Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Central Bank to Sell Bucks

Central Bank to Sell Bucks

Central Bank to Sell Bucks

T he Central Bank will auction $500,000 to support its riel currency, which has weakened

against the dollar since consumers went on a spending spree last month, a senior

bank official said on May 15.

The director of the bank's economic research department, Chea Sok, said the riel

was trading at 3,850 to the dollar, compared with 3,600 before the mid-April traditional

new year holiday.

Sok said he believed an exchange rate of around 3,700 riel to the dollar was appropriate.

He said there was currently some 400 billion riel ($104 million) in curculation and

the central bank was working in cooperation with the ministry of finance to try to

take some of the excess out of the market. -Reuters

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all