Jan 28, 2011
DPA
Phnom Penh – Day-trippers from Vietnam have withdrawn millions of dollars from Cambodian cash machines to benefit from a sizeable gap between the official and black market rates of the US dollar and Vietnam’s currency the dong, local media reported Friday.
Cambodia uses the dollar as a second currency along with its own currency, the riel.
The chief executive of Cambodia’s ANZ Royal Bank, Stephen Higgins, told the Phnom Penh Post newspaper that customers of Vietnam’s Techcombank had withdrawn 12 million dollars from his bank’s cash machines since December.
They then exchanged those dollars into dong with currency traders, who offer the black market rate of 21,000 dong to the dollar, around 8 per cent above Hanoi’s peg of around 19,500.
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