PHNOM PENH: On September 16, 2024, a meeting was held to discuss a draft strategy aimed at promoting the use of the Cambodian Riel. Chaired by Neak Oknha Lim Heng, Vice President of the Cambodian Chamber of Commerce (CCC), the meeting brought together representatives from the CCC, the IMF Technical Assistance, the Banking Association of Cambodia, the Microfinance Association, and various private banks and associations.

The primary objective of the meeting was to review and refine the draft strategy, which includes a comprehensive analysis of the benefits and risks associated with dollarization in Cambodian business operations.

The IMF’s Technical Assistance Advisor, Mr. Yury Achkasov, emphasized the importance of private sector input in developing effective strategies to promote Riel usage.

Participants shared valuable insights and recommendations, such as encouraging retail stores to accept Riel exclusively and urging foreign businesses and investors to adopt the local currency, particularly in the tourism sector.

Neak Oknha Lim Heng, representing the private sector, pledged the CCC’s full support for the government’s efforts to promote Riel usage, especially those led by the National Bank of Cambodia.

The IMF’s Technical Assistance Working Group and Experts provided valuable perspectives, drawing on experiences from other countries in Latin America and ASEAN that have successfully adopted their national currencies. These insights will inform Cambodia’s approach to promoting Riel usage.

The technical team will carefully consider the recommendations from the meeting participants and incorporate them into the draft strategy. Further research and analysis will be conducted to ensure the strategy’s effectiveness in boosting Riel usage and supporting Cambodia’s economic development.