Written by DAP NEWS -- Saturday, 10 October 2009
(Post by CAAI News Media)
The National Bank of Cambodia (NBC) celebrated its 30th anniversary on Thursday.
But Cambodians were more concerned, and confused, by the recent volatility in the Cambodia riel-US dollar exchange rate.
An accountant of Phnom Penh company told DAP News Cambodia that “I deposited CR1 million, equal to US$250, when I took checked the amount in dollars on October 9, I had only US$238,20. So I lost by keeping my money in the bank.”
“If we take riel to exchange, we will lose,” she said. The Cambodian Economist Association’s (CEA) Chan Sophal told DAP News Cambodia that such changes in the exchange rate are normal in any country, with wider variations to be expected because of the uncertainty caused by the global financial crisis and ensuing downturn.
A Department of Transportation official said that Cambodia uses US currency to make large purchases, whereas Cambodian currency is generally used for incidental and small scale buys.
“If we want to make the Cambo-dian market stable, it should be done by strengthening on export sectors such as agriculture, manufacturing and tourism,” said Chan Sophal. “Dollars will flow and our Cambodian currency exchange rate will increase too.”