1977 Memorandum of Understanding on the ASEAN Swap Arrangements

Summary Information
Download
Full Title	1977 Memorandum of Understanding on the ASEAN Swap Arrangements
Short Title / Abbreviations	ASA (1977)
CIL Subject Classification	ASEAN Documents ASEAN Economic Community Finance
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Entry Into Force Status	Superseded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 It is likely that the 2000 Memorandum of Understanding on the ASEAN Swap Arrangement (text unavailable) superseded the 1977 MOU and its Supplementary Agreements.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.