The US is considering providing currency swap lines to the United Arab Emirates and other allies in the Gulf and Asia whose economies have been hit by the fallout of Donald Trump’s war with Iran.
US Treasury secretary Scott Bessent said the UAE and “numerous” other countries had requested support from Washington as the conflict sends shockwaves through economies in the Middle East and beyond.
“Swap lines, whether it’s from the Federal Reserve or the Treasury, are to maintain order in the dollar-funding markets and to prevent the sale of the US assets in a disorderly way,” Bessent said on Wednesday of the financial tools, which are used to ensure access to dollars and help maintain financial stability.
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