NBC is ready to intervene in the exchange market internationally

Phnom Penh: The National Bank of Cambodia is ready to intervene in the exchange market to maintain the value of the riel in order to maintain the purchasing power of the Cambodian people as the US dollar appreciates globally against other currencies, including the Cambodian riel. .

In recent days, the riel exchange rate against the US dollar has risen significantly, mainly due to seasonal factors and the pressure of the US dollar to appreciate in international markets. This is according to the press release of the National Bank of Cambodia.

Due to seasonal factors, the demand for the riel slowed down during the agricultural growing season and the low season. The US dollar as a whole continued to appreciate against other world currencies after the US Federal Reserve continued to raise benchmark interest rates, attracting capital inflows into the United States and boosting demand for the US dollar in international markets.

The National Bank of Cambodia continues to adopt a controlled floating exchange rate regime that allows the riel exchange rate to fluctuate at an appropriate level. In this regard, the National Bank of Cambodia is ready to take the necessary steps, including intervention in the foreign exchange market and the use of other monetary policy instruments to maintain the value of the riel in order to maintain the purchasing power of the Cambodian people.