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 Chiang Mai Initiative Multilateralisation (CMIM), a monetary arrangement encompassing South Korea, China, Japan, and the Association of Southeast Asian Nations (ASEAN), underwent a revision that commenced on Wednesday, according to the Bank of Korea. All 13 ASEAN+3 members have finalized their internal processes for endorsing the revised accord, which was ratified at the Finance Ministers and Central Bank Governors Meeting in May 2025, as reported by the BOK.
The amended CMIM incorporates the Rapid Financing Facility, a mechanism designed to furnish urgent financial support to members encountering critical balance of payments challenges. This modification became effective on Wednesday, precisely seven days after the completion of the signing procedures, as confirmed by the central bank.
Initially established in 2010, the CMIM serves as a multilateral currency swap arrangement aimed at supplying liquidity to ASEAN+3 economies during periods of financial instability. The initiative boasts a collective reserve of $240 billion, with South Korea contributing $38.4 billion to the fund.
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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
