Asian Clearing Union (ACU) The ACU with headquarters in Tehra | Indian Economy -Civil Service Gurukul

Asian Clearing Union (ACU)

The ACU with headquarters in Tehran, Iran, was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The primary objective of ACU was to secure regional co-operation as regards the settlement of eligible monetary transactions among the members of the Union/

It now aims to provide a system for clearing payments among the member countries on a multilateral basis.
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The unit of settlement of ACU transactions is a common unit of account of ACU, and the unit is equivalent to one USD, and the Asian Monetary Unit may be denominated as ACU dollars and Euro.