Singapore, 19 February 2016 – The ASEAN+3 Macroeconomic Research Office (“AMRO”) held its opening ceremony in Singapore today to commemorate its establishment as an international organisation. AMRO was formally accorded the legal status of an international organisation on 9 February 2016, when the agreement signed by ASEAN+3 member states to establish AMRO entered into force. AMRO is the first international organisation established by the ASEAN+3 member states and is headquartered in Singapore. It has close to 40 staff from ASEAN+3 countries. 

AMRO is the independent macroeconomic surveillance unit of the Chiang Mai Initiative Multilateralisation (“CMIM”) Agreement. The CMIM is a US$240 billion currency swap arrangement established in 2010 among the Finance Ministries and Central Banks of the ASEAN Member States, China, Japan and Korea (ASEAN+3 member states), to provide financial support in times of liquidity need. AMRO will provide economic and financial surveillance and analysis of the region to support the effective decision-making for the CMIM.

“As AMRO grows and develops its surveillance capabilities, it will establish an effective early warning mechanism for emerging risks in the region,” said Mr Heng Swee Keat, Minister for Finance, Singapore, “Our vision is for AMRO to develop into an authoritative interpreter of economic and financial developments in the Asian region.”

The opening ceremony was attended by Mr Heng Swee Keat, officials from ASEAN+3 Finance Ministries and Central Banks, and representatives from international organisations, diplomatic missions, financial institutions and economic research institutes.

As host country, Singapore is fully committed to supporting AMRO and contributing to regional financial stability.

For more information, please visit AMRO’s website: http://www.amro-asia.org

***

Jointly Issued by Ministry of Finance and Monetary Authority of Singapore
19 February 2016

For media enquiries, please contact:

About the Ministry of Finance

The Ministry of Finance aims to advance the well-being and development of Singapore through Finance. The Ministry of Finance manages the national budget, oversees corporate governance regulations, supervises the prudent investment and utilisation of public funds and government reserves, and sets policies for government procurement, e-government, customs regulation, accounting standards and business regulation.

We achieve this together with our departments (Accountant-General’s Department, Singapore Customs and Vital.org – Centre for Shared Services), and statutory boards (Accounting & Corporate Regulatory Authority, Inland Revenue Authority of Singapore and Tote Board).
For more information, please visit www.mof.gov.sg

About Monetary Authority of Singapore

As Singapore's central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector.

MAS is also an integrated supervisor overseeing all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. Being an integrated supervisor allows the MAS to adopt a consistent and progressive regulatory and supervisory approach and framework, thereby ensuring a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

For more information, please visit www.mas.gov.sg