(WAM) — The total value of fund transfers among the UAE’s banks amounted to AED6.307 trillion during the first eight months of 2020, according to the statistics released by the Central Bank of the United Arab Emirates today.

The bank fund transfers during the reference period hit AED4.051 trillion, while individual transfers stood at AED2.255 trillion.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

FTS is a funds transfer mechanism in the UAE wherein transfer of money takes place from one Bank to another through the UAE’s Central Bank system. In compliance with regulatory requirements, all Banks in UAE have been mandated to use the UAE FTS for all AED transfers.

In the meantime, total withdrawals from the CBUAE during the reference period valued around AED134.77 bn, AED134.756 bn of which are banknotes and the remainder in coins.

Deposits reached AED149.88 bn, AED149.852 of which are in banknotes and the rest in coins, according to the financial regulator’s figures.