Argentina and China extend 130 billion yuan currency swap until 2031, providing predictability for Argentina's foreign reserves amid speculation over President Javier Milei's stance.
India has approved a ₹3,000-crore currency swap for the Maldives under the SAARC framework (2024-2027) to support the island nation's stressed economy. The facility allows the Maldives to access foreign exchange during liquidity stress without relying solely on commercial borrowings, helping manage balance-of-payment pressures and maintain macroeconomic stability. This support comes as the Maldives faces economic downturn with reduced tourist flows and increased energy costs following US-Israeli strikes on Iran that began in late February 2026. The approval underscores the enduring partnership between India and the Maldives, with New Delhi providing over $1 billion in financial assistance since 2024.
Treasury Secretary Scott Bessent defended the possibility of U.S. currency swap lines with allies in the Persian Gulf and Asia seeking financial backstops due to the Iran war. Bessent said discussions are part of routine conversations the Treasury has had with partners for years, calling them a testament to the U.S. dollar's primacy. The Trump administration is considering offering a financial lifeline to the UAE, with many Gulf allies seeking similar backstops as the war disrupts their economies.
India has approved a Rs 30 billion currency swap for the Maldives under the SAARC Currency Swap Framework, reaffirming New Delhi's role as a key financial partner. The drawdown coincides with the Maldives settling a $400 million swap facility from October 2024. The facility will support economic stability amid regional challenges, with India extending aggregate swap support worth $1.1 billion to the Maldives since 2012.
Treasury Secretary Scott Bessent stated Wednesday that many oil-rich U.S. allies in the Persian Gulf have requested currency swap lines amid economic turbulence from the war with Iran. The comments go further than White House assertions from Tuesday, which said the UAE had not formally requested a swap line but only discussed the topic. Gulf nations have been hit hard by Iran's closure of the Strait of Hormuz and missile attacks damaging economic infrastructure. President Trump said he would like to assist the UAE if possible, while Senate Democrats criticized the potential move as politically risky given domestic economic costs.
The White House is discussing offering a currency swap line to the UAE to provide dollar liquidity as the U.S. war with Iran devastates the Gulf state's economy. Iran has fired missiles at U.S. allies and closed the Strait of Hormuz, choking off oil exports the UAE depends on. While no formal request has been made and no plans are being drawn up, the discussions represent an unusual expansion of swap line scope. Trump called the UAE a good ally open to helping, though the move carries political risk amid higher U.S. consumer prices.
The White House is discussing offering a currency swap line to the UAE as the U.S. war with Iran devastates the Gulf nation's economy. Iran has fired missiles at U.S. allies and closed the Strait of Hormuz, choking off oil exports the UAE depends on. President Trump said he would help if possible, calling the UAE a good ally that invested over $1 trillion in the U.S. The Federal Reserve would ultimately decide on any swap line, which would be an unusual expansion beyond major central banks.
The UAE has reportedly threatened the ditch the dollar in oil trade during talks on a potential currency swap with the US Treasury Read Full Article at RT.com
