PhnomPenhPost-June 18

The National Bank of Cambodia (NBC) has announced that it is embarking on an expansion of the Cambodian riel’s use, connecting payments to businesses in Laos and Vietnam via its Bakong online banking system. This initiative follows the central bank’s linking of payment systems with Thailand, an achievement that spurred the decision to extend the riel payment reach to other ASEAN countries. Speaking in Kampong Thom province at a celebration of the 43rd anniversary of the riel’s reintroduction, NBC deputy governor Chea Serey highlighted the significance of the riel for bolstering economic resilience, promoting growth and ensuring macroeconomic stability, especially during crises. She elaborated that once the project goes live, Cambodians holding Bakong accounts will be able to pay for goods and services in Vietnam, Laos and Thailand provided they have a riel account. She further emphasized that residents of all four countries would also be able to transact in the Cambodian riel while in Cambodia.  Serey underscored plans for an expanded riel payment system throughout the ASEAN region, aiming to increase the currency’s value and widespread usage, as well as ease payments for Cambodian travelers in the region. Read more at: https://www.phnompenhpost.com/business/cambodian-riel-expand-across-laos-and-vietnam