A steady rise in the value of Cambodia’s riel since the beginning of the year demonstrated increased confidence in the currency often shadowed by predominant usage of the US dollar, officials said yesterday. The riel has strengthened 1 per cent against the dollar since early January, according to a commodity price report from the Ministry of Commerce.
The currency traded at 4,013 riel per dollar yesterday, up from 4,057 riel at the beginning of the year, the report showed. “The consequent rising value of riel proves there is more confidence in local currency, and it can help to strengthen the usage of the riel,” said Ngoun Sokha, director general and spokeswoman of the National Bank of Cambodia
Riel sees stable gains on dollar this year
Cambodia Issues Tenth Round of Stimulus Measures
The tourism industry contributes 12 percent of GDP and the government views this industry as an indispensable path towards economic recovery. As such, the government also plans to attract seven million tourists by 2025 and 11 million domestic tourists by 2023.
On October 28, 2021, Cambodia issued its tenth round of stimulus measures to help specific industries mitigate the economic impact caused by the ongoing pandemic. These latest measures are an extension of the support provided in the ninth stimulus package, which was issued in June 2021.(more…)
CLMV economies Outlook by EIC Q1/2021
Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.
The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.(more…)
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