The Chiang Mai Initiative Multilateralisation (CMIM) Agreement officially came into effect on March 24, according to the Ministry of Finance.

The 120-billion USD agreement was signed by the Finance Ministers and Central Bank Governors of ASEAN member countries, China , Japan , the Republic of Korea and the Monetary Authority of Hong Kong ( China ) last December.

The agreement is a multilateral currency swap contract between ASEAN+3 countries to increase their response to rising risks and fluctuations in the global economy.

CMIM provides financial support through currency swap transactions to its participants facing difficulties in balance-of-payments and short-term liquidity./.