According to Cambodian media reports, on Wednesday (July 20), Chea Chan Tau, governor of the National Bank of Cambodia, stressed the issue of rising global oil and food prices and Cambodia's rise rate of 7.2% in May during the meeting to consider the results of the work in the first half of 2022 and the direction of work in the second half of the year.
Mr. Chea Chanto claimed that in order to more favorablely control inflation, the exchange rate would remain unchanged to protect Riel's purchases. The National Bank of Cambodia has put pressure on monetary policy to rein in inflation and support economic growth.
Inflation is not only in Cambodia, but also in the United States at 9.1 percent, and the euro at 8.6 percent, pushing up the value of the dollar. As a result, other developing countries have also seen a decline in international reserves, which are facing problems with monetary policy and overseas shopping.
While the Covid-19 crisis has eased, global economic growth has slowed more than expected, with capital flows and currency value pressures, protracted wars and sanctions against Russia pushing up world oil and food prices.
In addition, China's zero-epidemic policy has had an impact on domestic and global production supply chains, with implications for investment, international trade and global tourism.
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