NBC to sell US dollars eight more time in the next four weeks to intervene in the exchange market
Phnom Penh: The National Bank of Cambodia will continue to intervene in the foreign exchange market by bidding for the US dollar eight more times in the next four weeks, of which twice a week. This is according to the press release of the National Bank of Cambodia on September 18, 2023.
The National Bank of Cambodia (NBC) has noted that after four bids in the last two weeks, the riel exchange rate against the US dollar has fallen to market level. Meanwhile, looking at the fluctuation of the US dollar in international markets and the evolution of the current and future macroeconomic situation of Cambodia, the National Bank of Cambodia will continue to control the exchange rate pressure further.
To this end, the National Bank of Cambodia will continue to intervene as necessary until the exchange rate is at an appropriate level, which will strengthen the purchasing power of the riel and contribute to the continued recovery of the Cambodian economy after the crisis. Covid 19.
Interventions are scheduled twice a week (Wednesday and Friday) for the next four weeks. However, the National Bank of Cambodia did not specify the amount of the eight interventions.
Please be informed that the National Bank of Cambodia has auctioned 4 US dollars for a total of 50 million US dollars from 6 to 15 September 2023, the strategy of intervention in the exchange market to maintain the value of the riel to maintain the purchasing power of the Cambodian people as the value of the US dollar has risen significantly in recent times against other currencies, including the Cambodian riel.