Riel Day Reiterates Significance of National Currency

The National Bank of Cambodia (NBC) organised on Monday a Seminar on Riel, Financial Literacy and Bakong system, as part of the celebration of the 43rd anniversary of reintroduction of Riel, the national currency.

A range of campaigns to promote Riel have been made, including celebration of Riel Day, organisation of seminars, swapping old, damaged, or torn Riel notes for new ones, conducting research on the current situation of de-dollarisation in Cambodia and policies to promote the use of Riel, said H.E. Ms. Chea Serey, NBC Deputy Governor.

All of these measures have significantly contributed to mainstreaming the importance of Riel among the public.

The Riel stability in terms of exchange rate against U.S. dollar is averagely around 1 percent from 1998 to present, which has built bold confidence in the use of Riel, she said.

“Stability of Riel has shown Cambodia’s healthy economy and strong development which have gained confidence from people and investors on the Riel and the country’s future economy,” she underlined.

Riel circulation among people will boost the country’s economy, H.E. Ms. Chea Serey added.

“Participating in using Riel is definitely contributing directly and indirectly to protecting and strengthening the economic sovereignty, national identity and solidarity, and social and economic prosperity,” she said.

During the last decade, the circulation of Riel has grown by an average of 14 percent per year, reflecting the growing demand for Riel in the economy even though the use of U.S. dollar remains high, according to the NBC.

To showcase the history and development of Riel, NBC held an exhibition, displaying a timeline of its development alongside a collection of historical coins and banknotes, at Royal Plaza, AEON Meanchey (AEON3), Phnom Penh on Sunday.

Source: Agence Kampuchea Presse