Revised regional currency swap arrangement takes effect
A revision of the Chiang Mai Initiative Multilateralisation (CMIM), a multilateral currency swap arrangement among Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN), took effect Wednesday, the Bank of Korea said. All 13 members of the ASEAN+3 group have completed their internal procedures for signing the revised agreement, which was endorsed at the ASEAN+3 Finance…
The revised Chiang Mai Initiative Multilateralisation (CMIM) took effect on Wednesday, according to the Bank of Korea. All 13 members of the ASEAN+3 group have completed their internal processes for signing the updated agreement, which was approved during the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in May 2025.
The revised CMIM incorporates the Rapid Financing Facility, a mechanism that provides urgent financial aid to members grappling with immediate balance of payments challenges. This new feature became operational on Wednesday, seven days after the signing procedures were finalized. Established in 2010, the CMIM is a multilateral currency swap arrangement among ASEAN+3 nations designed to provide liquidity to member economies during periods of financial turmoil. The facility boasts a total pool of $240 billion, with South Korea contributing $38.4 billion.
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- Revised regional currency swap arrangement takes effect en.yna.co.kr
- Revised regional currency swap arrangement takes effect koreatimes.co.kr
