{"id":410652,"date":"2026-04-21T21:23:08","date_gmt":"2026-04-21T21:23:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/410652\/"},"modified":"2026-04-21T21:23:08","modified_gmt":"2026-04-21T21:23:08","slug":"uae-economy-highly-resilient-ambassador-to-us-says-after-trump-discusses-possible-currency-swap","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/410652\/","title":{"rendered":"UAE economy highly resilient, ambassador to US says after Trump discusses possible currency swap"},"content":{"rendered":"

Yousef Al Otaiba, the UAE’s ambassador to the US and Minister of State, has described the country as one of the world’s most resilient economies, after US President Donald Trump<\/a> said a currency swap was under consideration.<\/p>\n

The Wall Street Journal on Sunday reported that the UAE’s \u200bcentral bank governor raised the \u200cidea of a \u2060currency swap line \u200bwith US Treasury Secretary Scott Bessent \u200band \u200cFederal Reserve officials in meetings in Washington last \u2060week. <\/p>\n

\u201cIt is,\u201d Mr Trump told CNBC when asked if the administration was considering such a plan. \u201cIt\u2019s been a good country. It\u2019s been a good ally of ours. And, you know, these are unusual times.\u201d<\/p>\n

Mr Al Otaiba said in a statement that the UAE has no dollar liquidity problems and trillions of dollars worth of sovereign wealth fund assets. Any suggestion that the UAE requires external financial backing \u201cmisreads the facts\u201d, he said.<\/p>\n

\u201cThe UAE is one of the world\u2019s most financially resilient economies, underpinned by more than $2 trillion in sovereign investment assets; more than $300 billion in foreign currency reserves held by the UAE’s central bank; and a banking sector with approximately $1.5 trillion in deposits,\u201d he said.<\/p>\n

\u201cThat strength is precisely why the UAE has already invested more than $1 trillion in the US economy, with a clear pathway for that figure to significantly grow.\u201d<\/p>\n

He added that the UAE appreciates Mr Trump\u2019s recognition of the country as \u201cone of America\u2019s most important economic and trade partners”.<\/p>\n

In the case of a US-UAE swap, the Federal Reserve would probably lend dollars to the UAE central bank, holding dirhams in return, with the transaction reversing in the future.<\/p>\n

Similar moves have been floated before. Last autumn, the US signed an economic stabilisation agreement in a bid to boost the Argentine peso before a midterm election in the country, which was crucial for Argentine President Javier Milei, a Trump ally.<\/p>\n

\u201cThis is a call for confidence, not a call for help,\u201d said Ziad Daoud, chief emerging markets economist for Bloomberg Economics. <\/p>\n

\u201cThe UAE wants to join the club of central banks \u2013 like the UK, Japan and Europe \u2013 that hold standing swap lines with the Fed. Status matters more than dollars.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Yousef Al Otaiba, the UAE’s ambassador to the US and Minister of State, has described the country as…\n","protected":false},"author":2,"featured_media":410653,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,969,113,61,60,1284,329,3314,132290],"class_list":{"0":"post-410652","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-donald-trump","10":"tag-economy","11":"tag-ie","12":"tag-ireland","13":"tag-standard","14":"tag-story","15":"tag-uae","16":"tag-us-bureau"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/410652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=410652"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/410652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/410653"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=410652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=410652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=410652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}