Sign up | Log in



Home  >>  Daily News  >>  Asean News   >> Asean's Trade Partners News  >>  Asean+3 sign $120bn currency swap deal

29 December 2009
Related Stories
December 27, 2009
Trans-Pacific deal to boost Brunei-US trade

December 26, 2009
Vietnam: Chinese bike firm poised to ride the Asean-China FTA

Asean furniture makers call for suspension of FTA with China

December 24, 2009
US awaits Malaysia’s decision on Trans-Pacific Partnership

Asean+3 sign $120bn currency swap deal

The member states of Asean, together with China, Japan and South Korea (Asean + 3), signed the Chiang Mai Initiative multilateral agreement yesterday as part of steps to strengthen the region’s capacity to address balance of payments and short-term liquidity difficulties, reported Malaysian daily the StarBiz.

Known as the Chiang Mai Initiative Multilateralisation, the agreement also supplements existing international financial arrangements.

According to a statement released by Bank Negara, the central bank of Malaysia, the signing of the agreement by the finance ministers and central bank governors of Asean + 3 and the Monetary Authority of Hong Kong, followed the conclusion of talks on the main components of the agreement in Bali, Indonesia in May.

The Chiang Mai Initiative Multilateralisation, with a total multilateral facility size of $120 billion, would provide financial support to participants through a network of currency swap transactions in order to address balance of payments and short-term liquidity difficulties.

Bank Negara said that the participants could swap their respective currencies with US dollars for an amount up to the participants’ contribution multiplied by the respective purchasing multiplier as provided for under the agreement.



Comment on this Article. Send them to
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below 





1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2021 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand