Crossroads

Opening the two-day parley, Central Bank Governor Amarananda Somasiri Jayawardena said the 27-year old clearing system is at the cross road and its eight member countries need to map out an action plan chart its course, to keep in line with global developments.

rn”We have to decide what we are going to do in the future and I hope this two day conference will bring some ideas,
dblquote Jayawardene told delegates this morning.

rnACU is one of the oldest functioning clearing unions in the world. Set up in 1974, the grouping facilitates payments for current international transactions on a multilateral basis among member countries, promotes monetary cooperation and works closely to develop banking systems and trade activities. The principal advantage of the ACU is that it allows members two months credit in settling their dues.

rnrnThe value of transactions routed through the ACU system has increased from US$ 25.7 mn in 1976 to US$ 3.6 bn in 2001.

rnrnHowever, Foreign Minister, K N Choksy says the ACU fai