South Korea gains rapid access to up to $19.2 billion in CMIM funds

South Korea can access up to $19.2 billion through the revised CMIM arrangement.
The new facility provides short-term foreign currency without ex-ante or ex-post conditions.
All 13 CMIM members completed domestic procedures before the agreement took effect Wednesday.

South Korea can urgently access up to $19.2 billion in U.S. dollars through the revised Chiang Mai Initiative Multilateralization (CMIM), a regional financial safety mechanism jointly operated by South Korea, China, Japan and the 10 ASEAN members. The agreement took effect Wednesday after all 13 members completed their domestic signing procedures, seven days after the process concluded. Endorsed at the May 2025 ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting, the revision adds a Rapid Financing Facility that allows South Korea to deposit Korean won and receive short-term foreign currency without ex-ante or ex-post conditions during shocks such as pandemics or natural disasters. Launched in 2010, the CMIM has a total pool of $240 billion, with South Korea contributing $38.4 billion.