| Download | |
| Summary Information | |
|---|---|
| Full Title |
1977 Memorandum of Understanding on the ASEAN Swap Arrangements |
| Short Title / Abbreviations |
ASA (1977) |
| CIL Subject Classification | |
| Date of Adoption | 05/08/1977 |
| Place of Adoption | Kuala Lumpur, Malaysia, 2nd ASEAN Summit |
| Issued/Adopted by | Heads of Central Banks and Monetary Authorities of ASEAN |
| Dispute settlement provisions |
Article 9 : Dispute “Any dispute or problem arising from the implementation of the Arrangement shall be resolved through consultation among the participants initiated by the Agent Bank.” |
| Entry Into Force Status | Superseded |
| Date of Entry into Force |
05/08/1977 |
| Entry into Force / Termination Provisions |
Article 10: DURATION OF THE ARRANGEMENT “22. The Arrangement shall remain in force and effect for a period of one (1) year from the date it comes into force, subject to renewal upon agreement by the participants. The Agent Bank shall, at least two months before the expiry date hereof, initiate consultations for renewal of the Arrangement. 23. In the event of termination of the Arrangement, the provisions hereof shall be considered still in force, but only in respect of the settlement of outstanding balances existing at the time of such termination.” Note: This MOU was extended by 6 supplementary agreements. See “Protocols/Amendments to this instrument” below. Article 11: ENTRY INTO FORCE “This Arrangement shall enter into force on August 5, 1977.” It is likely that the 2000 Memorandum of Understanding on the ASEAN Swap Arrangement (text unavailable) superseded the 1977 MOU and its Supplementary Agreements. The 2005 Memorandum of Understanding on the ASEAN Swap Arrangement also definitively provides that: “Article III: Date of Coming Into Force 3.1 The Arrangement shall come into force on 17 November 2005. This Arrangement contains all the terms and conditions of the agreement between the participating members with respect to the subject matter hereof and supersedes all previous arrangements, agreements and commitments whatsoever, whether oral or in writing. The Second Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement dated 17 November 2004 is hereby terminated with the effect from 17 November 2005.” As neither the texts of the 6th and final Supplementary Agreement nor the 2000 Memorandum of Understanding on the ASEAN Swap Arrangement are available, the exact date of termination of the 1977 MOU is unclear. |
| Status | |
| ASEAN States | |
| Brunei Darussalam | |
| Cambodia | |
| Indonesia |
Signature 05/08/1977 |
| Lao PDR | |
| Malaysia |
Signature 05/08/1977 |
| Myanmar | |
| Philippines |
Signature 05/08/1977 |
| Singapore |
Signature 05/08/1977 |
| Thailand |
Signature 05/08/1977 |
| Vietnam | |
| Related Instruments | |
| Protocols / Amendments to this instrument |
1978 Supplementary Agreement to the Memorandum of Understanding of the ASEAN Swap Arrangements 1979 Second Supplementary Agreement to the Memorandum of Understanding on ASEAN Swap Arrangement 1981 Amendments to the Memorandum of Understanding on the ASEAN Swap Arrangement 1982 Third Supplementary Agreement to the Memorandum of Understanding on the ASEAN Swap Arrangements 1987 Fourth Supplementary Agreement to the Memorandum of Understanding on ASEAN Swap Arrangement 1992 Fifth Supplementary Agreement to the Memorandum of Understanding on the ASEAN Swap Arrangement 1997 Sixth Supplementary Agreement to the Memorandum of Understanding on the ASEAN SWAP Arrangement 2000 Memorandum of Understanding on the ASEAN Swap Arrangement 2002 Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement 2004 Second Supplemental Memorandum of Understanding on ASEAN Swap Arrangement 2005 Memorandum of Understanding on the ASEAN Swap Arrangement 2007 Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement 2009 Second Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement 2015 The Fifth Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement 2017 The Sixth Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement |
| Related Instruments |
2000 Chiang Mai Initiative 2009 Chiang Mai Initiative Multilateralization Agreement |
| External Links |
ASEAN accessed on 04/10/2022 |
| Additional Information |
The ASEAN Swap Arrangement forms the basis of the 2000 Chiang Mai Initiative (CMI), a currency swap mechanism involving the ASEAN+3 member states (ASEAN, China, Japan, Republic of Korea). The initiative comprises the ASEAN Swap Arrangement and a network of separately negotiated bilateral and multilateral swap agreements. The network was multilateralised and consolidated in the 2009 Chiang Mai Initiative Multilateralisation Agreement. Lao PDR acceded to the 1977 MOU, the 1-6th Supplemental Agreements and the 1981 Amendment via the 1997 Second Protocol for the Accession of the Lao People’s Democratic Republic to ASEAN Agreements. As of this update CIL staff have no information on the participation in the 1977-2000 ASEAN Swap Arrangement by Brunei Darussalam, Viet Nam, Myanmar or Cambodia. |
