International and Regional Initiatives
The ASEAN+3 Finance and Central Bank Governors Meeting (AFMGM+3) amended the Chiang Mai Initiative Multilateralisation (CMIM) Agreement
18 September 2020
The amendments included an increase of the IMF De-Linked Portion from 30% to 40%, and the use of local currencies within the CMIM war chest of US$240 billion on a voluntary and demand-driven basis for both Arrangement Requesting and Providing Parties. The AFMGM+3 also welcomed the finalisation of the Technical Guidance for the CMIM Conditionality Framework for the IMF Linked and De-Linked Portions, further strengthening the operational readiness of the CMIM.
MAS extended the bilateral financial arrangement with Bank Indonesia
5 November 2020
The extension of the US$10 billion bilateral financial arrangement for another year would support monetary and financial stability in both countries amid the COVID-19 pandemic.
The extension of the US$10 billion bilateral financial arrangement for another year would support monetary and financial stability in both countries amid the COVID-19 pandemic.
MAS enhanced RMB liquidity in Singapore through a new RMB 25 billion initiative for banks
23 November 2020
MAS launched a new initiative to deepen RMB liquidity and further strengthen banks’ ability to meet the growing RMB business needs of their customers in Singapore and the region. RMB funding of up to three months would be channelled to the Primary Dealers through MAS’ money market operations, enhancing their credit intermediation capabilities and the overall RMB market liquidity in Singapore
MAS launched a new initiative to deepen RMB liquidity and further strengthen banks’ ability to meet the growing RMB business needs of their customers in Singapore and the region. RMB funding of up to three months would be channelled to the Primary Dealers through MAS’ money market operations, enhancing their credit intermediation capabilities and the overall RMB market liquidity in Singapore