Official figures show increased love for the riel by Cambodians as companies pull their weight to promote the local currency
The National Bank of Cambodia has instituted a multi-pronged approach to incrementally push for more riel usage and ultimately be the arbiters of the Kingdom’s monetary policies.
Although dollarisation remains high in the Kingdom, the circulation of Khmer Riel is gradually increasing to meet rising transactional needs. Currently, the market share of the riel is 10 percent of the gross domestic product (GDP).
New life is being breathed into the old currency as it penetrates the economy, unites Cambodians and reinforces national pride
Maybank has come up with more humanised financial packages in 2019 for small and medium enterprises (SMEs) including a special campaign called “Let’s Use Luy Riel” which is a combination of Khmer Riel (KHR) and US Dollars (USD).
The mechanism for cross-border trade settlement with the Cambodian riel within Asean countries and China is in place, says the National Bank of Cambodia in urging traders and investors to take advantage of it.