Despite Cambodia’s economy being affected by the 2025 slowdown in global economic growth and the recent border conflicts with Thailand, the Kingdom’s economic momentum has continued to maintain notable progress. Cambodia’s international reserves in 2025 increased to more than $27 billion, sufficient to cover imports from international markets for up to eight months.
According to the 2025 annual report of the National Bank of Cambodia (NBC), released on January 23, the global economy in 2025 faced significant uncertainties arising from geopolitical and geoeconomic conflicts as well as retaliatory tariff measures imposed by the US.
Amid these challenges, global economic growth in 2025 is projected at around 3.2% (down from 3.3% in 2024), with advanced economies growing at 1.6% and emerging and developing economies at 4.2%. Economic growth in the ASEAN region slightly declined to 4.3%.
Despite this, Cambodia’s economy is estimated to achieve 5% growth in 2025, mainly supported by export growth in the manufacturing sector. However, this growth rate is lower than expectations due to a decline in tourist arrivals.
The NBC report noted that the Kingdom’s macroeconomic conditions have continued to remain stable, as reflected in both internal and external balances.
International reserves are estimated at approximately $27.5 billion.
“International reserves have remained at a high level, reflecting strong external debt repayment capacity, the maintenance of exchange rate stability and the national payment system, while also providing adequate buffers to meet liquidity needs and withstand external shocks. International reserves increased to $27.5 billion, up 22.3% compared to 2024 ($22.5 billion),” said the NBC.
This is the equivalent of eight months of imports of goods and services in the following period, which is considered a high level for a developing country,
The NBC explained that this increase was mainly driven by higher gold prices, income from overseas investments, exchange rate movements, and deposits from banking and financial institutions, the Royal Government and required reserves.
“The management of international reserves is carried out prudently and professionally. The reserve management framework is structured in line with international best practices to ensure effective and highly cautious management,” it said.
In 2024, international reserves were projected at $21.28 billion, up from an estimated $19.44 billion in 2023 and $17.8 billion in 2022. According to estimates, Cambodia’s international reserves in 2024 could cover imports from international markets for 6.6 months, down from 6.9 months in 2023, but higher than in 2022, when coverage stood at only 6.1 months.
