Posts Tagged ‘National Bank of Cambodia’

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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National Bank of Cambodia sold off dollars to stabilize riel

Posted by admin on June 10th, 2010

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.”

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Foreign Exchange reserves climbed 21 percent

Posted by admin on November 4th, 2009

Giving speech at the 30th anniversary ceremony for the National Bank of Cambodia (NBC), which was reestablished after the topple of Khmer Rouge regime, the Prime Minister Hun said that despite Cambodia suffered from the global financial crisis, Cambodia’s foreign exchange reserves is up to US$2.522 billion by the end of August of this year.

“Today, the banking industry is growing both in scope and operations, attracting large foreign banks to open, and the amount of deposits and loans have consistently increased – this reflects confidence from the public in this industry,” he said, encouraging banks to list on the long-awaited Cambodian stock exchange, according to the Phnom Penh Post.

The premier also said that Foreign exchange reserves had climbed 21.48 percent so far this year.

International Monetary Fund (IMF) data shows that reserves reached a record high of $2.594 billion in May after climbing steadily at the beginning of the year from $2.076 billion at the end of 2008, the Post quoted Hun Sen as saying.

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Cambodia’s banking sector gains in public confidence

Posted by admin on October 26th, 2009

In the last decade, Cambodia’s banking sector has been growing sharply because the operation of commercial banks in Cambodia has gotten the public confidence. People got started to deposit their money at bank rather than keep it at home. The public confidence in the banking sector and financial system is reflected through the increase in deposits, credit and total assets of the banking sectors.

The global financial crisis since October of last year, also plagued Cambodia’s economy such as tourism sector, garment industry, construction sector and real estate as well as Cambodia’s commercial bank sector. Even though, Cambodia’s commercial banks cushioned from the global economic slowdown, because Cambodia’s banking sector is not strongly dependent on international loans and capital market and Cambodia has yet to establish its own stock market.

Speaking at a roundtable discussion on banks and public confidence, which was organized by the Club of Cambodian Journalists on August 26, 2009, Tal Nay Im, National Bank of Cambodia’s Director General said that the bank deposits had increased to almost 29 percent of gross domestic products (GDP) in 2008, up from 14 percent in 2000.

Tal Nay Im also said that Cambodian banking system did not directly suffer from the consequences of the financial crisis, even if Cambodia’s economy is free and open to the world. (more…)

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