PHNOM PENH: Cambodia's foreign reserves rose to US$18.4 billion as of June 2023, up 3.2 percent from US$17.82 billion at the end of 2022, showed a report of the National Bank of Cambodia (NBC).

“The foreign reserves can secure the imports of goods and services for the next seven months,” underlined the report released at the central bank's biannual meeting held in Preah Sihanouk province on July 30-31.

The figure is much higher than the maximum level for developing countries that should have the three-month guarantee of imports, it said.

The high level of foreign reserves indicates the ability to maintain a stable exchange rate, confidence in the national currency, the basis for foreign borrowing, and provides adequate protection to meet liquidity needs against external crises, stressed the report.

International reserves include foreign currencies, gold, and SDR (Special Drawing Rights), which are under NBC's control.