Bessent Casts Potential New Swap Lines as Boost to Dollar’s Role

Treasury Secretary Scott Bessent talked up the idea of extending currency swap lines to more countries as a way to strengthen “dollar dominance” in a social media post Friday as speculation continues over why rich countries such as the United Arab Emirates would be interested in the arrangement.

“Additional swap lines can benefit our nation by reinforcing dollar usage and liquidity internationally,” Bessent said in a post on X. “Dollar dominance and reserve currency status are strengthened by constant long-term initiatives, including countering the growth of problematic, alternative payment systems.”

Bessent described discussions with the UAE and other Gulf and ...