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BSP-The Amended Chiang Mai Initiative Multilateralization (CMIM) Comes Into Effect Today, 17 July 2014

July 18, 2014

ENP Newswire - 18 July 2014

Release date- 17072014 - The amended Chiang Mai Initiative Multilateralization (CMIM) Agreement, which is a regional FINANCIAL arrangement among the Finance Ministries and Central Banks of the ASEAN Member States, China, Japan and Korea (ASEAN+3) and Hong Kong, will enter into force today, 17 July 2014.

The amendments will effectively allow access of the ASEAN+3 member countries and Hong Kong to an enhanced CMIM package, which includes among others:

the doubling of the FUND size from US$120 billion to US$240 billion;

the increase in the level of access not linked to an International Monetary FUND program from 20 percent to 30 percent; and

the introduction of a crisis prevention facility.

These amendments are expected to fortify CMIM as the region's financial safety net in the event of any potential or actual liquidity difficulty.

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Source: ENP Newswire

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