The move is aimed at having greater stability in the global financial system, internationalising the Indian rupee and reducing dependency on hard currencies such as the US dollar, two persons said. These efforts come on the heels of moves by Iran, the current chair of ACU, to "de-dollarise" transactions within the body that facilitates settlement of payments on a multilateral basis, a third person said.
The ongoing talks are aimed at reaching mutually agreed alternative arrangements, in addition to the existing system of using freely convertible currencies such as the US dollar, the people said on the condition of anonymity.
China, Japan, Korea, Taiwan and Hong Kong are some major East Asian economies. The ACU, established in 1974 at the initiative of the United Nations' Economic and Social Commission for Asia and the Pacific (ESCAP), is a payment arrangement to settle intra-regional transactions among the participating central banks of Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka.
Efforts by the ACU to explo the use of domestic currencies for trade settlement are being pushed by Iran, which is also home to the headquarters of the body, the people said.
Denne historien er fra July 05, 2023-utgaven av Hindustan Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 05, 2023-utgaven av Hindustan Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Palestinian PM Resigns Citing 'New Reality' Of War In Gaza
The United States and other powers have called for a reformed Palestinian Authority to take charge of all Palestinian territories after the end of war
Future Perfect: The Kids Are All Right
Gill and Jurel hold out promise by simplifying a challenging chase to help India seal series
Akshay feels 'blessed' to have worked with OG Ramayan cast
Director Akshay K Agarwal shot a music video, Humare Ram Aaye Hai, with the cast of the 1987 TV show, Ramayanactors Arun Govil, Dipika Chikhlia and Sunil Lahri - in Ayodhya recently.
Musk's firm gets nod for Sat Net; joins Jio, Bharti
Starlink, owned by billionaire Elon Musk, has been allowed to offer satellite broadband services in India, two officials aware of the development said.
A temple, 169 years in the making
Through decades of design and reworks, hurdles in engineering and construction, HT pieces together how the grandeur of the Ram Temple was reclaimed
'Political interference' forces Vihari to quit Andhra cricket
After Andhra bowed out of the Ranji Trophy at the quarter-final stage with a four-run defeat to Madhya Pradesh in Indore on Monday, senior batter Hanuma Vihari launched a scathing attack on the Andhra Cricket Association (ACA), saying he will never turn up for the state again.
Shafali, Kapp lead Capitals to a 9-wicket win over Warriorz
A blazing fifty by Shafali Verma (64₹, 43 balls) helped Delhi Capitals make a mockery of a target of 120 and open their account in the second edition of the Women's Premier League (WPL).
Making 'unbelievable things believable', the Ayhika way
The India No. 7 was an inspired pick for the world team event and she repaid the faith, beating the Chinese world No.1
'Connected TVs to reach 45 mn by 2024-end in India'
With improvement in broadband penetration, Indian households are increasingly opting for connected or addressable TVs.
India chip strategy makes progress as $21 billion in proposals received
The Indian government, after years of watching from the sidelines of the chips race, now has to evaluate $21 billion of semiconductor proposals and divvy up taxpayer support between foreign chipmakers, local champions or some combination of the two.