Finance and Banking: ASEAN+3 Finance and Central Bank Deputies Meeting

The ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3) was held via videoconferencing on Thursday. Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe joined this online meeting.

Regarding the Global and Regional Macroeconomic Outlook, the International Monetary Fund (IMF) discussed under the topic “World and Asia Economic Developments”, while the ASEAN+3 Macroeconomic Research Office (AMRO)  under "Transitioning Smoothly from Pandemic to Endemic New Normal” and the Asian Development Bank (ADB) under the topic of “Transforming Agriculture in Asia", and the Central Bank Deputies exchanged views.

Implementation of Chiang Mai Initiative Multilateralization-CMIM, including the new reference interest rate, domestic financial integration, financial assistance for economic purposes and technical supports, work plans, budget and appointment of employees for the AMRO in 2022, mid-term implementation work plan (2022-2026), management level selection programmes of the AMRO, ASEAN+3 Future Initiatives and Asia Bond Markets Initiatives were also discussed.

The meeting also focused on the use of London Interbank Offered Rate (LIBOR) for the CMIM Reference Rate and the use of Secured Overnight Financing Rate (SOFR), the Overnight Transaction Rate of the US Treasury Repo Rate. Attendees also discussed the law enactment, continuous supports in line with Monetary Policy to achieve medium-term Financial Framework and the GDP growth of ASEAN+3 which was 6.1 per cent in 2021 and estimated 5.0 per cent in 2022.