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Remittances through the UAE Central Bank’s money transfer system exceeded AED 9.3 trillion during the first half of 2024, achieving its highest half-year value in the past five years.
Data from the Central Bank showed that the total transfers made through its remittance system increased by 12%, by approximately one trillion dirhams more than the value achieved in the same period last year, which exceeded 8.4 trillion dirhams.
According to the distribution of transfers, the Central Bank stated that transfers between banks continued to achieve the largest share of total transfers during the first six months of this year, at 62.3% and a total of 5.8 trillion dirhams, an increase of more than 18% over the same period last year.
In contrast, individual remittances accounted for 37.7%, with a total of nearly AED 3.5 trillion, achieving a 3% increase over the total value achieved by individual remittances in the first half of last year.
On the other hand, the Central Bank’s indicators showed that the banking sector witnessed the clearing of more than 11 million checks during the first half of the year, with a total value of 646.6 billion dirhams.
