Net international reserves of the UAE’s banking sector increased by 11.1%, or AED 1.275 trillion, during the first seven months of 2024, reaching AED 1.273 trillion at the end of July, compared to AED 1.145 trillion at the end of 2023.
The Central Bank of the UAE’s June statistical bulletin, issued today, showed that the Central Bank accounted for AED 771.6 billion of the sector’s net international reserves at the end of July, marking a 14.6% increase compared to its balance of AED 673.42 billion at the end of last year, while the net international reserves of banks operating in the country reached AED501.6 billion by the end of July, an increase of 6.22% compared to AED 472.2 billion at the end of 2023.
The latest data from the central bank shows that the value of transfers executed in the banking sector in the UAE through the UAE Financial Transfer System (UAEFTS) exceeded AED 11.13 trillion during the first seven months of this year, increasing YoY by 17%, compared to AED9.5 trillion in the same period in 2023.
During the first seven months of the year, AED7.03 trillion of transfers were interbank transfers and AED4.1 trillion were transfers between bank customers.
Remittances reached AED1.512 trillion in January, AED1.449 trillion in February, AED1.565 trillion in March, AED1.592 trillion in April, AED1.78 trillion in May, AED1.42 trillion in June, and AED1.81 trillion in July 2024.
The UAE Financial Transfer System (UAEFTS) is the main remittance system developed at the Central Bank of the UAE since August 2001, which facilitates the transfer of funds between subscribers to the system in real-time.
The Central Bank’s statistics also revealed that the value of cleared cheques using their images amounted to AED765.08 billion, distributed over more than 13 million cheques during the first seven months of this year.
Cheque clearances, using their images, were distributed as follows: AED109.4 billion for 1.965 million cheques in January, AED106.7 billion for 1.837 million cheques in February, AED112.6 billion for 1.855 million cheques in March, AED 92.9 billion for 1.66 million cheques in April, AED122.7 billion for 2.01 million cheques in May, and AED102.17 billion for 1.689 million cheques in June, and AED 118.4 billion for more than 2 million cheques in July.
The statistics further indicated that the value of cash deposits at the Central Bank amounted to AED111.4 billion during the first seven months of this year, while the value of cash withdrawals from the Central Bank reached AED 120.3 billion.
