Monday, 14 June 2010
Nguon Sovan
The Phnom Penh Post
NBC to off-load additional US$7 million to stabilise struggling local currency
AN additional US$7 million will be put up for sale by the National Bank of Cambodia (NBC) this month in the organisation’s latest attempt to stablilse the value of the riel, it was announced Friday.
Banks, private companies and money lenders will be able to use riel to buy seven separate lots of $1 million from NBC.
Bidding on the first sale begins today with the last sell-off scheduled for June 30, according to an announcement signed by the bank’s Secretary General Sum Saniseth and released Friday.
The intervention, aimed at taking supplies of local currency out of the real economy thereby increasing demand for the devalued riel, follows the sale of $10 million carried out by NBC over the last three weeks.
So far, its attempt to revalue the riel has had a small but positive affect.
According to Ly Hour Exchange, the largest money changer in Phnom Penh, one greenback was worth 4,252 riels Sunday, a slight improvement on the 4,265 riels per dollar recorded a week earlier.
This strengthening interrupts a slide that has seen the riel depreciate to record lows.
Its value has fallen 1.47 percent over the past two months, from 4,190 riels per US dollar in mid-April, according to Ly Hour.
The riel “has gradually begun to appreciate after the central bank’s interventions”, said Sieng Lim, the owner of Ly Hour Exchange, on Sunday.
She believes the riel will stabilise when the harvest season begins in September.
It is the NBC’s policy to intervene when the riel depreciates to more than 4,200 riels per US dollar by dipping into its foreign reserves to buy in riel currency.
As of May, according to NBC data, the bank held $2.5 billion worth of foreign reserves.
According to last year’s annual report, in 2009 the NBC put 32 lots of currency worth $54 million on the market to ensure that the riel remained valued at between 4,000 and 4,200 per US dollar.
Cambodia has an estimated $500 million worth of riels in circulation.
Last week, Kang Chandararot, president of Cambodia Institute for Development Study, praised NBC’s interventions.
He said that the riel’s depreciation was the result of a strengthening US dollar – which has been affected by the weakened euro – and a reduced inflow of dollars into Cambodia through trade and investment.
Tal Nay Im, director general of the NBC, and Secretary Genearl Sum Saniseth did not reply to repeated calls for comment Sunday.
AN additional US$7 million will be put up for sale by the National Bank of Cambodia (NBC) this month in the organisation’s latest attempt to stablilse the value of the riel, it was announced Friday.
Banks, private companies and money lenders will be able to use riel to buy seven separate lots of $1 million from NBC.
Bidding on the first sale begins today with the last sell-off scheduled for June 30, according to an announcement signed by the bank’s Secretary General Sum Saniseth and released Friday.
The intervention, aimed at taking supplies of local currency out of the real economy thereby increasing demand for the devalued riel, follows the sale of $10 million carried out by NBC over the last three weeks.
So far, its attempt to revalue the riel has had a small but positive affect.
According to Ly Hour Exchange, the largest money changer in Phnom Penh, one greenback was worth 4,252 riels Sunday, a slight improvement on the 4,265 riels per dollar recorded a week earlier.
This strengthening interrupts a slide that has seen the riel depreciate to record lows.
Its value has fallen 1.47 percent over the past two months, from 4,190 riels per US dollar in mid-April, according to Ly Hour.
The riel “has gradually begun to appreciate after the central bank’s interventions”, said Sieng Lim, the owner of Ly Hour Exchange, on Sunday.
She believes the riel will stabilise when the harvest season begins in September.
It is the NBC’s policy to intervene when the riel depreciates to more than 4,200 riels per US dollar by dipping into its foreign reserves to buy in riel currency.
As of May, according to NBC data, the bank held $2.5 billion worth of foreign reserves.
According to last year’s annual report, in 2009 the NBC put 32 lots of currency worth $54 million on the market to ensure that the riel remained valued at between 4,000 and 4,200 per US dollar.
Cambodia has an estimated $500 million worth of riels in circulation.
Last week, Kang Chandararot, president of Cambodia Institute for Development Study, praised NBC’s interventions.
He said that the riel’s depreciation was the result of a strengthening US dollar – which has been affected by the weakened euro – and a reduced inflow of dollars into Cambodia through trade and investment.
Tal Nay Im, director general of the NBC, and Secretary Genearl Sum Saniseth did not reply to repeated calls for comment Sunday.
6 comments:
can we go back to honoring and using khmer riel again in cambodia? leave all other foreign currency at the international level only. when in cambodia, we all should advocate the use of the khmer riel, please! have some pride in khmer and cambodia for a change, would ya? love not hate, no more bias toward cambodia, ok! seeing is believing. don't buy into opposition rumors and others' who have a negative tone on our beloved cambodia. cambodia is cambodia, that's how it is, really, as long as we don't be like the stupid KR regime; i think we are fine. rule of law please!
Totally agree with 11:36 Pm !!!
Nowaday, Khmer people don't appreciate its own money "riel". It's very frustrated to see your own beloved country values "dollar" instead of "riel". Come on folks, why don't we use more " riel " in any restaurants, stores, or shopping mall. Let put "riel" first then "dollar". Please try to appreciate your country first then comes something else.
Democratic Kampuchea Pol Pot Khmer Rouge Regime
Members:
Pol Pot
Nuon Chea
Ieng Sary
Ta Mok
Khieu Samphan
Son Sen
Ieng Thearith
Kaing Kek Iev
Hun Sen
Chea Sim
Heng Samrin
Hor Namhong
Keat Chhon
Ouk Bunchhoeun
Sim Ka...
Committed:
Tortures
Brutality
Executions
Massacres
Mass Murder
Genocide
Atrocities
Crimes Against Humanity
Starvations
Slavery
Force Labour
Overwork to Death
Human Abuses
Persecution
Unlawful Detention
Cambodian People's Party Hun Sen Khmer Rouge Regime
Members:
Hun Sen
Chea Sim
Heng Samrin
Hor Namhong
Keat Chhon
Ouk Bunchhoeun
Sim Ka...
Committed:
Attempted Murders
Attempted Murder on Chea Vichea
Attempted Assassinations
Attempted Assassination on Sam Rainsy
Assassinations
Assassinated Journalists
Assassinated Political Opponents
Assassinated Leaders of the Free Trade Union
Assassinated over 80 members of Sam Rainsy Party.
"But as of today, over eighty members of my party have been assassinated. Countless others have been injured, arrested, jailed, or forced to go into hiding or into exile."
Sam Rainsy LIC 31 October 2009 - Cairo, Egypt
Executions
Executed over 100 members of FUNCINPEC Party
Murders
Murdered 3 Leaders of the Free Trade Union
Murdered Chea Vichea
Murdered Ros Sovannareth
Murdered Hy Vuthy
Murdered 10 Journalists
Murdered Khim Sambo
Murdered Khim Sambo's son
Murdered members of Sam Rainsy Party.
Murdered activists of Sam Rainsy Party
Murdered Innocent Men
Murdered Innocent Women
Murdered Innocent Children
Killed Innocent Khmer Peoples.
Extrajudicial Execution
Grenade Attack
Terrorism
Drive by Shooting
Brutalities
Police Brutality Against Monks
Police Brutality Against Evictees
Tortures
Intimidations
Death Threats
Threatening
Human Abductions
Human Abuses
Human Rights Abuses
Human Trafficking
Drugs Trafficking
Under Age Child Sex
Corruptions
Bribery
Embezzlement
Treason
Border Encroachment, allow Vietnam to encroaching into Cambodia.
Signed away our territories to Vietnam; Koh Tral, almost half of our ocean territory oil field and others.
Illegal Arrest
Illegal Mass Evictions
Illegal Land Grabbing
Illegal Firearms
Illegal Logging
Illegal Deforestation
Illegally use of remote detonation bomb on Sokha Helicopter, while Hok Lundy and other military officials were on board.
Lightning strike many airplanes, but did not fall from the sky. Lightning strike out side of airplane and discharge electricity to ground.
Source: Lightning, Discovery Channel
Illegally Sold State Properties
Illegally Removed Parliamentary Immunity of Parliament Members
Plunder National Resources
Acid Attacks
Turn Cambodia into a Lawless Country.
Oppression
Injustice
Steal Votes
Bring Foreigners from Veitnam to vote in Cambodia for Cambodian People's Party.
Use Dead people's names to vote for Cambodian People's Party.
Disqualified potential Sam Rainsy Party's voters.
Abuse the Court as a tools for CPP to send political opponents and journalists to jail.
Abuse of Power
Abuse the Laws
Abuse the National Election Committee
Abuse the National Assembly
Violate the Laws
Violate the Constitution
Violate the Paris Accords
Impunity
Persecution
Unlawful Detention
Death in custody.
Under the Cambodian People's Party Hun Sen Khmer Rouge Regime, no criminals that has been committed crimes against journalists, political opponents, leaders of the Free Trade Union, innocent men, women and children have ever been brought to justice.
11:36! look at Euro! we just ahead of the game!
You go wear Peunk, dude! Kbeen weas from India too!
4:00am,
STOP POSTING THAT SHIT. Use your fucken brain and write something up, insted of posting the same shit in every blog.
Brainless fool!
it's a mystery why the Govt will not start insisting on the use of KHR and stop the widespread circulation of the USD. If it only costs 10-20 cents to produce a USD 100 banknote guess who is making the killing? certainly not the Khmer government. also it's about time the National Bank of Cambodia gets a bit more efficient and stop lumping its exchange rate with its monetary policy.
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