Monetary Authority of Singapore Annual Report 2011/2012
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Opening of the ASEAN+3 Macroeconomic Research Office in Singapore

Against the backdrop of the ongoing Euro zone sovereign debt crisis, and ongoing efforts to strengthen global and regional financial safety nets, the ASEAN+3 Macroeconomic Research Office (AMRO) was officially opened on 31 January 2012 as a new institution contributing to financial stability in the region.

Housed in the MAS building, AMRO is the independent macroeconomic surveillance unit of the Chiang Mai Initiative Multilateralisation (CMIM) Agreement, a US$120 billion currency swap arrangement among the Finance Ministries and Central Banks of the ASEAN Member States, China, Japan and Korea (ASEAN+3 countries). The Singapore Ministry of Finance and MAS jointly provide close and ongoing host country support for AMRO.

AMRO was first established in May 2010 and began operations a year later in April 2011. It is responsible for monitoring the macroeconomic and financial situation of the ASEAN+3 region and its economies. AMRO’s reports are produced on a quarterly basis and tabled biannually for discussion at the Economic Review and Policy Dialogue session of the ASEAN+3 Finance and Central Bank Deputies’ Meetings. In the event that the CMIM is activated, AMRO assumes the key role of providing an objective assessment of a swap requesting country and a recommendation for the CMIM parties. If the application is approved, AMRO then monitors the use and impact of swap funds post-disbursement.

The opening ceremony received extensive media coverage and was attended by senior officials from ASEAN+3 countries and guests from international financial institutions, diplomatic missions, private sector financial institutions and economic research institutes.