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The amended Chiang Mai Initiative Multilateralisation (CMIM)

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31 March 2021

Ministry of Finance

The amended Chiang Mai Initiative Multilateralisation (CMIM)

  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 Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on 31 March 2021. The amendment had been agreed upon at the ASEAN+3 Finance Ministers and Central Bank Governors’ meeting in September 2020.

  2. Key points of the amendment to strengthen the CMIM are as follows.    
    • To increase the IMF De-linked Portion from 30% to 40% of each member’s maximum arrangement amount.
    • To institutionalize the use of member countries’ local currencies for the CMIM financing along with US dollar, on a voluntary and demand-driven basis,; and
    • To address other technical issues including revisions related to LIBOR reform.

  3. This amendment will strengthen the CMIM, which stands at the center of the regional financial safety net of the ASEAN+3.

    (Attachment) Key Points of the amendment of the CMIM Agreement and the Operational Guidelines
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