The CMIM is a multilateral
currency swap contract which is developed from the current CMI bilateral swap
network to facilitate prompt and simultaneous currency swap transactions
through establishing a common decision making mechanism under a single contract.
The US $120-billion contract aims at (i) addressing balance
of payment and short-term liquidity difficulties in the region, and (ii) supplementing
the existing international financial arrangements.
The CMIM will provide financial support through currency
swap transactions among CMIM participants in times of liquidity need. Each CMIM
participant is entitled, in accordance with the procedures and conditions set
out in the Agreement, to swap its local currency with the US Dollars for an
amount up to its contribution multiplied by its purchasing multiplier.
The successful launch of
the CMIM, together with an independent regional surveillance unit to be
established, demonstrates the solid commitments and concerted efforts of
ASEAN 3 members to further enhance regional capacity to safeguard against
downside risks and challenges in the global economy.
Việt
By Xuân Hồng