Asian Clearing Union (ACU) is a payment settlement forum whereby the participants settle payments for transactions that take place within the regions and this facilitated through the participating central banks on a wider basis.
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Overview of Asian Clearing Union
The Asian Clearing Union (ACU), was established at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to secure regional co-operation as regards the settlement of eligible monetary transactions among the members of the Union to provide a system for clearing payments among the member countries on a multilateral basis.
When was the Asian Clearing Union established?
The foundation of the Asian Clearing Union (ACU), with headquarters in Tehran, Iran, was laid on December 9, 1974.
What are the objectives of the Asian Clearing Union?
The objectives of the Asian Clearing Union are:
- To facilitate transactional settlement, on a multilateral basis, for the international transactions involved
- To ensure the effective the use of currencies used by the participants during the transactions,
- To ensure the cooperation among the participants on a monetary basis
- To facilitate currency exchange methods among the participants.
Who are the members of the Asian Clearing Union?
The members of the Asian Clearing Union are as follows:
- Bangladesh Bank
- Royal Monetary Authority of Bhutan
- Reserve Bank of India
- Central bank of Islamic Republic of Iran
- Maldives Monetary Authority
- Central Bank of Myanmar
- Nepal Rastra Bank
- State Bank of Pakistan
- Central Bank of Sri Lanka