DUBAI: The UAE central bank said M1 money supply, which includes currency in circulation outside banks and monetary deposits, rose 0.3 percent month-on-month in April.
The supply rose to 644.4 billion dirhams ($175 billion) by the end of April this year, in comparison to 642.3 billion dirhams by the end of March.
This was due to a 1.7 billion dirhams increase in currency in circulation and a 0.4 billion dirhams rise in monetary deposits, the bank said in a statement carried by WAM.
Longer-term deposits, or M2, fell by 1.7 percent from 1.48 trillion dirhams to 1.46 trillion dirhams during the same period – associated with a slump in quasi-monetary deposits.
This decline also led to a 0.1 percent fall in aggregate money supply or M3.
Liquidity in the banking system had returned to pre-pandemic levels in March, the bank said, but it extended its economic support scheme until the end of June next year.