Monetary Authority of Singapore Annual Report 2011/2012
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Enhancement of the Chiang Mai Initiative Multilateralisation

MAS supports the efforts by ASEAN+3 countries to strengthen regional financial stability through the Chiang Mai Initiative Multilateralisation (CMIM). Amidst heightened uncertainties in the global financial market, ASEAN+3 Finance Ministers announced the enhancement of the CMIM, including: (i) doubling the total size of the CMIM from US$120 billion to US$240 billion; (ii) increasing the IMF de-linked portion to 30% in 2012 with a view to increasing it to 40% in 2014 subject to review should conditions warrant; (iii) lengthening the maturity and supporting period for the IMF linked portion from 90 days to 1 year and from 2 years to 3 years, respectively; and those for the IMF de-linked portion from 90 days to 6 months and from 1 year to 2 years, respectively; and (iv) introducing a crisis prevention facility.

The ASEAN+3 Macroeconomic Surveillance Office (AMRO), which carries out regional surveillance activities to support CMIM decision-making processes, will continue to play a pivotal role under the enhanced CMIM. [See Box Story “Opening of the ASEAN+3 Macroeconomic Research Office in Singapore”]