Asian group 3 swap
After Asian Financial Crisis , member countries started this initiative to manage regional short-term liquidity problems and to avoid relying on the International Monetary Fund. However, this idea was shelved after encountering strong resistance from the United States. It also implied the possibility of establishing a pool of foreign exchange reserves accessible by participating central banks to fight currency speculation. Early critics questioned the reasoning behind the initiative. The Asia Times Online wrote in an editorial published several days after the meeting, "The idea that the existence of a currency swap arrangement or the wider concept of an Asian monetary fund [ In addition, it was to aid the existing financial facilities of IMF.
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The agreement was meant to complement the International Monetary Fund IMF by providing emergency infusions of foreign currency to member countries suffering from liquidity crises. It also established a mechanism for monitoring capital flows and economic conditions through regular contacts between financial authorities in the region. Created in the wake of the —98 Asian financial crisis , the agreement presents an important example of financial cooperation in the region. The swap system comprises two main components: an expanded ASEAN Swap Arrangement and a network of bilateral swap and repurchase agreements. As each participating member can draw upon only twice the amount it has contributed, the economic impact of a swap through this mechanism is likely to be insignificant.