Central Bank deputy governor joins AFCDM+3 virtual meeting

ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFCDM+3) was held via videoconferencing yesterday.
Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe joined the meeting along with other Finance Ministers and Deputy Heads of CBM.
During the meeting, she discussed the use of the US Treasury Bill rate (UST) as a substitute for the CMIM reference rate. However, LIBOR Rate was extended to 2023, practical and straightforward moves for access to information, the use of Bilateral Local Currency Swap instead of Local Currency of member countries for CMIM and Settlement Currency with non ASEAN+3 members.
The meeting also focused on the reference exchange rate, interest rate, terms and conditions for loans, and local currency flow regarding Chaing-Mai Initiative Multilateralization (CMIM).
The attendees to the meeting then discussed the 2022 budget status and employment sectors of ASEAN+3 Macroeconomic Research Office (AMRO) and programmes for CMIM, including short-to-long term programmes. — MNA