A question and answer session with Deputy Prime Minister and Minister of Economy.
What has the National Bank of Cambodia (NBC) done to stabilise the exchange rate?
In Cambodia, it still requires a comprehensive strategy based on market mechanisms and participation from all relevant parties to de-dollarise its economy.
“We should use Khmer riels, our national currency, because we are Cambodians.”
Dr. Aun Pornmoniroth in conjunction with the 40th Anniversary Celebrations of Reintroduction of Khmer Riel.
To facilitate dollarized economy, Cambodian banks and financial institutions have increased their cash handling through dual currencies ATM machines.
The abolishment of practically all banking services and physical currency in Cambodia by the Khmer Rouge regime in between 1975 and 1979 created a monetary vacuum.
Cambodia has become a dollarized economy since the early 1990s owing to a massive influx of foreign currency into the economy.
Asian equities mostly rose and the dollar was subdued.
With the renminbi used for only around 2 per cent of international transactions and reserve holdings, it’s still far from supplanting the US dollar as the currency of choice and its use lags far behind what China’s 16 per cent share of the global economy would suggest.
The China-based Asian Infrastructure Investment Bank (AIIB) has shifted to lending in national currencies in order to reduce the negative impact of the US-driven trade war.
The Chinese yuan fell to its lowest level against the dollar since August 2010.
The Kingdom’s dollarised economy thus far has not hindered overall economic growth and the development of the financial sector, as proven in the findings of surveys by the National Bank of Cambodia (NBC) and the Japan International Cooperation Agency (JICA).
Private sector financial institutions have urged the government to rein in some banks and microfinance institutions which are still promoting the US dollar instead of riel in rural areas while the majority are pushing for more use of the national currency in the Kingdom.
Trump reiterates his criticism of the Federal Reserve’s monetary policy.
US lawmakers reached a deal on border security funding that could help avert another partial shutdown due to start.
Zimbabwe to introduce a new currency in the next 12 months.
For the past decade, China’s strategy for internationalising the renminbi has involved greater reliance on the IMF’s Special Drawing Rights as an alternative international reserve currency.
The dollar surges to nearly 17-month highs against a basket of major currencies, with global growth worry and rising political risk.
The Chinese yuan is being used more extensively in dealings between Cambodian and Chinese firms to the detriment of the United States dollar, according to the Cambodian Central Bank.
Asia needs to adjust to the protectionism of the US by introducing appropriate and effective counter measures.
Sterling falls as the dollar rebounds and investors to decide whether Britain gets a trade deal with the EU before it quits.
Turkey’s lira pulls back from a record low of 7.24 to the dollar after the central bank pledged to provide liquidity.
Officers of the Central Bank agree there is a need to de-dollarise the economy.
The dollar hit a 15-month low against the yen and fell versus the euro.
The dollar recovers after China hit back over a “fake news” report.
Markets are ending 2017 in a party mood after a pick-up in global growth boosted corporate profits.
Buddhist monks chant next to a pink coffin where Dollar’s small body is nestled amongst flowers.
India’s stronger currency is becoming a threat for its growth aspirations, piling pressure on the central bank.
Shares fall and the dollar dips against the yen as the Korean peninsula keeps investors wary.