The United Arab Emirates (UAE) has been in talks with the U.S. about the possibility of establishing a currency swap line, as revealed by the Middle East nation’s trade minister.
On Monday, Thani Al Zeyoudi, the UAE’s Trade Minister, unveiled the ongoing discussions during a conference in Abu Dhabi on Monday. Al Zeyoudi said, as per Reuters, that the U.S. “swap policy” is currently limited to a small group of only five countries, and is part of ongoing discussions with an elite set of partners.
The minister highlighted that the currency swap line is a reflection of the significant level of trade and investment between the two countries, making such an arrangement necessary.
However, he gave no further details on the discussions or any timeline for a possible currency swap agreement with the U.S.
The UAE has exited OPEC and OPEC+ effective May 1.
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