ACU 1974 Asian Clearing Union ANNUAL REPORT 2015 Submitted to: The 45th Meeting of the ACU Board of Directors held by Central Bank of Myanmar Nay Pyi Taw- Myanmar June 04, 2016 ANNUAL REPORT 2015 Board of Directors at the 44th ACU Meeting June 13, 2015 Dhaka - Bangladesh II Board of Directors at the 44th ACU Meeting ANNUAL REPORT 2015 Participants at the 44th Meeting of the ACU Board of Directors June 13, 2015 Dhaka - Bangladesh III Participants at the 44th ACU Meeting ANNUAL REPORT 2015 Board of Directors Atiur Rahman Dasho Penjore* Raghuram Rajan Governor1, Governor, Governor, Bangladesh Bank Royal Monetary Reserve Bank of India Authority of Bhutan * From 07.12.2015 Valiollah Seif Azeema Adam Kyaw Kyaw Maung Governor, Governor, Governor, Central Bank of I.R. of Iran Maldives Monetary Central Bank of Myanmar Authority Chiranjibi Nepal* Ashraf Mahmood Arjuna Mahendran* Governor, Wathra Governor2, Nepal Rastra Bank Governor, Central Bank of Sri Lanka * From 19.03.2015 State Bank of Pakistan * From 26.01.2015 1 H.E. Mr. Fazle Kabir acts as Director since 20.03.2016. 2 H.E. Mr. Indrajith Coomaraswamy acts as Director since 04.07.2016. IV Board of Directors ANNUAL REPORT 2015 Alternate Directors Shitangshu Kumar Eden Dema Shri S.K. Bal Sur Chowdhury Deputy Governor, Chief General Manager1, Deputy Governor, Royal Monetary Authority Reserve Bank of India Bangladesh Bank of Bhutan Gholamali Kamyab Mariyam Hussein Didi Set Aung Vice Governor, Assistant Governor, Deputy Governor, Central Bank of I.R. of Iran Maldives Monetary Central Bank of Myanmar Authority Bhisma Raj Dhungana Saeed Ahmad R.A.S.M. Dayaratne* Acting Executive Director, Deputy Governor, Director2, Nepal Rastra Bank State Bank of Pakistan Central Bank of Sri Lanka * From 06.03.2015 1 Mr. Rudra Narayan Kar acts as Alternate Director since 06.05.2016. 2 Mr. D. Kumaratunge acts as Alternate Director since 20.04.2016. V Alternate Directors ANNUAL REPORT 2015 Offi cers-in-Charge Kazi Sayedur Rahman Jai Narayan Pradhan Shri N. Senthil Kumar General Manager1, Director2, Deputy General Manager3, Bangladesh Bank Royal Monetary Reserve Bank of India Authority of Bhutan Rasoul Sajjad* Aishath Nadhiya Than Than Swe* Director, Manager, Acting Director General, Central Bank of I.R. of Iran Maldives Monetary Central Bank of Myanmar * From 19.08.2015 Authority * From 24.11.2014 Ramesh Sharma* Saleem Ullah A M Gunathilake Assistant Director, Director, Deputy Director, Nepal Rastra Bank State Bank of Pakistan Central Bank of Sri Lanka * From 26.11.2015 1 Mr. Md. Azizur Rahman acts as Offi cer-in-Charge since 20.07.2016. 2 Ms. Rinzin Lhamu acts as Offi cer-in-Charge since 01.07.2016. 3 Mr. K Vijayakumar acts as Offi cer-in-Charge since 06.05.2016. VI Offi cers-in-Charge ANNUAL REPORT 2015 Contents Administrative Organization, 2015 ............................................................................................... 1 Board of Directors, 2015 ............................................................................................................... 2 Offi cers-in-Charge, 2015 .............................................................................................................. 3 Letter of Transmittal to the Board of Directors ............................................................................ 4 Global Economic Prospects and Challenges ................................................................................. 5 Economic Highlights of ACU Member Countries ...................................................................... 17 Country Performance .................................................................................................................. 30 Bangladesh .................................................................................................................................. 30 Bhutan ......................................................................................................................................... 42 India ............................................................................................................................................ 53 Iran .............................................................................................................................................. 73 Maldives .......................................................................................................................................92 Myanmar ......................................................................................................................................99 Nepal ......................................................................................................................................... 107 Pakistan ..................................................................................................................................... 119 Sri Lanka ................................................................................................................................... 143 Auditor’s Report ....................................................................................................................... 157 ACU Operations ........................................................................................................................ 158 Clearing Operations .................................................................................................................. 158 Credit Positions ......................................................................................................................... 159 Debit Positions .......................................................................................................................... 159 Net Credit/Debit Positions ........................................................................................................ 160 Interest Received/Paid .............................................................................................................. 160 Swap Facility ............................................................................................................................ 161 Cotribution to Growth ............................................................................................................... 161 Measures and Achievements ......................................................................................................161 Tables .........................................................................................................................................164 Acronyms and Abbreviations .....................................................................................................187 VII Contents ANNUAL REPORT 2015 Asian Clearing Union Administrative Organization, 2015 Atiur Rahman Chairman of the Board of Directors Governor of Bangladesh 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 Swift: BMJIIRTHACU E-mail: [email protected] Website: www.asianclearingunion.org Agent Bank Central Bank of Islamic Republic of Iran 1 Administrative Organization, 2015 ANNUAL REPORT 2015 Asian Clearing Union Board of Directors, 2015 Bangladesh Bank Dr. Atiur Rahman Governor, (Director) Mr. Shitangshu Kumar Sur Chowdhury Deputy Governor, (Alternate) Royal Monetary Authority of Bhutan Mr. Dasho Penjore* Governor, (Director) * From 07.12.2015 Ms. Eden Dema Deputy Governor, (Alternate) Reserve Bank of India Dr. Raghuram Rajan Governor, (Director) Mr. Shri S.K. Bal Chief General Manager, (Alternate) Central Bank of Islamic Republic of Iran Dr. Valiollah Seif Governor, (Director) Mr. Gholamali Kamyab Vice Governor, (Alternate) Maldives Monetary Authority Dr. Azeema Adam Governor, (Director) Ms. Mariyam Hussein Didi Assistant Governor, (Alternate) Central Bank of Myanmar Mr. Kyaw Kyaw Maung Governor, (Director) Mr. Set Aung Deputy Governor, (Alternate) Nepal Rastra Bank Dr. Chiranjibi Nepal* Governor, (Director) * From 19.03.2015 Mr. Bhisma Raj Dhungana Acting Executive Director, (Alternate) State Bank of Pakistan Mr. Ashraf Mahmood Wathra Governor, (Director) Mr. Saeed Ahmad Deputy Governor, (Alternate) Central Bank of Sri Lanka Mr. Arjuna Mahendran* Governor, (Director) * From 26.01.2015 Mrs. R.A.S.M. Dayaratne* Director, (Alternate) * From 06.03.2015 2 Board of Directors, 2015 ANNUAL REPORT 2015 Asian Clearing Union Officers-in-Charge, 2015 Bangladesh Bank Mr. Kazi Sayedur Rahman General Manager, Forex Reserve and Treasury Management Dept. Royal Monetary Authority of Bhutan Mr. Jai Narayan Pradhan Director, Payment and Settlement Systems Dept. Reserve Bank of India Mr. Shri N. Senthil Kumar Deputy General Manager, External Investments and Operations Dept. Central Bank of Islamic Republic of Iran Dr. Rasoul Sajjad* Director, International Dept. * From 19.08.2015 Maldives Monetary Authority Ms. Aishath Nadhiya Manager, Foreign Exchange Section Central Bank of Myanmar Ms. Than Than Swe* Acting Director General, Financial Supervisory Dept. * From 24.11.2014 Nepal Rastra Bank Mr. Ramesh Sharma* Assistant Director, Foreign Exchange Management Dept. * From 26.11.2015 State Bank of Pakistan Mr. Saleem Ullah Director, Finance Dept. Central Bank of Sri Lanka Mr. A. M. Gunathilake Deputy Director, Payments and Settlements Dept. 3 Officers-in-Charge, 2015 ANNUAL REPORT 2015 Letter of Transmittal to the Board of Directors June 04, 2016 The Honorable Mr. Kyaw Kyaw Maung Chairman of the Board, Governor,