Laos to host ASEAN+3 Finance and Central Bank Deputies’ Meeting on April 3-4

The ASEAN+3 Finance and Central Bank Deputies’ Meeting will take place in Luang Prabang, Laos, on April 3 and 4, with delegates from ASEAN member states, the Republic of Korea, China and Japan expected to discuss a multilateral currency swap agreement and measures to enhance financial cooperation.

An overview of an ASEAN+3 Finance and Central Banks' Deputies Meeting held in Japan in 2023. (Photo: aseanplusthree.asean.org)

Participants will also exchange views on how to better use and develop their Chiang Mai Initiative Multilateralisation (CMIM), a 240-billion-USD pool launched in 2010 that can be tapped through currency swap deals in times of a financial crisis.

A currency swap is a tool meant to defend against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency.

The participants will also exchange opinions on the global and regional economic situation and policy responses.

The Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.

VNA