Dhaka, July 8 -- Bangladesh Bank has paid over US$2.19 billion to the Asian Clearing Union (ACU) to settle import bills for the months of May and June, resulting in a drop in the country's foreign exchange reserves to $29.53 billion.

The payment was made on Tuesday (July 8) as part of the routine bi-monthly settlement of import transactions among ACU member countries.

According to central bank officials, the reserves had exceeded $31 billion at the end of June but declined following the ACU settlement.

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