A statement from the Central Bank of the UAE on financial transfers and banking operations

Abdallah Shahin - | Business

A statement about remittances and banking operations, both of which have seen notable increases recently, was released by the Central Bank of the United Arab Emirates a few hours ago.

Boost the amount of money sent back home to the UAE.

According to the most recent statistics released by the United Arab Emirates Central Bank in 2022, the value of transfers that were carried out in the banking sector in the country through the Emirates Money Transfer System (UAEFTS) increased to approximately 12.7 trillion dirhams during the course of the previous year 2022.

Remittances: Statement from the Central Bank of the Dominican Republic

The statistics on banking operations that were issued by the Central Bank yesterday showed that the value of transfers that were carried out through the UAE system for financial transfers increased on an annual basis by 32.5%, in comparison to transfers that amounted to approximately 9.59 trillion dirhams and were carried out during the year 2021.

Several kinds of monetary exchanges available in the UAE

According to the available data, the total amount of money moved over the previous year was split between transfers made between banks totaling 7.79 trillion dirhams and transfers made between individual bank clients totaling 4.91 trillion dirhams.

Transactions involving money sent back home during each month of the year

With 1.218 trillion dirhams worth of transactions, the month of December accounted for the biggest share of the total transfers carried out for the year 2022.
After that, 1.186 trillion dirhams in November.
After that, 1,162 trillion dirhams in June.
March 1.154 trillion dirhams.
And 1.08 trillion dirhams for the month of October.
And September 1,100,000,000,000,000 dirhams.
And the month of August brought in 1.06 trillion dirhams.
And 1.03 trillion dirhams in the month of July
And 1.08 trillion dirhams for the month of April.
And the month of May totaled 884.5 billion dirhams.
And the month of February brought in 861.8 billion dirhams.
In January of 2022, it will be 864.7 billion dirhams.

The value of the checks that are currently in circulation is announced by the Central Bank.

According to statistics provided by the Central Bank, the value of clearing circulating checks by using their copies amounted to 1.225 trillion dirhams. This amount was distributed over 21.8 million checks over the course of the previous year. This represents an increase of 11.8% in relation to the value, and an increase of 2.52% in relation to the number compared to 2021.

The month of June had the largest share of the value of clearing checks that were traded throughout the year 2022, with 116.6 billion dirhams. This was followed by March, which had 108.03 billion dirhams, about 105.8 billion dirhams in November, 103.8 billion dirhams in October, 105.9 billion in September, and 103.6 billion dirhams in August. December had 101.68 billion dirhams, July had 97.04 billion dirhams, January had 90.6 billion

Throughout the year 2022, the value of cash deposits will be determined by the Central Bank.

In addition, the statistics demonstrated that the value of cash deposits in the Central Bank during the year 2022 amounted to 193.68 billion dirhams, which comprised deposits in paper currencies totaling 193.6 billion dirhams and deposits in coins totaling 21.4 million dirhams.

The value of cash withdrawals is based on a calculation made by the central bank.

The value of cash withdrawals made from the Central Bank reached around 201.8 billion dirhams in the previous year. This figure includes 201.8 billion dirhams in the form of banknotes as well as 50.18 million dirhams in the form of coins.

In addition, the UAE Central Bank's total foreign assets reached 494 billion dirhams by the end of the previous year, marking the highest level in the institution's whole existence.

The Central Bank's foreign assets increased on a monthly basis by 8.81%, from 453.89 billion dirhams in November to 493.88 billion dirhams at the end of December 2022, an increase equivalent to 40 billion dirhams, while it increased on an annual basis by 5.9% compared to 466.45 billion dirhams in December 2021. The statistics that were released yesterday indicated this.

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Abdallah Shahin
Abdallah Shahin
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