What is Chiang Mai Initiative multilateralization?
The Chiang Mai Initiative Multilateralization or the CMIM is a multilateral arrangement among the finance ministries and central banks of the ASEAN+3 member countries1 and the Hong Kong Monetary Authority (collectively, the CMIM Parties and each a CMIM Party) that is governed by a single contractual agreement for the …
What is the Cmim?
3. The CMIM members have repeatedly affirmed their commitment to further. strengthen the CMIM as part of the regional financial safety net. In this regard, much effort. has been put to make sure that the CMIM is operationally ready.
What is IMF delinked Portion?
Increase the IMF De-linked Portion The IMF De-linked Portion is the amount each member may request from the CMIM when there is no matching IMF supported program.
When was Chiang Mai Initiative CMI launched?
The Chiang Mai Initiative (CMI) is the first regional currency swap arrangement launched by the ASEAN+3 countries in May 2000 at an annual meeting of the Asian Development Bank to address the short-term liquidity difficulties in the region and to supplement the existing international financial arrangements.
What are the Asean plus 3 countries?
The ASEAN-Plus Three (APT) consists of 10 ASEAN Member States, China, Japan, and the Republic of Korea (ROK). The economic cooperation between ASEAN and the Plus Three countries started in 1997 and had evolved ever since.
What is the so called 1997 financial crisis?
The Asian financial crisis, also called the “Asian Contagion,” was a sequence of currency devaluations and other events that began in the summer of 1997 and spread through many Asian markets.
What is Asean swap arrangement?
The ASEAN Swap Arrangement (ASA) was created primarily to provide liquidity support for those experiencing balance of payments difficulties. In November 2000, the total amount available for swap transactions under ASA was increased from US$200 million to US$1 billion.
What is the purpose of Asean plus 3?
The ASEAN+3 leaders expressed greater resolve and confidence in further strengthening and deepening East Asia cooperation at various levels and in various areas, including energy, transport, and information and communications technology (ICT).
Is Asean a free trade area?
The ASEAN Free Trade Area (AFTA) is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies. AFTA now comprises the ten countries of ASEAN.
What caused the stock market crash of 1997?
The October 27, 1997, mini-crash is a global stock market crash that was caused by an economic crisis in Asia, the “Asian contagion”, or Tom Yum Goong crisis (Thai: วิกฤตต้มยำกุ้ง). This crash is considered a “mini-crash” because the percentage loss was relatively small compared to some other notable crashes.
What caused Tom Yum crisis?
The crisis started in Thailand (known in Thailand as the Tom Yam Kung crisis; Thai: วิกฤตต้มยำกุ้ง) on 2 July, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar.
What is a bilateral swap agreement?
Bilateral Swap Contracts means Swap Contracts that are bilaterally traded and not listed on a Competitive Market nor cleared through a centralized clearinghouse.