ASEAN+3 strengthens currency swap mechanism

According to Mainichi, vice finance ministers of the Association of Southeast Asian Nations (ASEAN) and China, Japan and South Korea agreed to strengthen the currency swap mechanism to promote comprehensive financial cooperation.

The above agreement was reached at a regular meeting of vice ministers and senior representatives from central banks of various countries recently held in Kanazawa city, Japan.

The participants decided to promote the implementation of the Emergency Financing Facility (RFF) under the Chiang Mai Initiative Multilateralization (CMIM) arrangement with the aim of providing timely financial assistance to member countries with urgent balance of payments needs.

As planned, the RFF will be approved at the next ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3), scheduled to take place in May 2024.

HOANG THAN

Source: https://www.sggp.org.vn/asean3-tang-cuong-co-che-hoan-doi-tien-te-post717592.html