The Central Bank of the United Arab Emirates (CBUAE) in March injected AED7.3 billion ($1.98 billion) in cash to the financial system, in order to compensate for a drop in bank deposits, the WAM state news agency reported on Wednesday.

According to CBUAE figures, bank deposits dropped to AED139.2 billion by the end of March, from AED146.5 billion the month earlier.

“The move was part of the CBUAE's mandate to direct the country's credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government's general plan in a way that ultimately strengthens the domestic economy, assures financial stability, regulate cash flows and withdraw cash surplus in order to retain economic resilience,” the WAM statement said.