38th meeting of Board of Directors of Asian Clearing Union
The Central Bank of Sri Lanka will host the 38th meeting of the Board
of Directors of the Asian Clearing Union (ACU) on June 16 in Colombo.
The meeting will be inaugurated by Prime Minister Ratnasiri
The main purpose of the meeting will be to review the operations of
the ACU and to adopt resolutions that are deemed necessary for the
continued successful operation of the ACU.
The principal advantage of the ACU is that it allows members two
months credit in settling their payments relating to the trade
transactions among member countries which are routed through the Central
Banks/Monetary Authorities. The ACU headquarters is based in Tehran,
The key objectives of the ACU are to: (a) provide the facility to
settle payments for current international transactions on a multilateral
basis among member countries; (b) promote monetary cooperation among
participants; and (c) develop close relations among the banking systems
in the member countries and thereby to promote trade and economic
activities among member countries. The ACU which was set up in 1974, has
a membership of eight Central Banks/Monetary Authorities consisting of
Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka.
The Board of Directors of the ACU comprises the Governors of Central
Banks/Heads of Monetary Authorities of the eight member countries.
Accordingly, the following Governors from the respective countries
are expected to attend the Colombo meeting: Dr Atiur Rahman, Bangladesh
Bank, Daw Tenzin, Royal Monetary Authority of Bhutan, Dr. D. Subbarao,
Reserve Bank of India, Dr. M. Bahmani, Central Bank of Islamic Republic
of Iran, Than Nyein, Central Bank of Myanmar and Deependra B Kshetry,
Nepal Rastra Bank. In addition, M. Kamran Shehzad, Deputy Governor of
the State Bank of Pakistan will represent the Governor at the meeting.
Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka will
chair the meeting.