The National Bank of Cambodia (NBC) and the Ministry of Commerce (MOC) have organised a seminar aimed at promoting financial inclusion and encouraging a wider use of the Cambodian Riel (KHR) within the domestic economy.
The seminar took place on Oct. 9 at the Centre for Banking Studies and was attended by officials from relevant parties and the private sector. It was aimed to enhance the importance of the use of Riel and the financial environment and policies of the NBC.
This workshop was organised to promote the NBC-MOC joint efforts to raise awareness of the importance and policies to promote the use of Riel and the financial environment of the people as well as companies in Cambodia, said H.E. Yim Leat, NBC Deputy Governor.
‘I would like to encourage companies, enterprises, business owners, banking and financial institutions, the private sector and all stakeholders to increase their use of Riel for the benefit of themselves and the national economy,’ he said in the seminar.
Paying salary in Khmer Riel
and increasing the use of Riel in their operations through the promotion of Riel price tag and Riel payment in exchange rate, setting favourable exchange rate for Riel users are factors to promote the use of Riel, he added.
H.E. Buon Sarakmony, MOC Secretary of State, mentioned the ministry’s and efforts to actively promote the use of Riel. ‘The MOC has been actively involved with the NBC in encouraging the use of Riel and continues to promote the use of the national currency,’ he said.
Along with the presentation of the speakers, the participants also raised good comments and questions that contribute to the effective improvement of the environment and the use of Riel.
According to NBC, dollarisation in Cambodia currently accounts for about 85 percent of the economy. Dollarisation, the widespread use of U.S. currency as legal tender, has been a persistent challenge for Cambodia since 1993, the time huge amounts of U.S. banknotes were introduced in Cambodia.
The digital payment of ‘Riel currency’ through
the Bakong system touched 75.6 million transactions in the first semester of this year, an increase of 180 percent compared to the same period in 2023, NBC report showed.
The transactions were equivalent to 64.9 trillion Riel, an increase of 140 percent compared to the first half of 2023, it pointed out.
Source: Agence Kampuchea Presse