Logo of Phnom Penh Post newspaper Phnom Penh Post - Inflation hits 2.9 pct; riel appreciates

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.

MOST VIEWED

  • Reuters: US Embassy fired 32 staff members for sharing pornography

    The United States Embassy in Phnom Penh has fired 32 non-diplomatic staff members who were allegedly caught exchanging pornographic images and video, including of minors, according to the news agency Reuters. Four sources, who spoke on condition of anonymity, told Reuters the content was shared in

  • Our 2018 guide to spending Khmer New Year in Phnom Penh

    Khmer New Year festivities are upon us. For the next few days, travellers will be making their way to their home provinces to eat, celebrate, play traditional games and visit a pagoda with offerings. If you will be staying put in Phnom Penh for the

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the