• Thu. Apr 25th, 2024

UAE’s Banking Sector Shines in January 2024 with 1.512 Trillion Dirhams in Transactions

BySamantha Nguyen

Apr 3, 2024
Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

The UAE banking sector recorded a staggering 1.512 trillion dirhams in transfers carried out through the UAE Financial Transfer System (UAEFTS) in January 2024. Of this total, a massive 973.69 billion dirhams were bank-to-bank transfers, while an impressive 538.94 billion dirhams were customer-to-customer transfers.

Compared to January 2023, the value of transfers increased by 24.43% to reach an impressive 1.215 trillion dirhams, showcasing the continued growth of the country’s banking sector. Developed by the Central Bank in August 2001, the UAEFTS is the primary transfer system in the country that facilitates instant fund transfers between entities.

Meanwhile, Central Bank statistics reveal that clearing checks using images totaled 109.47 billion dirhams in January 2024, with a whopping 1.96 million cheques settled through the check clearing system during that month.

In other news, OnlyFans has announced its decision to depart from adult content, sparking conversations among individuals about striking a balance and seeking advice on various topics. Discussions on different resources and diverse conversations ranging from BMW enthusiasts sharing pictures of their cars to mathematics education are common topics of interest in online forums and communities.

Overall, it’s clear that both online and offline platforms continue to play important roles in shaping public discourse and facilitating economic growth in the UAE.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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