Chea Serey, Governor of the National Bank of Cambodia, is calling on Cambodians to use the riel more actively in their daily transactions, highlighting its importance for the country’s financial stability and policy control. Her message is straightforward: increasing the use of the national currency gives the central bank stronger tools to respond quickly when economic challenges arise.
Speaking at the launch of the second phase of cross border QR code payments between Cambodia and Singapore, she emphasized that the riel is fully issued and managed by the central bank, allowing authorities to monitor and stabilize the financial system more effectively.
Why Riel Matters for Economic Control?
Chea Serey explained that relying heavily on foreign currencies, especially the US dollar, limits the central bank’s ability to intervene during times of volatility. When fluctuations occur, managing the situation becomes more complex because the bank does not have direct control over dollar supply.
She noted, “Using dollars is easy when there is no problem, but when there is a currency fluctuation, it is not easy for the bank to control. The bank uses fiscal measures to resolve the situation, but if the money is in dollars, we have a reduced ability to resolve the issue.”
This highlights a critical point for individuals and businesses. Choosing riel over dollars is not just a personal preference but a contribution to national economic resilience.
QR Code Payments Make Riel More Practical
To support this shift, the central bank is promoting digital payments through QR codes. Vendors are encouraged to display both riel and dollar QR codes, making it easier for customers, including international visitors, to pay seamlessly.
This approach aligns with Cambodia’s broader push toward a cashless economy, where convenience meets financial inclusion. By offering dual currency options, businesses can cater to all users while still encouraging greater adoption of the riel.
What You Need to Do as a Consumer or Business?
For everyday users, the steps are simple. Use your riel account more frequently when making payments, especially through QR code systems. Most bank apps in Cambodia already allow users to switch between riel and dollar accounts easily.
For business owners, displaying both payment options is key. This not only improves customer experience but also supports national efforts to strengthen the local currency.
Another important point raised by the governor is that opening a riel account should be free. If any financial institution charges a fee for this service, it goes against the guidelines set by the National Bank of Cambodia.
Conclusion
The message from the National Bank of Cambodia is clear. Increasing the use of the riel is not just a policy direction but a shared responsibility between citizens, businesses, and financial institutions. By choosing riel in daily transactions and adopting QR based payments, Cambodians can help build a more stable and resilient financial system while maintaining convenience in an increasingly digital economy.