Logo of Phnom Penh Post newspaper Phnom Penh Post - NBC aims to strengthen confidence in the riel

NBC aims to strengthen confidence in the riel

NBC aims to strengthen confidence in the riel

The National Bank of Cambodia (NBC) announced on Tuesday that it will continue to strengthen confidence in the riel by stabilising the currency exchange rate and boosting public awareness on the economic benefits of using the local currency.

As Cambodia has a high dollar economy, the NBC has limited options when it comes to its monetary policy.

So far, its main strategy has been to stabilise the currency exchange rate by using riel to purchase the US dollar. Last year the NBC injected an equivalent of $915 million into the economy to buy US dollars with the local currency.

An NBC report last year said the central bank purchased US dollars 125 times on an average exchange rate of 4,050 riel to $1. Fifty-four per cent of the additional riel in circulation has been absorbed by commercial banks, and the rest went to money changers.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro