Directory of Economic, Commodity and Development Organizations - table of contents ASIAN CLEARING UNION (ACU)HEADQUARTERSSecretariat Office Postal Add: P.O. Box 15875/7177 207/1 Pasdaran Avenue Telephone: [98](21)284-2076 16646 Tehran Facsimile: [98](21)284-7677 Islamic Republic of Iran E-Mail: acusecret@cbi.ir Internet: www.asianclearingunion.org Secretary General: ... Mrs. Bahereh MIRZAEI-TEHRANI Deputy Secretary General: ... Morteza FARSHCHI LANGUAGE: EnglishESTABLISHMENT AND FUNCTIONSThe Agreement establishing the Asian Clearing Union (ACU) entered into force on December 9, 1974, three months after the fifth participant had, according to the terms of the Agreement, deposited instruments accepting the obligations of the Agreement. The Union held its inaugural meeting in Bangkok on December 8-9, 1974 and began operations on November 1, 1975. Burma (now Myanmar) joined the ACU on January 13, 1977. The Royal Monetary Authority of Bhutan was admitted as the eighth member on December 9, 1999. The Asian Clearing Union is a facility for the multilateral settlement of payments between the participants for all current international transactions and capital transactions to the extent such transactions have been mutually agreed upon by the participants. It is intended to promote trade expansion and monetary cooperation between the participants and to encourage the use of participants' currencies in settlements. Participation is open to all central banks or monetary authorities of members and associate members of the UN Economic and Social Commission for Asia and the Pacific (ESCAP). The unit of account is the Asian Monetary Unit (AMU), defined to be equal in value to US$1. Payments through the ACU are denominated in major international convertible currencies, particularly US dollars. Participants undertake to accept and complete all eligible payments. Settlements among central banks in respect of these payments are effected in US dollars or other mutually acceptable international convertible currency at the end of each bimonthly settlement period. At its seventeenth annual meeting held in March 1989 in Mumbai, the Board of Directors approved a Swap Arrangement within the ACU, which is presently in operation. COMPOSITION8 participants: Central Banks of Bangladesh, Bhutan, India, Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Sri Lanka STRUCTUREBoard of Directors. Each participant appoints one Director and one Alternate Director. The Board selects a Chairman and Vice Chairman from its members. The Board meets at least once a year and decisions are taken by a simple majority of all Directors, except as provided in the Agreement. Agent. The Board of Directors may make arrangements with a central bank or monetary authority of a participant to provide the necessary services and facilities for the operation of the clearing facility. The Board has accepted the offer of the Central Bank of the Islamic Republic of Iran to act as Agent for the Asian Clearing Union. Secretary General. The Board is authorized to appoint a Secretary General for a term of three years. GENERAL PUBLICATIONSAnnual Report; Monthly Newsletter UPDATED: November 18, 2003 Directory of Economic, Commodity and Development Organizations - table of contents |