Revised regional currency swap arrangement takes effect

A revision of the Chiang Mai Initiative Multilateralisation (CMIM), a multilateral currency swap arrangement among Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN), took effect Wednesday, the Bank of Korea said. All 13 members of the ASEAN+3 group have completed their internal procedures for signing the revised agreement, which was endorsed at the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting in May 2025, according to the BOK. The revised CMIM includes the Rapid Financing Facility, which provides prompt financial assistance to members facing urgent balance of payments needs. It took effect Wednesday, seven days after the completion of the signing procedures, the central bank said. Launched in 2010, the CMIM is a multilateral currency swap arrangement among ASEAN+3 members aimed at providing liquidity to member economies in times of financial crisis. The facility has a total pool of $240 billion, with Korea contributing $38.4 billion.