of last August, amounted to 14.9 million checks, with a value of 873.7 billion dirhams, from the beginning of this year until last August, while the value of financial withdrawals from the Central Bank recorded 136 billion dirhams, which were cleared. Deposits worth 126 billion dirhams.