Cambodian bank reserves rising exponentially, says prime minister

Phnom Penh - Cambodian bank reserves have increased exponentially in the past five years, Prime Minister Hun Sen (pictured) said Tuesday. Speaking outside the country's National Assembly, Hun Sen told reporters that for every unit of currency held by Cambodian banks in 2003, they now held now 200 units. Cambodia's economy operates in Cambodian riel and the US dollar, with some provinces also holding significant amounts of Thai baht.
At the end of the 2003 financial year the nation's central bank director Chea Chantho announced the nation's international reserves had doubled to 670-million-dollars.
Hun Sen's assertion comes after Thursday's announcement by Standard and Poor's that it had awarded Cambodia a group 10 status on its Banking Industry Country Risk Assessment scale - the lowest rating possible.
However, the ratings agency praised the country's massive overhaul of its banking sector legislation and declared its prospects promising as the economy continues to grow after 30 years of war.