(CAAI News Media)
Forex reserves up 10pc
Tuesday, 05 January 2010 15:00 Nguon Sovan
CAMBODIA’S foreign reserves rose 10 percent in 2009 despite the global economic downturn, according to National Bank of Cambodia Director General Tal Nay Im. She did not give figures, but foreign reserves were worth US$2.16 billion at the end of 2008, according to figures from the central bank. The International Monetary Fund (IMF) said last month it expected official reserves to remain stable in 2009 as sharply declining exports and foreign direct investment offset plunging imports. It said reserves were worth three and a half months of imports. Reserves were boosted in August by an IMF $108 million Special Drawing Rights allocation.
Camko to speed up
Tuesday, 05 January 2010 15:00 POST STAFF
CAMKO City plans to accelerate construction of mid-rise and high-rise apartment buildings now that the rainy season is over and following what it called the “successful completion” of its townhouse and villa section in April. South Korean developer World City Co said in a press release Monday that the first phase, consisting of 1,009 residential units and retail shops, was “in progress as scheduled” but did not provide further details on how many apartment buildings it planned to build. Construction of the US$2 billion, 126-hectare satellite city, which will play host to a so-called Financial Development District and the Cambodia Securities Exchange, is scheduled to be fully completed in 2018.
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