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Central Bank of Myanmar
Central Bank of Myanmar
Postal Address |
Central Bank of Myanmar26(A), Settmu Road,
Yankin Township,
P.O Box 184,
Yangon, Myanmar |
Business hours |
Monday to Friday, 3:30 - 8:30h (GMT) |
Contacts |
Mr. Maung Maung Win
Deputy Governor and Alternate Director of ACU
Central Bank of Myanmar |
Telephone |
+95-01-543688 |
Fax |
+95-01-543677 |
E-mail |
cbm.dy@mptmail.net.mm |
S.W.I.F.T |
CBMYMMMY |
Website |
http://www.myanmar.com/ministry/finance/central_page.htm |
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(I) Introduction
Asian Clearing Union (ACU) was established in December 1974 and began its operations by the first week of November 1975. At present there are eight member countries, consisting of Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka. Myanmar formally applied for membership in November 1976 and became a member of the ACU on January 13, 1977. Participation in the ACU shall be opened to the Central Bank or Monetary Authority of each regional member or associate member of ESCAP. The secretariat office is located in Tehran, Iran.
Myanmar hosted (i) the 8th meeting of the Board of Directors of the ACU in Yangon on February 4 ~ 5, 1980 (ii) the 15th meeting of the Board of Directors of the ACU in Yangon on April 21 ~ 22, 1987 (iii) the 24th meeting of the Board of Directors of the ACU in Yangon on August 25 ~ 26, 1994 (iv) the 30th meeting of the Board of Directors of the ACU in Yangon on May 28 ~ 29, 2001.
The Governor and the Deputy Governor serve as Director and Alternate Director of the Board of Directors of the ACU for the Central Bank of Myanmar, and the Director of Accounts Department serves as the officer- in -charge of the ACU for Myanmar.
The Central Bank of Myanmar has assigned the Myanma Foreign Trade Bank and the Myanma Investment and Commercial Bank for the purpose of payments to be made through the clearing facility.
(II) Purpose
The Asian Clearing Union seeks to achieve four basic objectives for its participating countries. They are : -
(i) To provide a facility to settle on a multilateral basis, payments for current international transactions among the territories of participants.
(ii) To promote the use of participants currencies in current transactions between their respective territories and there by effect economics in the use of the participants exchange reserves.
(iii) To promote monetary co-operation among the participants and closer relations among the banking systems in their territories and there by contribute to the expansion of trade and economic activity among the countries of the ESCAP region; and
(iv) To provide for currency swap arrangement among the participants so as to make Asian Monetary Units available to them temporarily.
(III) Operations
(i) The accounts of the Asian Clearing Union shall be kept in a common unit of account here by designated as Asian Monetary Unit (AMU).
(ii) The value of one Asian Monetary Unit shall, with effect from 1.1.1996, be equivalent in value to one US dollar and AMU may also be denominated
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