What does ACU mean in Accounting?

This page is about the meanings of the acronym/abbreviation/shorthand ACU in the Business field in general and in the Accounting terminology in particular.

Asian Clearing Union

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Definition

What does ACU mean?

Asian Clearing Union
The Asian Clearing Union (ACU), with headquarters in Tehran, Iran, was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to secure regional co-operation as regards the settlement of eligible monetary transactions among the members of the Union to provide a system for clearing payments among the member countries on a multilateral basis. In October 2013, Iran unveiled a plan suggesting that members of the union – Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, Pakistan, Sri Lanka and Iran – employ a home-grown system developed by the Central Bank of Iran to get around SWIFT called SEPAM in Persian.

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"ACU." Abbreviations.com. STANDS4 LLC, 2020. Web. 5 Dec. 2020. <https://www.abbreviations.com/term/118331>.

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