The Deputy PM has assigned the Governor of the State Bank of Viet Nam and the Minister of Finance to sign the Agreement with other countries in the ASEAN+3.

The CMIM is a multilateral currency swap arrangement among the ten members of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (including Hong Kong), Japan, and the Republic of Korea.

This initiative, established in 2009, aimed to support regional reserves and to facilitate the work of other international financial arrangements and organizations like the International Monetary Fund (IMF).

The CMIM came into effect on March 24, 2010 with US$120 billion in its fund. In 2012, the CMIM fund was doubled in size to US$240 billion.

As agreed at the 16th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting held in New Delhi, India, the CMIM functions will be expanded beyond dealing with crisis to preventing crisis to further strengthen its security network. 

It was also agreed that the CMIM fund can increase its lending proportion from 20% to 30% or even 40% when IMF’s lending program is not available there.

By Thuy Dung