December 12, 2023
Being one of the largest RFAs in the world, the CMIM, with a lending capacity of $240 billion, has undergone continued improvements over the past decade.
September 28, 2022
With a total financing capacity of USD240 billion, the Chiang Mai Initiative Multilateralisation (CMIM) is the world’s second largest regional financing arrangement (RFA) among active RFAs, after the European Stability Mechanism (ESM) and much larger than most other arrangements in non-European regions.
May 3, 2021
On May 3, 2021, the finance ministers and central bank governors of ASEAN+3 members — comprising the 10 Southeast Asian countries, and China, Japan and Korea — stressed that the Chiang Mai Initiative Multilateralisation (CMIM) facility should take on a more instrumental role in catering to members’ needs, amid the unprecedented economic turmoil wrought by the COVID-19 pandemic.
October 19, 2020
The past century witnessed heightened frequency and magnitude of financial crises, and the global communities’ response to them have largely shaped the modern international financial system that is in place today.
August 1, 2019
In May 2019, Malaysian Prime Minister Dr. Mahathir Mohamad stated that East Asia should ‘adopt a common trading currency, not to be used locally but for the purpose of settling of trade’ that would be pegged to gold.
