The Central Bank of Bangladesh raised the US Dollar selling rate at interbank level by Taka 2.85 from its foreign exchange reserves. Earlier it was Taka 106 per USD and now the new rate is Taka 108.85.

Bangladesh Bank's this move is a step further to implement a unified and market-driven exchange rate regime, putting an end to multiple exchange rate mechanisms to ease pressure on country's forex reserves.  

Bangladesh is facing tightrope balancing on the financial front with external payments imbalance staying high, its current account deficit widened and depleting forex reserve, according to the statistics available until May.

According to International Monetary Fund's guidelines, Bangladesh's gross international reserve stood at USD 24.17 billion on Monday, while Bangladesh Bank's conventional value of the foreign exchange reserve was USD 31.17 billion on the day.

However, forex reserve is expected to further go down with an import payment of USD 1.09 billion to the Asian Clearing Union due today.