UAE Q3 financial transactions down 4.08%: CB

13 Oct 2011

(MENAFN) The UAE Central Bank said that the total number of financial transactions carried out electronically through the UAESWITCH in the third quarter dropped 4.08 percent from the second quarter’s USD5 billion to USD4.9 billion, reported Gulf News.

The bank added that in the period, the total value of transactions went down 2.65 percent from the previous quarter’s USD5.7 billion to USD5.5 billion.

It also said that the number and value of transactions across the UAESWITCH and other GCC networks grew 14.91 percent in the quarter from 818,000 in the second quarter to 940,000.

It is worth noting that the decline in the third quarter’s results came as people reduced using ATMs and credit cards in their financial transactions and instead they used conventional methods like cash and cheques.

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