Tuesday, June 1, 2010

Riel continues to depreciate

Monday, 31 May 2010
By Nguon Sovan
The Phnom Penh Post

Strong dollar and eurozone worries hobble NBC efforts to stabilise currency
THE riel continued to depreciate against the US dollar last week despite a US$4 million National Bank of Cambodia (NBC) intervention aimed at increasing its value, experts say.
The NBC dipped into its dollar reserves to purchase riel on May 21 in an attempt to shore up the Cambodian currency’s value.
Ly Hour Exchange owner Sieng Lim said the $4 million intervention had been too small to stop the depreciation of the riel, and that its decline is partly the result of a strengthening US dollar.
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