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The ASEAN Swap Arrangement (ASA) was first signed by five ASEAN central banks (that is Indonesia, Malaysia, Philippines, Singapore and Thailand) in August 1977, with a total facility of US$100 million. The total amount available was increased to US$200 million in 1978.
With the launched of the CMI, the central banks and monetary authority have expanded the ASA to include all 10 ASEAN countries and enlarged the size to US$1 billion from US$200 million.
During the 9th ASEAN Finance Ministers Meeting on 6 April 2005 in Vientiane, Lao PDR, the ASA was further enlarged to US$2 billion, to reflect the continued favourable and sound macroeconomic fundamentals in ASEAN, as well as to symbolize the strong commitment among ASEAN Member Countries to cooperate to ensure financial stability in the region. The Central Bank of Vietnam is currently the Agent Bank for the ASA.
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