The Bangladesh Bank has instructed banks to use the Asian Clearing Union (ACU) mechanism for settling payments for goods imported from ACU member countries.

The Bangladesh Bank’s Foreign Exchange Policy Department issued the directive on Wednesday.

This directive aligns with the guidelines outlined in the Foreign Exchange Transactions-2018, which details the operational procedures for such transactions.

The central bank noted that many banks have been deviating from the ACU mechanism, using traditional payment methods instead.

Banks are asked to refrain from such practices with advice to adhere to ACU mechanism for respective transactions.