Monetary Authority of Singapore Annual Report 2012/2013
  • COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM
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COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM

Revision of the Chiang Mai Initiative Multilateralisation Agreement

ASEAN+3 Finance Ministers and Central Bank Governors endorsed the revised Revision of the Chiang Mai Initiative Multilateralisation (CMIM) Agreement on 3 May 2013. The revised CMIM Agreement incorporates measures to strengthen the CMIM that was earlier agreed in May 20124.

ASEAN+3 countries also agreed to transform the ASEAN+3 Macroeconomic Surveillance Office (AMRO), which carries out regional surveillance activities to support CMIM decision-making processes, to an international organisation. The transformation will enable AMRO to conduct macroeconomic and financial surveillance as an independent international organisation, contributing further to the regional financial stability along with the strengthened CMIM.

MAS and the Singapore Ministry of Finance jointly provide close and ongoing host country support for AMRO. A Host Country Memorandum of Understanding (MOU) with AMRO was signed on 2 May 2013.

4   This includes: (i) doubling the total fund size to US$240 billion, (ii) introducing a crisis prevention facility, (iii) increasing the IMF-delinked portion to 30% in 2012 with a view to increasing it to 40% in 2014 subject to review should conditions warrant, and (iv) lengthening the maturity and supporting periods for both the IMF-linked and IMF-delinked portions of the CMIM.