Asian Clearing Union seeks easier payment system

Members of the Asian Clearing Union (ACU) will meet in Dhaka next week to discuss ways to make their paymemt systems easier to use to boost trade, a Bangladesh central bank official said on Wednesday.
The ACU is an arrangement between Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka to settle payments for intra-regional transactions among the participating central banks. It minimises foreign exchange transfer costs and promotes trade.
"The two-day ACU technical committee meeting beginning on Tuesday will focus on finding means to make the payment system more simple," said the Bangladesh central bank official, who asked not to be identified. The technical committee comprises executive directors from the central banks of the member countries, he said. "An easier payment system will increase trade and commerce among the ACU countries," the central bank official said, without elaborating.