News update
  • Leaders of BNP, 7 other parties, journalists off to China     |     
  • Final notice issued to 2,046 factories to Operate ETPs      |     
  • Breast cancer cases projected to rise about 40% by 2050: WHO     |     
  • Amid shifting alliances, UNGA condemns Russia’s Ukraine War     |     
  • Unified Action Must to Revive Bangladesh’s Ailing Rivers: Rizwana     |     
  1. Home
  2. error
  3. ACU Meeting in Dhaka Focuses on Simplifying Cross-Border Transactions

ACU Meeting in Dhaka Focuses on Simplifying Cross-Border Transactions

Greenwatch Desk error 2025-02-25, 8:26am

images66-0ec5b3646398a67d0bb6422c40798a791740450430.jpg




The Standing Technical Committee of the Asian Clearing Union (STCACU) held a meeting in Dhaka, where representatives discussed the introduction of digital currency and the simplification of cross-border transaction methods.


A key report presented by the Information Technology Sub-committee emphasized the implementation of ACUMER, a proposed unified financial messaging system aimed at facilitating faster and more efficient inter-bank settlements among member countries. The meeting urged all ACU member countries to adopt ACUMER by March 2025 to streamline cross-border financial transactions.

The meeting also included a discussion on the current status of the ACU’s operations, with a report highlighting the progress of the Union. According to the Deputy Secretary General, the total transactions for 2024 reached $18.73 billion, marking a 21.90% increase compared to 2023.

Additionally, the ACU Business Continuity Sub-committee presented proposals to use the local currencies of member countries for ACU activities and suggested amendments to some procedural rules and the ACU charter.

The meeting was chaired by Dr. Md. Kabir Ahmed, Deputy Governor of Bangladesh Bank, and was attended by officials from Bangladesh, Myanmar, Pakistan, Belarus, Iran, India, and Nepal. The Secretary General of ACU, Farhad Morsali Pawarsi, and Deputy Secretary General Sahar Mahdavi, along with representatives from Sri Lanka, Bhutan, and the Maldives, participated virtually.

The meeting, which took place on February 19, 2025, was organized following the decision made during the 52nd ACU Board of Directors’ meeting held in Dhaka on May 30, 2024, as per a press release from Bangladesh Bank.