Cambodia and Georgia Jointly Pursue De-Dollarization Strategy
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On a meaningful Friday, the National Bank of Cambodia (NBC) and the National Bank of Georgia (NBG) marked a milestone by signing a memorandum of understanding (MoU). Chea Serey, Governor of NBC, and Natia Turnava, Acting Governor of NBG, embodied the commitment of their nations to foster financial cooperation aimed at curbing the reliance on the US dollar in their economies. This historic accord, signed during a bilateral meeting in Tbilisi, Georgia’s capital, on May 3, signifies the first collaborative venture between these two central banks in reinforcing their financial rapport.
The essence of the meeting saw Serey and Turnava engaging in a comprehensive dialogue concerning the economic climate, advancements in the banking industry, and approaches to monetary policy and financial stability. The dialogue primarily set the groundwork for impending collaborative ventures between the two entities.
Georgia’s success in diminution of its economy’s dollar dependency over a decade served as a highlight, with Turnava offering insights that could potentially assist the NBC in its quest to augment the circulation of Cambodia’s local currency, the Riel. Moreover, Turnava sought expertise from Serey regarding the development of payment systems, specifically focusing on the establishment of standardized protocols for QR codes and cross-border transactions.
Through social media, Serey shared her enthusiasm regarding the collaboration, stressing the similar challenges both nations face regarding dollarisation. She highlighted Georgia’s commendable reduction of dollarisation from 90 percent in 2015 to 45 percent currently, presenting it as a model for Cambodia’s endeavors.
This partnership not only aims at sharing valuable insights but also commits to a robust collaborative approach towards learning from each other’s triumphs and challenges in financial operations and policy implementations.
Additionally, on the same day, Serey represented Cambodia at the 27th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3). This gathering, including representatives from China, South Korea, and Japan, focuses on reinforcing collaboration and fortifying the financial system’s resilience within the region. Discussions revolved around global and regional economic trends, responses to potential challenges, and the pivotal role of ASEAN+3 financial cooperation in navigating through these obstacles.
The memorandum between Cambodia and Georgia, along with the discussions at the AFMGM+3, underlines a growing recognition of the importance of regional collaboration and shared learning in addressing financial issues. The agreement with Georgia stands as a significant step for Cambodia in its journey towards a stronger, more independent financial future.
Source: Khmer Times
