Archive for July 9th, 2010

Economists: A Cambodia Stock Market Can Use Both the Dollar and the Riel – Thursday, 8.7.2010

Posted on 9 July 2010. Filed under: Week 672 | Tags: , , , , , , , , , |

The Mirror, Vol. 14, No. 672

“Phnom Penh: The stock market of Cambodia scheduled to be established at the end of this year might use both Dollar and Riel.

“A Secretary of State of the Ministry of Economy and Finance, Mr. Hang Chuonarong, said on 6 July 2010, after a press conference at the office of the Asian Development Bank in Cambodia, that this is a choice being discussed by stock market experts, but so far, no official decision has been made. He added, ‘The government has nothing decided, but experts, highly skilled in stock exchange matters, are thoroughly discussing and studying its advantages and disadvantages.’

“According to the Principal Economist in the Office of Regional Economic Integration of the Asian Development Bank, Mr. Jayant Menon, the choice to use both currencies (Dollar and Riel) is a mechanism that Cambodia must take into consideration, because it is related to the currency polices, and the polices about interest rates, especially the stability of the Riel, the national currency of Cambodia.

“He went on to say that to invest by using the Dollar or the Riel is not a problem for the operation of the stock market in Cambodia, but it depends on where Cambodia wants investments to flow to. He added that the problem is whether Cambodia needs local or needs foreign investment. If Cambodia needs foreign investment, foreign investors might find it somewhat difficult to invest in the stock exchange of Cambodia.

“So far, the Dollar, the US currency, is used for 90% of the transaction value [the Riel is used for 10%] at the markets and for payments in Cambodia, while in Laos, it is used only for 50%, and in Vietnam for merely 20%.

“Regarding this issue, Mr. Narong recognizes this point, but he said that the use of the Dollar has both positive and negative qualities. He explained that the use of the Dollar is good, because its value does not change much, it is easy for settling payments in exports, and it attracts foreign investment for economic growth, but it can cause difficulties for the authorities to manage currency policies and some other problems.” Rasmei Kampuchea, Vol.18, #5244, 8.7.2010

Newspapers Appearing on the Newsstand:
Thursday, 8 July 2010

Kampuchea Thmey, Vol.9, #2295, 8.7.2010

  • Cambodia, Laos, and Vietnam Will Cooperate to Solve Dollarization Problems [to deal with challenges that result from using different currencies in the economy, to allow the three countries to promote efficient currency policies and currency exchange policies]
  • Samdech Hun Sen and His Wife Donated Two Male Elephants to the [South] Korean Government [for breeding]

Koh Santepheap, Vol.43, #7002, 8.7.2010

  • Police Intercepted a Twelve-Seater Car Loaded with 110 Pieces of Ebony, and a Person Who Tried to Protect the Wood Claiming that He Is a Military Police Officer [finally police seized the car and arrest the driver – Takeo]

Moneaksekar Khmer, Vol.17, #3926, 8.7.2010

  • Cambodia Loses US$20 Million to US$90 Million per Year because of Failures in Its Dollarization Policy [according to studies by the Supreme National Economic Council – (interesting: its web site has also a non-operational button Call for donation) – the International Monetary Fund, and the Asian Development Bank, the extensive use of dollars in Cambodia, on the one hand, helps attract foreign investment and trade and enables the banking and financial systems to improve quickly through the increase of deposited money, the prevention of market disturbances, and the inflation of the prices of goods – but, on the other hand, it weakens the possibility of the National Bank of Cambodia to create its own currency policies, including for the prevention of financial crisises in the banking system, the control of the inflation rate of currency exchanges, and the printing of currency notes]
  • The Court Will Issue a Warrant to Detain [Sam Rainsy Party parliamentarian] Mu Sochua on 16 July 2010 if She Does Not Pay a Fine by the Deadline [for losing a defamation case against Prime Minister Hun Sen]

Phnom Penh Post [Khmer Edition], Vol.1, #2, 8.7.2010

  • The World Bank: Cambodia Is Very Open for Foreign Investments [compared to other countries in Southeast Asia and in the Pacific, but It Takes Longer [to launch an operation in Cambodia, which takes 86 days on average, while in other countries, it takes only 42 days]
  • The Phnom Penh Municipality Starts to Construct a Demonstration Compound [at a park near the Canadia Bank’s High Rise Building]

Rasmei Kampuchea, Vol.18, #5244, 8.7.2010

  • Economists: A Cambodia Stock Market Can Use Both the Dollar and the Riel
  • Cambodia Denied that Thai Red-Shirt [anti-government] Leaders Take Shelter in Siem Reap [the Thai Prime Minister said that two red-shirt leaders are hiding in Cambodia]
  • More Than 6,000 People Suffered Injuries and Death along the Road [within six months of 2010, there were 3,040 cases of traffic accidents in Cambodia which killed 991 people, seriously injured 2,853, and lightly injured 2,562]

Have a look at the last editorial – you can access it directly from the main page of the Mirror.
And please recommend The Mirror also to your colleagues and friends.

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Within Five Months of 2010, Tourist Arrivals to Cambodia Were More Than One Million – Wednesday, 7.7.2010

Posted on 9 July 2010. Filed under: Week 672 | Tags: , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 672

“Phnom Penh: A report of tourist statics shows that within five months of 2010, there were 1,054,821 international tourist arrivals in Cambodia, an increase by 11.53% compared to the corresponding period in 2009, and the arrivals from Vietnam had the highest number.

“The report was released by the Minister of Tourism, Mr. Thong Khon, for Prime Minister Samdech Hun Sen on 29 June 2010, and it was then made available to journalists on 5 July 2010.

“The report says that, among the international tourist arrivals to Cambodia of more than one million, 552,523 tourists came to Cambodia by air (243,907 through the Phnom Penh International airport, and 308,616 through the Siem Reap airport), 409,349 tourists arrived on land, and 34,349 by ship. 58,743 tourists made one-day-return visits.

“Minister Thong Khon said that the 10 major tourism markets of origin for Cambodia within the first five months were:

  1. Vietnam: 175,937 tourists, an increase by 43.76%
  2. Korea: 125,455 tourists, an increase by 33.53%
  3. China: 74,558 tourists, an increase by 32.07%
  4. Japan: 67,658 tourists, an increase by 4.80%
  5. America: 65,472 tourists, a decrease by 5.43%
  6. England: 47,635 tourists, a decrease by 4.86%
  7. France: 46,600 tourists, a decrease by 0.51%
  8. Taiwan: 41,707 tourists, an increase by 41.82%
  9. Australia: 38,118 tourists, an increase by 11.05%
  10. Thailand: 36,995 tourists, a decrease by 13.83%

“Mr. Thong Khon said that the number of international tourists visiting the four priority tourism sites of Cambodia within these five months were:

  1. Siem Reap-Angkor: 565,803 tourists or 45.87% of the total tourist arrivals, increased by 26.63% compared to the same period in 2009.
  2. Phnom Penh: 489,018 or 39.65% of the total arrivals, increased by 11.9%
  3. Seashore regions: 81,459 tourists or 6.60% of the total arrivals decreased by 7.65%
  4. Eco-Tourism regions at the Northeast: 39,791 tourists or 3.23% increased by 91.28%

“Minister Thong Khon said that the number of national tourists visiting tourism resorts and regions countrywide within five months of 2010 were about 3.5 million, increased by 17% compared to the same period in 2009.

“Minister Thong Khon added that the number Cambodian tourists going abroad within five months of 2010 were 194,473, an increase by 14.86% compared to the corresponding period in 2009, where there were 339,698 Cambodian tourists going abroad, a decrease by 56.79% compared to 2008.

Note:
The numbers in the previous sentence do not tally – and this text does not provide any clue how to interpret the figures – giving percentages up to two digits behind the decimal point, so that any effort to speculate what the figures mean could, at the best, lead to some general statements, without pretending precision up to some hundredths of one per cent.
But we still try to mirror in The Mirror what is in the originals.

“The president of the Cambodia Association of Travel Agents, Mr. Ang Kim Ieng, welcomed the increase of international tourist arrivals to Cambodia and said this is because the world is recovering from the economic crisis.

“Mr. Ang Kim Ieng added that even though Asian tourists to Cambodia, especially from Vietnam that stand on top of the list, who spend a short period of three days on average, spending less money than European tourists, it is still a positive sign for the tourism to Cambodia. Also, the current political stability and the good infrastructure of Cambodia, as well as the expansion of flights, help to attract tourists.” Rasmei Kampuchea, Vol.18, #5243, 7.7.2010

Newspapers Appearing on the Newsstand:
Wednesday, 7 July 2010

Kampuchea Thmey, Vol.9, #2294, 7.7.2010

  • Municipal Court Ordered [Sam Rainsy Party parliamentarian] Mu Sochua to Pay Her Fine within Ten Days [for losing a defamation case against Prime Minister Hun Sen], otherwise she will be detained according to the law; Ms. Mu Sochua rejects to pay[as she considers the court decision not to have been just]
  • A Group of Japanese Investors Asked for Support from the Senate for Agricultural Investments in Cambodia [they began a pilot step by doing rice cultivation on 200 hectares in Battambang for rice export]

Khmer Amatak, Vol.11, #787, 7.7.2010

  • Can the Decision of Ms. Mu Sochua to Allow Herself to Be Imprisoned Change the Judicial System in Cambodia, and Bring Help from the International Community?

Koh Santepheap, Vol.43, #7001, 7.7.2010

  • The Appeals Court Delayed Sam Rainsy’s Hearing [over the removal of border markers at the Cambodian-Vietnamese border; it was postponed as two prisoners involved in the case were not present]
  • Cambodia and Laos Connect a Fiber Cable Network [to expand highly effective communications]

Moneaksekar Khmer, Vol.17, #3925, 7.7.2010

  • [Sam Rainsy Party parliamentarian] Yim Sovann: The Sam Rainsy Party Does Not Recognize Any Border Demarcation That Leads to the Loss of [Cambodian] Territory to neighboring countries [especially to Vietnam, where recently some farmers lost their land because of the new settings]

Phnom Penh Post [Khmer Edition], Vol.1, #209, 7.7.2010

  • Cambodia Celebrated the Second Anniversary of the Listing of the Preah Vihear Temple as a World Heritage Site [on 7 July 2010]
  • Four Forestry Department Higher Level Staff [accused of being involving in forestry crimes] in Koh Kong Were Released Temporarily [but they are still under court investigation; Prime Minister Hun Sen signed off on a letter sent by the Minister of Agriculture to the Koh Kong Court, requesting the temporary release of those forestry officials]
  • [The manager of a company said:] A South Korean Company, Korean Overseas Grains Investment and Development Corporation – KOGID – Plans to Spend US$7.35 Million to Buy Red Corn [from Cambodia]

Rasmei Kampuchea, Vol.18, #5243, 7.7.2010

  • Within Five Months of 2010, Tourist Arrivals to Cambodia Were More Than One Million
  • The Minister of Agriculture of Cambodia Asked Vietnam to Invest in Agriculture [to produce more rice and become a major rice export country like Vietnam]
  • Eight Khmer Citizens Liberated from India Arrived in Cambodia [they had been trafficked to India]
  • [Minister of the Council of Ministers] Sok An: The Cambodian-Laotian Border Is No Longer a Problem [so far 88% of the border markers are set, along the border line of about 600 km]

Have a look at the last editorial – you can access it directly from the main page of the Mirror.
And please recommend The Mirror also to your colleagues and friends.

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