Asian Clearing Union (ACU)
Logo of the Asian Clearing Union
TypeClearing Union
Central Banks or Monetary Authorities9
• Chairman
Iran Mohammad Reza Farzin
• Secretary-General
Iran Farhad Morsali Pavarsi

The Asian Clearing Union (ACU) 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, at the time of its establishment, was to secure regional co-operation regarding the clearing of eligible monetary transactions among the members of the Union to provide a system for clearing payments among the member countries on a multilateral basis.


Settlement Process

Period: Bimonthly Settlement

Payment Deadline: T+4

Currency Swap Arrangements

Eligibility: Any participant in net deficit

Time of request: Before the end of a settlement period

Amount: 20% of the average gross payments (ACU dollar/euro/yen accounts collectively) made by every eligible participant

Rate: linear interpolation of Chicago Mercantile Exchange: CME SOFR one month and three month for US Dollar, the EURIBOR two month for Euro, two month LIBOR declared by the ICE for Japanese Yen


Units of Accounts

AMU: Asian Monetary Units (viz. ACU dollar, ACU euro, and ACU yen),

The AMUs are denominated as ACU dollar, ACU euro, and ACU yen which are equivalent in value to 1 USD, 1 Euro, and 1 JPY, respectively.


Exchange Rate

The SDR cross-rates which are quoted by the IMF on a daily basis are applied as a reference rate.

Benefits of Becoming a Member




Currently (2022), the members of ACU are the central banks of Bangladesh, Bhutan, Iran (not active owing to international banking sanctions), India, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar. The central banking authorities of member countries have issued detailed instructions and modalities for channeling the monetary transactions through the ACU. Membership in the ACU is open to central banks located in the geographical area of ESCAP and non-ESCAP.

State Central Bank Year
 Bangladesh Bangladesh Bank 1974
 Bhutan Royal Monetary Authority of Bhutan 1999
 India Reserve Bank of India 1974
 Iran Central Bank of the Islamic Republic of Iran 1974
 Maldives Maldives Monetary Authority 2009
 Myanmar Central Bank of Myanmar 1977
   Nepal Nepal Rastra Bank 1974
 Pakistan State Bank of Pakistan 1974
 Sri Lanka Central Bank of Sri Lanka 1974

Eligible transactions

All eligible transactions between member countries are required to be cleared through the Asian Clearing Union. The monetary transactions eligible to be settled through the Asian Clearing Union include the following:

Instruments of Payment

All instruments of payment denominated in AMUs (ACU dollar, ACU euro, and ACU yen), may be used to effect payment through the clearing facility.


Transactions channeled through the ACU mechanism in 2021 amounted to 29 billion USD.