According to a senior official at the National Bank of Cambodia, the prudential monetary policies and Riel promotion have increased the currency’s price stability, which has boosted public confidence in the use of the national currency.
Chea Serey, Director General of Central Banking of the National Bank of Cambodia, made the comments recently in Kampot province during an event to promote the Khmer Riel to celebrate its 42-year anniversary of circulation.
The National Bank of Cambodia and the Japan International Cooperation Agency conducted a survey, which revealed that the riel is often used for daily expenditures.
“Monetary policy implementation, along with the involvement of all stakeholders, has led to a steady increase in the volume of the riel in circulation, while the value of the riel has stabilised, reflecting the increased demand and public confidence in the riel,” Serey said.
According to Serey, the presence of the riel over the past 42 years has greatly helped to rebuild economic and social sovereignty through its role as a measure, a means of payment, and a method of saving.
Serey attributed this to increased investor and public trust in the riel and the future of the Cambodian economy as a result of political stability, macroeconomic stability, and development in all fields.
The national currency stands for a country’s power and monetary independence. Cambodia has to be more independent from foreign currencies to take more control over its monetary and economic policy in order to achieve long-term, sustainable, and inclusive growth.
