Cambodia is designing plans to give its riel (the local currency) a boost in an attempt to limit dollarization, China’s Xinhua news agency quoted Neav Chanthana, Deputy Governor of the National Bank of Cambodia (NBC), as saying.
Dollarization in Cambodia, measured by the ratio of foreign currency deposit to broad money, grew from 36 percent in 1993 to around 80 percent in 2013, she said at the Second Annual NBC Macroeconomic Conference.
Meanwhile, NBC's Director General Chea Serey said over 90 percent of bank deposits and loans are made in US dollars.
The financial sector plays an essential role in promoting the use of local currency through strengthening financial infrastructure and financial market development, including the foreign exchange market, interbank and money market, capital market and debt market, she told the conference, which was attended by about 200 policymakers, bankers, economists and researchers, among others.
The US dollar began to be used widely in the Cambodian economy since the United Nations Transitional Authority in Cambodia (UNTAC) conducted their peace operations in the country in 1993.
Chanthana said the Cambodian economy has reaped many benefits of dollarization by attracting more foreign investors, developing the financial sector, enhancing the Cambodian economic integration regionally and globally as well as protecting the economy from the Asian financial crisis in 1997.
However, dollarization also presents risks and vulnerabilities since the speed and size of the economy and the financial sector have grown remarkably, she said.-VNA
The Bank for Investment and Development of Vietnam (BIDV) signed a comprehensive cooperation agreement with five leading banks of Laos and Cambodia in Hanoi on January 7.
Vietnam and Cambodia have signed a memorandum of understanding (MoU) on the exchange of information in the fight against money laundering and terrorism financing.
The World Bank (WB) said in a recently released economic update that Cambodia's GDP growth is projected to reach 7 percent in 2013 despite a challenging global economic environment.
n his message sent to Cambodian people on the threshold of the country’s traditional Chol Chnam Thmay festival on April 7, Prime Minister Hun Sen reaffirmed the new government’s leading priorities to promote socio-economic development.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Source: Internet)
