US EditionBessent Says Gulf, Asian Allies Request Swap Lines, UAE and US Would Benefit From One
Trump said a swap could give the UAE dollar liquidity as the Iran conflict strains its economy, while the Federal Reserve would make the final call.
- On Tuesday, President Donald Trump confirmed the United States is considering a currency swap with the United Arab Emirates, calling the UAE a "good ally" despite expressing surprise at the financial assistance request.
- Economic damage from the U.S. war with Iran prompted the UAE's interest in a currency swap; Tehran's attacks on infrastructure and the blockade of the Strait of Hormuz have restricted oil exports and cash flow.
- According to The Wall Street Journal, the UAE possesses $270 billion in foreign-exchange reserves but warned it might utilize the Chinese yuan for oil sales if dollar supplies tighten.
- Trump expressed surprise at the request, noting "they are really rich," while administration officials acknowledge a potential swap carries political risks as U.S. voters may perceive financial support for a wealthy nation as a bailout.
- Abdulkhaleq Abdulla told Reuters on Sunday that the UAE can protect itself, suggesting it is time to consider closing American bases, which he described as a "burden rather than a strategic asset.
25 Articles
25 Articles
Bessent says Gulf, Asian allies request swap lines, UAE and US would benefit from one
WASHINGTON, April 22 (Reuters) – U.S. Treasury Secretary Scott Bessent said on Wednesday that a number of allies in the Gulf region and in Asia have requested currency swap lines from the United States to help deal with energy shocks and other fallout from the Middle East war. Bessent told U.S. senators that both the U.S. and the United Arab Emirates would benefit from a proposed swap line that President Donald Trump said he was consideri…
Trump Considering Currency Swap With UAE
U.S. President Donald Trump said on April 21 that the United States was considering a currency swap with the United Arab Emirates to help the Gulf state financially. When asked on CNBC’s “Squawk Box” whether a currency swap between Washington and Abu Dhabi was being considered, Trump said “it is,” describing the Middle Eastern state as a “good country” that had been a “good ally” of the United States. “They were hit the hardest of the group, act…
Trump floats taxpayer bailout for Middle Eastern autocracy
On Tuesday, President Trump said he is considering a financial bailout for the United Arab Emirates (UAE), an autocratic state experiencing an economic downturn due to the war in Iran. If the Trump administration does use public resources to rescue the UAE, it will be assisting a country that has partnered extensively with the Trump Organization and the Trump family.On Sunday, the Wall Street Journal reported that UAE Central Bank Governor Khale…
Even Oil-Rich Nations Reel from War: Trump Considers Currency Swap with UAE. U.S. President Donald Trump stated that the United Arab Emirates (UAE) has suffered significant damage from the war with Iran and that the U.S. is considering providing financial assistance, such as through a currency swap. President Trump [stated] in an interview with CNBC on the 21st (local time).
Trump says currency swap with UAE possible
President Trump said on Tuesday that the United States was considering helping the United Arab Emirates financially and a currency swap with the Middle East nation was under consideration. "It is," Trump told CNBC when asked if a currency swap with the UAE was under consideration, calling them a good ally. "They're really led by incredible people... I mean, I'm surprised, because they are really rich," Trump said. "If I could help them, I would,…
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