UAE meets $400 million target in first bond auction
The Emirati government decided to sell bonds in dirhams to boost the local banking sector and diversify financially.
![n Emirati man follows the market's movement at the Dubai Financial Market.](/sites/default/files/styles/article_hero_medium/public/2022-05/GettyImages-95003238.jpeg?h=a5ae579a&itok=KtwMXvj1)
The United Arab Emirates released today the results of its first bond auction in dirhams.
The Ministry of Finance and the Central Bank of the UAE raised the equivalent of $408 million in the local currency. They sold equal amounts of two- and three-year bonds, the Ministry of Finance said in a statement.