Cambodia
Riel sees stable gains on dollar this year
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
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
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Riel sees stable gains on dollar this year
Asean
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.
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Cambodia
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
The COVID-19 pandemic is having a negative impact on CLMV economies through their dependency on foreign-sourced revenue from tourism and exports says KResearchCenter.
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