The Asian Clearing Union (ACU) was established at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The Draft Agreement Establishing the ACU, was finalized at a meeting of senior officials of the governments and central banks held at ESCAP, Bangkok, in December 1974 after five central banks (India, Iran, Nepal, Pakistan, and Sri Lanka) signed the Agreement. Bangladesh and Myanmar were the sixth and seventh signatories to this Agreement. Bhutan and Maldives signed the Agreement in 1999 and 2009 respectively . At present, there are nine member countries, consisting of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka.
Asian Clearing Union (ACU) was established in December 1974 and began its operations by the first week of November 1975. The secretariat office is located in Tehran, Iran. Myanmar formally applied for membership in November 1976 and became a member of the ACU on January 13, 1977. Participation in the ACU shall be opened to the Central Bank of Monetary Authority of each regional member or associate member of ESCAP.
The Governor and the Deputy Governor serve as Director and Alternate Director of the Board of Directors of the ACU for the Central Bank of Myanmar, and the Director of Accounts Department serves as the officer-in-charge of the ACU for Myanmar.
The Central Bank of Myanmar has assigned the Myanma Foreign Trade Bank, the Myanma Investment and Myanma Economic Bank for the purpose of payments to be made through the clearing facility.
The Asian Clearing Union seeks to achieve four basic objectives for its participating countries. They are: -
The accounts of the ACU are kept in a common unit of account designated as Asian Monetary Units (AMUs). The value of one AMU is, with effect from 1.1.1996, be equivalent in value to one US dollar. The AMU is denominated as ACU Dollar. According to the approval of the 37th ACU BOD Meeting, the AMUs are denominated as ACU dollar and ACU euro which are equivalent in value to one US dollar and one Euro, respectively with effect from January 1, 2009.
Myanmar hosted (i) the 8th meeting of the Board of Directors of the ACU in Yangon on February 4 ~ 5, 1980 (ii) the 15th meeting of the Board of Directors of the ACU in Yangon on April 21 ~ 22, 1987 (iii) the 24th meeting of the Board of Directors of the ACU in Yangon on August 25 ~ 26, 1994, (iv) the 30th meeting of the Board of Directors of the ACU in Yangon on May 28 ~ 29, 2001, (v) the 37th meeting of the Board of Directors of ACU in Nay Pyi Taw on June 16 ~ 17, 2008.
Myanmar exports beans, timber, ply wood, betel nuts, dry ginger, natural rubber latex and other commodities to ACU member countries. Myanmar imports bicycle, parts for tractor, medicine and other commodities form ACU member countries.