politics
U.S. and UAE in Talks on Currency Swap Line
Treasury Secretary Scott Bessent disclosed discussions between the United States and the United Arab Emirates on a currency swap to address the UAE's liquidity issues. The crisis stems from the ongoing war with Iran, which has disrupted regional economies. Bessent noted similar requests from other U.S. allies in the region short on dollars for oil trading.
Apr 26, 1:10 PM·1m read1 source
Washington MonthlyAudio version
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Washington Monthly reported that Treasury Secretary Scott Bessent publicly disclosed on April 22 that the United Arab Emirates was in discussions with the United States government about a currency swap. The discussions aim to assist the United Arab Emirates amid its liquidity crisis, which was caused by the war with Iran.
U.S. allies in the region have asked for swap lines amid the economic shock of the Iran war. U.S. allies in the region short on dollars, the currency for oil trading. Washington Monthly reported that this shortage occurred as shipping through the Strait of Hormuz has all but stopped.
