NBC Calls for More Promotion of Riel
AKP Phnom Penh, September 28, 2020 —
The National Bank of Cambodia (NBC) today called for more support and promotion of Riel, the national currency, as it marked the 40-year anniversary of Riel re-introduction.
The circulation of Khmer Riel has been on the rise –at about 16 percent per year in the last two decades, said NBC Governor H.E. Chea Chanto, while presiding over the celebration of the 40th Anniversary of the Re-introduction of Riel, held at Aeon Mall Phnom Penh.
“Cambodia needs a strong national currency to strengthen its economic and financial resilience to the crisis, as well as to support sustainable socio-economic growth and development,” he said.
“I firmly believe that all ministries, institutions, companies, enterprises, stakeholders and citizens will continue to actively participate in the process of developing the banking system and promote the wider use of Riel, which is our national currency,” he added.
After the fall of the Khmer Rouge regime in 1979, the Riel was re-introduced in 1980 and has now been around for 40 years.
The NBC governor said that the growth in demand for the Riel currency was mainly supported by the increase in public trust thanks to peace and macroeconomic and financial stability.
“The best achievements so far have come from the efforts of all stakeholders. Peace has made it possible for all of us to unite and work hard to focus on sustainable development,” underlined H.E. Chea Chanto.
Cambodia is highly dollarised economy since 1990 when heavily injected fund in U.S. dollar was made in the era of UNTAC (United Nations Transitional Authority in Cambodia).
However, the NBC and the Royal Government of Cambodia have worked for de-dollarisation by promoting wider circulation of the national currency –Riel.
(Photo: Phen Rattanak)
By Chea Vannak