TEST SERIES 
About Asian Clearing Union (ACU)
- The Asian Clearing Union (ACU) was established with its head-quarters at Tehran, Iran, on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation.
- The main objective of the clearing union is to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries.
- The Central Banks and the Monetary Authorities of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are currently the members of the ACU.
- The Asian Monetary Units (AMUs) is the common unit of account of ACU and is denominated as ‘ACU Dollar’, ‘ACU Euro’ and ‘ACU Yen’, which is equivalent in value to one US Dollar, one Euro and one Japanese Yen respectively.
- All instruments of payments under ACU have to be denominated in AMUs. Settlement of such instruments may be made through the ACU Dollar Accounts, ACU Euro Accounts and ACU Yen Accounts, which should be distinct from the other US Dollar, Euro and Japanese Yen Accounts respectively maintained for non ACU transactions.