"Bessent stated 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."
"The swap line would benefit both the UAE and the US, and numerous other countries, including some of our Asian allies, have also requested them."
"Bessent said that swap lines, whether it's from the Federal Reserve or the Treasury, are to maintain order in the dollar funding markets and to prevent the sale of US assets in a disorderly way."
"The US Treasury last October provided Argentina with a $20bn currency swap to help stabilize the country's peso during a tumultuous election period, which helped strengthen the position of President Javier Milei's party."
Scott Bessent has addressed allegations regarding the Trump family's financial ties to the UAE influencing the proposed currency swap line. He stated that several Gulf and Asian allies have requested these lines to mitigate energy shocks from the US-Israel war on Iran. Bessent emphasized that the swap line would benefit both the US and the UAE, helping stabilize financial markets. He noted the importance of maintaining order in dollar funding markets to prevent disorderly asset sales. Previous swap lines, like the one with Argentina, have provided crucial financial support during crises.
Read at www.aljazeera.com
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