Bessent has pushed back on allegations that the Trump family’s financial ties with UAE are driving the decision to offer a swap line.
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United States Secretary of the Treasury Scott Bessent has said that several allies in the Gulf region and Asia have requested currency swap lines from the US to help them with the energy shocks and other fallout from the US-Israel war on Iran.
Bessent told US senators on Wednesday that both the US and the United Arab Emirates would benefit from a proposed swap line – the act of central banks exchanging currency to provide liquidity that can stabilise markets in times of economic uncertainty – that US President Donald Trump said he was considering on Tuesday.
