1. The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financing arrangement among the Finance Ministers and Central Bank Governors of the ASEAN member states, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on 31 March 2021.
2. The key features of the amendment to the CMIM Agreement are as follows:
i. To institutionalize the use of members’ local currencies, in addition to the U.S. dollar, for CMIM financing on a voluntary and demand-driven basis;
ii. To increase the International Monetary Fund (IMF) De-linked Portion from 30 percent to 40 percent of each member’s maximum arrangement amount; and
iii. To address other technical issues, including revisions related to the London Inter-bank Offered Rate (LIBOR) reform.
3. The amendment serves to further enhance the CMIM, which is an essential part of the regional financial safety net of the ASEAN+3, making it more effective and operationally ready for member economies.
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