The Hindu : RBI's Asian Clearing Union meet today

Online edition of India's National Newspaper
Monday, Jun 16, 2003

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RBI's Asian Clearing Union meet today

By Our Special Correspondent

BANGALORE JUNE 15. The Reserve Bank will host the 32nd annual meeting of the Asian Clearing Union (ACU) on Monday at Hotel Leela Palace, Bangalore. The Central Bank Governors of the eight members — Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan, and Sri Lanka — will participate. Two senior officials from the Central Bank of Thailand will be the observers.

The Governors will exchange information on the monitory and economic conditions in their countries and discuss the future role of the ACU. Another agenda is technology upgradation of its operations.

Founded in 1974 and has its headquarters in Tehran. Its objectives include multi-lateral settlement of current account payments, conservation of forex, promotion of monitory cooperation among central banks, increasing relationship among banking system of member-countries and providing currency swap arrangements. It is basically a clearing and settlement organisation.

The annual meeting of the ACU is hosted by member-countries on rotation. It is scheduled to be held in Iran next year and in Pakistan the year after.

The ACU transactions are growing since 1975 and it has not registered any defaulters so far. The Central Banks of the eight member-countries and not their governments are involved in its operations.

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