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Inflation hits 2.9 pct; riel appreciates

Inflation hits 2.9 pct; riel appreciates

Inflation in Cambodia rose to 2.9 per cent over the first half of this year, up from 1.8 per cent over the same period in 2012, a National Bank of Cambodia (NBC) report said. The rate, the central bank added, is manageable due to sound macroeconomic performance aided by the stabilisation of the exchange rate against the dollar.

NBC governor Chea Chanto said during the first semester meeting last week that the inflationary rate was controllable thanks to the increase of foreign reserves, reaching $4 billion by the end of June, a 13.4 per cent year-on-year increase.The riel slightly appreciated by 0.7 per cent.

“Inflation below three per cent is manageable,” he said.

“The stabilisation of the price and the riel help to enhance building trust by the public in our economy.”

The Ministry of Economy and Finance in June projected economic growth of 7.6 per cent this year, while the annual inflationary rate is estimated at four per cent, down from three per cent last year.

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