Today the National Bank of Cambodia proudly celebrates the 39th anniversary of the re-introduction of the riel (March 20, 1980 – March 20, 2019).
Cambodia can open itself to almost limitless possibilities if the riel replaces the US dollar as the main medium of exchange in the nation’s economy.
Together we congratulate the Cambodian riel on its 39th anniversary. The riel is now widely used in the rural areas and to a lesser extent in the urban and tourist areas where the US dollar dominates.
As NBC spearheads the riel agenda to promote wider usage of the currency, its Governor H.E. Chea Chanto told The Post that it will be a long-haul to achieve the ambitious target but the campaigns are on the right track.
The time is now conducive to push the government’s riel agenda as Cambodia’s macro-economic parameters indicate that the contemporary market is relatively ready for the national currency to be the main medium of exchange.
A RIEL-based economy will empower the National Bank of Cambodia (NBC) to manage its monetary policy affairs more prudently and at the same time help safeguard the domestic economy from any external financial or economic shocks.
“Istrongly believe that our concerted efforts among stakeholders would gradually promote the local currency and significantly make the riel to be the national symbol of sovereignty, to benefit macroeconomic policies and to be the resilience for the economy.”
Riel usage is easy in our daily expenses, such as buying goods and easy to keep, even though it’s a little bit torn or old yet still can be used. More important, it also helps to promote our national currency to be more stable.
Backed by a strong rural clientele, microfinance institutions (MFIs) could amplify the wider usage of the riel as the circulation of the national currency is much higher outside the city.
We frequently make sure our physical health is still in good condition; if it is not we take a doctor’s advice with regards to how we can feel better.