BB governor elected chairman of Asian Clearing Union

Bangladesh Bank (BB) Governor Dr Atiur Rahman has been elected as the next chairperson of Asian Clearing Union (ACU). He was elected as the next ACU chairperson in the 44th annual meeting of its board of directors in Dhaka on Saturday, central bank General Manager AFM Asaduzzaman has said. ACU is the simplest form of payment arrangements whereby the participants settle payments for intra-regional transactions among the participating central banks on a multilateral basis. The main objectives of a clearing union are to facilitate payments among member countries for eligible transactions, thereby economising on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries, according to bdnews24.com.