Cambodia's inflation stands at 2.9 pct in first half of 2013: central bank

Source:Xinhua Published: 2013-8-28 16:19:55

Cambodia's inflation rate has accelerated to 2.9 percent in the first six months of the year, up from 1.8 percent over the same period last year, according to a report of the National Bank of Cambodia (NBC) on Wednesday.

"The rate, below 3 percent, is low and can be controllable," Chea Chanto, NBC's governor, said in the report.

He said Cambodian riel had appreciated about 0.7 percent against US dollar during the first half of this year compared with the same period last year.

The country's gross foreign reserves have continued their steady rise to 4 billion US dollars by June this year, up 13 percent compared with June last year, he said, adding that the amount can ensure four months of prospective imports.

The governor projected that the economy would grow by 7.6 percent in 2013, driven by strong growth of garment exports, agriculture, tourism and construction, and the inflation was expected at a manageable level of 5 percent this year.

The International Monetary Fund (IMF) predicted in April that Cambodia's economy would grow at a rate of 6.7 percent and inflation at 4.6 percent this year.

Posted in: Economy

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