Bangladesh loosened its grip on its currency and allowed the taka to weaken by 11% this week to a record low of 10.69 per USD to preserve its dwindling USD holdings. The country’s finance minister said, “Bangladesh will gradually go for the floating exchange rate”. The IMF mentioned that Bangladesh’s pivot to a more market-driven exchange rate will help the nation fight external shocks. The nation is seeking loans from multilateral lenders, including the World Bank, as costlier oil eats into its foreign exchange stockpiles that declined to $38.9 bln, enough to cover roughly four months of imports.