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UAE Confirms Discussions with the US on Currency Swap Line
May 5, 2026
The UAE officially confirmed it is in active discussions with the US to establish a currency swap line. UAE officials said that having a swap line with the US was “an elite matter” and a sign of deepening economic ties, but “not about bailing out”. Besides, UAE officials also noted that they were not in need of external financing despite the impact of the Iran war. US Treasury Secretary Scott Bessent acknowledged the discussions, noting that a stable UAE was vital for global financial markets. If approved, the swap line would provide a “liquidity backstop,” allowing the UAE Central Bank to exchange dirhams for dollars. While a formal agreement has not been signed yet, officials from both nations signaled that negotiations are progressing rapidly. This follows initial reports last month that the UAE had initiated discussions with US officials regarding a potential financial backstop.
UAE’s dollar bonds were trading stable with its 2% 2031s at 88.9, yielding 4.3%.
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