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    Question

    Which of the following is not member of Asian Clearing Union (ACU)?

    A Bangladesh Correct Answer Incorrect Answer
    B Malaysia Correct Answer Incorrect Answer
    C India Correct Answer Incorrect Answer
    D Nepal Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Asian Clearing Union (ACU) was established with its head-quarters at Tehran, Iran, on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation. The main objective of the clearing union is to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries. The Central Banks and the Monetary Authorities of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are currently the members of the ACU.

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