Financial Daily from THE HINDU group of publications
Monday, Jun 16, 2003
Financial Daily from THE HINDU group of publications Monday, Jun 16, 2003 |
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Money & Banking
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Events ACU meeting begins today Our Bureau
BANGALORE, June 15 THE Asian Clearing Union (ACU) is taking up intra-regional trade settlements in alternative currencies, including the euro, at the 32nd annual meeting which begins on Monday. This meeting is being hosted by the Reserve Bank of India (RBI). The ACU is a grouping of eight Asian countries - Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka. Currently, all intra-regional settlements between the members are done in US dollars, referred to as ACU dollars. Till 1996, this settlement was done in the form of ACU units, which was discontinued thereafter because all the member countries have their currencies linked to the US dollar. Settlements among the members are done through maintenance of correspondent accounts amongst the member countries' banks. Central bankers of all the member countries will be attending.
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