Joint Press Release for MOF and MAS on the Signing of the AMRO Agreement on 10 October 2014
1 ASEAN+3 members (ASEAN Member States, China, Japan and Korea) signed the ASEAN+3 Macroeconomic Research Office (AMRO) Agreement on the sidelines of the IMF/World Bank Annual Meetings in Washington DC on 10 October 2014, to establish AMRO as an international organisation. Singapore was represented by Deputy Prime Minister and Minster for Finance, Mr Tharman Shanmugaratnam.
2 AMRO was established in 2011 to provide regional surveillance and analysis of regional economies, and to support effective decision-making for the Chiang Mai Initiative Multilateralisation (CMIM) Agreement. The CMIM is a US$240 billion currency swap arrangement among the Finance Ministries and Central Banks of ASEAN+3 countries.
3 The signing and subsequent ratification of the AMRO Agreement will formalise AMRO’s status as an international organisation headquartered in Singapore. Under this agreement, ASEAN+3 members will accord AMRO with the legal status, privileges and immunities for AMRO to carry out its surveillance functions.
4 The Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS) provide host country support to AMRO.