The Riel Has Gained Noticeable Confidence In National Economy

Phnom Penh, March 21, 2024 --

On the 44th anniversary of its reintroduction, Cambodian banknote Riel sees noticeable confidence in its, while more measures are being taken to sustainably 'Rielise' in Cambodia.

At an official event to mark the Riel reintroduction anniversary, Governor of the National Bank of Cambodia (NBC) H.E. Dr. Chea Serey reported that the Riel circulation in the Cambodian market has increased by an average of 15 percent in the last two decades.

Loans and deposits at banks and financial institutions have grown remarkably at 35 percent and 30 percent, respectively.

The NBC governor added that it needs time to build confidence in Riel both among the locals and investors.

To bring the use of Riel to a new height, NBC has promoted the use of electronic payment, especially through the well-known Khmer-introduced Bakong system, resulting in a 44 percent increase in 2023 compared to 2022, while such transactions rose only 3.1 percent for U.S. dollars.

Cambodia has also connected the electronic payment system in Riel with Laos, Thailand, and Vietnam and will expand it to more territories in the near future.

NBC, continued H.E. Dr. Chea Serey, has also been building public awareness of the importance of using the Riel, including the establishment of Cambodia's first ever museum of economy and money, widely referred to as the Sosoro Museum in Phnom Penh.

Macroeconomic stability has returned to normal with confidence, but the level of dollarization has risen to more than 60 percent by the late 1990s and about 80 percent by the late 2000s.