PHNOM PENH: The National Bank of Cambodia (NBC) is planning to expand its cross-border payment system to five more countries: Vietnam, Laos, Myanmar, China, and India. This is part of a larger effort to promote the use of the Cambodian Riel in trade and investment between Cambodia and its neighbors.

The NBC has already successfully launched cross-border payment systems with Thailand and Malaysia. Under these systems, Cambodians can use their Riel accounts to make payments in Thailand and Malaysia, and vice versa. This makes it easier for businesses and individuals to trade with each other without having to convert their currencies.

NBC is also working with other countries around the world to develop secure, low-cost, and cashless payment systems. These systems will help to promote tourism, investment, and trade, and will also make it easier for Cambodians to send and receive remittances from abroad.

NBC’s efforts to promote the use of the Riel are paying off. The demand for the riel has increased steadily, reflecting the increase in the riel in circulation with an average annual growth rate of 16.6% from about 356 billion riels in 1998 to 14.1 trillion riels in 2022.

This growth is a sign that businesses and individuals are increasingly seeing the benefits of using the Riel, and it is a positive development for the Cambodian economy.