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of <h1>Asian Clearing Union Approves Japanese Yen for Settlements, Revises Article IV of Agreement, Effective March 6, 2020.</h1> The Asian Clearing Union (ACU) Board has approved the use of the Japanese Yen for settlements among member countries, revising Article IV of the ACU agreement. The Asian Monetary Unit now includes 'ACU Dollar,' 'ACU Euro,' and 'ACU Yen,' equivalent to the US Dollar, Euro, and Yen, respectively. Effective March 6, 2020, transactions can be settled in these currencies. Authorized Dealer Category-I banks can maintain accounts in these currencies with correspondent banks in participating countries. Despite this update, operations in 'ACU Euro' remain suspended since July 1, 2016. This directive is issued under the Foreign Exchange Management Act, 1999.
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