Central Bank of Myanmar announced that governor Than Nyein and his associates have attended the Asian Clearing Union (ACU) Board of Directors Meeting held in Islamabad, Pakistan on June 18 and 19, 2013.
Governors of the central banks and
senior government officials from Afghanistan, Bangladesh, Bhutan, India,
Iran, Maldives, Myanmar, Nepal, and Sri Lanka participated. Myanmar
became the 7th member of ACU in 1977.
The ACU was established on December 9,
1974 in Tehran, Iran. The primary objective of ACU, at the time of its
establishment, was to secure regional co-operation as regards the
settlement of monetary transactions among the members of the Union and
to provide a system for clearing payments among the member countries on a
multilateral basis.
United States has earlier removed the
economic sanctions against Myanmar but another ACU member Iran is still
sanctioned by the United States.
Japanese Bank of Tokyo Mitsubishi-UFJ
had ever charged the US$250 million fine in New York for handling money
transfers that violated sanctions on Iran, Sudan and Myanmar. The
illegal transfers totaled about $100 billion over a five-year period
from 2002-2007. During that period banking services and money transfers
fell under US sanctions on the three countries, according to foreign
news agencies.
source: Eleven Myanmar
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