Scott Bessent’s ability to provide dollar swap lines for allies in Asia and the Gulf could be constrained by the limited firepower of the Treasury facility at his command, analysts have warned.
While the Federal Reserve has no formal ceiling on the amount of dollars it can provide to foreign central banks, the US Treasury’s own capacity to do so is far more limited.
The Treasury secretary said on Wednesday that several countries in Asia and the Gulf, including the United Arab Emirates, had asked him for swap lines as a backstop to help support renewed demand for the US currency — driven by high oil prices — since the US and Israel attacked Iran.
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