SWAP Facility

Any participant in net deficit (ACU dollar and ACU euro accounts collectively) at the end of a settlement period is eligible to avail of the SWAP facility.

Every eligible participant is entitled to the facility from every other participant up to 20 percent of the average gross payments (ACU dollar and ACU euro accounts collectively) made by it through the Asian Clearing Union mechanism to other participants during the three previous calendar years.

The rate of interest chargeable on each drawal is equal to US dollar or Euro LIMEAN derived from the respective two months LIBOR declared by the British Bankers' Association (BBA).
The potential benefits of this facility are:
(1) Easy access by participants to international reserves of other participants when foreign exchange support is needed,
(2) Availability of the facility on a multilateral basis, and
(3) Opportunity for further monetary cooperation among the member central banks.








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