Subject (Course): The Asian Clearing Union (ACU). Asian Monetary Units. Syllabus:
- Introduction to the Asian Clearing Union (ACU).
- Objectives of the ACU
- Participating members.
- Achievements of the Asian Clearing Union
- Asian Monetary Units
The objectives of the subject “The Asian Clearing Union (ACU)” are the following:
- To understand the aims and functions of the Asian Clearing Union
- To assess the benefits for member countries of the ACU
- To analyse the concept of Asian currencies
Sample of the subject - The Asian Clearing Union (ACU):
Subject Description: The Asian Clearing Union (ACU):
The Asian Clearing Union (ACU) is the easier form of payment
agreements whereby the members settle international payments for intra-regional
transactions of international trade among the participating central banks.
The main objectives are to make easy international payments among the member countries for eligible transactions.
The Asian Clearing Union (ACU) members are Bangladesh, Bhutan, India, Iran, Myanmar, the Maldives, Nepal, Pakistan, and Sri Lanka (Asia).
- The Economic and Social Commission for Asia and the Pacific (ESCAP)
founded the Asian Clearing Union (ACU)
- Since the beginning of the Asian Clearing Union, international transactions have experienced remarkable growth.
- Recently, a total of transactions (one way plus accumulated interest) amounted to USD 15,830 million (31.4% growth compared to the previous year).
- 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 “Asian Monetary
Units,” comprising ACU dollar and ACU euro with effect from 2009.
- 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.
- The Central Bank of Iran is the central
agent for the Asian Clearing Union (ACU).
The Asian Clearing Union (ACU) belongs to the:
- Central Eurasian Economic Area of the Islamic Civilisation
- Economic Area of the Buddhist Civilisation
- Economic area of the Hindu Civilisation