Cambodia has marked the 45th anniversary of the re-circulation of the riel, its national currency, with a renewed call for its widespread use and recognition as a cornerstone of the country’s sovereignty, economic resilience, and national identity.
A high-level seminar held at the National Assembly in Phnom Penh on Wednesday brought together key figures from the legislative and financial sectors, including senior representatives from the Senate, the National Assembly, and the National Bank of Cambodia (NBC). The event, themed “Riel, Bakong System, and KHQR,” underscored the importance of integrating the riel more deeply into both the physical and digital economy.
From Collapse to Revival: The Riel’s Turbulent Journey
The reintroduction of the riel on March 20, 1980, came just months after the fall of the Khmer Rouge regime, which had abolished currency altogether during its brutal rule. The country’s economy had collapsed, its banking institutions dismantled, and public trust in monetary systems obliterated.
Speaking at the opening ceremony, Cheam Yeap, First Vice-President of the National Assembly, said the anniversary served not only as a milestone but as a reminder of the riel’s symbolic role in unifying the Cambodian people and restoring sovereignty.
“The riel has promoted national identity, built trust, helped foster solidarity, and nurtured unification and nationalism,” Yeap said. He praised the NBC for its efforts in modernizing the financial system — especially through the implementation of the Bakong digital payment platform and the KHQR unified QR code system — calling them essential tools for encouraging riel adoption in a rapidly digitizing society.
Cheam added that stronger reliance on the national currency is key to managing macroeconomic policy, protecting Cambodia from external shocks, and reinforcing economic freedom.
Building Confidence Through Stability
NBC Governor Chea Serey delivered a detailed account of the riel’s transformation over the past four and a half decades. She acknowledged the difficult early years, during which confidence in the currency was low and the U.S. dollar quickly gained dominance in daily transactions, especially following the influx of foreign aid and investment in the 1990s.
“Confidence in the riel was completely lost,” Serey said, “and restoring it was extremely difficult.” But two decades of peace and political stability — driven largely by the policies of former Prime Minister and current Senate President Hun Sen — allowed Cambodia to rebuild its economy, modernize its financial institutions, and bring inflation under control.
As a result, the circulation of riel has grown steadily by 15 percent per year, while loans and deposits in riel have surged by 35 and 30 percent respectively. Serey credited consistent reforms, digital innovation, and market-based mechanisms for rebuilding trust in the national currency.
She emphasized that a broader use of the riel would reduce Cambodia’s vulnerability to external economic pressures, particularly in light of increasing geopolitical tensions, trade disruptions, and currency volatility in global markets.
A National Strategy for a National Symbol
Chheang Vun, Chairman of the National Assembly’s Commission on Economy, Finance, Banking, and Auditing, highlighted how the decision to revive the riel in 1980 was not merely economic, but deeply political. It was a signal of independence — a way to declare that Cambodia was rebuilding on its own terms after years of destruction.
“The organization of Riel Day is not just symbolic,” Vun said. “It shows our collective determination to restore pride in the national currency. We must all participate in this effort.”
He added that past seminars and educational initiatives had played an important role in improving public perception of the riel, but emphasized that further coordination is needed between the NBC, the government, and private sectors.
A roundtable discussion following the opening ceremony featured senior officials from the Ministry of Commerce, the Council of Ministers, and the National Assembly. The dialogue focused on how different institutions could collaborate to increase riel usage — in payments, pricing, savings, public procurement, and beyond.
The session concluded with a call for the development of a national strategy on riel promotion. Officials proposed establishing an inter-ministerial technical working group to monitor progress, address challenges, and ensure long-term sustainability of riel usage across all sectors of society.
While the riel has made notable gains in recent years, Cambodia’s economy remains heavily dollarized. The path forward, officials acknowledged, will require not only financial reforms but cultural shifts — a renewed belief in the value and meaning of a currency that once disappeared but now stands at the heart of the country’s economic vision.
