Iran’s chief banker urges ACU member states to trade in local currencies

Governor of the Central Bank of Iran (CBI) has underlined the need for the member states of the Asian Clearing Union (ACU) to trade in their national currencies and other not commonly used currencies.

Mohammadreza Farzin made the remarks while addressing the 51st Meeting of the ACU Board of Directors in Tehran on Wednesday.

He urged the member states to diversify their currency basket by using local currencies and other not commonly used currencies which he said would encourage de-dollarization in trade exchanges, further protect their forex reserves and create an effective settlement mechanism.

The CBI governor said that the ACU was established in 1974 with the aim of de-dollarization and using local currencies and fostering barter trade among the nine member countries.

“Although the Union’s volume of exchanges has not been significant in the past years, the monetary and financial developments of recent years and the growth of trade in the East and the strengthening of the currencies of these countries have provided new opportunities for the Union.”

Asian Clearing Union (ACU) is holding its 51st edition of the summit in Tehran on May 23-25.

News ID 195390

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