Posts Tagged ‘cambodian economy’

Central Bank to plan to purchase $5 m

Posted by admin on September 1st, 2010

In order to protect of the depreciation of value of Cambodia’s currency and stabilize the Cambodia’s macroeconomics, the National Bank of Cambodia has tried to raise the value of Riel by purchasing a further US$5 million. The total of amount of dollars the central bank purchased reached US$48 million for the year.

Since mid-April, Cambodia’s currency goes down nearly 2 percent against dollar but it has held steady after the NBC has taken immediately action to stabilized Riel by purchasing the riel in a bid to create artificial demand for the notes and raising its value against greenback.

Tay Nay Im, The National Bank of Cambodia’s Director General, said that in general, appreciates staring October. She added that “the riel depreciates seasonally. We do not see anything abnormal.”

The NBC will auction the next $5 million in five separate $1 million lots from September 01 to 10 at the Central bank’s headquarters in Phnom Penh.

Last year, NBC purchased $54 million.

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Expansion of Phnom Penh Port

Posted by admin on August 2nd, 2010

In order to expand a loading capacity, second terminal of Phnom Penh Port will be expanded within next two years located about 25 kilometers east of Phnom Penh Capital. The second terminal will give a loading capacity of 300,000 TEU containers per year, a dramatic increase from the current limit of 60,000 to 80,000 TEUs per year.

Cambodian government received loan from China last year in order to build second port located in Kandal province’s Kien Svay district. And China-based Shanghai Construction has been contracted for the first stage of construction covering an area of 12 hectares. The second stage will cover another 8 hectares.

The first US$28 million stage of the two-stage build – slated to begin in September and take 22 months to complete – will create a total capacity of 120,000 TEUs per year once complete. That figure will increase to 300,000 TEUs once the second stage is finished.

Cambodian prime minister Hun Sen signed deals with the Chinese government worth US$850 to spend on development projects on October 15 in Cambodia. Around $68 million of loans was slated for the development of Phnom Penh’s port capacity.

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Malaysian company to expand e-commerce in Cambodia

Posted by admin on July 20th, 2010

MobilityOne, which is Malaysian-based e-commerce Company, is looking online business in Cambodia by linking between banks and telecommunications. It is hopeful to launch an online mobile-banking, top-up and bill-payment system, accessible on the internet, mobile phones and ATMs within 2 to 3 months.

Prakash Rao, Cambodia business development manager, was quoted by the Post as saying that five of the country’s nine telecommunications providers- Qb, Hello, Metfone, Smart Mobile and Starcell- having signed up, and two more are close to signing. He added that the company is in talks and conducting tests with a few of the country’s 28 banks.

MobilityOne company is the holding company of an established group of companies based in Malaysia, namely MobilityOne Sdn Bhd (MobilityOne Malaysia), Netoss Sdn Bhd (Netoss) and PT MobilityOne Indonesia (collectively known as “Group”) in the business of providing e-commerce infrastructure payment solutions and platforms through their proprietary MoCS and ABOSSE technology solutions.

The Group has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC terminals, SMS, ATMs, and Internet banking. (more…)

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Increase of dry rubber prices in Cambodia

Posted by admin on July 20th, 2010

While the price of dry rubbers spikes in global market, classified as grade 1 of 10 costing USD3,687.50 per tonne last week but Cambodia’s rubber companies missed out on the benefits from it because mostly Cambodia had exported exclusively to Vietnam.

According to the Malaysian Rubber’s figure, the price of rubbers classified as grade 1 worth USD3,687.50 per tonne, grade 10 rubber reached USD2,868 per tonne last week.

The Cambodia Import, Export, Inspection and Fraud Repression Department- CamControl released official statistics by showing that during the first five months of this year, Cambodian rubber exports were down more than 34 percent in comparison with the same period of 2009.

The amount of rubbers exported dropped during the first five months because of harsh weather for reducing production.

At the present, there are 14 Vietnamese companies planting rubbers in Mondulkiri, Ratanakiri, Kampong Thom, Kratie and Preah Vihear provinces where they received 100,000 hectares in land concessions fromCambodia’s government in September 2009 because Cambodia wants to raise the rubber production to 150,000 hectares by 2015. (more…)

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