Thailand
Cambodia: NBC sets official exchange rate on NBCP
The National Bank of Cambodia (NBC) has started to set the official exchange rate for the dollar based on the foreign exchange buying and selling prices in the currency market from August 2.
NBC announced that the official exchange rate on the National Bank of Cambodia Platform (NBCP) is based on the exchange rate in the currency market the previous day and is to be set every morning.
“This is because NBCP is highly active now with many banking and financial institutions raising the volume of transactions through it,” the statement said.
NBC’s announcement was made at a time when commercial banks are having self-set exchange rates for use.
For example, the KHR/USD exchange rate of ACLEDA Bank Plc was KHR 4,108 yesterday, while the official exchange rate of NBC was KHR 4,103.
Meanwhile, the exchange rate of the General Department of Taxation, which sets its official exchange rate daily, was KHR 4,108 against $1 yesterday.
Bun Neary, Deputy Director General of the GDT, said the official exchange rate would be helpful for some taxpayers who use dollars for payment.
“This official exchange rate we set daily is based on the rates of four major commercial banks and it is a measure to help our taxpayers who use dollars,” Neary said in a press meet at the Government Spokesman Unit.
According to the provisions in the Organization and Conduct of the NBC in Article 31, the central bank regularises the domestic exchange rate and is authorised to declare the official foreign exchange rates for the riel to other currencies and is to participate in international financial agreements on behalf of the government.
The introduction of the official exchange rate is to ensure an accurate billing verification mechanism, particularly it facilitates online claiming of refunds and use of value-added tax credit efficiently, said Kong Vibol, director-general of the GDT.
Source: https://www.khmertimeskh.com/501127580/nbc-sets-official-exchange-rate-on-nbcp/