Cambodia to slash inflation to single-digit

07/05/2008 -- 9:19 PM

Phnom Penh (VNA) – Cambodia’s Ministry of Economy and Finance says it is taking drastic measures to lower January’s double-digit inflation rate of 18.7 percent to a single-digit rate by the end of 2008, or by the first quarter of 2009 at the latest. The government is calling for more investment into the agricultural sector, tightening money reserves for domestic banks and reducing import taxes, the Ministry’s Secretary General for Finance Hang Chuon Narun said on May 6. In addition to maintaining the fuel subsidy policy, the government has embarked on removing trade barriers that hamper fair competition between domestic and foreign enterprises, he said. According to the ministry, the measures will help reduce recent external pressures of inflation due to rising food and oil prices on the world market and the depreciation of the US dollar. The measures are also expected to revive the economy which has been flagged by high import tariffs, trade barriers and the decline of agricultural land due to the increasing trend of growing biofuel plants instead of rice.-Enditem
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