12 Mar '11, 11am

Cambodia to use local currency on stock exchange: PHNOM PENH - CAMBODIA will use the local currency for trading...

PHNOM PENH - CAMBODIA will use the local currency for trading on its soon-to-be-launched stock exchange, officials said on Saturday, in a bid to boost the use of the riel in the heavily dollarised country. Stock quotations must be in riel only, the Securities and Exchange Commission of Cambodia (SECC) said in a statement on its website, ending a debate about whether listings on the bourse, set to open in July, should be in riel, US dollars or a combination of both. But for the first three years, 'if buyers and sellers both agree, then they can arrange to settle payments in US dollars", Chan Narith, director of the SECC's securities market supervision department, told AFP. Cambodia has a long-term goal to reduce reliance on the greenback, which according to the Asian Development Bank makes up more than 90 per cent of all currency in circulation in Cambodia. The country sign...

Full article: http://www.straitstimes.com/BreakingNews/SEAsia/Story/STI...

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