Asian Clearing Union (ACU)

EENI- School of International Business

Subject: The Asian Clearing Union (ACU). The Asian Monetary Units. Syllabus:

1. Introduction to the Asian Clearing Union (ACU)
2. Objectives of the Asian Clearing Union
3. Participating members: Bangladesh, Bhutan, India, Iran, Myanmar, the Maldives, Nepal, Pakistan, and Sri Lanka
4. Achievements of the Asian Clearing Union
5. The Asian Monetary Units

The objectives of the subject “The Asian Clearing Union (ACU)” are the following:

1. To understand the aims and functions of the Asian Clearing Union
2. To assess the benefits for the Asian Clearing Union member countries
3. To analyse the concept of the Asian currencies

Sample of the subject - The Asian Clearing Union (ACU):

Description of the Subject: The Asian Clearing Union (ACU)

The Asian Clearing Union (ACU) is an agreement that facilitates the payments between the ACU's members states; it applies to international payments for intra-regional transactions of the international trade among the participating central banks.

The main objectives are to make easy international payments among the member countries for the eligible transactions.

The Asian Clearing Union (ACU) members are Bangladesh, Bhutan, India, Iran, Myanmar, the Maldives, Nepal, Pakistan, and Sri Lanka (Asia).

1. The Economic and Social Commission for Asia and the Pacific (ESCAP) founded the Asian Clearing Union (ACU)
2. Since the beginning of the Asian Clearing Union, international transactions have experienced a remarkable growth
3. Recently, a total of transactions (one way plus accumulated interest) amounted to USD 15,830 million (31.4% growth compared to the previous year)
4. Based on the approval of the Board of Directors of the Asian Clearing Union, the accounts of the Asian Clearing Union (ACU) are held in the “Asian Monetary Units,” comprising the ACU dollar and the ACU euro with effect from 2009.
5. The Board of Directors may make agreements with a Central Bank or monetary authority of a participant to supply the necessary services and facilities for the operation of the clearing facility
6. The Central Bank of Iran is the central agent for the Asian Clearing Union (ACU)

The Asian Clearing Union (ACU) belongs to the:

1. Central Eurasian Economic Area of the Islamic Civilisation
2. Economic Area of the Buddhist Civilisation
3. Economic Area of the Hindu Civilisation