UAE in currency swap talks with United States

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UAE Minister of Foreign Trade, Thani Al Zeyoudi delivers a speech during the opening ceremony of Make it in the Emirates (MIITE) conference, in Abu Dhabi, United Arab Emirates, May 4, 2026. — Reuters
UAE Minister of Foreign Trade, Thani Al Zeyoudi delivers a speech during the opening ceremony of Make it in the Emirates (MIITE) conference, in Abu Dhabi, United Arab Emirates, May 4, 2026. — Reuters

ABU DHABI: The United Arab Emirates is discussing a currency swap line with the United States, its trade minister said on Monday.

“We have this discussion and conversation with many, it’s part of an elite group that the US is having this swap policy with. They are only having it with five countries,” Thani Al Zeyoudi said at a conference in Abu Dhabi.

“Being part of that group means that transactions… trade, investments between both nations reach a level where that swap is highly needed … so it is an elite matter, (it) is not about bailing out,” he told the “Make It In The Emirates” event.

Currency swap lines between central banks allow each institution to obtain the other’s currency without resorting to foreign exchange markets, reducing transaction costs and exchange-rate risk for cross-border trade and investment.

The US Federal Reserve has permanent standing central bank currency swap lines with five other major central banks — the Bank of Canada, the Bank of Japan, the European Central Bank, the Bank of England and the Swiss National Bank.

Published in Dawn, May 5th, 2026

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