Bangladesh Bank has paid over USD 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 USD 29.53 billion.

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

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