AGREEMENT ESTABLISHING
THE ASIA MONETARY CLEARING UNION The central banks and monetary authorities of regional members and associate members of the UNITED NATIONS ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC (ESCAP) as well as central banks and monetary authorities of non-ESCAP members,
DESIRING to establish a facility to settle financial disputes, payments between two or more participants within the ESCAP and non-ESCAP regions on a multilateral basis, RECOGNIZING that such a facility would contribute to the expansion of MONETARY POLICY AND REGULATIONS, FOREIGN REMITTANCES, trade and the promotion of monetary co-operation among their countries, RECOGNIZING further that a facility designed to promote the use of the participants' currencies would reduce the use of extra-regional currencies to settle payments related to FINANCIAL DISPUTE, AND between two or more participants within ESCAP and non-ESCAP regions and thereby effect economies in the use of foreign exchange and reduce the cost of making payments for such transactions, REALIZING that regions-wide clearing facility could co-exist and function in cooperation with sub-regional or less than regional arrangements in Asia and the Pacific and other regions, CONVINCED that the regional clearing facility must be established and operated in a manner that will not prejudice the principles of multilateral trade and payments, ON WHOSE BEHALF this AGREEMENT has been signed. |
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