It is the third time that the National Bank of Cambodia (NBC) sold off US$ 1 million to stabilize the depreciation of national currency (Riel) according to a statement on Monday, signed by Nguon Sokha, Deputy Director General of National Bank of Cambodia.

A total of US$ 3 million was to be auctioned off to purchase riel in separate lots Monday, Wednesday and Friday of this week. The first, NBC auctioned US$ 4 million late last month and the second is US$ 3 million last week but NBC’s intervention failed to stop the decrease of riel.

Kang Chandararot, Cambodia Institute for Development Study President was quoted by the Post as saying that the depreciation of the domestic currency is not unique to Cambodia, as the US dollar has strengthened against many foreign currencies, including the euro.

“It’s good the NBC releases US currency to appreciate the riel,” he said. “The riel will likely rise as euro currency recovers in value.”

This entry was posted on Thursday, June 10th, 2010 at 5:27 pm and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.