ACU 1974 Asian Clearing Union ANNUAL REPORT 2018 Submitted to: The 48th Meeting of the ACU Board of Directors held by Royal Monetary Authority of Bhutan Paro- Bhutan July 15, 2019 ANNUAL REPORT 2018 Board of Directors at the 47th ACU Meeting June 28, 2018 Kathmandu - Nepal II Board of Directors at the 47th ACU Meeting ANNUAL REPORT 2018 Participants at the 47th Meeting of the ACU Board of Directors June 28, 2018 Kathmandu - Nepal III Participants at the 47th ACU Meeting ANNUAL REPORT 2018 Board of Directors Fazle Kabir Dasho Penjore Shri Shaktikanta Das Governor, Governor, Governor*, Bangladesh Bank Royal Monetary Reserve Bank of India Authority of Bhutan * From 12.12.2018 Abdol-Naser Hemmati Ahmed Naseer Kyaw Kyaw Maung Governor*, Governor, Governor, Central Bank of I.R. of Iran Maldives Monetary Central Bank of Myanmar * From 25.07.2018 Authority Chiranjibi Nepal Tariq Bajwa Indrajit Governor, Governor1, Coomaraswamy Nepal Rastra Bank State Bank of Pakistan Governor, Central Bank of Sri Lanka 1 Dr. Reza Baqir, Governor, acts as Director since 05.05.2019. IV Board of Directors ANNUAL REPORT 2018 Alternate Directors Kazi Sayedur Yangchen Tshogyel Usha Janakiraman* Rahman* Deputy Governor, Chief General Manager, Executive Director, Royal Monetary Authority Reserve Bank of India Bangladesh Bank of Bhutan * From 21.02.2018 * From 31.01.2018 Gholamreza Panahi* Mariyam Hussain Didi Bo Bo Nge Vice Governor, Assistant Governor, Deputy Governor, Central Bank of I.R. of Iran Maldives Monetary Central Bank of Myanmar * From 12.08.2018 Authority Bhisma Raj Jameel Ahmad D. Kumaratunge Dhungana* Deputy Governor, Director, Executive Director1, State Bank of Pakistan Central Bank of Sri Lanka Nepal Rastra Bank * From 02.04.2018 1 Mrs. Sarita Adhikari, Acting Executive Director, acts as Alternate Director since 17.05.2019. V Alternate Directors ANNUAL REPORT 2018 Offi cers-in-Charge Kazi Rafi qul Hassan* Tshering Wangmo* Peeyoosh Nag* General Manager, Director, Deputy General Manager, Bangladesh Bank Royal Monetary Authority Reserve Bank of India * From 02.08.2018 of Bhutan * From 11.06.2018 * From 01.10.2018 Mohammad Reza Fathmath Ulfa* Myint Myint Kyi Khataei* Manager, Director General, Director, Maldives Monetary Central Bank of Myanmar Central Bank of I.R. of Iran Authority * From 21.10.2018 * From 24.06.2018 Arun Kumar Shah* Saleem Ullah K A Thamara N Assistant Director1, Director, Senarathna* Nepal Rastra Bank State Bank of Pakistan Senior Assistant Director, * From 05.09.2018 Central Bank of Sri Lanka * From 30.01.2018 1 Mr. Bashu Dev Bhattarai, Deputy Director, acts as Offi cer-in-Charge since 09.04.2019. VI Offi cers-in-Charge ANNUAL REPORT 2018 Contents Administrative Organization, 2018 ............................................................................................... 1 Board of Directors, 2018 ............................................................................................................... 2 Offi cers-in-Charge, 2018 .............................................................................................................. 3 Letter of Transmittal to the Board of Directors ............................................................................ 4 Global Economic Prospects and Challenges ................................................................................. 5 Economic Highlights of ACU Member Countries ...................................................................... 15 Country Performance .................................................................................................................. 28 Bangladesh .................................................................................................................................. 28 Bhutan ......................................................................................................................................... 41 India ............................................................................................................................................ 53 Iran .............................................................................................................................................. 73 Maldives .......................................................................................................................................86 Myanmar ......................................................................................................................................95 Nepal ......................................................................................................................................... 102 Pakistan ..................................................................................................................................... 112 Sri Lanka ................................................................................................................................... 134 Auditor’s Report ....................................................................................................................... 147 ACU Operations ........................................................................................................................ 148 Clearing Operations .................................................................................................................. 148 Credit Positions ......................................................................................................................... 149 Debit Positions .......................................................................................................................... 149 Net Credit/Debit Positions ........................................................................................................ 150 Interest Received/Paid .............................................................................................................. 150 Cotribution to Growth ............................................................................................................... 151 Swap Facility ............................................................................................................................ 151 Measures and Achievements ......................................................................................................151 Tables .........................................................................................................................................154 Acronyms and Abbreviations .....................................................................................................177 VII Contents ANNUAL REPORT 2018 Asian Clearing Union Administrative Organization, 2018 Chiranjibi Nepal Chairman of the Board of Directors Governor of Nepal Rastra Bank Lida Borhan-Azad Secretary General Secretariat Office Address: No. 47, 7th Negarestan Alley, Pasdaran Ave., P.O. Box 15875/7177 Tehran, Islamic Republic of Iran Phone: (+98 21) 22842076, 22854509 Fax: (+98 21) 22847677 E-mail: [email protected] Website: www.asianclearingunion.org Agent Bank Central Bank of Islamic Republic of Iran 1 Administrative Organization, 2018 ANNUAL REPORT 2018 Asian Clearing Union Board of Directors, 2018 Bangladesh Bank Mr. Fazle Kabir Governor, (Director) Mr. Kazi Sayedur Rahman* Executive Director, (Alternate) * From 31.01.2018 Royal Monetary Authority of Bhutan Mr. Dasho Penjore Governor, (Director) Ms. Yangchen Tshogyel Deputy Governor, (Alternate) Reserve Bank of India Mr. Shri Shaktikanta Das* Governor, (Director) * From 12.12.2018 Ms. Usha Janakiraman* Chief General Manager, (Alternate) * From 21.02.2018 Central Bank of Islamic Republic of Iran Dr. Abdol-Naser Hemmati* Governor, (Director) * From 25.07.2018 Mr. Gholamreza Panahi* Vice Governor, (Alternate) * From 12.08.2018 Maldives Monetary Authority Mr. Ahmed Naseer Governor, (Director) Ms. Mariyam Hussain Didi Assistant Governor, (Alternate) Central Bank of Myanmar Mr. Kyaw Kyaw Maung Governor, (Director) Mr. Bo Bo Nge Deputy Governor, (Alternate) Nepal Rastra Bank Dr. Chiranjibi Nepal Governor, (Director) Mr. Bhisma Raj Dhungana* Executive Director, (Alternate) * From 02.04.2018 State Bank of Pakistan Mr. Tariq Bajwa Governor, (Director) Mr. Jameel Ahmad Deputy Governor, (Alternate) Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy Governor, (Director) Mr. D. Kumaratunge Director, (Alternate) 2 Board of Directors, 2018 ANNUAL REPORT 2018 Asian Clearing Union Officers-in-Charge, 2018 Bangladesh Bank Mr. Kazi Rafiqul Hassan* General Manager, Forex Reserve and Treasury Management Dept. * From 02.08.2018 Royal Monetary Authority of Bhutan Mrs. Tshering Wangmo* Director, Payment and Settlement Systems Dept. * From 01.10.2018 Reserve Bank of India Mrs. Peeyoosh Nag* Deputy General Manager, External Investments and Operations Dept. * From 11.06.2018 Central Bank of Islamic Republic of Iran Mr. Mohammad Reza Khataei* Director, International Dept. * From 21.10.2018 Maldives Monetary Authority Ms. Fathmath Ulfa* Manager, Foreign Exchange Section * From 24.06.2018 Central Bank of Myanmar Ms. Myint Myint Kyi Director General, Accounts Dept. Nepal Rastra Bank Mr. Arun Kumar Shah* Assistant Director, Foreign Exchange Management Dept. * From 05.09.2018 State Bank of Pakistan Mr. Saleem Ullah Director, Finance Dept. Central Bank of Sri Lanka Mrs. K A Thamara N Senarathna* Senior Assistant Director, Payments and Settlements Dept. * From 30.01.2018 3 O f ficers-in-Charge, 2018 ANNUAL REPORT 2018 Letter of Transmittal to the Board of Directors July 15, 2019 The Honorable Mr. Dasho Penjore Chairman of the Board,