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

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia