Logo of Phnom Penh Post newspaper Phnom Penh Post - Riel firms up against the dollar

Riel firms up against the dollar

Riel firms up against the dollar

T HE value of the riel has risen in the first six months of the year on confidence in the government and its economic reforms, the central bank said.

The National Bank of Cambodia, in its latest Economic and Monetary Review released at the end of Septemer, also said the rate of inflation had eased over the same period.

"Over the first half of 1994, as the result of economic measures taken, coupled with rising confidence in the government, the riel appreciated, while prices have only increased slightly," the bank said in the report.

"During the first half of 1994 the parallel exchange rate fluctuated between 2,520 to 2,596 riel (against the dollar)," the bank said.

"The US dollar auction mechanism at the National Bank of Cambodia has facilitated the strengthening of the riel," it said.

Last year the Cambodian currency fluctuated wildly. At times it was as low as 4,000 riel to $1.

The central bank's dollar auctions were introduced late last year following a World Bank loan.

The monthly rate of inflation for July rose by 4.5 percent, compared with a 2.6 percent drop in June, largely on increases in prices of staples rice and fish but the annual rate of inflation was still on a downward trend, the bank said.

"On a year-on-year basis the rate of inflation decreased from 31.0 percent in December 1993 to 8.8 per cent in June 1994," the report said.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Schools drawn into Manet degree row

    Prime Minister Hun Sen stepped into the Hun Manet-Sam Rainsy war of words over the validity of Manet’s degree from the US Military Academy at West Point, set off by Rainsy’s claims that Manet had received a “second-class degree” or “honorary degree”. Hun

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished