Cambodia's 2012 inflation slows to 3%: CB

(MENAFN) The National Bank of Cambodia's (NBC) Governor, Chea Chanto, stated that the country's inflation in 2012 slowed to 3 percent from 4.9 percent in 2011, reported Xinhua News. Chanto added that also in 2012, the riel, Cambodia's currency, had appreciated by around 1.7 percent against the US dollar. The central bank's governor attributed the lower inflation level in 2012 to stable prices of food, noting that gasoline price stayed high, with a liter of gasoline reaching USD1.36 recently. In October 2012, the International Monetary Fund (IMF) expected the country's inflation to be at 3.5 percent in the year, whereas the Asian Development Bank (ADB) projected it to stand at 3 percent, both forecasts took in consideration higher food and fuel prices. It is worth noting that by the end of last year, Cambodia's gross official reserves reached USD3.7 billion.