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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