UAE minister says swap line with US ‘under discussion’

The UAE’s foreign trade minister confirmed on Monday that his country was discussing a currency swap line with the United States, but denied seeking a bailout.

Asked whether the UAE had secured the swap line, Minister of Foreign Trade Thani Al Zeyoudi said it was still “under discussion” during a panel at the Make it in the Emirates conference in Abu Dhabi.

He denied the measure had been sought as a bailout, and said the UAE wanted to join an “elite group” of countries with existing swap lines with the US.

Last month the Wall Street Journal, citing US officials, reported that the UAE had sought the line as a financial backstop should the war in the region further strain its economy.