Revised regional currency swap arrangement takes effect

On November 11, the Chiang Mai Initiative Multilateralisation (CMIM) underwent a revision that began taking effect the same day, according to the Bank of Korea (BOK). The 13 members of the ASEAN+3 group - South Korea, China, Japan, and the Association of Southeast Asian Nations - had completed their internal procedures for signing the revised agreement, which was endorsed at the May 2025 ASEAN+3 Finance Ministers and Central Bank Governors Meeting, the BOK reported.

The CMIM, launched in 2010, is a multilateral currency swap arrangement among the ASEAN+3 members designed to provide liquidity to member economies in times of financial crisis. One new addition to the revised CMIM is the Rapid Financing Facility (RFF), which offers swift financial assistance to members facing urgent balance of payments needs.

The RFF became operational seven days after the signing procedures were finalized, the central bank explained. South Korea's contribution to the CMIM pool stands at $38.4 billion, making up a total of US$240 billion.