ACU’s Dhaka meeting focuses on simplifying cross-border transactions

The representatives of the Standing Technical Committee of Asian Clearing Union (STCACU) in a meeting in Dhaka have focused on introducing digital currency and simplifying the cross-border transaction method.

The report of the Information Technology Sub-committee in the meeting focused on the implementation of ACUMER, the facilitation of payment systems for cross-border transactions.

In addition, all member countries were urged to join the ‘ACUMER’ by March 2025 and complete financial transactions. A report analysing the current status of the functioning of the Asian Clearing Union was also presented in the discussion meeting.

‘ACUMER’ in the context of ACU, refers to a proposed unified financial messaging system that would facilitate faster and more efficient inter-bank settlements between member countries within the ACU network.

The report of the ACU Business Continuity Sub-committee discussed the use of the own currencies of its member countries in ACU activities and amendments to some parts of the ACU’s procedure rules and its charter.

At the meeting, the Deputy Secretary General reviewed the current status of the ACU and said that the total transactions in 2024 were US $18.73 billion, which is an increase of 21.90 per cent compared to 2023.

The meeting was held in Dhaka this year (Feb 19) as per the decision of the 52nd meeting of the Board of Directors of ACU held in Dhaka on 30 May 2024, according to a press release of Bangladesh Bank, released on Monday (Feb 24).

The meeting was chaired by Dr Md. Kabir Ahmed, Deputy Governor of Bangladesh Bank, and was attended by officials from various levels of member countries: Myanmar, Pakistan, Belarus, Iran, India, Nepal, and Bangladesh Bank.

In addition, the Secretary General of ACU Farhad Morsali Pawarsi, Deputy Secretary General Sahar Mahdavi, and officials from the central banks of Sri Lanka, Bhutan, and the Maldives participated in the meeting virtually.