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Forex reserves up 10pc

Forex reserves up 10pc

CAMBODIA’S foreign reserves rose 10 percent in 2009 despite the global economic downturn, according to National Bank of Cambodia Director General Tal Nay Im. She did not give figures, but foreign reserves were worth US$2.16 billion at the end of 2008, according to figures from the central bank. The International Monetary Fund (IMF) said last month it expected official reserves to remain stable in 2009 as sharply declining exports and foreign direct investment offset plunging imports. It said reserves were worth three and a half months of imports. Reserves were boosted in August by an IMF $108 million Special Drawing Rights allocation.

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