ACU Full Form| What is ACU?

ACU Full Form

ACU Full Form-What are ACUs you  Need to Know: ASU is  the initiative of the United Nations Economic and Social Commission for Asia and the Pacific. It is headquartered in in Tehran, Iran, was established on December 9, 1974.

ACU Full Form

Asian Clearing Union

FAQs About ASU:

Indians are not very familiar with the ACU and might not even know of it. But you need to know this term as it is an important player in the international clearing world. The ACU, which currently has 23 members, primarily makes it easier for international banks and financial institutions to transfer money in Asia. These institutions have to go through a complicated route of clearing and settlement first in places like London or New York before sending the money to their beneficiary in Asia. This process is much easier to do from Tehran than from New York. The ACU was set up to allow banks to transfer the money in Asia quickly and easily without going through all the extra trouble.

You'll not lose your capital You'll not lose all your savings If you lose your ACU membership card, you can receive an ACU membership card without loss of your capital or the interest on it. You'll not have to open a bank account in another country While the old system of exchange of gold or foreign currencies by mail was loss-making for the trader concerned, the ACU system does not allow this. The benefits of using the ACU Trade direct between banks and ACU members. In fact, ACU members are considered as banks. You can buy, sell and accept payments in ACU. Your capital is safe in your bank. You'll never face a system failure. You won't have to face exchange problems and problems of change in payments.

ACU is a membership-based organisation established on a non-profit basis and was based in Tehran, Iran. The ACU as a member of the IMF and World Bank is involved in development projects in the region. The purpose of the ACU is to strengthen the position of the Islamic Republic of Iran in the international financial system.

According to ACU's website, ACU  promotes economic development and trade in the Middle East, Africa and Asia through the promotion of domestic economic growth, employment creation, poverty reduction, and the emergence of medium and small sized enterprises.

How many countries are member of ACU? There are 35 members, all members of the United Nations. Iran is a founding member of ACU. Who are the ACU's main members?