ACU
E706425
ACU is a regional payment arrangement among Asian countries that facilitates multilateral clearing of trade transactions to reduce reliance on hard currencies.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Asian Clearing Union | 0 |
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
intergovernmental organization
ⓘ
regional payment arrangement ⓘ |
| abbreviation | ACU NERFINISHED ⓘ |
| benefit |
improves efficiency of regional payment arrangements
ⓘ
reduces need for settlement in hard currencies such as the US dollar ⓘ reduces transaction costs for member countries ⓘ |
| clearingMechanism | multilateral netting of eligible transactions ⓘ |
| clearingPeriod | periodic settlement of net positions among members ⓘ |
| currencyRole | promotes settlement in participants’ currencies ⓘ |
| dateFounded | 1974 ⓘ |
| foundedBy | United Nations Economic and Social Commission for Asia and the Pacific NERFINISHED ⓘ |
| foundingInstrument | Agreement establishing the Asian Clearing Union NERFINISHED ⓘ |
| fullName | Asian Clearing Union NERFINISHED ⓘ |
| geopoliticalScope | Asian member states ⓘ |
| governingBody | Board of Directors NERFINISHED ⓘ |
| headquartersCountry | Iran NERFINISHED ⓘ |
| headquartersLocation | Tehran NERFINISHED ⓘ |
| legalStatus | treaty-based organization ⓘ |
| member |
Bangladesh
NERFINISHED
ⓘ
Bhutan NERFINISHED ⓘ India NERFINISHED ⓘ Iran NERFINISHED ⓘ Maldives NERFINISHED ⓘ Myanmar NERFINISHED ⓘ Nepal NERFINISHED ⓘ Pakistan NERFINISHED ⓘ Sri Lanka NERFINISHED ⓘ |
| memberType | central banks of member countries ⓘ |
| officialLanguage | English ⓘ |
| purpose |
economize on use of foreign exchange reserves
ⓘ
facilitate multilateral clearing of trade transactions ⓘ promote monetary cooperation among member countries ⓘ promote use of participants’ currencies in regional trade ⓘ reduce reliance on hard currencies ⓘ |
| regionServed | Asia ⓘ |
| relatedConcept |
multilateral clearing union
ⓘ
regional payment system ⓘ |
| relatedOrganization |
International Monetary Fund
NERFINISHED
ⓘ
United Nations Economic and Social Commission for Asia and the Pacific NERFINISHED ⓘ |
| secretariat | ACU Secretariat NERFINISHED ⓘ |
| sector |
international finance
ⓘ
payments and settlements ⓘ |
| transactionType |
current account transactions
ⓘ
eligible trade-related payments ⓘ |
| usesInstrument | Asian Monetary Unit NERFINISHED ⓘ |
| website | https://www.asianclearingunion.org ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.