US Treasury Secretary Scott Bessent has claimed that several Gulf allies have requested currency swap arrangements. He made the statement during a hearing before the US Senate, according to American media reports. The remarks highlight growing financial coordination between the United States and its regional partners.
Bessent said that the United Arab Emirates is among the countries seeking such facilities. He explained that currency swaps allow countries temporary access to US dollars in times of financial pressure. He added that these arrangements can help stabilize financial markets and prevent sudden asset sales.
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Furthermore, he noted that currency swaps are designed to support liquidity in allied economies. Under such agreements, the United States provides dollars while receiving the partner country’s currency in return. This mechanism is used to maintain stability in global financial systems.
However, the UAE has publicly stated that it does not face external financial pressure. Emirati officials have previously rejected suggestions of a dollar shortage or need for emergency support. This contrast highlights differing perspectives on the reported requests.
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The discussion comes as global markets continue to adjust to shifting economic conditions. Analysts say currency swap agreements can play an important role during periods of volatility. The US has historically used such arrangements with key allies to support financial stability.