In the latest shot fired in the growing rebellion against US dollar dominance, the nine-nation Asian Clearing Union (ACU) has agreed to use Iran's financial messaging system as an alternative to the dollar-denominated SWIFT system that has long served as the globe's financial nervous system.
"The secretary general of the Asian Clearing Union (ACU) says Iran’s financial messaging system SEPAM will replace SWIFT, a dollar-based international system, in trade exchanges between ACU members beginning next month," Iran's IRNA News Agency reported.
At a Tehran summit in May, ACU members agreed to establish a SWIFT alternative within a month. The adoption of Iran's SEPAM will be an interim measure, as the ACU will develop its own messaging system over the next several months.
Established in 1974, the ACU now comprises the central banks of India, Pakistan, Iran, Bangladesh, Myanmar, Maldives, Nepal, Sri Lanka and Bhutan. Belarus and Mauritius applied for ACU membership at the May summit meeting.