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Dirhams, not dollars: New debt law facilitates local currency bond issuance

Dirhams, not dollars: New debt law facilitates local currency bond issuance

The new federal government debt law announced in the United Arab Emirates on Sunday "lays the foundations for the development of a bond market in dirham denomination" in the country, according to the governor of the UAE's Central Bank.

In a press statement published on Monday afternoon, Central Bank governor Mubarak Rashed Al Mansoori said the establishment of dirham-denominated federal government bonds was "important as it will create deeper, more resilient financial markets", as well as providing a benchmark yield curve against which locally-denominated debt can be measured on global bond markets.

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