Cambodia's central bank to take measure to stabilize riel

16:32, June 01, 2010      

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The National Bank of Cambodia ( NBC) has been putting another 3 million U.S. dollars to buy in riel currency in a bid to stabilize riel currency which is depreciated in recent weeks.

According to a Monday's announcement, seen Tuesday, from the NBC signed by the NBC's Director General Tal Nay Im, NBC has been putting each of 1 million U.S. dollars for bidding on Monday, Wednesday and Friday this week. Bidders can be commercial banks, licensed money changers and companies, it stated.

"On Monday's bidding for 1 million U.S. dollars, there were nine money changers joined. As a result, Vong Rithy Exchange shop near Phnom Penh's Olympic Market won the bidding at 4,232 riel a U.S. dollar," a central bank official who asked not to be named said Tuesday.

Riel currency is depreciated 1.67 percent to 4,260 riel a U.S. dollar on Tuesday from 4,190 riel a U.S. dollar in mid-April.

This is the second intervention from NBC to stabilize riel currency after the first dollar currency bidding of 4 million dollars in the last two weeks.

Analysts estimated that there is around 500 million U.S. dollars of riel currency has been in circulation in Cambodia and recent depreciation of riel currency is due to the appreciation of U.S. dollar and to the fewer inflows of U.S. dollar into Cambodia through trade and investment, as well as to the recent depreciation of EU currency.



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