Sunday, October 17, 2010
By Michelle Fitzpatrick (AFP)
PHNOM PENH — Southeast Asian countries that rely heavily on the dollar might be alarmed at its recent steep decline, but analysts warn against sudden moves to reduce their dependence on the greenback.
In Cambodia, the dollar is far more prevalent than the riel, the local currency, while neighbouring communist-run Laos sees shoppers paying for goods in kip, dollars or even Thai baht.
In communist Vietnam, the local dong is popular enough, but dollars still account for 20 percent of all currency in circulation there. And in Myanmar (Burma) a volatile domestic currency has left locals distrustful of the kyat.
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