ACU (Asian Clearing Union)
Definition of "ACU (Asian Clearing Union)"
Established in 1974 and started functioning in 1975, has seven members of which Bangladesh, Iran and Pakistan are Organization of Islamic Conference (OIC) members. Other members are Myanmar (formerly Burma), India, Nepal and Sri Lanka. The objective is to facilitate payments for current international transactions and to promote use of participants’ currencies. The unit of account is Asian Monetary Unit, which is equivalent to 1 SDR of the International Monetary Fund (IMF).