AKP Phnom Penh, March 20, 2025 --

The National Assembly (NA), Senate, and National Bank of Cambodia (NBC) have organised a seminar to commemorate the 45th anniversary of the reintroduction of the Riel (Mar. 20, 1980 – Mar. 20, 2025), highlighting its vital role in enhancing national identity and promoting economic stability.

The seminar, themed “Riel, Bakong System, and KHQR,” was chaired by H.E. Kitti Sethapundit Cheam Yeap, NA’s First Vice-President, with high-ranking officials from the NA, Senate, and NBC officials in attendance.

The event was held at the NA Palace in Phnom Penh on Mar. 20 with an aim to raise national awareness and encourage participation from ministries, institutions, and the public, particularly the legislative body, in supporting the Riel.

“This gathering is a great and meaningful opportunity to celebrate the 45th anniversary of the Riel reintroduction in order to promote the development and resilience of the Cambodian economy,” H.E. Kitti Sethapundit Cheam Yeap said.

He spoke highly of the NBC’s efforts through its initiatives in promoting the Riel, the Bakong payment system, and the KHQR.

The event underscored the Riel’s vital contribution to a sustainable and resilient economy, emphasising the need for its widespread use to enhance national sovereignty and improve macroeconomic policy effectiveness. Participants acknowledged the progress made and discussed future measures to promote Riel usage across all sectors.

NBC Governor H.E. Dr. Chea Serey stressed that the Riel reintroduction 45 years ago was crucial for strengthening national identity and sovereignty and rebuilding the economy after the fall of the Khmer Rouge regime.

Over the past two decades, under the umbrella of peace and stability achieved by the policies of former Prime Minister, Samdech Akka Moha Sena Padei Techo Hun Sen, the economy has made rapid progress in almost all sectors, and the value of the Riel has remained stable with low inflation, she said.

“Political and strong economic stability has enabled the Royal Government of Cambodia and NBC to implement policies that promote the Riel through market mechanisms, restore confidence, and create Riel-denominated monetary instruments.

The volume of Riel in circulation has steadily increased by an average of 15 percent per year over the past two decades, while loans and deposits in the banking system in Riel have also grown rapidly at rates of 35 percent and 30 percent, respectively, according to the NBC.

 
By Chea Vannak