Revised Chiang Mai Initiative Agreement Takes Effect
Overview
The revised agreement for the Chiang Mai Initiative Multilateralisation (CMIM), a form of financial cooperation among ASEAN+3 finance ministers and central banks, took effect on November 11, 2026. The revisions had been agreed at the ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting in May 2024. The main changes are the introduction of the CMIM Rapid Financing Facility (CMIM-RFF), which addresses urgent balance-of-payments financing needs caused by sudden external shocks, and the ability to renew drawings under the CMIM Precautionary Line (CMIM-PL).
Key points
- Introduces the CMIM Rapid Financing Facility (CMIM-RFF).
- Allows renewals of drawings under the CMIM Precautionary Line (CMIM-PL).
- The revisions further strengthen the CMIM, the center of the ASEAN+3 regional financial safety net.
Overview
The CMIM is a form of financial cooperation among ASEAN+3 finance ministers and central banks. The revisions to the agreement had been agreed at the ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting in May 2024.
The revised agreement took effect on November 11, 2026.
Impact
The revisions further strengthen the CMIM, the center of the ASEAN+3 regional financial safety net.
Details
The CMIM Rapid Financing Facility (CMIM-RFF) provides liquidity support through currency swaps to member countries facing actual urgent balance-of-payments financing needs caused by sudden external shocks, such as natural disasters or pandemics.
The revisions allow renewals of drawings under the CMIM Precautionary Line (CMIM-PL), increasing member countries’ flexibility in accessing precautionary liquidity support.