WASHINGTON, United States – Web Desk: US Treasury Secretary Scott Bessent has claimed that several Gulf allies have requested currency swap arrangements with the United States as global financial uncertainty continues to impact international markets.
According to US media reports, Bessent made the remarks during a US Senate hearing, stating that the United Arab Emirates (UAE) was among the countries that sought access to the facility.
He explained that currency swap arrangements help prevent disorderly asset sell-offs by allied nations in the United States during periods of financial stress.
Under a currency swap agreement, the US temporarily provides dollars to another country in exchange for that country’s local currency, helping maintain liquidity and stabilize financial systems.
Bessent said the mechanism is designed to protect financial stability and prevent disruptions in global markets as concerns over liquidity, foreign reserves, and economic volatility continue to rise.
The comments come amid growing attention on global dollar demand, Middle East financial stability, and broader concerns over international economic uncertainty.
The UAE has not publicly responded to the remarks, although an Emirati ambassador previously stated that the country does not face a dollar shortage and does not require external financial assistance.
