The UAE Central Bank said on Monday that total bank deposits rose 1.6% to AED 2,040.5 billion ($655 billion)  at the end of May 2022, from AED2,008.4 billion at the end of April 2022 due to a 2% increase in resident deposits.

In a statement, the central bank said that aggregate money supply (M1), which includes currency in circulation outside banks plus monetary deposits, fell by 2.8% from AED730.4 billion at the end of April 2022 to AED710.1 billion at the end of May 2022.

Aggregate money supply M2, which includes longer-term deposits, rose slightly from AED1,567.3 billion to AED1,568.1 billion over the same period.

The aggregate money supply, M3, also increased by 1.7% from AED 1,858.6 billion to 1,890.2 billion.

(Writing by Brinda Darasha; editing by Cleofe Maceda)