Cambodian National Bank predicts 20 pct inflation for 2008
18/8/2008 17:54
The National Bank of Cambodia ( NBC) has predicted annual inflation could
rise to 20 percent this year, substantially less than earlier in the year, local
newspaper the Mekong Times reported today.
NBC Governor Chea Chanto was
quoted as saying that "the annual inflation rate may stand at 20 percent owing
to the effectiveness of the package of measures though the inflation rate rose
to a remarkable level early this year."
He did not reveal how high inflation
was earlier in the year, saying only that price rises were driven by global
problems, including a mortgage crisis, the depreciation of the US dollars, the
slowing of the US economy, rising oil prices, regional natural disasters and
insufficient harvest.
The NBC has strengthened macroeconomic stability for
sustainable economic development, Chea Chanto claimed.
Though growth dropped
slightly and has been affected by outside factors, the exchange rate of the riel
and value is stable compared to the US dollar, he said.
Xinhua
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