51st Asian Clearing Union Meeting Kicks Off in Tehran

Governor of the State Bank of Pakistan Jameel Ahmed, who currently chairs the Union, addressed the event, stating that the Union can present new ideas and it is hoped that substituted currencies would be used instead of the US dollar, which can facilitate the conditions for importers and exporters optimally.

Under the current circumstances of the global economy, it is high time to activate the role of central banks, he said, adding, “I am sure that we can have new initiatives in this respect.”

Farzin welcomed the participants and said in addition to all member states of the Union, four other guests from countries including Russia, Belarus, and Afghanistan and representatives of the Islamic Development Bank (IDB) are also attended the meeting.

‘De-dollarization’ and reducing the dependency on dominant currencies are the main topics discussed in this edition.

In addition, facilitating the admission of new members and determining new currency portfolio of member states in order to clear exchanges will also be discussed by the participants.

Conducting feasibility studies, applying the digital currencies of the central banks for cross-border payments and unveiling the interbank messaging network of member states are also on the agenda of the meeting.

The Asian Clearing Union meeting is held every year, being hosted by one of the member countries periodically.