United Arab Emirates officials have approached the U.S. Treasury and Federal Reserve to discuss a potential financial backstop as regional conflict threatens the nation’s economy. Central Bank Governor Khaled Mohamed Balama reportedly raised the possibility of a currency swap line during meetings in Washington last week. While no formal request has been made, the discussions reflect growing concerns over capital flight and the depletion of foreign reserves. The ongoing war has already damaged energy infrastructure and disrupted oil shipments, a vital source of dollar income. Read the full story at Fortune (subscription).
Source · Fortune
