Dedollarization initiatives to encourage greater use of riel

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CSX index continues to rise by 0.02% amidst calm market On April 4, 2023, the CSX index improved marginally to 493.5 points. PWSA, GTI, PPAP, PAS, PPSP, and PAS shares all remain unchanged, with the exception of PEPC, which saw a 0.65% increase. On the growth board, JSL shares fell by 0.44% to KHR4,540, while DBDE shares remained unchanged. 44,866 shares were traded, which was a 29% decline from yesterday's volume. (Source: YSC Research)

Economy and Industry

Dedollarization initiatives to encourage greater use of riel The National Bank of Cambodia has implemented several measures to promote the use of the riel and reduce dependence on the US dollar. The central bank aims to strengthen the riel's role in the country's economy, reduce currency exchange costs, and promote financial stability. One of the measures is requiring all financial institutions to accept riel deposits, while another is to increase the amount of riel in circulation. The central bank also plans to introduce a digital version of the riel to facilitate cashless transactions and has also launched a public awareness campaign to promote the benefits of using the riel. The de-dollarization measures are expected to benefit the country by reducing its dependence on the US dollar, increasing financial stability, and promoting economic growth. (Source: Khmer Times)

Korea becomes Cambodia's 14th-largest commercial partner in 2022 South Korea has become Cambodia's 14th largest trading partner in 2022, according to data from the Korea International Trade Association. The two countries have been working to strengthen their trade relationship, with a focus on promoting exports and investment. The total trade volume between Cambodia and South Korea reached $1.3 billion in 2022, a significant increase from the $817 million recorded in 2019. Cambodia's exports to South Korea, which primarily consist of garments, textiles, and footwear, increased by 38% year-on-year to $214 million. The increase in trade volume is attributed to the implementation of the Korea-Cambodia FTA in 2019, which has lowered tariffs and facilitated trade between the two countries. The strengthening of the trade relationship between the two natinos is expected to benefit both countries by increasing investment and trade opportunities, as well as promoting economic growth and job creation. (Source: Khmer Times)

Four million tourists will visit Cambodia in 2023, tourism official estimates According to the director of the Tourism Ministry’s statistics and information department, Cambodia is expecting to receive around 4 million tourists this year, marking a significant increase from the 1 million visitors received in 2020 due to the COVID-19 pandemic. The official also mentioned that Cambodia has been actively promoting tourism in the country through various initiatives such as vaccination campaigns for tourism workers and creating travel bubbles with other countries. Despite the positive outlook, the tourism industry still faces challenges, particularly the ongoing global pandemic and travel restrictions. The country is also facing stiff competition from neighboring countries, such as Thailand and Vietnam, which have a well-established tourism industry. To overcome these challenges, the government is working on enhancing infrastructure and tourism services, as well as diversifying tourism products beyond the popular Angkor Wat temple complex. (Source: Khmer Times)

Corporate News

Wing Bank opens a branch in Banteay Meanchey, extending its presence Cambodia's leading mobile banking service provider, Wing Bank, has recently expanded its operations by opening a new branch in Banteay Meanchey province. The move is part of the company's efforts to increase its footprint across the country and make banking services more accessible to rural populations. It is expected to benefit the local community, particularly those who rely on remittances from family members working overseas. Wing Bank has been rapidly expanding its operations in recent years, with a focus on providing innovative and accessible banking services to the unbanked and underbanked populations. The company currently has a network of over 11,000 agents and has processed over $12 billion in transactions since its inception. The expansion of Wing Bank's operations is expected to contribute to the government's efforts to promote financial inclusion and increase access to banking services in Cambodia. (Source: The Phnom Penh Post)

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