UAE interbank fund transfers surge by 35.6% in 2023

The bank deposits during the span reached AED115.76 billion.

Introduction

In an impressive financial feat, fund transfers between banks in the United Arab Emirates (UAE) have seen a substantial rise of 35.6% in the first eight months of the year, reaching a staggering AED10.99 trillion, according to the latest data released.

Robust Growth in Fund Transfers

The data unveiled by the Central Bank of the United Arab Emirates reveals a robust growth in interbank fund transfers. 

This significant increase showcases the dynamism and strength of the UAE’s financial sector.

Bank Deposits Soar

Additionally, during the same period, bank deposits reached AED115.76 billion, underscoring the overall health and stability of the country’s banking and financial landscape. 

This substantial rise in deposits is indicative of continued confidence in the UAE’s banking institutions.

The data reflects the UAE’s position as a thriving financial hub and its commitment to maintaining a stable and competitive financial sector.