PHNOM PENH, Jan. 25 (Xinhua) -- Cambodia's international reserves increased to 20 billion U.S. dollars in 2023, representing a year-on-year rise of 12.3 percent, the central bank said on Thursday.
International reserves under central bank control include foreign currencies, gold and Special Drawing Rights.
"Our international reserves can secure the imports of goods and services for the next more than seven months," Governor of the National Bank of Cambodia Chea Serey said at the opening ceremony of the central bank's annual meeting.
Serey said Cambodia's foreign reserves remained high, although international reserves in some countries' central banks had significantly declined due to uncertainties in international financial markets and high benchmark interest rates in developed countries.
"We are proud that the Cambodian banking system remains very stable in the wake of the collapse of some banking institutions in some countries such as the United States and Switzerland, which have raised serious concerns about global financial stability," she said.
Serey added that Cambodia's economy grew by 5.5 percent in 2023, while inflation had declined to 2.1 percent last year from 5.4 percent a year earlier. ■
