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| ASEAN Plus Three Sign Financial Support Agreement |
by Mary Swire, LawAndTax-News.com, Hong Kong
Thursday, December 31, 2009
The Association of Southeast Asian Nations (ASEAN) Plus Three countries have
announced the signing of a USD120bn currency swap program, under the auspices
of the Chiang Mai Initiative Multilateralization (CMIM) agreements.
The CMIM will provide financial support through multilateral currency swap
transactions to any ASEAN countries (Thailand, Malaysia, Indonesia, Singapore,
the Philippines, Cambodia, Brunei, Laos, Vietnam and Myanmar), plus South Korea, Hong
Kong-China and Japan, facing balance-of-payments and short-term liquidity difficulties.
Each CMIM participant is entitled, in accordance with procedures and conditions
set out in the agreement, to swap its local currency with United States
Dollars for an amount up to its contribution multiplied by a purchasing multiplier.
Of the non-ASEAN countries, South Korea has committed USD19.2bn (or 16% of
the fund), while China and Japan have each contributed USD38.4bn (or 32% each).
The 10 ASEAN countries have committed the remaining USD24bn (or 20%), with
the five largest nations (Thailand, Malaysia, Indonesia, Singapore and the Philippines)
contributing almost 19% in total.
According to a statement issued by Bank Negara Malaysia, the CMIM is intended
to strengthen the region's capacity to safeguard against increased risks and
challenges in the global economy.
The core objectives of the CMIM are to address
balance-of-payments and short-term liquidity difficulties in the region, and
to supplement the existing international financial arrangements, particularly
through the International Monetary Fund.
A comprehensive report in our Intelligence Report series,
analysing the situation on the ground in each of the main offshore banking centres,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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