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BackRevised regional currency swap arrangement takes effect
Revised regional currency swap arrangement takes effect
NEWS
Korea Herald14 minutes agoBusiness1 min readSouth Korea

Revised regional currency swap arrangement takes effect

All 13 ASEAN+3 members complete internal procedures for the updated $240 billion currency swap arrangement

chiang mai initiative multilateralisationasean+3currency swap

Quick Look

  • A revision of the Chiang Mai Initiative Multilateralisation, a multilateral currency swap arrangement among South Korea, China, Japan, and ASEAN, took effect Wednesday after all 13 ASEAN+3 members completed internal signing procedures.
  • The Bank of Korea announced the revised agreement, endorsed in May 2025, now includes a Rapid Financing Facility for urgent balance of payments needs.
  • The CMIM holds a $240 billion pool, with South Korea contributing $38.4 billion.

AI-generated summary

Why It Matters

The CMIM was launched in 2010 as a multilateral currency swap arrangement among ASEAN+3 members to provide liquidity during financial crises. The revised agreement was endorsed at the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting in May 2025.

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A revision of the Chiang Mai Initiative Multilateralisation, a multilateral currency swap arrangement among South Korea, China, Japan and the Association of Southeast Asian Nations, 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 Ministers' and Central Bank Governors' Meeting in May 2025, according to the BOK.

The revised CMIM includes the Rapid Financing Facility, which provides prompt financial assistance to members facing urgent balance of payments needs.

It took effect Wednesday, seven days after the completion of the signing procedures, the central bank said.

Launched in 2010, the CMIM is a multilateral currency swap arrangement among ASEAN+3 members aimed at providing liquidity to member economies in times of financial crisis. The facility has a total pool of $240 billion, with South Korea contributing $38.4 billion.

Open Questions

  • What specific changes does the Rapid Financing Facility introduce compared to the original CMIM?
  • What are the activation conditions and disbursement procedures for the Rapid Financing Facility?
  • How will the revised CMIM interact with existing IMF arrangements?

Related Topics

chiang mai initiative multilateralisation
OrganizationsBank of KoreaAssociation of Southeast Asian Nations
PlacesSouth KoreaChinaJapan
Topicsasean+3currency swapbank of korearapid financing facilitybalance of paymentssouth korea
This article was originally published by Korea Herald.

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