PhnomPenhPost-Mar 21, 2022
A top central bank official has urged enterprises, financial institutions and the general public to increase the use of the local currency and depend less on the US dollar. National Bank of Cambodia (NBC) deputy governor Sum Sannisith made these comments on the 42nd Riel Day, observed on March 20 to commemorate the re-introduction of the riel in Cambodia. Over the past 42 years, the presence of the riel has “contributed significantly” to the “restoration and building of economic and social sovereignty” through its role as a value scale, means of payment and in savings, Sannisith said, adding that “the riel has gone through many obstacles before becoming the confidence-inspiring currency it is today”. These obstacles included the complete loss of confidence in the riel after the Pol Pot era and the subsequent political instability that plagued the Kingdom until the end of 1998. Sannisith noted that the continued use of the US dollar amongst the Cambodian public means that “more involvement will be required in promoting the use of the riel by all stakeholders, including ministries, public and private institutions, companies, enterprises and the general public”. The government and NBC have set out a policy to promote the use of the riel since the early 2000s, after the “macroeconomic situation” in the Kingdom had become more stable, he said. Read more at: https://www.phnompenhpost.com/business/nbc-urges-public-wean-usd
