PHNOM PENH, July 23 (Xinhua) — Cambodia’s international reserves had increased to 19.5 billion U.S. dollars as of June 2020, up 3.7 percent from 18.8 billion dollars at the end of 2019, said a National Bank of Cambodia (NBC) press release on Thursday.
International reserves include foreign currencies, gold and SDR (Special Drawing Right), which are under the NBC’s control.
Currently, the kingdom has 36.5 tons of gold, the press release said, adding that 12.4 tons have been stashed in Switzerland, 14.1 tons have been invested in the Britain’s central bank and 10 tons have been kept in Cambodia.
“International reserves remain high, which can secure the imports of goods and services for the next 10 months,” the NBC said. “They are much higher than the maximum level for developing countries that should have the 3-month guarantee of imports.”
Cambodian Prime Minister Samdech Techo Hun Sen said last month that the country’s economy is predicted to shrink 1.9 percent this year due to the COVID-19 pandemic. However, it will bounce back to 3.5 percent next year thanks to the gradual recovery of global economy and external demand.
The kingdom’s growth heavily relies on garment and footwear exports, tourism, construction and real estate, and agriculture, and due to the pandemic, garment and footwear exports and tourism have been hit the hardest. Enditem