Logo of Phnom Penh Post newspaper Phnom Penh Post - Riel sees stable gains on dollar this year

Riel sees stable gains on dollar this year

Riel sees stable gains on dollar this year

A steady rise in the value of Cambodia’s riel since the beginning of the year demonstrated increased confidence in the currency often shadowed by predominant usage of the US dollar, officials said yesterday.

The riel has strengthened 1 per cent against the dollar since early January, according to a commodity price report from the Ministry of Commerce.

The currency traded at 4,013 riel per dollar yesterday, up from 4,057 riel at the beginning of the year, the report showed.

“The consequent rising value of riel proves there is more confidence in local currency, and it can help to strengthen the usage of the riel,” said Ngoun Sokha, director general and spokeswoman of the National Bank of Cambodia.

National holidays and the rice harvest season – which inflate the riel every year at this time – have also contributed to the currency’s slight gain, she said, although demand for the riel this year has been greater than last year.

MOST VIEWED

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • EU officials: Ending EBA an 18-month procedure

    EU officials have confirmed that it will take a total of 18 months to complete the procedure if Cambodia’s preferential Everything But Arms (EBA) trade agreement is to be withdrawn. According to EU Agriculture and Rural Development spokesman Daniel Rosario, the formal process has not