AMRO is an international organization that contributes to economic stability of the ASEAN+3 region.
The ASEAN+3 Macroeconomic Research Office – AMRO is an international organization based in Singapore. We monitor economic developments of ASEAN 10 countries plus China, Japan, and Korea (ASEAN+3) from the perspective of preventing currency crises, and support the implementation of the Chiang Mai Initiative Multilateralization (CMIM), a regional currency swap mechanism among the member economies. T
he establishment of AMRO was first agreed by ASEAN+3 Finance Ministers at their meeting in February 2009 and incorporated as a company limited by guarantee in Singapore in April 2011. Thereafter, in February 2016, AMRO became an international organization with the AMRO agreement entering into force. The number of employees has increased from just four at the time of its inception to 61 by the end of 2019, and our operations have deepened and expanded. In 2016, AMRO set force its "Strategic Direction", where our mission and vision were identified as appended.
- Mission: To contribute to the macroeconomic and financial stability of the region through conducting macroeconomic surveillance and supporting the implementation of the regional financial arrangement.
- Vision: To be an independent, credible and professional regional organization acting as a trusted policy advisor to members in the ASEAN+3 region. AMRO has three core operations, which are (a) conducting macroeconomic surveillance, (b) supporting the Chiang Mai Initiative Multilateralisation (CMIM), and (c) providing technical assistance. (a) Macroeconomic surveillance
One of AMRO's major tasks is macroeconomic surveillance. With cooperation from member authorities in the region, AMRO send our country surveillance team to ASEAN+3 economies to assess the macroeconomic and financial developments in an economy and provide policy recommendations. The findings are published in the form of Annual Consultation Report in on our website. AMRO also conducts regional surveillance; since 2017, AMRO has annually published ASEAN+3 Regional Economic Outlook, or AREO as our flagship report. Likewise, we have submitted policy note to the ASEAN+3 Leaders’ Summit since 2017. In addition, AMRO also produces other knowledge products including working papers and analytical notes, which are also found on our website. (b) Support the CMIM
AMRO also provides a secretariat function for the CMIM, and supports its implementation. The CMIM provides financing to countries under balance of payment or liquidity pressure to prevent contagion of a financial distress. The CMIM has seen rounds of functional enhancements in the last decade. In 2010, the set of currency swap arrangements among member authorities were reformulated, and bundled into a single multilateral contract - the multilateralization of the Chiang Mai Initiative. In July 2014, the size of the total commitment under the CMIM was doubled to $240 billion, and a new facility named CMIM Precautionary-Line (CMIM-PL) was introduced, with which a CMIM member authority can preventively set a US dollar credit line in advance of an actual crisis. Also in 2014, the percentage of "IMF De-link" portion where a CMIM member authority can request funding from CMIM without IMF financial assistance, was increased to 30 percent. Furthermore, in June this year, CMIM operational readiness was further enhanced. The CMIM is now equipped with more flexible lending mechanism to facilitate co-financing with the IMF, and a rigid legal basis to set conditionality in its lending activities.
AMRO, as the de-facto secretariat of the CMIM, has developed a tool to assess the eligibility for the CMIM-PL, and has used the tool in our surveillance activities. We also support the ASEAN+3 authorities’ discussion on various CMIM-related issues, and conduct annual desk exercises (test runs) in cooperation with the IMF. (c ) Provide technical assistance
AMRO provides technical assistance to its member countries. This activity is supported by generous financial contributions from China, Japan and Korea. In 2019, we welcomed a total of 12 secondees, and together with AMRO staff, they join our regular surveillance activities. AMRO also provides thematic technical assistance projects (e.g., bank stress testing) to cater to the needs of member authorities. (d) Partnership
AMRO is also actively engaged in building partnerships with other international organizations and other peer institutions. To name a few examples:
- AMRO concludes Memorandum of Understanding (MOU) with, among others, the IMF, the Asian Development Bank (ADB), the European Stability Mechanism (ESM), and the Latin American Reserve Fund (FLAR) to exchange information, implement joint projects/events, and to deepen cooperation in areas such as personnel exchanges.
- Together with the ADB, the Asian Development Bank Institute (ADBI), the OECD and the Economic Research Institute for East Asia and the ASEAN (ERIA), we organize Asian Regional Roundtable to improve our research capabilities.
- AMRO actively forge synergies with other regional financial arrangements, such as the ESM and FLAR, and hold High-Level Dialogue and research seminar to strengthen the global financial safety net.
05/06/2026
As ASEAN+3 economies navigate an increasingly uncertain global environment, regional cooperation is more important than ever.
At the Nikkei Forum: Future of Asia 2026, AMRO Director/CEO Yasuto Watanabe will moderate a panel discussion on ASEAN+3's role in strengthening regional resilience and contributing to global stability.
📅 June 10, 2026 | 🕒 2:50 PM JST (tentative)
Distinguished panelists:
➡️ Serey Chea, Governor, National Bank of Cambodia
➡️ Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia
➡️ Jay Y. Yuvallos, Chairman, East Asia Business Council
As trade fragmentation, energy supply disruptions, and economic uncertainty continue to reshape the global economy, the session will explore how ASEAN+3 can advance regional cooperation and turn shared challenges into opportunities.
Local governments in Korea account for nearly half of total public spending, but generate only about 20% of total public revenue, relying heavily on transfers from the central government.
To improve local public financial management, 3 priorities stand out: Increasing transparency and predictability in intergovernmental fiscal relations, synchronizing central and local budgeting processes, and strengthening local planning and implementation capacity. ➡️ Learn more from the AMRO blog: bit.ly/3RErZce
04/06/2026
In a world facing trade uncertainty, rising tensions, and a new energy shock, AMRO Director/CEO Yasuto Watanabe reflects on his first year leading AMRO.
He shares his perspective on the region's challenges and his priorities to ensure AMRO remains ready to safeguard the region's resilience and stability through rigorous surveillance, member-focused policy advice, and deeper regional financial cooperation. bit.ly/43fpsHS
03/06/2026
Stablecoins appear simple: one token equals one unit of fiat currency, typically US$1.
However, what matters is whether stablecoins can actually be converted into fiat currency at the expected value, when needed, and without disruption. Find out what shapes convertibility, where it can weaken, and why effective regulation must cover the full journey from issuance to cash-out. 👉 bit.ly/4x4ucxF
03/06/2026
Malaysia’s economy beat expectations in 2025, supported by firm domestic demand and a strong investment cycle.
But as risks become more structural and interconnected, the key question is shifting: can Malaysia turn today’s momentum into durable, high-quality growth?
Our latest blog highlights that Malaysia’s investment upcycle, spanning advanced manufacturing, digital infrastructure, and energy transition projects, offers a rare opportunity to raise productivity and move further up the value chain. But seizing this opportunity will require policy discipline, structural transformation, and the ability to navigate a more fragmented global economy.
ASEAN+3 growth remains resilient, supported by firm domestic demand and technology exports. However, signs of stress are emerging.
The Middle East conflict is proving more protracted than earlier expectations. If supply disruptions persist, rising cost pressures could push up inflation and weigh on the region’s growth.
➡️ Read the interim update of the ASEAN+3 Regional Economic Outlook : bit.ly/4fgQPZr
02/06/2026
At the BOK International Conference hosted by the of Korea (BOK) in Seoul, AMRO Director/CEO Yasuto Watanabe moderated the session "Digital Currency and the Future of Money."
Professor Markus Brunnermeier from Princeton University opened the session with a presentation on the challenges faced by policymakers today—balancing payment-system efficiency, credit discipline, and data privacy amid the rise of digital platforms.
A discussion followed, featuring two distinguished discussants: Todd Keister, Head of Money and Payments Studies, Federal Reserve Bank of New York, and Vincenzo Quadrini, James McN. Stancill Chair Professor, University of Southern California.
Thank you to the BOK for hosting this event. We look forward to continuing these important discussions on the future of global finance.
ASEAN+3 growth is projected to remain at 4.0% in 2026, unchanged from AMRO’s April forecast, while inflation is expected to rise to 1.8% from 1.4% amid more prolonged disruptions from the Middle East conflict.
As the conflict enters its fourth month, energy, commodity, and logistics costs have surged and remain elevated, adding pressure to inflation and industrial supply chains.
While regional growth has remained resilient, prolonged disruptions could weigh on the outlook.
➡️ Read more in the press release: bit.ly/4o610lV
➡️ Download the June 2026 interim update of the ASEAN+3 Regional Economic Outlook : bit.ly/4fgQPZr
29/05/2026
Tax incentives are widely used across ASEAN+3 economies to attract investment, support priority industries, encourage innovations, and advance other policy objectives.
Our latest blog argues that the benefits come with trade-offs, including forgone government revenue and opportunities for tax avoidance or rent-seeking. To ensure tax incentives remain a strategic tool for supporting sustainable and inclusive growth, stronger design, management, and governance are essential. ➡️ Read more: bit.ly/3PHEymp
29/05/2026
Stay informed on the latest economic and financial stability developments across the region—delivered straight to your inbox.
AMRO's monthly brings you our latest publications, commentaries, and event highlights.
This month's highlights include:
📰 News: AMRO commemorates 10th anniversary as an IO at the AFMGM+3, preliminary assessment of Hong Kong's economy
📄 Joint statement: 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting
📚 Publications: Annual Consultation Report on Malaysia, analytical notes on ASEAN+3 cross-border payments and emissions-development relationship, and policy paper on the evolution of CMIM
🖍️ Blogs: Lao PDR's Singapore bond issuance, Korea's AI memory dominance, fast-tracking the ASEAN Power Grid, and more!
📊 Databases: ASEAN+3 Climate Initatives
🗓️ Events: 3rd AFTN Seminar
Read the full roundup:
AMRO Monthly Roundup - May 2026
AMRO's monthly newsletter features our latest publications, commentaries, and events covering macroeconomic and financial stability issues in ASEAN+3. Subscribe now!
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